June AP Accrual Entry
To: Control Points, MSOs, Business Officers
From: Butch Phillips, General Accounting Manager
Subject: June AP Accrual Entry
Due to the cutover from our Mainframe System to PeopleSoft effective July 1st, June AP transactions processed in early July could not be back dated to the June General Ledger, as has been done in prior years. Therefore, the following process will be employed and will become the standard accrual method in future years:
A type entry 53 Accrual Journal (reference number 12-129-17) was recorded as of June 30th to reflect June AP transactions processed July 1-8. These invoices are included in the July General Ledger as type entries 41, 42, or 43 (debit entries). A type entry 53 reversing journal will be posted in July as an offsetting credit entry. This process will result in the expense being properly recorded in June 2015. Transactions accrued to June 2015 ledger will include a debit and an offsetting credit in the month of July, netting to $0. These entries will appear in your General Ledger and Data Warehouse inquiries.