Submit GL journals in period 12
and/or period 998 to make these
liability balances zero on each cost
4. Run the Payroll Suspense Report
and clear any payroll found to the
correct cost center.
5. Run the 1060, 1070, or 1016
reports for your cost centers to
identify deficit fund equity
balances (i.e., positive balances).
(Finance also sends a report,
subtotaled by fund group and DeptID,
to College/Division Administrators.)
Transfer expenses, revenue, or fund
equity, where allowed, in period 12
and/or 998 to make the fund equity
balances either zero or a negative
The combined fund equity of cost
centers in a fund group (1xxx, 2xxx,
etc.) for a particular DeptID should
be either zero or a negative amount
at the end of the fiscal year. The
only exception is fund 5 cost
centers where the timing of funding
creates a temporary deficit balance.
Also, individual fund 9 cost centers
should never have a deficit
(positive) balance at any time
during the fiscal year.