RECORDING REVENUE AND REIMBURSEMENTS COLLECTED IN ADVANCE - 8216

Revenue and reimbursements collected in advance received on or before June 30, but not earned as of that date will be accounted as revenue or reimbursement of the fiscal year in which it is earned. On or after July 1, an entry will be made crediting revenue or reimbursements account and debiting unearned revenue or unearned reimbursements.

If unearned revenue or unearned reimbursement is remitted to the State Treasury before July 1 of the fiscal year in which it is earned, it will be recorded as Account 2050000- Unearned Revenue or Account 2052000-Unearned Reimbursements (Legacy Accounts 3410, 3420, and or 3430). On or after July 1 of the fiscal year in which revenue and reimbursement so remitted is earned, agencies/departments will request the State Controller’s Office (SCO) to transfer the applicable amount to the appropriate Revenue, Operating Revenue account, and or Reimbursements account.