As discussed at the May Financial Rep meeting, revenue GL accounts have been extensively renamed and account use descriptions have been added, effective 7/1/2015. These changes and additions mirror those made to expense GL accounts back in 2011 and were made in order to:
- Simplify, clarify and better organize account names and descriptions.
- Provide additional guidance on the proper use of accounts.
- Clearly distinguish between sales and services provided to FSU departments and those provided to all other “customers”.
- Encourage consistency in recording similar types of revenues.
A new General Ledger Account Lists page has been added to the Controller’s Office website, which includes updated versions of the Expense Account Data Dictionary and Expense Account Short List as well as the new Revenue Account Data Dictionary and Revenue Account Short List. As always, changes to these lists from the last version are highlighted.
Additional notes about the changes:
- Remember, any sale where your department is charging another FSU Department ID (including sales by auxiliaries to C&G projects) should be recorded as internal.
- This EXCLUDES sales directly to FSU faculty, staff and students.
- This also EXCLUDES sales to other State agencies or universities.
- For federal/state tax reporting purposes, your department may need to segregate your “external” sales based on the type of customer. Questions about this should be directed to Mike Ballow, Tax Manager, at 644-9464 or firstname.lastname@example.org.
- Certain revenue accounts should never be used by departments, these include
- 620180 Aux Prior Year Exp Refunds and 661101 Prior Yr. Refunds (expense refunds should always be booked to the expense account originally charged)
- 661001 Other Operating Revenue (requires special permission from the Controller’s Office)
- 661081 Other Op Rev Contributions
- 665005 Inter-Agency Transfer In
- Just like with expense accounts, the use of revenue accounts with a description of “Recommended Alternative Account…” is discouraged but not disallowed.
- There will no longer be a distinction between “inter” and “intra” departmental transfers.
- The new accounts, 665004 / 780101 – Trf In / Out Non-exch w/in FSU, should be used for all cash transfers between FSU departments where there is no exchange of goods or services involved.
- For transactions such as expense reimbursements between departments or inter-departmental sales, the applicable expense or revenue account should be used instead.