SMART Finance News You Can Use

During FY21, MDE eliminated using object 545 with finance 302. Prior to FY21, districts would credit account E01-005-850-302-545-000 and debit E01-005-850-000-545-000 to eliminate an Operating Capital Deficit (B01-424-000). Currently, to eliminate an FY21 deficit, auditors/districts were posting an entry debiting 01-422-000 and crediting B01-424-000. On August 13^th, MDE reinstated using object 545 with finance 302 for FY21. The chargeback method used to eliminate deficits in years prior to FY21 is now valid again.

Region 1 has shut off account E01-005-850-302-545-000 with an End Period of 202014 in the Chart of Accounts Setup window. If you want to eliminate an FY 21 Operating Capital deficit using expense accounts, you can re-activate this account by changing the End Period to 999999.