Revenues
Policy
FIACCT 07-07_00 Revenue – Internal Transactions – Overview
Effective: July 1, 1996
Revised: March 16, 1998
Purpose
Use internal transactions to record sales of goods or services between state agencies. Complete adjustments, allocations and error corrections on internal transactions. There are two types of internal transactions: Inter-Agency Transaction (IAT) and Payment Voucher (PV) Type 3.
Definitions
Seller
The Seller is the department that initiates the IAT by entering
accounting information into the Seller IAT Table. The Seller
usually provides goods or services to the buyer department.
Buyer
The buyer is the department that enters accounting information
into the Buyer IAT Table if changes are needed. The buyer
usually receives goods or services from the Seller department.