ENTRY NO. 32 – [INTEREST EARNINGS ON INVESTMENTS OF THE SURPLUS MONEY INVESTMENT FUND AND CONDEMNATION DEPOSITS FUND] - 10532-OCT-2015
This entry is made to record interest earnings on investments of the Surplus Money Investment Fund and the Condemnation Deposits Fund when they are transferred from those funds to the department's fund.
Information:
Interest on investments of the Surplus Money Investment Fund and the Condemnation Deposits Fund is apportioned quarterly to other funds by the State Controller’s Office (SCO). The administering agency for funds receiving such interest will receive the SCO’s Notice of Transfer in the month following the end of the quarter.
The July transfer is accounted for differently because the interest was accrued as of June 30. See SAM section 10605, Entry No. A-6.
Source Document:
SCO’s Notice of Transfer journal entry
Journal Entry for Interest Transferred in January, April, and October:
Debit:
1140 Cash in State Treasury a/
Credit:
8000 Revenue b/
Journal Entry for Interest Transferred in July:
Debit:
1140 Cash in State Treasury a/
Credit:
1410.0681 Due from Surplus Money Investment Fund c/
1410.0910 Due from Condemnation Deposits Fund c/
a/ amount of interest transferred
b/ amount of interest transferred in January, April, and October
c/ amount of interest transferred in July