Revenues
Policy
FIACCT 07-02_15 Federal Revenues- Federal Revenues at Fiscal Year End
Effective: July 1, 1994
Revised: April 1, 2013
Purpose
This policy explains the procedures that are necessary to account for federal revenue at fiscal yearend.
Procedures
NOTE: For more instructions, go to the Division of Finance website at www.finance.utah.gov
FINANCIAL REPORTING: BUDGET AND ACCOUNTING OFFICER HANDOUTS
Responsibility
Action
Accounting for Federal Revenue at Fiscal Yearend
Division of Finance
At the end of the fiscal year, send out Closing Packages, with
instructions for setting up accruals, accounts receivable, and deferred
revenues.
Department
Complete the closing package process to set up the following:
- For accounts receivable for uncollected federal revenue and for federal deferred revenue, follow procedures distributed by the Division of Finance and available through its website, www.finance.utah.gov.
Prior to closing, contact the Division of Finance and follow
instructions for:
- Federal funds received as advance distributions, upfront payments (payouts), or in advance of incurring expenditures.