Year End Closing Revolving Fund Justine Heartt Sacramento State 916-278-7440.

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Presentation transcript:

Year End Closing Revolving Fund Justine Heartt Sacramento State

YE Closing Revolving Fund2 May 23, 2006 Revolving Fund Must Be Zero (0) Your Campus Revolving Fund must be zero (0) at June 30 th.  SCO Fund 0998, FNAT  3 Easy Steps to Close Your Choice  Manual Journal Entry  Allocation Process

YE Closing Revolving Fund3 May 23, 2006 Steps to Zero Out Step 1 - Transfer all Account balances from Office Revolving Fund (109243) to General Fund Revolving Fund Advance (111613) Step 2 - Eliminate Accounts for the Due from Office Revolving Fund (105026) and Due to General Fund (202001) within the General Fund Revolving Fund Advance Step 3 - Reclassify Account Due from General Fund (105001) to Due from Other Appropriation (105027) within the General Fund Revolving Fund Advance AND Reclassify Account Due to Office Revolving Fund (202026) to Due to General Fund (202001) within any Fund that has Balance in Account

YE Closing Revolving Fund4 May 23, 2006 Step 1 Transfer Account Balances  Make sure all journal entries have been completed in your Office Revolving Fund  Manual Journal Entry or via an Allocation, move All Ending Account Balances from your Office Revolving Fund to your General Fund Revolving Fund Advance

YE Closing Revolving Fund5 May 23, 2006 Step 2 Elimination Entry is necessary since everything is now located in the General Fund Revolving Fund Advance  Manual Journal Entry or via an Allocation, eliminate Accounts for the Due from Office Revolving Fund and Due to General Fund within the General Fund Revolving Fund Advance

YE Closing Revolving Fund6 May 23, 2006 Step 3 Reclass Entry Necessary – we can’t show amounts Due from the Fund where all amounts are now located since transfer  Manual Journal Entry or via an Allocation, Reclass Account Due from General Fund to Due from Other Appropriation within General Fund Revolving Fund Advance AND Reclassify Account Due to Office Revolving Fund to Due to General Fund within any Fund that has Balance in Account

YE Closing Revolving Fund7 May 23, 2006 Summary Document

YE Closing Revolving Fund8 May 23, 2006 CMS YE FUG Training by Debbie Brothwell, Cal Poly May 2005 CMS YE FUG Training “Tips and Tricks” Presentation Allocation Process to Close Out Revolving Fund is on Pages 3 – 19 User name: csucms Password: cms04docs

YE Closing Revolving Fund9 May 23, 2006

YE Closing Revolving Fund10 May 23, 2006 QUESTIONS?