40 Accounting Processes

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40 Accounting Processes

2022-06-30

Sections

• 40.10 Intra-Agency Transactions (within a college)
  • 40.10.10 Inter-Fund Transfers
• 40.10.20 Operating Transfers
• 40.10.30 Inter-Fund Equity Balance Transfer
• 40.10.40 Inter-Fund Expenditure Transfers
  • 40.10.40.1 Inter-Fund Salary Transfers
    • 40.10.40.1.a Salary Transfers Journal Source
    • 40.10.40.1.b Salary Transfer Required Chartfields
    • 40.10.40.1.c Salary Transfer Accounts
    • 40.10.40.1.d Salary Transfer Departments
    • 40.10.40.1.e Salary Transfer Class Codes
    • 40.10.40.1.f Salary Transfer Projects
    • 40.10.40.1.g Salary Transfer Staff Months
    • 40.10.40.1.h Salary Transfers Accounting
  • 40.10.40.2 Inter-Fund Non-Salary Transfers
• 40.10.50 Inter-Fund Services Provided and Used
• 40.10.60 Inter-Fund Loans
• 40.10.70 Intra-Fund Cash Transfers
• 40.20 Inter-Agency Transactions
  • 40.20.10 Inter-Agency Reimbursements (between a college and a state agency)
    • 40.20.10.1 Inter-Agency Example
    • 40.20.10.2 State Agency Grants in Project Costing
  • 40.20.20 Inter-Agency Services Provided And Used (between a college and a state agency)
  • 40.20.30 Inter-Agency Services Provided And Used (Revolving Funds & System IT Charges)
    • 40.20.30.1 Recording Revolving Funds & System IT Charges
  • 40.20.40 Intercollege Reimbursements
    • 40.20.40.1 Intercollege Example
  • 40.20.50 Inter-Agency Payroll Payments
  • 40.20.60 Inter-Agency Tax Payments
  • 40.20.70 Inter-Agency Financial Aid Billings
  • 40.20.80 Inter-Agency State Treasurer Certificate of Participation
• 40.30 Accounting for Assets
  • 40.30.10 Cash and Cash Equivalents
    • 40.30.10.1 Definitions
    • 40.30.10.2 Chart of Accounts
    • 40.30.10.3 Statutory Requirements
      • 40.30.10.3.a Daily Deposits
      • 40.30.10.3.b Authorized Banks
  • 40.30.20 Deposits in Transit (1000010)
    • 40.30.20.1 Check Deposits in Transit
    • 40.30.20.2 ACH Deposits in Transit
  • 40.30.30 Petty Cash (1000020)
    • 40.30.30.1 Definitions
    • 40.30.30.2 Regulatory Requirements
      • 40.30.30.2.a District President/Chancellor Responsibilities
      • 40.30.30.2.b Custodian Responsibilities
      • 40.30.30.2.c Additional Requirements
  • 40.30.30.3 Procedures
    
    • 40.30.30.3.a Establishing a Petty Cash Fund
    • 40.30.30.3.b Closing a Petty Cash Fund
    • 40.30.30.3.c Disbursements
    • 40.30.30.3.d Replenishment
    • 40.30.30.3.e Reconciliation
• 40.30.40 Deposits with Escrow Agents and Trustees (1000030)
  
  • 40.30.40.1 Definitions
  • 40.30.40.2 Usage
• 40.30.50 Non-LGIP Invest 0-90 Days (1000040)
  • 40.30.50.1 Definition
  • 40.30.50.2 Accounting for Non-LGIP Invest 0-90 Days
• 40.30.60 Investment with LGIP (1000050)
  
  • 40.30.60.1 Definition
  • 40.30.60.2 Accounting for Investments with LGIP
• 40.30.70 Cash in Bank (1000070-1000160)
  
  • 40.30.70.1 Usage
• 40.30.80 Internal Cash (1000199)
  
  • 40.30.80.1 Usage
  • 40.30.80.2 SMARTER QFS_GL_QA_INTERNAL_CASH – Internal Cash
• 40.35 Inventories and Prepaid Expenses
  • 40.35.10 Expenditure Recognition
  • 40.35.10.1 Consumption Method40.35.10.2 Purchases Method
  • 40.35.20 Inventory - State Requirements
    • 40.35.20.1 Designate Employee(s) Responsible
    • 40.35.20.2 Establish Inventory Valuation and Reporting
    • 40.35.20.3 Establish Inventory Systems
    • 40.35.20.4 Other Inventory Requirements
    • 40.35.20.5 Inventories Record Retention
  • 40.35.30 Accounting for Consumable Inventories
    
    • 40.35.30.1 Consumable Inventories Definition
    • 40.35.30.2 Periodic Inventory Method – Governmental Fund Types
      
      • 40.35.30.2.a Periodic Inventory Purchases
      • 40.35.30.2.b Periodic Inventory Use
      • 40.35.30.2.c Periodic Inventory Annual Adjustment
      • 40.35.30.2.d Periodic Inventory Adjustment
    • 40.35.30.3 Perpetual Inventory Method – Governmental Fund Types
      
      • 40.35.30.3.a Perpetual Inventory Purchases
      • 40.35.30.3.b Perpetual Inventory Use
      • 40.35.30.3.c Perpetual Inventory Year-End Adjustments
  • 40.35.40 Accounting for Merchandise Inventory – Proprietary Fund Types
    
    • 40.35.40.1 Merchandise Inventories Definition
    • 40.35.40.2 Periodic Inventory Method – Proprietary Fund Types
      
      • 40.35.40.2.a Periodic Inventory Purchases
      • 40.35.40.2.b Periodic Inventory Use
      • 40.35.40.2.c Periodic Merchandise Inventory Adjustment
    • 40.35.40.3 Perpetual Inventory Method – Proprietary Fund Types
      
      • 40.35.40.3.a Perpetual Inventory Purchases
      • 40.35.40.3.b Perpetual Inventory Use/Sales
  • 40.35.50 For Future Use
  • 40.35.60 Prepaid Expenses
    
    • 40.35.60.1 Definition
    • 40.35.60.2 Prepaid Expenses in Governmental Funds
    • 40.35.60.3 Prepaid Expenses in Proprietary and Trust Funds
      
      • 40.35.60.3.a Accounting for Acquisition of Prepaid Assets
      • 40.35.60.3.b Accounting for Consumption of Prepaid Assets
• 40.40 Capital Assets
  • 40.40.10 Capital Asset Policy
  • 40.40.20 Capital Asset Title and Reporting
  • 40.40.30 Capital Asset Definition
    • 40.40.30.1 Capital Asset Categories
    • 40.40.30.2 Capitalization Thresholds
    • 40.40.30.3 Capital Asset Classes
    • 40.40.30.4 Capital Asset Profiles
    • 40.40.30.5 Adding Assets in AM
    • 40.40.30.6 Asset Management Definition
      
      • 40.40.30.6.a AM Business Unit Definition Tab
      • 40.40.30.6.b Business Unit/Book Definition
      • 40.40.30.6.c Business Unit/Book Feature
      • 40.40.30.d Interface Options
  • 40.40.40 Asset Accounting
    • 40.40.40.1 Governmental Asset Accounting - Fund 997
      • 40.40.40.1.a Asset Acquisitions
      • 40.40.40.1.b Asset Additions
      • 40.40.40.1.c Asset Addition Accounting Entries
      • 40.40.40.1.d Asset Donations
      • 40.40.40.1.e Asset Transfers
      • 40.40.40.1.f Asset Transfer Accounting Entries
      • 40.40.40.1.g Governmental to Proprietary Fund
      • 40.40.40.1.h Proprietary to Governmental Fund
      • 40.40.40.1.i Depreciation
      • 40.40.40.1.j Depreciation Accounting Entries
      • 40.40.40.1.k Asset Retirement/Sale/Trade-In
      • 40.40.40.1.l Asset Retirement/Disposal Accounting Entries
      • 40.40.40.1.m Asset Sale
      • 40.40.40.1.n Asset Sale Accounting Entries
      • 40.40.40.1.o Asset Trade-In
      • 40.40.40.1.p Asset Trade-In Accounting Entries
  • 40.40.40.2 Proprietary Fund Asset Accounting - Fund 4xx/5xx
    
    • 40.40.40.2.a Asset Additions
    • 40.40.40.2.b Asset Addition Purchasing Entries
    • 40.40.40.2.c Capital Expense to Capital Asset Entries
    • 40.40.40.2.d Proprietary Appropriated/Budgeted Projects
    • 40.40.40.2.e Expense to Capital Asset Accounting
    • (Proprietary Adjustment)
    • 40.40.40.2.f Asset Transfers
    • 40.40.40.2.g Donated Asset Additions (Proprietary)
    • 40.40.40.2.h Donated Asset Addition Accounting Entries
    • 40.40.40.2.i Depreciation (Proprietary)
    • 40.40.40.2.j Depreciation Accounting Entries (Proprietary)
    • 40.40.40.2.k Asset Retirement/Sale/Trade-In (Proprietary)
    • 40.40.40.2.l Asset Retirement/Disposal Accounting
    • 40.40.40.2.m Asset Sale (Proprietary)
    • 40.40.40.2.n Asset Sale Accounting (Proprietary)
    • 40.40.40.2.o Asset Trade-In (Proprietary)
    • 40.40.40.2.p Asset Trade-In Accounting
  • 40.40.50 Asset: Express Add Process
    
    • 40.40.50.1 Initial Asset Add Entry
    • 40.40.50.2 Asset Add
    • 40.40.50.3 Enter Asset Information
    • 40.40.50.4 Enter Asset Cost Information
    • 40.40.50.5 Enter Asset Additional Information
    • 40.40.50.6 Depreciation Calculation
    • 40.40.50.7 Creating Accounting Entries
    • 40.40.50.8 Closing Depreciation
    • 40.40.50.9 Closing Asset Accounting Periods
  • 40.40.60 Physical Asset Inventory
    
    • 40.40.60.1 State of Washington Requirements
    • 40.40.60.2 College/District Inventory Officer
    • 40.40.60.3 Conducting Physical Inventory
    • 40.40.60.4 ctcLink Physical Inventory Process
  • 40.40.70 Useful Queries
    
    • 40.40.70.1 QFS_AM_CNV_ASSET_VALIDATION
    • 40.40.70.2 CTC_AM_DEPRECIATION_TRANS
    • 40.40.70.3 QFS_AM_ASSET_DEPR_BY_ACCTPRD
    • 40.40.70.4 QFS_AM_ASSET_COST
    • 40.40.70.5 CTC_ACCTG_LINE_AM
• 40.50 Accounting for Receivables (pending)
• 40.55 Liabilities (pending)
• 40.60 Accounting for Leases
  • 40.60.10 Right-To-Use Lease Agreements
  • 40.60.20 Governmental Funds (Lessee)
  • 40.60.20.1 Right-To-Use Lease Agreements as Lessee
  • 40.60.20.2 Proprietary Funds (Lessee)
  • 40.60.30 Right-To-Use Lease Asset (Lessor)
  • 40.60.30.1 Entries for Right-To-Use Lease Asset (Lessor)
  • 40.60.30.2 Governmental Funds (Lessor)
  • 40.60.30.3 Proprietary Funds (Lessor)
• 40.70 Certificates of Participation
  • 40.70.10 Types of COPs
  • 40.70.20 COP Timeline/Applications
  • 40.70.30 Availability of Funds
  • 40.70.40 Accounting for Capital Asset COPs (Governmental Funds)
    • 40.70.40.1 Equipment Purchase COP in Governmental Funds
    • 40.70.40.2 COP Debt Service in Governmental Funds
    • 40.70.40.3 Real Estate/Construction COP in Governmental Funds
    • 40.70.40.4 Advance Refunding Real Estate COP in Governmental Funds
    • 40.70.40.5 Accounting for Additional Proceeds Governmental Funds
  • 40.70.50 Accounting for Capital Asset COPs (Proprietary Funds)
    • 40.70.50.1 Equipment Purchase COP in Proprietary Funds
    • 40.70.50.2 COP Debt Service in Proprietary Funds
    • 40.70.50.3 Real Estate/Construction COP in Proprietary Funds
    • 40.70.50.4 Advance Refunding Real Estate COP in Proprietary Funds
    • 40.70.50.5 Accounting for Additional Proceeds in Proprietary Funds