|
Type |
Applicability |
Accounting |
Reverse? |
|---|---|---|---|
|
Accrued Expenses |
Goods or services received or provided to MIT in FY16 for which payment will not be made until FY17. If an invoice was submitted before the end of June, check your Summary Statement in period 13 before accruing as it may have been processed by Accounts Payable. In the absence of an actual invoice make a reasonable estimate. | Debit appropriate cost object* and cost element and Credit internal order 1216800 using the same cost element. |
Yes, in period 1, FY17 |
|
Accrued Income |
Goods or services provided by MIT in FY16 for which payment will not be received until FY17. If actual billings will not occur until after closing, make a reasonable estimate. | Credit appropriate cost object and cost element and Debit internal order 1078201 using the same cost element. |
Yes, in period 1, FY17 |
|
Deferred Expenses |
Goods or services paid in FY16 that relate to FY17. Examples include prepaid rent and insurance. DO NOT defer expenses not covered by FY16 budget. If Accounts Payable has processed an invoice by June 30th and the activity relates to FY17 these expenses should be deferred. | Credit appropriate cost object* and cost element and Debit internal order 1121400 using the same cost element. |
Yes, in period 1, FY17 |
|
Deferred Revenue |
Income received in FY16 that relates to FY17 activities or services. Example: deferred subscription revenue for publications to be issued in FY17. |
Debit appropriate cost object* and cost element and Credit cost object 1225201 using the same cost element. | Yes, in period 1, FY17 |
* If the Cost Collector is a WBS Account, use Cost Object #1101000 instead of WBS.