ENTRY NO. 26 – [REIMBURSEMENTS COLLECTED IN ADVANCE ARE APPLIED] - 10526-OCT-2015
This entry is made when reimbursements collected in advance are credited to the reimbursement accounts of the fiscal year to which they apply.
Information:
This entry credits the appropriate fiscal year reimbursement amounts applicable to those accounts that were previously received and cleared as reimbursements collected in advance.
If such receipts or any portion thereof were remitted and ordered into the State Treasury as reimbursements collected in advance, the State Controller's Office will be requested by a Transaction Request to make a similar entry. The Transaction Request will show the subsidiary accounts to be credited and will cite the Controller's Remittance Advices on which the amounts were remitted.
Source Document:
Analysis of GL 3420 throughout the year and at June 30.
Journal Entry for General Ledger Accounts:
Debit:
3420 Reimbursements Collected in Advance
Credit:
8100 Reimbursements