Adjustments frequently proposed that can usually be booked as suggested:
- Accruals for individual fund prepaid expenses - these should be booked in the particular fund impacted.
- CRT year end adjustments - these should be booked in the particular fund impacted. These typically will be booked as a result of the audit.
- Adjustments for improperly classified expenses- these should be booked in the applicable fund.
- Gifts or grants with invalid dates, funds or dollar amounts. These should be corrected through the standard adjustment processes in the appropriate module.
- Fund Balances that are incorrect. Journal entries moving amounts between the fund balances using the transfer accounts is acceptable.
- Corrections for improperly done monthly investment returns. Typically these are a re-allocation between unrealized and realized income or a calculation of accrued interest. The auditor typically wants to just book it, but you need to have the auditor concur that either FACTS should be unposted back to the incorrect cycle or allocations and entries is run on either the year-end pool balance or more appropriately on the average daily balance value.
Please feel free to discuss these with a support staff member.