Policy Notes: Guideline for Accruing Revenue

Purpose

  • To accrue revenue on non-sponsored projects that should have been recognized in FY19 but was not recorded in Oracle during August 2019

Guidelines: Minimum threshold is $50,000 per PTA, per line item

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

Procedure

External Revenue Interdepartmental Revenue
(not applicable to service centers)
  • Prepare a list of the revenues that have not yet been recognized in Oracle
    • Create a credit using the proper PTA and revenue code
    • Using the same PTA, Create a debit using 11222 for Auxiliaries and Service Centers or 11221 for other departments
  • Utilize iJournals Specialist responsibility (AR Accruals privilege) to create an Accounts Receivable (AR) accrual journal for AUG-2019 by September 10, 2019


* Accrual for Capital Projects is performed by Capital Accounting

  • Utilize iJournals Specialist responsibility to create an interdepartmental accrual journal for AUG-2019 by September 10, 2019
    • Create a credit using a 48xxx revenue code and a debit using a 58xxx expenditure type
  • Coordinate with the department recording expense to confirm the correct amounts and PTAs

Questions?


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

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