MISSOULA CAMPUS FISCAL YEAR END PROCEDURES PREPAID EXPENSES 1

AGREEMENT FINAL 22309 THIS AGREEMENT BETWEEN MISSOULA EMERGENCY SERVICES
APPENDIX M AIR QUALITY PLAN OF ANALYSIS MISSOULA MONTANA
CITY OF MISSOULA CITY COUNCIL MINUTES –APRIL 13 2009

CITY OF MISSOULA CITY COUNCIL MINUTES –DECEMBER 3 2007
CITY OF MISSOULA MONTANA ITEM TO BE REFERRED TO
FORMAL AGENDA MISSOULA CITY COUNCIL ABBREVIATED MEETING JULY 17

FY 1998 FISCAL YEAR END TRAINING

MISSOULA CAMPUS

FISCAL YEAR END PROCEDURES

PREPAID EXPENSES

MISSOULA CAMPUS FISCAL YEAR END PROCEDURES PREPAID EXPENSES 1

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Definition

Prepaid expenses are items over $500.00 that are paid during the current fiscal year but are actual costs for the next fiscal year. All items or services must be received or provided after June 30 to be considered a prepaid expense. These expenses are recognized as an asset (prepaid) in the current fiscal year and as an expense in the next fiscal year. This process is not applicable to Grants and Plant Funds.

MISSOULA CAMPUS FISCAL YEAR END PROCEDURES PREPAID EXPENSES 1

Examples of Prepaid Expenses



Procedures


Invoices Processed through GrizMart


ProCard / Request and Authorization for Travel (RAT)





Missoula BANNER A/R Prepaid Expenses

Summer semester UM – Missoula scholarship and fee waivers recorded via the BANNER system will be correctly coded as a prepaid expense through the system, utilizing the term based detail codes.


Accounting Services will clear this activity in the new fiscal year by preparing an Excel spreadsheet to debit expense and credit 1905 (prepaid). The spreadsheet will be converted to a feed file and submitted to Systems to be loaded into Banner in the New Year. These prepaid transactions can be found by doing a query in BANNER Finance (FGIGLAC) for account code 1905 and document numbers that begin with ‘F’.



Payroll


Reports


The available budget balance reported on JGIBDST will be correct for all expense accounts except payroll and GrizMart PREPAY transactions. GrizMart PREPAY transactions and prepaid payroll expenses will be moved to the balance sheet account 1905 on a periodic basis. To view the true FY17 activity prior to the move, you will need to follow the instructions below.


JGIBDST (online)



Departments-

To ensure all prepaid expenses are properly recorded, a summary sheet should be sent to Barb Bybee. This sheet should include: Banner document number, date, index code, expense account code, vendor name, and amount for each prepaid expense incurred using a procard or RAT payment.


Please contact Accounting Services/Barb Bybee (x6261) for any questions regarding these procedures.


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3 of 3 updated April 2017


JOURNAL OF PROCEEDINGS MISSOULA CITY COUNCIL MEETING AUGUST 19
MISSOULA BICYCLE & PEDESTRIAN ADVISORY BOARD BOB WACHTEL BOARD
MISSOULA CAMPUS FISCAL YEAR END PROCEDURES MISCELLANEOUS


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