![]() |
85.24 Revenue and Cash Receipts - Illustrative Entries |
85.24.10May 1, 1999 |
These entries are for illustrative purposes |
The entries in this section 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. |
85.24.20May 1, 1999 |
Estimated revenues |
Refer to Section 85.15 of this manual for illustrations of budgetary entries to record and adjust estimated revenues. |
85.24.30May 1, 1999 |
Deposit of cash revenues |
To record the deposit of cash revenues (refer to Subsection 85.20.10.e):
|
85.24.40May 1, 1999 |
Cash over or short |
To record cash over or short (refer to Subsection 85.20.10.d):
Note: The entry assumes a cash shortage and would be reversed for a cash overage. |
85.24.50July 1, 2008 |
Recording adjustment for non-sufficient funds (NSF) check |
The following entries illustrate the recording of the adjustment for a non- sufficient funds (NSF) check that was initially coded as revenue in a Treasury account. Refer to Section 85.22. 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).
|
|||||||||||||||||
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 were a delay before redeposit of the NSF check. |
|||||||||||||||||
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 and submit it to OST.Operating Agency - Suspense Account (Account 01P):
|
|||||||||||||||||
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):
|
|||||||||||||||||
Operating Account (originally recording receipt of NSF check):
|
|||||||||||||||||
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. |
85.24.60
July 1, 2009 |
Subsequent collections of non-sufficient funds (NSF) check |
To record the subsequent collection of an NSF check for which an adjustment was posted (refer to Subsection 85.24.50) and which is deposited with a Cash Receipt Journal Summary (A8). Refer to Subsections 85.22.30 and 85.22.40. Operating Account:
|
85.24.65
July 1, 2009 |
Recording receipt of returned AFRS ACH payment | ||||||||||||
To record the deposit of an AFRS ACH expenditure payment that was returned electronically to the state. Refer to Subsection 85.22.50.
|
85.24.70
May 1, 1999 |
Undistributed receipts—account and/or revenue source not identified |
85.24.70.a |
To record deposit of moneys pending identification of the proper account and revenue sources. Refer to Subsection 85.20.50. Undistributed Receipts Account (Account 01R):
|
||||||||||||
85.24.70.b |
To record reversal once the proper account and revenue sources are identified. Undistributed Receipts Account (Account 01R):
|
||||||||||||
85.24.70.c |
To record deposit of receipts in the proper accounts and revenue sources. Proper Account XXX:
|
85.24.80July 1, 2009 |
Receipts placed in suspense |
85.24.80.a |
To record deposit of receipt in an operating account pending identification of the proper revenue sources. This entry assumes that the deposit is subsequently determined to belong in the operating account in which it was initially deposited. Refer to Subsection 85.20.60.
After researching the deposit, the agency determines the proper revenue coding.
|
||||||||||||||||||||||||||||||||||||
85.24.80.b | To record deposit of receipt in Suspense Account (Account 01P) pending identification of the proper account. Refer to Subsection 85.20.60. Suspense Account (Account 01P):
To record the transfer of monies from Suspense Account (Account 01P) to the appropriate operating account. Suspense Account (Account 01P):
Operating Account:
|