Accrued Liabilities and Accounts Receivable

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Accrued Liabilities and Accounts Receivable

• Year-End Accounting Meeting
• June 3, 2008

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Coach Micki
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Diving
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Swimming
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Umbrellas
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Training

• Perfecting Techniques
• Learning New Skills

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LifeguardsDivision of Accounts

• Mike Corricelli
• Richard Nicks
• Linda Dwiggins
• Janis Osborne

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Accrued Liabilities Pool

• G

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Pool Access

• G Pool Mandated
• Accrued Liabilities Payables for goods and/or
  services that have been received before July 1,
  2008, but an invoice has not been received in
  time to pay before cutoff
• 5,000 or more

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Pool Access Denied

• Travel or Utility payments (Objects 03 / 05)
• Credit card processing fees
• Accrued liabilities between state agencies
• Any liabilities between state agencies should be
  resolved by regular JVs prior to cutoff date
• Items less than 5,000.00
• unless you choose to

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The Perfect Dive Steps for the Accrual

• Separate batch prepared for each fund allotment
  code
• Doc Type G
• Effective date - 6/30/08
• Current Document
• Suffix C
• TC 264
• Fiscal Year (FFY) - 08
• Amount

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Perfect Dive Continuation

• Comment Section To record accrued liabilities
  for goods or services received at June 30 per the
  attached schedule.
• FINAL
• Warning Message Ignore if correct amount

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Surfacing Steps for the Reversal

• Doc Type G
• Effective date 7/31/08
• Suffix D
• TC 442
• Fiscal Year 09
• Amount Same as your accrual

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Continuation of Surfacing

• Generally, reversals should be exact opposites of
  the accrual.
• If programs are moved, code reversal associated
  with the actual payment in the new funding year
• Comment Section To reverse accrued liabilities
  recorded at 6/30/08.
• FINAL
• Warning Message Ignore if correct amount.

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Effects of Dive/Surfacing

• Diving TC 264 (08)
• 0500 Debit Accrued Expenditures
• 0240 Credit Accrued Liabilities

• Surfacing TC 442 (09)
• 0240 Debit Accrued Liabilities
• 0500 Credit Accrued Expenditures
• Paid (09)

? Paid (09)
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Detailed schedule of accrued liability
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Safety Equipment Type One

• Detailed Schedule of Accrued Liabilities
• Purchase Authority
• May require Addl Safety Equip
• Vendor
• Component Unit - Addl Safety Equip
• Amount of Accrued Liability
• Date Goods/Services Received
• Funding Sources
• and value
• Other State Agency attach J-Type journal

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AL Checklist
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Safety Equipment Type Two

• Accrued Liability Checklist
• Original Form
• Signature Required

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Safety Equipment Type Three

• Required for Major Obj. Code 16 or Obj. 099 Items
• POST Tag Number (s) and
• Screen print of POST Transaction 920 Screen

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Dive Buddies Signatures Required
Department heador designees
Fiscal Officeror designees
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Accounts Receivable Pool

• A

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Pool Access

• Mandated for A pool
• Record revenue earned, but not received, at
  year-end closing
• Funding for accrued liabilities from third party
  entities

Come on In
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Pool Access Denied

• Denied from the A pool
• Receivables/payables between STARS on-line
  agencies use the J - Type journal vouchers.
• Credit Card Receipts and Portal Premium
  Subscriber Revenue

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Beginning Lap Steps for the Accrual

• Single allotment --gt Single batch
• Doc Type A
• Effective date - 6/30/08
• Current Document
• Current Document Suffix - D
• Fiscal Year (FFY) - 08

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Lap One Continuation

• Use Transaction Code Crosswalk
• Comment Section To establish accounts
  receivable(s) at 6/30/08 per the attached
  schedule.
• FINAL
• Warning Message Ignore if correct amount

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Lap One Continuation

• Use Transaction Code Crosswalk
• Comment Section To establish accounts
  receivable(s) at 6/30/08 per the attached
  schedule.
• FINAL
• Warning Message Ignore if correct amount

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Return Lap Steps for the Reversal

• Doc Type A
• Effective date 7/1/08 or later
• Current Document
• Current Document Suffix C
• Fiscal Year 09
• Use Transaction Code Crosswalk

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Return Lap Continuation

• Generally, reversals should be exact opposites of
  the accrual.
• If programs move between divisions, cost centers,
  etc., in FY09, record reversal same place where
  cash is received.
• Comment Section To reverse accounts
  receivable(s) established at 6/30/08.
• Warning Message Ignore if correct amount

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Floatation Devices Type One

• Support Schedule
• Detailed Schedule of Accrued Liabilities
• Total amount of the Federal or Other Outside
  Participation column Total of the A/R JV
• OR
• Schedule of Accounts
• Receivable for Actual
• Expenditures

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Floatation Devices Type Two

• Accounts Receivable JV Checklist
• Use Original
• Must be signed

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Swim Buddies Signatures Required
Department heador designees
Fiscal Officeror designees
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Pool Schedule
JUL

• Opens July 1
• Closes - Bring to DOA Lifeguards
• August 11 - Accounts Receivable JVs for accrued
  liabilities
• August 25 - Accounts Receivable JVs for actual
  expenditures

August
August
11
25
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Accrued Liabilities Funded by Other State Agencies

• J

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J Umbrellas

• Interfund Receivables
• Interfund Payables
• Accrued Expenditures
• Departmental Revenue

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Billing AgencyEstablish A/L According to Regular
Procedures

• July Umbrella
• (Reversing)
• Debit Side
• TC 457
• FFY 09
• Effective Date July 08

• June Umbrella
• (Interfund Receivable)
• Credit Side
• TC 452
• Subaccount 0XX
• FFY 08
• Revenue Source 890
• Effective Date 6/30/08

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Billing AgencyEstablish A/L According to Regular
Procedures

• June Umbrella
• (Interfund Receivable)
• Credit Side
• TC 452
• Subaccount 0XX
• FFY 08
• Revenue Source 890
• Effective Date 6/30/08

• July Umbrella
• (Reversing)
• Debit Side
• TC 457
• FFY 09
• Effective Date July 08

Theres More!
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Billing AgencyEstablish A/L According to Regular
Procedures

• June Umbrella
• Credit Side
• TC 452
• Subaccount 0XX
• FFY 08
• Revenue Source 890
• Effective Date 6/30/08

• July Umbrella
• Debit Side
• TC 457
• FFY 09
• Effective Date July 08

1. Attach copy of both umbrellas to A/L JV (G pool)
2. Send Both Umbrellas with copy of Detailed
   Schedule of A/L to Paying Agency
3. Follow normal procedure to bill other agency
   after payment has been made in 2009

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Paying Agency

• June Umbrella
• (Interfund Payable)
• Debit Side
• TC 123
• Subaccount 0XX
• FFY 08
• Effective Date 6/30/08

• July Umbrella
• (Reversing)
• Credit Side
• TC 125
• FFY 09
• Effective Date July 08

1. Send Both Umbrellas with copy of Detailed
   Schedule of A/L to DOA Lifeguards
2. Use regular procedures to establish necessary A/R
   at 6/30/08 to fund A/L. Attach copies of J
   umbrellas as addl support (A pool)

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