Accrual Basis Requirements-Appropriated Funds

Cash carryforwards receipted in July must be reversed on June 30, to properly reflect financial data under the modified accrual basis of accounting. Prior year cash carryforward reversals are processed on BC journal vouchers as closed period adjustments with an effective date of June 30. These journal vouchers require a "32" in the third and fourth positions of the document ID. The entry to record the reversal follows. XX represents the agency ID number.

COMP ACCOUNT CENTER DR/CR

Cash carryforwards must be reclassified on June 30, to convert financial data from the cash basis to the modified accrual basis of accounting. The reclassification is processed on a BC journal voucher as a closed period adjustment with an effective date of June 30. These journal vouchers require a "34" in the third and fourth positions of the document ID. The entry to record the accrual follows. XX represents the agency ID number.

COMP ACCOUNT CENTER DR/CR

XX01 111230 1000 DR
XX01 5389AA Detail Center CR