Fiscal Operations Manual
Section 800: Fiscal Year End Processing
Effective: 01/01/2003
Revised: 7/1/2014

 

WARNING:  THESE ARE NOT CURRENT POLICIES!!

Please see current Fiscal Policy Manual for current policies

 

Specific funds may not have negative fund balances at June 30.  The necessary adjusting entries to resolve any negative fund balances must be recorded in the current fiscal year accounting records by the specified date on the current year’s schedule, using a June 30 transaction date. 

  • Negative Designated Operations (05XXXX) Fund Balances: Determine the Fund Balance as of June 30 by using Banner screen FGITBSR.  If the fund balance shows as negative (Debit Balance) and funding is necessary, process a journal voucher that debits the unit general fund index using account code 92255 and credits the designated operating index using account code 91255
  • Negative Service Center (090XXX) Fund Balances: Determine the Fund Balance as of June 30 by using Banner screen FGITBSR.  If the fund balance shows as negative (Debit Balance) and funding is necessary, process a journal voucher that debits the unit general fund index and account code 92255 and credits the service center index using account code 91255
  • Auxiliary Funds (1xxxxx) Fund Balances: Determine the Fund Balance as of June 30th by using Banner screen FGITBSR.  If the fund balance shows as negative (Debit Balance) funding is necessary.  Normally the only source of funding available to Auxiliary Funds is a loan from another Auxiliary Fund.

OSU Foundation Reimbursement Funds: FSxxxx, FExxxx, and 438xxx OSU Foundation reimbursement funds are also considered gifts to the University and must be at a positive fund balance. A receivable from OSUF for late June expenses is accrued with the concurrence of the Foundation that funds are available for payment in July. This accrual is completed by Business Affairs. Units must not do accruals for these funds.