CLOSING ENTRIES/ACCRUALS

Transcription

1 CLOSING ENTRIES/ACCRUALS After current liabilities (9510/9511) and accounts receivable (9201/9202) for the prior fiscal year are balanced, the closing entries must be made. This will bring the accounts to a zero balance. After this process is complete, expenditure accruals and income accruals for the current year may be input. This section will cover transactions which appear on the schedule of expenditures accruals (9510) and income accruals (9201). There are some sample schedules for later use. 5.1

2 FORM [GLTRBL] GENERAL LEDGER TRIAL BALANCE SCREEN REPORT [LIST ] 4/13/20XX 7:42 YEAR [XXXX] [ XYZ ] PAGE [ 001] DISTRICT [02] FUND [01-00] ACCOUNT DEBITS CREDITS NO EFFECT ON BALANCES CASH IN COUNTY TREASURY 128, ] REVOLVING CASH 1, ] CASH WITH TRUSTEE 11, ] ACCOUNTS RECEIVABLE 9, ] ACCTS RECEIVABLE-COLL 0 9, ] DUE FROM OTHER FUNDS 2, ] DUE FROM OTHER FUNDS-PY ] CURRENT LIABILITIES 0 10, ] CURRENT LIAB-PMTS 10, ] NOTE: CLOSE OUT CURRENT LIABILITIES AND ACCOUNTS RECEIVABLE ATTENTION San Diego County Office of Education ACCOUNTING SECTION JOURNAL ENTRY (Posting Document) XYZ School District L DOCUMENT # J DATE XX DISTRICT NUMBER 02 I N ACCOUNT NUMBER E DEBIT CREDIT REFERENCE FUND-SUB RESRCE-SUB GOAL FUNC-SUB OBJ-SUB SCH LOC COST PJ-YR XXXX , CLOSING ENTRIES XXXX , XXXX , XXXX ,

3 Expenditure Accruals Account Number 9510 Services Goods Received Received Performance NO DO NOT by end of NO DO NOT (All or partially ACCRUE June? ACCRUE complete)? YES YES Accrue Completed Portion Accrue Examples: Utilities: Commercial Contracts: Wages & Benefits: Contracts with the County Office: Up to and including those with mailing dates in June Amounts due for services received by the end of June Payroll and Services performed by the end of June Amounts due for services received by the end of June 5.3

4 Accrued for FY SACS Account Code Schedule of Accounts Payable Accrued SACS Fund: One Fund Per Page Vendor Vendor Amount Date of Amount Difference SACS Account Charged Number Name Accrued Payment Paid (if any) For Difference Total * * Total should agree with 9510 in the general ledger 5.4

5 A Income Accruals Account Number 9201 Income Accrual NO NO NO Do Not Excluded? Earned? Received? Accrue YES YES YES Do Not Abate Income & Accrue Accrue Book Payable Examples: Examples: Examples: Property Taxes Developer Fees Mandated Costs Deferred Maint. LCFF Recalculation Claims against CSSF for Contract Services during theprior Fiscal Year ie: ROP, Migrant Education Some Federal Revenues Some State Revenues Some Local Revenues FORM CAT Lottery Revenues Interest - 4th Quarter LCFF Recalculation (In case of decrease) 5.5

6 Schedule of Accounts Receivable Accrued Accrued for FY SACS Fund: One Fund Per Page SACS Amount Date Income Amount Difference SACS Account Charged Account Code Accrued Received Received (if any) For Difference Total * * Total should agree with 9201 in the general ledger 5.6

7 ACCRUAL SAMPLES A. Current year LCFF should be decreased by $100,000 due to a higher collection of property taxes than J-29B estimate submitted by Property Tax Services Division of the County Auditor: Fund Res Obj xxxx 9201 A/R 100, xxxx 8011 State Aid 100,000 B. Unpaid invoices of $20,000 for merchandise or services received by June 30: Fund Res Goal Func Obj xxxx xxxx xxxx 4000 Books & Supplies 6, xxxx xxxx xxxx 5000 Svc/Operating Exp. 4, xxxx xxxx xxxx 6000 Capital Outlay 10, xxxx 9510 Current Liabilities 20,000 C. Additional unposted expenditures for July payroll which were not included in the automated payroll accrual process: Fund Res Goal Func Obj xxxx xxxx xxxx 1000 Certificated Salaries 16, xxxx xxxx xxxx 2000 Classified Salaries 5, xxxx xxxx xxxx 3000 Employee Benefits 2, xxxx 9510 Current Liabilities 23,

8 ACCRUAL SAMPLES Continued D. Developer fees received in the Current Fiscal Year to be refunded in the Subsequent Fiscal Year. Fund Res Obj xxxx 8681 Developer Fees 1, xxxx 9510 Current Liabilities 1,000 E. Accrue reimbursement due for Child Nutrition Program for the Current Fiscal Year. Fund Res Goal Func Obj xxxx 9201 Accounts Receivable 200, xxxx 8220 Child Nutrition 200,000 F. The following expenditures should have been abated in the Current Fiscal Year for a reimbursement received for lost books. See CSAM Procedure 560 for Abatement of Expenditures. Fund Res Goal Func Obj xxxx 9201 Accounts Receivable 4, xxxx xxxx xxxx 4000 Books & Supplies 4,

9 SAN DIEGO COUNTY'S HISTORICAL INTEREST RATES 2005 through 2016 Annualized Rates by Quarter and Year FISCAL 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Average YEAR July - Sept Oct - Dec Jan - Mar Apr - Jun Annual Rate 2006/ % 5.138% 4.826% 5.351% 5.000% 2007/ % 5.046% 4.603% 3.468% 4.609% 2008/ % 2.800% 1.958% 1.456% 2.360% 2009/ % 1.064% 0.946% 0.818% 1.047% 2010/ % 0.660% 0.637% 0.543% 0.663% 2011/ % 0.556% 0.383% 0.363% 0.469% 2012/ % 0.351% 0.346% 0.791% 0.481% 2013/ % 0.319% 0.356% 0.394% 0.345% 2014/ % 0.410% 0.452% 0.391% 0.403% 2015/ % 0.690% 0.557% 0.574% 0.576% 10 Year Average 1.450% The projected interest of FY in.30% Historical Interest Rates 6% 5% 5.00% 4.61% Interest Rates 4% 3% 2% 2.36% 1% 1.05% 0.66% 0% 0.47% 0.48% 0.58% 0.40% 0.35% 2006/ / / / / / / / / /16 Fiscal Year 5.9

10 Petty Cash Reconciliation A. Cash On Hand Period Ending: Denomination Count Amount $ Total Cash on Hand A. B. Reimbursable Vouchers on Hand Date Payee Purpose Amount Total Vouchers on Hand B. C. Other Items Item and Explanation Amount Total Other Items C. * Total Petty Cash A + B + C. * 5.10

11 Revolving Cash Reconciliation School District: Period Ending: A. Balance in Checking Account A. B. Cash on Hand B. C. Checks Written that have NOT been reimbursed by Commerical Warrant Check Number Payee Purpose Amount Total Unreimbursed Checks C. D. Deposits in Transit D. E. Other Items (e.g. Voided Checks) Items and Explanation Amount Total Other Items E. Total Revolving Cash A + B + C + D + E. * * This amount must agree with the amount in 9130, Revolving Cash 9130 and the amount on file in the Commerical Warrant Audit Unit. Revolving Cash Fund Custodian ** ** This must agree with the name on file in the Commerical Warrant Audit Unit 5.11