Reporting Requirements for Annual Financial Reports of State Agencies and Universities
Interfund Activity
Transfers
Transfers Between Fund 0001 and any Appropriated Fund other than Fund 0001
Record all transfers between appropriated fund 0001 and any other appropriated fund as a (cash) transfer, not a committed budget (legislative) transfer. If at any time during the year a legislative transfer was used and not a transfer of cash, the agency must either:
- Reverse the committed budget transfer in and out, then replace it with a cash transfer in and out (cash must be transferred prior to Aug. 31, 20CY).
–OR– - Add collected budget T-codes to the committed budget transfers in and out for collected budget transfers between fund 0001 and appropriated funds other than fund 0001 (can be backdated).
If the entry is discovered after Aug. 31, 20CY, and cash should have been transferred, correcting entries must be done to eliminate the legislative transfer, record an accrued transfer in/out and record a due from/due to in the CY. The agency must transfer the cash in the following fiscal year.
Use the following entries to correct transfers after Aug. 31, 20CY:
| Seq No | Batch Type | Doc Type | Eff Date | Fin Agy | TC | AY | PCA | COBJ | Amount | R | Fund | Input GL |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| To Record Reversal of Legislative Transfer Out | ||||||||||||
| (1) | 5 | U | 0832CY | XXX | 456 | XX | 99999 | 9515 | $XX.XX | R | XXXX | N/A |
| To Record Reversal of Legislative Transfer In | ||||||||||||
| (2) | 5 | U | 0832CY | XXX | 462 | XX | 99999 | 9410 | $XX.XX | R | XXXX | N/A |
| To Record Transfer Out | ||||||||||||
| (3) | 5 | U | 0832CY | XXX | 654 | XX | 99999 | Group 33 | $XX.XX | XXXX | 9999 | |
| To Record Transfer In | ||||||||||||
| (4) | 5 | U | 0832CY | XXX | 655 | XX | 99999 | Group 32 | $XX.XX | XXXX | 9999 | |
Accounting effect of above entries:
| Debit | Credit | ||
|---|---|---|---|
| (1) | To Record Reversal of Legislative Transfer Out | ||
| 9000 Legislative Appropriations | $ XX.XX | ||
| 6053 Legislative Transfers Out | $ XX.XX | ||
| (2) | To Record Reversal of Legislative Transfer In | ||
| 6013 Legislative Revenue/Transfer In | $ XX.XX | ||
| 9000 Legislative Appropriations | $ XX.XX | ||
| (3) | To Record Transfer Out | ||
| 6051 Transfers Out – No Post to Tables | $ XX.XX | ||
| 9999 System Clearing | $ XX.XX | ||
| (4) | To Record Transfer In | ||
| 9999 System Clearing | $ XX.XX | ||
| 6011 Transfers In – No Post to Tables | $ XX.XX |
Use the following entries to record a due from/due to after Aug. 31, 20CY:
| Seq No | Batch Type | Doc Type | Eff Date | Fin Agy | TC | AY | PCA | COBJ | Amount | R | Fund | Input GL |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| To Record Due From Other Funds/Due From Other Agencies | ||||||||||||
| (1) | 5 | U | 0832CY | XXX | 662* | XX | 99999 | N/A | $XX.XX | XXXX | ** | |
| To Record Due To Other Agencies/Due To Other Funds | ||||||||||||
| (2) | 5 | U | 0832CY | XXX | 663* | XX | 99999 | N/A | $XX.XX | XXXX | *** | |
|
*T-codes 662/663 automatically reverse using the current system management date with T-codes 673/674, respectively. **0283 Due From Other Funds/0284 Due From Other Agencies ***1050 Due To Other Agencies/1053 Due To Other Funds |
||||||||||||
Accounting effect of above entries:
| Debit | Credit | ||
|---|---|---|---|
| (1) | To Record Due From Other Funds/Due From Other Agencies | ||
| 0283/0284 Due From Other Funds/Due From Other Agencies | $ XX.XX | ||
| 9999 System Clearing | $ XX.XX | ||
| (2) | To Record Due To Other Agencies/Due To Other Funds | ||
| 9999 System Clearing | $ XX.XX | ||
| 1050/1053 Due to Other Agencies/Due to Other Funds | $ XX.XX |
In the following fiscal year, agencies must move cash. However, the movement of cash (T-codes 403/404) creates transfers that must be reversed because the transfers were reported in the prior year (Seq. No. 3 and Seq No. 4). Offset the CY transfer using generic T-codes 655/654 using system clearing (GL 9999). Posting to GL 9999 clears the balance created by the automatic reversal of T-codes 663/662 (due from/to entries).