Accrual Details
The Financial Services Department continues to strive towards accurate, timely, Financial Reporting on a Quarterly basis. In order to achieve this goal, Financial Services is posting a “Quarter 3” Payroll Accrual to accurately capture the payroll expense in the month that it was incurred.
Financial Services is using entire Payroll 2020-020 and an estimated 3/14ths of Payroll 2020-020 distribution as an accrual amount (days Mar. 15 – Mar. 31.) Our office will be booking the expense in March, Fiscal Period 9 and reversing the Accrual in April, Fiscal Period 10.
The summarized accrual will allow campus departments to calculate total payroll expenditures for work performed until March 31 paid during Payroll 2020-020 and estimated portion of Payroll 2020-021.
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 3 Accrual. See the REX Finance FAQ for general REX information.