535610-535680 - Asset & Other Adjustments

535610

Receivable Write-Off

To be used only for bad debts that are not associated with a revenue, for example, bad debts related to loans receivable.  (Note:  This ia  new title & definition effective for year-end 2002.  Former accounmt title is Accounts Receivable Write-off.)

535611

Contractual Adjustments

Contra account associated with contractual adjustments for Hospital sales and services.

535612

Indigent Care Write-offs

Contra account associated with indigent care for Hospital sales and services.

535613

Accrued Expense Adjustment

This account should be used only by universities. This account will not have a budget. In addition, per State Budget the June 29 and June 30 balance for this account must be zero before the university can close and certify the month of June.

   
 

Inventory Adjustments:

535621

Inventory Price Variance Adjustments

535622

Other Inventory Adjustments

 

535630

Capital Asset Writedowns

To record capital asset impairments in accordance with GASB Statement 42, effective for fiscal year end 6/30/06. The writedown is defined as an operating expense for proprietary funds. The former account title is Fixed asset writedowns. The title has been updated to reflect current terminology and the definition added to indicate the account should be used by proprietary funds - see change in account 535631 also.

535631

Fixed Asset Writedowns - Nonoperating  (Invalid effective for year end 06/30/06)

This account is no longer valid because GASB Statement 42 now defines capital asset writedowns as an operating expense for proprietary funds. Use account 535630 instead.

535640

Indirect (Overhead) Costs

The indirect cost expenditure account(s) should be used in conjunction with the indirect cost receipt account 437300 to prepare noncash revenue and expenditure entries to track overhead costs for grant accounting. These accounts carry balances for monthly accounting, but at 6/30, the expenditure balance should be eliminated against the corresponding indirect cost receipt account balance (account 437300) to zero out the accounts for year end reporting.

535640001

Indirect Cost prior Year Adjustment

The indirect cost expenditure account(s) should be used in conjunction with the indirect cost receipt account 437300 to prepare noncash revenue and expenditure entries to track overhead costs for grant accounting. These accounts carry balances for monthly accounting, but at 6/30, the expenditure balance should be eliminated against the corresponding indirect cost receipt account balance (account 437300) to zero out the accounts for year end reporting.

535650

Loss on Sale of Property and Equipment

This account is to be used by proprietary funds only to record a loss on the sale of property or equipment. Gains are recorded in account 434330 - Gain on Sale of Property and Equipment.

535660

Service Charge - Sale of Surplus Property

535670

Ad Valorum Tax - State Share

The state's share of ad valorum taxes that are paid during a land purchase.

535675

P-Card Clearing

This account relates to agencies using the P-card. The P-card charges are actual expenses that remain in a clearing account until the receipt has been given to a reconciler who moves the charge to the appropriate expense account. No budget should ever be associated with this account. In addition, the account balance must be zero each June 29 before the agency can close and certify the month of June.

 

535680

Vendor Refund Clearing

Overpayment to vendors made through DBS A/P