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01 May 2023

As the End of This Fiscal Year Approaches

Now would be a good time to take a look at the State and Federal receivable accounts in all funds. These accounts should have a zero balance. If there is a balance any of these accounts (B XX-121-XXX, B XX-122-XXX, and B XX-123-XXX), take a look at the entry in period 202213 that created the receivable and reverse it (or part of it). Any amount that remains in these receivables that cannot be explained can be written off against a current year revenue account in order to make the balance in these accounts zero (Stacy has taken the time to reverse the obvious receivables for all districts). If you would like assistance, contact Stacy, Melissa, Anthony, or Wayne.
To make this process easier in the future, make sure to work with your auditors and take advantage of the Reversing flag before posting yearend journal entries.


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