ENTRY NO. A–2, ADJUST REVOLVING FUND CASH TO ITS ACTUAL CASH BALANCE - 10601

(Revised: 06/2023)

Purpose: To adjust the Revolving Fund Cash account in the advancing fund for unreimbursed expenditures, undeposited receipts, and undeposited warrants for reimbursement of the revolving fund to reflect the actual amount of revolving fund cash in the agency/department’s centralized State Treasury System (CTS) account with the State Treasurer as of June 30. This entry is reversed in the new fiscal year.

 

During the fiscal year Account No. 1101200 (Legacy Account No. 1130), Revolving Fund Cash, is accounted on an imprest basis and may consist of items other than cash, which has the effect of overstating cash in the agency/department’s financial reports.

 

References: SAM Sections 7965, 8116, 8118, 10501, and 10513

 

Adjust the Revolving Fund Cash Account

Debit/ Credit	Account	Legacy Account	Account Description	Note
Debit	1100000	1190	Cash on Hand	a
Debit	1209900	1319	Accounts Receivable - Other	b
Debit	1301100	1710	Expense Advances	c
Debit	1800000	2600	Deferred Charges	d
Debit	2000100	3010	Accounts Payable	e
Debit	Not used	3020	Claims Filed	f
Credit	1101200	1130	Revolving Fund Cash	g
Credit	2000100	3010	Accounts Payable	h

 

Note:

1. Cash in revolving funds and undeposited Revolving Fund reimbursements as of June 30.
2. Amount advanced to other funds by Revolving Fund.
3. Amount of expense, travel, and salary advances outstanding as of June 30.
4. Amount of Revolving Fund expenditures not scheduled for reimbursement by June 30 resulting from payment of deferred charges chargeable to the new fiscal year.
5. Amount of Revolving Fund expenditures not scheduled for reimbursement by June 30.
6. Claims filed to reimburse the Revolving Fund but have yet to be paid as of June 30 for agencies/departments deferred/exempt from using FI$Cal.
7. Amount required to reduce the Revolving Fund account to the cash it contains as of June 30.
8. Amount payable to other funds for revolving funds advanced.