assignment_turned_in Policy

Guideline for Accruing Expenses

These guidelines explain how to accrue expenses that should be recognized in the current fiscal period but will not be recorded in Oracle Financials by the end of the fiscal period.

The minimum threshold is $50,000. Under extenuating circumstances, accruals lower than $50,000 will be approved.

External Expenses
(not applicable to capital projects*)		 Interdepartmental Expenses
(not applicable to service centers)
  • Prepare a list of the expenses that are not yet recorded in Oracle AP:
    • Create a debit using the proper PTA and expenditure type.
    • Using the same PTA, create a credit (offset) using object code 21300.
  • Utilize iJournals Specialist responsibility (AP Accruals privilege) to create an Accounts Payable (AP) accrual journal for AUG-20XX. See Year-End Close Calendar for dates.

* Accrual for Capital Projects is performed by Capital Accounting 
  • Utilize iJournals Specialist responsibility to create an interdepartmental accrual journal for AUG-20XX. See Year-End Close Calendar for dates:
    • Create a debit using a 58xxx expenditure type and a credit using a 48xxx revenue code.
  • Coordinate with the department recording revenue to confirm the correct amounts and PTAs.


Refer to How to: Create an Accrual Journal and Policy: Guideline for Accruing Revenue.

Last Updated: Jul 11, 2023
Submit feedback about this page

Questions?

General Expense Accruals - Nini Cruz
Email
Capital Project Expense Accruals - Ronald Yu
Email
arrow_upward
Back to Top