Are there any campus procedures for handling the income and expense accounts for Sales & Service funds?

Are there any campus procedures for handling the income and expense accounts for Sales & Service funds?

The income and expenditure accounts are separately maintained and not netted against each other. This allows the department to determine income and expenditure levels for proper budgeting. So while one is a credit and the other a debit, it’s important to look at the total when you evaluate your operation. At year end, Accounting will take that total fund balance and reappropriate to sub 8. This will be the history of your fund. The history plus the current income and expense will be your total operating position.

Unit or Topic: 

General Accounting