Accounting and Budget Control Functions
Accounting Services maintains an accounting and budget control system for UW-Madison and participates in financial decisions regarding accounting and budget control. The system records budgets, encumbrances, receipts and disbursements and generates various reports for the System Administration and State and Federal agencies. Accounting Services maintains the General Ledger and transaction information, prepares and distributes checks, and performs any necessary tax withholding and reporting.
Accounts Payable Function
For UW-Madison, this service includes travel, invoice audit, and payment approval processing, and working closely with Purchasing Services in the design of policies and procedures which affect the accounting for purchasing transactions. The Purchasing Card and Travel Card programs are part of this function.
Contingent Fund Services
Accounting Services writes contingent fund checks for emergency transactions at UW-Madison. The fund is also used for issuing Non-Travel Cash Advances for UW-Madison programs.
Receipt Processing Functions
Accounting Services uses the Decentralized Revenue Entry system to record the distribution of receipts, sales credits and refund of disbursement transactions to revenue codes and accounts for UW-Madison.
For UW-Madison, Accounting Services develops and implements policies and procedures to be used in depositing receipts, accounting for cash and maintaining banking relations, and reconciliation of our bank accounts.
Checks are the form of payment to vendors and employees for non-salary payments. We also supply same day emergency transaction payments when necessary. Along with our payment process we can, when required, process foreign drafts, wire transfers, and ACH payments.
Accounts Receivable Services
Accounting Services maintains the General Accounts Receivable (GAR) System, which provides billing services for Research and Sponsored Programs at UW-Madison. It also provides accounts receivable consulting services, write-off approval and limited collection services for UW-Madison units which sell goods and services.
Accounting Services reconciles the Legacy accounting information to the Shared Financial System (SFS), the SFS to WISDM, and the data access information on a daily basis.
Annual Financial Reporting
Accounting Services assembles required UW-Madison information for the preparation of the UW-System and State of Wisconsin GAAP Financial Statements.
Access to Data
Accounting Services provides data access to all the information processed. This access is web based WISDM inquiries and SQL queries of the accounting data warehouse.
Property Control records and maintains information about UW-Madison capital equipment acquisitions, both Federally and University titled, following University, State and Federal property guidelines. Equipment information, including item description as well as financial data, is stored in a centralized database for ease in reporting and to provide accessibility for all Madison departments.