Accrual Details
The Financial Services Department continues to strive towards accurate, timely Financial Reporting. In order to achieve this goal, Financial Services is posting a “Quarter 2” Payroll Accrual to accurately capture the payroll expense in the month that it was incurred.
Financial Services is using the entire actual Payroll 2024-014 distribution as an accrual amount for 14 days (Dec 17 to Dec 30) and using it to estimate 1/14th of Payroll 2022-015 distribution as an accrual amount (one day Dec 31), for a total of 15 days to accrue. Our office will be booking the expense in December, Fiscal Period 6 and reversing the Accrual in January, Fiscal Period 7.
The accrual will allow campus departments to calculate total payroll expenditures for the fiscal year.
Fund Information:
Unrestricted Funds: 1111, 1112, 1113, 1116 will be accrued and reversed.
Restricted Funds 1114, 1115, 1253 ** WILL NOT ** be accrued at the Grant ID level, so it should not affect any Grant Summary or Grant Detail Reports. (This is UMBC’s traditional Accrual on these Funds.)
Budget
The Budget Column on the REX Budget to Actuals Report will be updated to reflect the amounts for State Fringes.
REX Finance
The REX Finance Reports related to the General Ledger or Department will reflect the Quarter 2 Accrual. See the REX Finance FAQ for general REX information.