FIACCT 06-00_03: Requirements for Recording Federal Invoices

Effective: July 1, 1998
Revised: December 1, 2019
Reviewed: December 1, 2019

Purpose

This policy explains the requirements for recording Receivables that are related to the drawdown of federal revenues.

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Policy

A. During the year, Federal Invoices are to be recorded when the federal revenue is requested from the federal government in order to measure the time between request and receipt of federal money in compliance with the Cash Management Improvement Act (CMIA). Federal revenues and Receivables are to be recorded in FINET by using the Receivable (RE) document.

B. At fiscal yearend, Federal Invoices are to be recorded if the State has provided the goods or services in
compliance with the federal grant or award, even if the federal money has not been requested.

C. If the State has provided goods or services to a federal agency, the Receivable (RE) document of FINET should be used to record the Receivable and revenue.

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Procedures

For procedures on recording federal revenue and Receivables see the FIACCT 07-02 Federal Revenues
Section policies.