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 3” Payroll Accrual to accurately capture the payroll expense in the month that it was incurred.
Financial Services is using 6/14ths of Payroll 2023-020 distribution as an accrual amount (days Mar 26 – Mar 31). Our office will be booking the expense in March, Fiscal Period 9 and reversing the accrual in April, Fiscal Period 10.
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 3 Accrual. See the REX Finance FAQ for general REX information.