General Accounting

Fiscal Year 2007-2008

Year-End Closing Entries

* Accruals * Accrued Interest Receivable * Accrued Interest Payable *
* Receivables * Equity Adjustments * Closing Entries * Other Entries * Other Reconciling Items * Computer MIS Reports *

ACCRUALS
			Entries to be Booked
Department	Description of Entries	Person(s) Responsible	1st Close	2nd Close	3rd Close	Booked	Reversal Needed	Reversal Received	Control File#
Budget	Faculty salaries	Carol Rylee	X
Dining Services	Dining Services (ARA) accruals	Bill Spear	X	X
General Accounting	NOPLT accruals (construction)	Lisa Marra/ Theresa Maney	X	X
General Accounting	Construction retainage	LisaMarra/ Theresa Maney	X	X
General Accounting	Delaware Geological Survey	Lisa Marra/ Karen D'Amato		X
General Accounting	Benefits - reverse estimated and accrue bill due 7/1	Sue Kruelle	X
Investment Accounting	Endowment income (trusts), accrue/reverse income	Sharon Flynn		X
Procurement Services	Goods and services	George Walueff	X

ACCRUED INTEREST RECEIVABLE
			Entries to be Booked
Department	Description of Entries	Person(s) Responsible	1st Close	2nd Close	3rd Close	Booked	Reversal Needed	Reversal Received	Control File#
General Accounting	Bond Issues 1997,1998, 2001A,2001B, 2004A,2004B, 2005,2007	Amy Connell		X
General Accounting	DBI Lease/ Purchase	Amy Connell		X
Investment Accounting	Endowment income, short term income, cash management (PEP, FFP and CFP income)	Sharon Flynn		X

ACCRUED INTEREST PAYABLE
			Entries to be Booked
Department	Description of Entries	Person(s) Responsible	1st Close	2nd Close	3rd Close	Booked	Reversal Needed	Reversal Received	Control File#
General Accounting	Bond Issues 1997,1998, 2001A,2001B, 2004A,2004B, 2005,2007	Amy Connell		X
General Accounting	DBI Lease/ Purchase	Amy Connell		X
Investment Accounting	Commissions	Sharon Flynn		X

RECEIVABLES
			Entries to be Booked
Department	Description of Entries	Person(s) Responsible	1st Close	2nd Close	3rd Close	Booked	Reversal Needed	Reversal Received	Control File#
Account Services	2nd Summer Session revenue deferral	Melissa Stone/Rose Gaasbeck		X
General Accounting	University Parallel unpaid invoices	Sue Kruelle	X
General Accounting	Restricted deficit fund balances - non C&G 4 and NOPLT Purposes over $1,000.00	Marsha Lockard/ Claire Northam		X
General Accounting	Insurance claims - State of Delaware	Amy Connell/ Gary Stokes		X

EQUITY ADJUSTMENTS
			Entries to be Booked
Department	Description of Entries	Person(s) Responsible	1st Close	2nd Close	3rd Close	Booked	Reversal Needed	Reversal Received	Control File#
General Accounting	HUD	Lisa Marra		X
General Accounting	Lease purchase	Jennifer Hall		X
General Accounting	Equipment, land and buildings	Lisa Marra		X	X
General Accounting	Reconcile equipment expenses in current funds to include Library	Lisa Marra		X
General Accounting	Depreciation expense - equipment, library books, buildings, land improvements	Lisa Marra			X

CLOSING ENTRIES
			Entries to be Booked
Department	Description of Entries	Person(s) Responsible	1st Close	2nd Close	3rd Close	Booked	Reversal Needed	Reversal Received	Control File#
Financial Aid	Close College Work Study accounts	Toni Greene		X
General Accounting	Close or zero-out all State fund accounts	Lisa Marra	X	X
General Accounting	Close or zero-out State Minority Recruitment accounts	Sue Kruelle	X
General Accounting	Close admin exp recovery accounts (CWSP)	Sue Kruelle			X
General Accounting	Close annual surplus/deficit accounts	Carol Rylee			X
General Accounting	Clear suspense	Jennifer Hall		X	X
General Accounting	Close carried FWD programs	Carol Rylee			X
General Accounting	Reconcile cash advances	Doretha Davis		X
Investment Accounting	Close TII holding account AGASTI	Sharon Flynn		X
Investment Accounting	Close out endowment income holding accounts NOEND	Sharon Flynn			X

OTHER ENTRIES
			Entries to be Booked
Department	Description of Entries	Person(s) Responsible	1st Close	2nd Close	3rd Close	Booked	Reversal Needed	Reversal Received	Control File#
Administration	ARA journal entries	Bill Spear	X	X
Associate Treasurer	E & I Cooperative	Marsha Lockard	X
Associate Treasurer	Check gift holding for > $1,000 items UNIV412181	Terri Manley		X
Benefits	TIAA reconciliation	Nancy Wallace		X
Billing & Collection	Student Loans and Accounts Receivable	Melissa Stone	X
Budget Office	Reverse Fringe Benefits Applied	Carol Rylee		X
Budget Office	Student Receivable Bad Debt Allowance	Bob Bosler	X
Cashiers' Office	Cash Deposits	Melissa Sarver	X
Computing Center	Computing Center charges	Alice Yang/ Jim Schelts	X
Facilities Administration	Facility Upload	Theresa Maney	X
Financial Aid	Admin.. Allowance Expense - SEOG, CWSP, NDSL	Johnie Burton		X
General Accounting	Internal charge Flat Files (Must be processed for first close)	Jennifer Hall	X
General Accounting	Inventories	Jennifer Hall	X
General Accounting	Cash deposits and bank account adjustments	Patti Hollobaugh/ Sue Kruelle/ Sue Herman/ Becky George	X	X
General Accounting	Fringe benefit distribution	Amy Connell			X
General Accounting	Compensated absences liability	Sue Kruelle	X
General Accounting	Internal loans JV's	Sue Kruelle	X
General Accounting	Unidel accounts reconciled	Sharon Flynn		X
Gift Processing/Alumni	Gift sub-system input	Pat Correale		X
HRMS-PR	Adjust FICA income and expense to actual	Anna Bloch		X
HRMS-PR	Clear Wages in kind (WIK)	Anna Bloch		X
Investment Accounting	Transfer temporary investment income	Sharon Flynn		X
Network Services	Telephone charges	Dan Grim/ Karl Hassler	X
Procurement Services	Property Records/General Accounting equipment reconciliations	Karen Brown/Lisa Marra	X	X
Procurement Services	Pro-Card	George Walueff/Amy Connell	X
Supporting Services	Corporate Express, Mail with Federal Express, Graphic Communications and Motor Pool	Gary Reisinger	X

OTHER ITEMS
			Entries to be Booked
Department	Description of Entries	Person(s) Responsible	1st Close	2nd Close	3rd Close	Booked	Reversal Needed	Reversal Received	Control File#
Benefits	2007-2008 990 Benefit Detail	Chris Ulrich			X
General Accounting	Make sure all State funds are reimbursed or invested by June 30	Lisa Marra	X
General Accounting	O/H and FB rates must be changed after June II (992) close and before the July O/H and FB program is run	Amy Connell/ Chris Cook		X
HRMS-PR	Credit Union Report for 990 Tax Return.	Anna Bloch		X
HRMS-PR	2007-2008 990 Salary Detail	Anna Bloch			X
Investment Accounting	Make sure transfer of funds to/from endowment accounts are done per bank by June 30, otherwise due to/due from journal vouchers needed.	Sharon Flynn	X
OVPRGS	F & A Rate Bulk Proof	Chris Cook		X

General Accounting

University of Delaware

Please direct questions to : General Accounting

URL of this document :http://www.udel.edu/genacct/
Last Updated on Thursday, June 5, 2008
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