To describe the year-end closing procedures for the AUI.
- The AUI/NRAO Chief Accountant ensures that all invoices for services provided during the fiscal year have been received and entered into the general ledger.
- For services provided during the fiscal year but will not be billed or the invoice will not be available in time for the fiscal year cutoff date, the AUI/NRAO Chief Accountant analyzes and enters an accrual journal entry to account for these expenses. The AUI/NRAO Chief Accountant makes sure that the accrual entries are reversed in the next fiscal year.
- The NRAO Chief Accountant completes the JP Morgan Bank reconciliation.
- After the reconciliations have been completed and all Accounts Payable transactions have been entered, the AUI/NRAO Chief Accountant prints the General Ledger and reviews to ensure that all entries have been posted to the correct accounts and enters any reclassifying journal entries if needed.
- The AUI/NRAO Chief Accountant records the revenue and any related accounts receivable and then completes a final review of the General Ledger.
- After the AUI/NRAO Accountant’s final review of the General Ledger, it is provided to the AUI Controller for review and approval.
- The AUI/NRAO Chief Accountant then prepares the AUI Financial Statements and provides them to the AUI Treasurer and AUI Controller for review and approval.
- After approval, the AUI/NRAO Accountant notifies the Management Information Systems Manager to close the fiscal year.
- An external audit is then performed and any client request entries or audit adjustments are entered and MIS will rerun the year-end close.