![]() ![]() For contract and grant accounts, accruals should only be done during the June Final fiscal period. This is required for items of $10,000 or more, optional for items $1,000 or more, and should not be done for items under $1,000. Used when goods or services are received this fiscal year and will be paid for next fiscal year. Departments may accrue or defer items under $10,000, but should not accrue or defer anything under $1,000.Īccruals/Deferrals should not be processed for interdepartmental billings (any goods/service charged through an IB document or feed) or intercampus (IOC) transactions. Goods and services supplied to external customers by June 30 of the current year where the invoice is equal to or greater than $10,000 and were not recorded in the current year ledgers must be accrued. The cost (either from the invoice or an estimate from the purchase order or the vendor) of goods and services equal to or over $10,000 received on or before June 30 of the current year must be recorded in the ledger as an expense, not just as an encumbrance. In the fiscal close certification letter, Deans, Chairs and Business Officers certify that there are no material unrecorded liabilities. If goods or services have been received on or before June 30th and have not been recorded in the ledgers as an expense it represents an unrecorded liability. Our ledgers at year end represent part of the University of California’s financial standing at that point in time. The Auxiliary Voucher (AVAE) is used to make these adjustments. In compliance with Generally Accepted Accounting Principles (GAAP), goods and services must be recorded in the year they were received or performed and income must be recorded in the same year as the expenses that generated the income. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |