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 “Mid-Year” Payroll Accrual to accurately capture the payroll expense in the month that it was incurred.
Financial Services is using 10/14ths of Payroll 2020-014 distribution as an accrual amount (days Dec 22- Dec. 31 shown below.) Our office will be booking the expense in December, Fiscal Period 6 and reversing the Accrual in January, Fiscal Period 7.
The summarized accrual will allow campus departments to calculate total payroll expenditures for work performed until December 31 paid during Payroll 2020-014.
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.)
The Budget Column on the REX Budget to Actuals Report will be updated January 15th to reflect the amounts for State Fringes.
The REX Finance Reports related to the General Ledger or Department will reflect the Mid-Year Accrual.