3xx Debt Service/Clearing

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3xx Debt Service Clearing

Includes activities connected with the receipt, retention and disbursement of funds for the payment of principal and interest on long-term debt. In Legacy it was also used in fund 790 for payroll clearing accounts.

301 Clearing Activity – Fund 790

Any new departments in Fund 790 for payroll activity should use class code 301. Class code 300 will be used in the future for roll-up activity only.

311 Debt Service/Long-Term Obligations

Includes activities connected with the receipt, retention and disbursement of funds for the payment of principal and interest on long-term debt.  It is also used for any long-term obligations in Fund 999 including leave liability.