Items Posted to Incorrect Fiscal Year

Items Posted to Incorrect Fiscal Year

Items Posted to Incorrect Fiscal Year

Occasionally during year-end an expense is mistakenly entered into Banner in the new fiscal year for a good or service that was received the prior fiscal year. The expense is in the wrong fiscal year and needs to be moved using two journal vouchers. The first journal voucher needs to be posted in period 12 or 14 of the prior fiscal year to record the expense and liability. The second journal voucher is posted in period 01 of the new fiscal year and reverses the first one.

 

The liability account code (B0190 Received Items Payable) is a general ledger account code and will appear on the Banner form FGITBAL. It will not appear on FGIBDST or FWIBUDG.

 

To record expenses as items payable in the prior fiscal year:

 

Debit Department Index     Expense Account Code

Credit Department Index    B0190 Received Items Payable

 

To record the reversal in the new fiscal year:

 

Debit Department Index     B0190 Received Items Payable

Credit Department Index    Expense Account Code

 

If you have any questions please contact Financial Services at 6-3524.