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MESSAGE 032511-01
DATE March 25, 2011
AUTHOR Accounts Receivable
Subject Interfunds
Message Text:

Please be advised that Interfunds should not be done using negative amounts. This type of transaction should instead be accomplished by the deposit agency using the expenditure account and the voucher agency using the revenue account. Please see below for an example of how these transactions should look:

Interfund 1

Agency A paid Agency B $500.00 for services.

The Deposit Accounting (Agency B):

Fund Budget Unit Dept. Program Account Amount

1000 0101 0011100000 01031 420200 $500.00

The Voucher Accounting (Agency A):

Fund Budget Unit Dept. Program Account Amount

2075 2010 1100110000 01030 526900 $500.00

Interfund 2

It was discovered that Agency A overpaid Agency B by $50.00

The Deposit Accounting (Agency A):

Fund Budget Unit Dept. Program Account Amount

2705 2010 1100110000 01030 526900 $50.00

The Voucher Accounting (Agency B):

Fund Budget Unit Dept. Program Account Amount

1000 0101 0011100000 01031 420200 $50.00

If you have processed an Interfund using a negative amount, please log a Help Desk Ticket titled ‘Negative Interfund’ for assistance with correcting these entries.

Thank you

SMART Team

 

 

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