500.1 Financial Activity not Recorded on Accrual Basis

Owned by Chad
May 20, 2021

The following financial activity is recorded on an accrual basis for the fiscal year, but is not necessarily recorded on an accrual basis as of the end of each month or the end of each quarter:

PAYROLL WITHHOLDING REMITTANCES: The sweeping of the payroll withholdings in each institution's agency funds to the Chancellor's Office agency funds and the remittance of the withholdings to third-parties is recorded in the following month.

DISTRIBUTION OF INTEREST EARNINGS: Interest earnings information is not always available until a number of days into the subsequent month. Therefore, the distribution of interest earnings may not occur until the following month.

CLOSING DATES - SPECIFIC: Month-end closing dates will be as follows:

  • MONTHLY CLOSE: - 5th working day after the end of the month
  • QUARTERLY CLOSE: - Same as monthly close.
  • ANNUAL CLOSE: - Closing date of period 14 is 2 weeks after the 5th working day of the month.