Accounting 101 Module III : MCG Budget Basics Class II : Departmental Sales

1
Accounting 101 Module III MCG Budget
BasicsClass II Departmental Sales
2
Purpose

• This session is designed to explain what a
  departmental sales account is and how it is used.

3
Objectives

• 1. Understand what a Departmental Sales Account
  is
• 2. Understand what paperwork is needed to
  establish a Departmental Sales Account
• 3. Ability to identify the three different types
  of Department Sales Accounts
• 4. Ability to identify the three different
  Revenue account codes used with Department Sales
  Account

4
Agenda

• 1. What is Departmental Sales?
• 2. Paperwork needed to establish a Departmental
  Sales Account
• 3. Types of Departmental Sales Accounts
• 4. Revenue account codes used with Departmental
  Sales Account
• 5. Questions/Answers
• 6. Conclusion

5
What is a Departmental Sales Account?

• Sales Services of educational activity category
• Revenue received from incidentals
• Revenue from activities
• Revenue received from external parties?

6
What is a Departmental Sales Account?

• Self-supporting
• Readily identifiable
• Activity should not normally use State
  appropriated funds.
• At least 50 of the revenue source must be from
  external sources

7
What paperwork is needed to establish a
Departmental Sales Account?

• Unrelated Business Income Tax (UBIT)
  questionnaire
• Departmental Sales Account Routing Form
• Budget Amendment
• These documents can be requested from the
  Financial Accounting Office, extension 1-2137.

8
Three types of Departmental Sales Accounts

• Fund 10000 class 41900
• Less then 50 of revenue is generated from the
  external sources
• More than 50 of the revenue is received from
  other MCG Departments.
• Fund 14000 class 41100
• More then 50 of revenue is generated from
  external sources
• Fund 14000 class 41200
• Continuing Education revenues-shall include only
  those fees collected for the purpose of providing
  non-credit instructional courses and programs
  designed primarily to meet the educational needs
  of professional and non-traditional students

9
Three Revenue account codes used with
Departmental Sales
10
Revenue account codes

• 471100
• Revenues resulting from charging operating
  departments for the value of services provided by
  one department where revenue is booked for the
  department providing the service and expense is
  booked for the department receiving the goods.
  Quasi revenue is eliminated by journal entry and
  does not show on the year-end financial
  statements.

11
Revenue account codes

• 441900
• Revenues from fees charged for other sales and
  services. Used in Fund 10000 and 14000, Class
  41900 and 41100, respectively.

12
Revenue account codes

• 441100
• Revenues from fees charged for attending
  Continuing Education courses. Used in Fund
  14000, Class 41200.

13
Questions/Answers
14
Conclusion

• This concludes Module III Class II
• Departmental Sales
• If you have any questions, comments or problems
  with PeopleSoft Financials, please use the
  Functional Service Request (CRT). The link is
  found on the MCG PeopleSoft web page
  http//www.mcg.edu/peoplesoft. Click the
  Functional Service Request (CRT) link on the left
  of the page. Or the direct link is
  http//www.mcg.edu/peoplesoft/crt.
• Thank you