fund balance / new revenue request procedures. 2 purpose fund balance: 1)to budget prior year...
TRANSCRIPT
FUND BALANCE / NEW
REVENUE REQUEST
PROCEDURES
2
PURPOSE
• FUND BALANCE:
1)To budget prior year unbudgeted fund equity.
2)To budget current year equity transfer.
• NEW REVENUE: To budget current year additional or new revenue received which has anticipated expenditures in current year.
3
PROCEDURES
• PRIOR YEAR FUND BALANCE – Pages 4 to 8
• NEW REVENUE – Pages 9 to 12
• CURRENT YEAR EQUITY – Pages 13 to 17
REQUIRED REPORTS
1074 Reports current date:
• Balance Sheet
• Budget Node Summary
4
FUND BALANCE REQUEST - BUDGET JOURNAL (REVEST)To Budget Prior Year Unbudgeted Fund Equity
• Received from Colleges / Divisions 2 forms of Journal: Revest and Org
• Revest budget node B4035 for budgeted fund balance
• Verify Budget Entry: “Adjustment”
• Verify amount Debit = Credit
• Verify Chartfiled Combo
5
BUDGET JOURNAL (ORG) To Budget Prior Year Unbudgeted Fund Equity
• Received from Colleges / Divisions 2 forms of Journal: Revest and Org
• Org budget node must be B5XXX
• Verify Budget Entry: “Adjustment”
• Verify amount Debit = Credit
• Verify Chartfiled Combo
6
1074 REPORT – PRIOR YEAR FUND BALANCE REQUEST To Budget Prior Year Unbudgeted Fund Equity
(example Equity > B4035)
• To verify the available amount to budget “Available Fund Equity” (Beginning Year Balance column) less Budgeted “Fund Balance / B4035” (Current Orig + Adj column)
7
1074 REPORT – PRIOR YEAR FUND BALANCE REQUEST To Budget Prior Year Unbudgeted Fund Equity
(example Equity < B4035)
• Equity is not available to budget in this example due to the fact that budgeted fund balance B4035 is greater than beginning year available fund equity.
8
APPROVAL HISTORY
• Verify for Certified Signature and proper path
9
NEW REVENUE REQUEST - BUDGET JOURNAL (REVEST)
• Received from Colleges /Divisions 2 forms of Journal: Revest and Org
• Verify Budget Entry: “Adjustment”
• Verify amount Debit = Credit
• Verify Chartfiled Combo
10
NEW REVENUE REQUEST - BUDGET JOURNAL (ORG)
• Received from Colleges / Divisions 2 forms of Journal: Revest and Org
• Verify Budget Entry: “Adjustment”
• Verify amount Debit = Credit
• Verify Chartfiled Combo
11
1074 REPORT – NEW REVENUE REQUEST
• To request New Revenue, verify “Budget Available” less “Soft Commitment” on 1074 report.
• Verify the “Available Fund Equity” to see if it supports the available budget
$ 25,331.00$ 14,938.00 –$ 10.393.00=========
12
APPROVAL HISTORY
• Verify for Certified Signature and proper path
13
FUND BALANCE REQUEST - BUDGET JOURNAL (REVEST)To Budget Current Year Equity Transfer
• Received from Colleges / Divisions 2 forms of Journal: Revest and Org
• Verify Budget Entry: “Adjustment”
• Verify amount Debit = Credit
• Verify Chartfiled Combo
14
FUND BALANCE REQUEST - BUDGET JOURNAL (ORG)To Budget Current Year Equity Transfer
• Received from Colleges / Divisions 2 forms of Journal: Revest and Org
• Verify Budget Entry: “Adjustment”
• Verify amount Debit = Credit
• Verify Chartfiled Combo
15
1074 REPORT – FUND BALANCE REQUEST To Budget Current Year Equity Transfer
• At the beginning of the year, Fund Balance was not budgeted. There was a transfer from another cost center to budget the Fund Balance in the amount of $ 10,000.00
• $ 10,000.00 was budgeted during the budget cycle
16
1074 REPORT – FUND BALANCE REQUEST (continue) To Budget Current Year Equity Transfer
• Run report to determine cost center from which equity was transferred
17
1074 REPORT – FUND BALANCE REQUEST (continue) To Budget Current Year Equity Transfer
• Cost center where $ 10,000.00 equity was transferred, supports the available budget