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 “Year-End” Payroll Accrual to accurately capture the payroll expense in the month that it was incurred.
Since Timesheet 2020-026 only covers wages and fringes through June 20, Financial Services will need to “estimate” the portion that would cover the remaining days of the Fiscal Year.
Financial Services is using an estimated 10/14ths of Payroll 2020-026 distribution as an accrual amount (days June 21 – June 30 highlighted yellow.) Our office will be booking the expense in June, Fiscal Period 12 and reversing the Accrual in July, Fiscal Period 1, FY21.
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.