ENTRY NO. 1 - REVOLVING FUND ADVANCE - 10501-OCT-2015
This entry is made to record (1) initial revolving fund advance from an appropriation and (2) augmentation of an existing revolving fund.
Authority:
In accordance with Government Code section 16400, any state department for which an appropriation is made, may draw from that appropriation for use as a revolving fund. See SAM section 8100 for general procedures.
Information:
The revolving fund advance must be returned to the appropriation from which drawn upon expiration of the period of availability of the appropriation. In lieu of physically returning a revolving fund and withdrawing a new advance at the end of each fiscal year, departments may request the State Controller's Office (SCO) to apply the existing revolving fund as an increase in the balance of the appropriation from which it was drawn and as a withdrawal from the appropriation of the new fiscal year. Requests for such transfers are submitted to the SCO on a "Request for Revolving Fund Advance" form prescribed and supplied by that office.
A Claim Schedule, Std. Form 219TT is prepared and submitted to the SCO in the same manner as for claims to reimburse the revolving fund. See SAM section 8170 for information on claims.
Source Document:
Claim Schedule. This type of claim will not be entered in the Claims Filed Register but will be journalized separately.
Journal Entry for Revolving Fund Advance:
Debit: 1130 Revolving Fund Cash
Credit: 3020 Claims Filed