SUBSECTION 2.2.2.3
ILLUSTRATIVE ENTRIES
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SUBSECTION 2.2.2.3 |
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2.2.2.3.1 |
General |
Effective Date: |
Sept. 1, 1998 |
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The following entries illustrate the recording of revenues and cash receipts in the accounting records. The entries are for illustrative purposes only and should not be considered all inclusive. Entries posted to GL Code Series 71XX "In-Process" in treasury and treasury trust accounts also require an entry from the Office of State Treasurer (OST) as illustrated below to clear the In-Process GL Codes. The entry would be reversed for In-Process debit amounts. |
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Dr. |
Cr. |
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In-Process (71XX) |
xxx |
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Current Treasury Cash Activity (OST Only) (4310) |
xxx |
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2.2.2.3.2 |
Estimated Revenues |
Effective Date: |
Sept. 1, 1998 |
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Refer to Section 2.2.1 of this manual for illustrations of budgetary entries to record and adjust estimated revenues. |
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2.2.2.3.3 |
Deposit of Cash Revenues |
Effective Date: |
Sept. 1, 1998 |
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To record the deposit of cash revenues. (Refer to Section 2.2.2.1.1.e.) |
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Dr. |
Cr. |
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Cash In Bank (1110) or |
xxx |
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Cash Revenues (3210) (with appropriate revenue source code) |
xxx |
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2.2.2.3.4 |
Cash Over or Short |
Effective Date: |
Sept. 1, 1998 |
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To record cash over or short. (Refer to Section 2.2.2.1.1.d.) NOTE: The entry assumes a cash shortage and would be reversed for a cash overage. |
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Dr. |
Cr. |
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Cash Revenues (3210) Revenue Source Code (0490) - Cash Over or Short |
xxx |
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Cash In Bank (1110) or Receipts In-Process (7110) |
xxx |
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2.2.2.3.5 |
Recording Adjustment for Non-Sufficient Funds (NSF) Check |
Effective Date: |
Sept. 1, 1998 |
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The following entries illustrate the recording of the adjustment for a non sufficient funds (NSF) check which was initially coded as revenue in a Treasury account. (Refer to Section 2.2.2.2.) Upon receipt of the cash receipt journal summary (A8) from OST, the agency clears receipts in-process and establishes a receivable for the NSF check in the Suspense Account (Account 01P). |
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Dr. |
Cr. |
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Other Receivables - Short-Term (1319) |
xxx |
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Receipts In-Process (7110) |
xxx |
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Further entries depend on circumstances. Option 1 would be used when the agency is in a position to redeposit the NSF check within a day or two of its return by the bank. Option 2 would be used if there is a delay before redeposit of the NSF check. |
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OPTION 1 To record redeposit of NSF check within a day or two of its return by the bank. The agency is to prepare a Cash Receipt Journal Summary (A8) debiting/crediting Account 01P. The A8 is to be submitted to OST. Operating Agency--Suspense Account (Account 01P): |
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Dr. |
Cr. |
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Receipts In-Process (7110) |
xxx |
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Other Receivables - Short-Term (1319) |
xxx |
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OPTION 2 The agency prepares a Journal Voucher to clear the receivable in Account 01P and record the NSF check in the operating account. Suspense Account (Account 01P): |
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Dr. |
Cr. |
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Journal Vouchers In-Process (7140) |
xxx |
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Other Receivables - Short-Term (1319) |
xxx |
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Operating Account (originally recording receipt of NSF check): |
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Dr. |
Cr. |
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Other Receivables - Short-Term (1319) or Cash Revenues (3210) with Revenue Source Code (0791) Deposit Adjustments and Returned Checks or |
xxx |
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Journal Vouchers In-Process (7140) |
xxx |
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The agency is to forward a copy of the Journal Voucher to the Office of the State Treasurer for final clearance of Account 01P and reduction of cash in the Operating Account. |
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2.2.2.3.6 |
Subsequent Collections of Non-Sufficient Funds (NSF) Check |
Effective Date: |
Sept. 1, 1998 |
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To record the subsequent collection of an NSF check for which an adjustment was posted (refer to 2.2.2.3.5) and which is deposited with a Cash Receipt Journal Summary (A8). (Refer to Section 2.2.2.2) Operating Account: |
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Dr. |
Cr. |
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Receipts In-Process (7110) |
xxx |
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Other Receivables - Short-Term (1319) or |
xxx |
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At Fiscal Year End, any amounts remaining in Other Receivables (1319) in Account 01P related to deposit adjustments should be reclassified to Interfund Receivables (1353) and an offsetting Interfund Payable (5153) set up in the applicable operating account. Likewise, any residual balance remaining at Fiscal Year End in Revenue Source Code 0791 should be reclassified to the appropriate asset, liability, revenue, or expenditure/expense GL code. |
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2.2.2.3.7 |
Undistributed Receipts—Account and/or Revenue Source not Identified |
Effective Date: |
Sept. 1, 1998 |
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2.2.2.3.7.a |
To record deposit of moneys pending identification of the proper account and revenue sources. (Refer to Section 2.2.2.1.5.) Account 01R: |
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Dr. |
Cr. |
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Receipts In-Process (7110) |
xxx |
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Other Liabilities - Short-Term (5199) |
xxx |
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2.2.2.3.7.b |
To record reversal once the proper account and revenue sources are identified. Account 01R: |
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Dr. |
Cr. |
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Other Liabilities - Short-Term (5199) |
xxx |
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Journal Vouchers In-Process (7140) |
xxx |
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2.2.2.3.7.c |
To record deposit of receipts in the proper accounts and revenue sources. Proper Account: |
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Dr. |
Cr. |
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Cash In Bank (1110) or |
xxx |
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Cash Revenues (3210) (with appropriate revenue source code) |
xxx |
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2.2.2.3.8 |
Suspense Items |
Effective Date: |
Sept. 1, 1998 |
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2.2.2.3.8.a |
To record deposit of receipt pending identification of the proper revenue sources. (Refer to Section 2.2.2.1.6.) |
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Dr. |
Cr. |
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Cash In Bank (1110) or |
xxx |
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Cash Revenues (3210) Revenue Source Code (0730) Items Placed in Suspense |
xxx |
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2.2.2.3.8.b |
To record proper revenue sources once it has been identified. |
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Dr. |
Cr. |
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Cash Revenues (3210) Revenue Source Code (0730) Items Placed in Suspense |
xxx |
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Cash Revenues (3210) (with appropriate revenue source code) |
xxx |
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