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ACCRUALS AND REALLOCATIONS IN PERIOND 998

The following information is intended to help departments understand some of the accounting entries they will see on their cost centers related to accruals and reallocations processed between state and local cost centers in period 998.

Accruals
Finance creates a journal entry in period 998 to accrue voucher expenses in the old year (FY09) for vouchers that posted in the new year (FY10) between September 1 and 15 where the Goods Receipt Date on the voucher is before September 1.

Finance then reverses the accrual entry in period 1 of the new year, which offsets the voucher processed by the department. The result is that the expense is effectively recorded in the old year. See the example below.

FY Period Amount Description Processed By
FY09 998 100.00 Accrue expense on JE Finance
    100.00 FY09 Subtotal  
         
FY10 1 -100.00 Reverse accrual on JE Finance
FY10 1 100.00 Voucher expense Department
    0.00 FY10 Subtotal  

Reallocations Between State and Local Cost Centers
Departments submit journals to General Accounting during period 998 to transfer expenses from state to local cost centers or visa versa. Normally, departments must create a voucher to process reallocations between state and local cost centers, but during 998 they are permitted to submit a journal entry.

Period 998 reallocations between state and local are just like accrual entries that must be reversed in the new year. (Reallocations involving only local cost centers or only state cost centers do not need to be reversed.) Finance creates a journal entry in period 1 to reverse the journal submitted by the department in 998. Finance also creates a voucher in period 1 (just like the department would normally do) to reallocate the expense between state and local. In addition, Finance creates a journal to record the deposit (credit to expense) when the voucher payment is issued.

The reversal journal and voucher/deposit in the new year offset each other on both the state and local cost centers, so that the expense is effectively transferred between state and local in the old year based on the department’s reallocation journal.

The example below is a transfer of expense from local to state, but the same principle applies to expense transfers from state to local.

FY Period Fund Amount Description Processed By
FY09 998 State 100.00 Reallocation JE (local to state) Department
           
FY09 998 Local -100.00 Reallocation JE (local to state) Department
           
FY10 1 State -100.00 Reverse 998 JE Finance
FY10 2 State 100.00 Voucher to move expense Finance
      0.0 FY10 State Subtotal  
           
FY10 1 Local 100.00 Reverse 998 JE Finance
FY10 2 Local -100.00 Deposit voucher payment Finance
      0.0 FY10 Local Subtotal  


If you have any questions, please call Mike Glisson at x38706.