New Search
SCHAFER Julie J <br /> From: RISDAL Lacey L <br /> Sent: Tuesday, July 15, 2014 6:35 PM <br /> To: SCHAFER Julie J; TAYLOR Trevor H <br /> Cc: SMITH Tammy D <br /> Subject: Rivers to Ridges accounting <br /> Julie and Trevor, <br /> I am still working on digging myself out of the hole that I created while I worked on FEMA stuff. I am over due on closing <br /> the loop on the R2R accounting. Finance had a couple ideas on how to help us account for being the "holder" of money, <br /> and after I discussed the pros and cons of them with Finance and I think the approach that Debbie proposed below has <br /> the least amount of disadvantages. <br /> Trevor will charge any expenses that the partnership will pay for to 535- 9630 -6x- 300500. The dues paid by other agencies <br /> will be coded to 535 - 9630- 47991. <br /> Julie will need to add this partnership to the grant tracking spreadsheet, because we will need to do a quarterly or annual <br /> reconciliation of the revenue account. Then, we will need to journal entry out the expenses coded to the 300500 activity <br /> code that are reimbursed by the partnership revenue. We can determine the amount that will be reimbursed by one of <br /> two different approaches. Trevor —what would be more accurate: 1) journal entry out all expenses except the maximum <br /> amount that the COE will contribute. This will ensure that the COE pays a set amount for R2R each year; Or 2) journal <br /> entry out a % of each invoice, leaving behind the exact % that the COE contributes to each expense? <br /> Not sure which approach is more accurate for the agreement. If either of these approaches don't honor the agreement, <br /> then we can figure out another way to determine how much to journal out of the activity code. <br /> The reconciliation will be done by Julie, and all Trevor or staff need to do is code expenses to the activity code. <br /> !can answer any questions tomorrow, I should be back in the office tomorrow. <br /> Tammy —1 copied you since you mentioned you will be fund - balancing the StW fund and this will be the only occurrence <br /> of this clearing account in 535, and I wanted you to know what we were doing! © <br /> Lacey, x4841 <br /> From: Eugene GL <br /> Sent: Tuesday, May 27, 2014 3:06 PM <br /> To: RISDAL Lacey L; Eugene GL <br /> Cc: SCHAFER Julie J <br /> Subject RE: 300500 Added New activity code and revenue codes request <br /> Thanks Lacey! <br /> Based on your description, the other agencies share of revenues and expenses should be treated as a "true <br /> reimbursement ". In other words, you would code the revenue to account 47991 (which is a clearing account). Either <br /> monthly, or quarterly you would then process a journal entry to reduce account 47991 and reduce the expense line item. <br /> This would leave only the City's portion of expenses on the General Ledger. Marjie has already added activity code <br /> 300500 to the General Ledger for tracking your expenses. Will this work? <br /> 1 <br />