RECORDING EXPENDITURE REFUNDS REFUNDS AND REBATES SHOULD BE DEPOSITED

(ABOVE SPACE IS RESERVED FOR RECORDING INFORMATION) MINNESOTA WETLAND
1 AUDIO VIDEO RECORDING AUDIO OR VIDEO RECORDING
2 FACE SHEET FOR RECORDING FOR LEARNING (RFL)

2015 BROWNELL TALBOT GRANDPARENTS DAY MUSIC PROGRAM MORAN RECORDING
2021 KANSAS BIG YEAR RECORDING RULES PARTICIPANTS WHO SUBMIT
ABC RECORDING FORM OBSERVER STUDENT ROUTINESETTING (SUBJECT GYM HALL

RECORDING EXPENDITURE REFUNDS

RECORDING EXPENDITURE REFUNDS



Refunds and rebates should be deposited in the fund from which the original disbursement was made. Refunds of current year expenditures are recorded as reductions of current expenditures. This has the effect of restoring the school district’s spending authority in that fund in the amount of the refund. However, if the refunds of a prior year’s expenditures are significantly large, GAAP may require special accounting treatment.


In most all situations, receipts to a school district are shown on the books as revenues and are not used to reduce an expenditure account. There are a few exceptions to this if the transaction occurs within the same fiscal year as the expenditure:


  1. To correct an error in an expenditure line item

  2. To show a true refund from the original vendor such as a return of merchandise


If the refund happens in a fiscal year following the year when the expenditure was originally recorded, the refund is recorded as a revenue and coded to Source 971 if the original expenditure resulted in an increase in shared cost. If the original expenditure did not result in an increase in shared cost the refund should be recorded as Source 972 revenue.


ACTION FOR REPORTING AND RECORDING RACIST INCIDENTS INCIDENT
ADOPTED 02112005 GENERAL ORDER SUBJECT RECORDING OF SUSPECTS IN
ADVANCED I MULTITRACK RECORDING CLASS ADVANCED MULTITRACK RECORDING INSTRUCTOR


Tags: refunds refunds, the refunds, refunds, should, deposited, rebates, expenditure, recording