![]() ![]() Always use Account 23090 for "other accrued liability" in this row.You may enter as many rows as necessary in the accrual journal, and finish the entry with an Accrued Liability Chartstring row.In the Journal Entry Reversal field, select 'Beginning of Next Period' and click OK.Please be sure to make the accrual journal reversible, as this ensures the expense does not get double booked: Navigate to 'Create/Update Journal Entries'. ![]() Use the COA Validation page found in the BFS RA Grants WorkCenter to look up the Project and Activity values for each chartstring.You will need the full chartstring for each direct expense you intend to accrue. The accounting period cut-off date for any month is listed on the BFS General Ledger Monthly Close Schedule, in the row labeled "Enter all other Temporary Budget Journals/Approve Online Financial Journals." Once you have determine what to accrue, process the accrual journal entry before the cut-off date for the second accounting period following the award expiration. On the first business day of the third month after the award expires, run a BAIRS report to determine which anticipated expenses have not yet posted. While you can accrue for expenses at any time, there are a few days at the end of the Adjustment Period when award accruals must be processed so these journal entries are included in the closeout GL it is one of the last tasks to do before submitting the Closeout Certification. The objective of closeout accruals is to ensure all award costs, regardless of their payment status, are represented in the Ledger report that supports Award Closeout Certification. Please refer to the Transfers for Payroll Expenses page for more informationĪccrue by the GL Close of the 2nd month after the award's expiration date.Please note: as of July 1, 2014, journal transfers to record payroll costs in BFS are temporarily allowed.Estimated expenses for goods or services which were not incurred before the award expiration date.Travel which occurred within the award period but the expense has not yet been recorded in the Actuals Ledger for the award.Recharges which have not yet shown up as expenses in the Actuals Ledger.Subaward services performed where the invoice has not yet been received and/or processed. ![]() This will ensure all direct expenses are recorded in the GL at award close and keep our processes in line with federally-mandated requirements. Concurrence Report) as "adjustments" should now be handled as accrual journals directly in BFS. Most non-payroll expenses that, in the past, were included on the Closeout Instructions for an Award (a.k.a. Return to Ask a Question About This Lesson!.An expense accrual is the recording of the cost estimate for a product or service that was delivered during the award period but has not yet been recorded in the General Ledger. Return from Debit or Credit Accrued Expenses? to Basic Accounting Questions
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