40.10.50 Inter-Fund Services Provided and Used

Inter-fund services provided and used are also reciprocal in nature and consist of services provided by internal service funds (4xx and 5xx excluding 561). GASB previously referred to these transactions as "quasi-external transactions." Inter-fund services provided and used are transactions within the college district similar to and accounted for as though they had occurred with organizations external to the district.

Recording inter-fund services provided and used

To record inter-fund services provided and used, the fund records an expenditure/expense using an appropriate account. The receiving fund records revenue using either account 4030060 "Charges for Services”, 4010020 "Sales in Proprietary Funds," or another appropriate revenue account.

Inter-fund services provided and used should be used for proprietary fund billings for goods or services, such as printing services from Fund 448 – Printing or catering provided by Fund 569 - Food Services, for example.

By the end of each fiscal year, any unpaid or unsettled amounts are reported as inter-fund receivables and payables with required subsidiary values.