Policy Notes: Guideline for Accruing Expenses

Purpose

  • To accrue expenses that should have been recorded in FY19 but were not recorded in Oracle during August 2019

Guidelines: Minimum threshold is $50,000

  • Under extenuating circumstances accruals lower than $50,000 will be approved

Procedure

External Expenses
(not applicable to capital projects*)
Interdepartmental Expenses
(not applicable to service centers)
  • Prepare a list of the expenses that have not yet been recorded in Oracle AP
    • Create a debit using the proper PTA and expenditure type
    • Using the same PTA, create a credit (offset) using object code 21300
  • Utilize iJournals Specialist responsibility (AP Accruals privilege) to create an Accounts Payable (AP) accrual journal for AUG-2019 by September 10, 2019
  • Utilize iJournals Specialist responsibility to create an interdepartmental accrual journal for AUG-2019 by September 10, 2019
    • Create a debit using a 58xxx expenditure type and a credit using a 48xxx revenue code
  • Coordinate with the department recording revenue to confirm the correct amounts and PTAs

Questions?


>> Learn about Policy Notes: Guideline for Accruing Revenue.

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