of the reporting package template (YES) and the GAAP financial Related Entities reporting checklist in Chapter 10 and GAAP Preparation and Reporting Checklist Chapter 11 for further information. GAAP Data Integrity Form GAAP After legal books are closed, additional expenses may be identified through search for unrecorded liabilities. The journal entry to record additional accounts payable obligations at 6/30/CY is as follows: Manual GAAP Entry (Period 998) Class Fund (CSU Account Account Name (Net Position) Program Fund) Amount 722004* Supplies and other services 881-Unrestricted 04 485 $200,000 722004* Supplies and other services 881-Unrestricted 06 485 $300,000 712101 Accounts Payable 881-Unrestricted 90 485 ($500,000) Journal To properly record additional obligation based on the search for unrecorded liabilities at Description 6/30/CY. *Expenses (various) by functional and natural classifications Certain accounts payable that is derived in GAAP from legal must be reclassified to a more appropriate long term liability account such as Other liabilities, noncurrent, for example, a portion of billed construction expenses are retained until the construction project is completed (constructions are multi-year projects). The example journal entry below is to reclassify the long term portion relating to retention into other liabilities, noncurrent at 6/30/CY, assuming retention payable recorded in legal derives to 712101-Accounts Payable. Manual GAAP Entry (Period 998) Class Fund (CSU Account Account Name (Net Position) Program Fund) Amount 712101 Accounts Payable 881-Unrestricted 90 485 $500,000 712208 Other liabilities, noncurrent 881-Unrestricted 90 485 ($500,000) Journal To properly reclassify accounts payable to Other Liabilities, noncurrent. Description See sample illustration of accounting entries for CWIP additions and completed capital project in Chapter 4.1.5 of GAAP Manual. It shows how retention payable of a capital project is being accounted for on the assumption that retention payable recorded in legal-basis account derives to 712208-Other liabilities, noncurrent.
Related Entities of the reporting package template (YES) and the GAAP financial reporting checklist in Chapter 10 GAAP Preparation and Reporting Checklist and Chapter 11 GAAP Data Integrity Form for further information. GAAP After legal books are closed, additional expenses may be identified through search for unrecorded liabilities. The journal entry to record additional accounts payable obligations at 6/30/CY is as follows: Manual GAAP Entry (Period 998) Account Account Name Fund (Net Position) Program Class (CSU Fund) Amount 722004* Supplies and other services 881-Unrestricted 04 485 $200,000 722004* Supplies and other services 881-Unrestricted 06 485 $300,000 712101 Accounts Payable 881-Unrestricted 90 485 ($500,000) Journal Description To properly record additional obligation based on the search for unrecorded liabilities at 6/30/CY. *Expenses (various) by functional and natural classifications Certain accounts payable that is derived in GAAP from legal must be reclassified to a more appropriate long term liability account such as Other liabilities, noncurrent, for example, a portion of billed construction expenses are retained until the construction project is completed (constructions are multi-year projects). The example journal entry below is to reclassify the long term portion relating to retention into other liabilities, noncurrent at 6/30/CY, assuming retention payable recorded in legal derives to 712101-Accounts Payable. Manual GAAP Entry (Period 998) Account Account Name Fund (Net Position) Program Class (CSU Fund) Amount 712101 Accounts Payable 881-Unrestricted 90 485 $500,000 712208 Other liabilities, noncurrent 881-Unrestricted 90 485 ($500,000) Journal Description To properly reclassify accounts payable to Other Liabilities, noncurrent. See sample illustration of accounting entries for CWIP additions and completed capital project in Chapter 4.1.5 of GAAP Manual. It shows how retention payable of a capital project is being accounted for on the assumption that retention payable recorded in legal-basis account derives to 712208-Other liabilities, noncurrent.
CH_04.03.01_Accounts_Payable_Final.docx