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Accruals

Accruals

General Information

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To properly reflect all fiscal year end activity in the financial records, liabilities arising from goods received and accepted or services performed as of September 30 must be accrued. An accrual takes place when the goods/services are received by September 30, but the payment will not be made until the following fiscal year. The accrual entry posts an expense to the program funds and a liability to the contract balance sheet (note that the liability entry does not appear on administrator reports). Additionally, if the accrual entry involves a purchase order, then the current year encumbrance is reduced by the accrual amount.

The accrual process is divided into various categories, each having a separate page. For those accruals requiring administrator input, a Year End Accruals Request Form should be used.

The following accrual pages are available:



Last updated by jalipit on December 12, 2018 - 11:59am.
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