Fiscal Year-End Reporting of Inventories, Accounts Receivable and Unearned Revenues

The Financial Services Office is responsible for gathering information on the inventories, accounts receivable and unearned revenues or prepaid expenses throughout the University of Arizona for accurate reporting in the annual financial statements. Units that maintain balances in any of these categories are required to provide valuations with complete supporting documentation to the Financial Services Office.

Accounts Receivable are amounts due to the University from non-UA sources as of June 30, 2016. These receivables must be recorded on the University financial statements. Amounts due from other units within the University are not reported in the financial statements.

Inventories to be reported in the University’s financial statements include:

  1. Merchandise for resale
  2. New materials or component parts used in manufacturing or assembly of items for resale
  3. Work in process or construction or assembly consisting of materials and labor incorporated therein
  4. Contracts in process, whether of scientific, engineering or consulting nature other than sponsored projects

Capital equipment items, which are identified with the University A-Tag, should not be included in these inventories.

Unearned Revenues are defined as cash received on or before June 30, 2016 but not yet earned as revenue. This means that the cash received is a pre-payment for services to be performed on or after July 1, 2016.

If your department has inventories, receivables or unearned revenues, it is your responsibility to ensure that these items are properly reported to the Financial Services Office by July 5th, 2016. A department representative should attend one of the annual "Year-End Reporting: A/R, Inventory, Unearned Revenue, Prepaid Expenses & Deposits" training presentations:

  • May 19, 2016 (10am-11am) Rincon Room, Student Union Memorial Center
  • June 7, 2016 (2pm-3pm) Rincon Room, Student Union Memorial Center

Register for AR Training in UAccess Learning. You will be prompted for your NetID and Password. If you have any questions concerning the training, please contact Jani Fisk, FSO Financial Management at 626-5748.