ENTRY A-9R, ENTRY A-9 IS SEMI-REVERSED - 10611
Nature of Transaction:
As of July 1 the previous fiscal year's revenue accruals are partially reversed.
Journal Entry for General Ledger Account:
Debit:
9892 Prior Year Revenue Adjustments a/
Credit:
1600 Provision for Deferred Receivables a/
a/ b + c in Entry A–9.
Source:
Same as Entry No. A–9.
Explanation:
Entry A–9 is partially reversed as of July l by this entry so that accounts receivable collections (except those related to abatements, non-deferred appropriation reimbursements, and certain deferred appropriation reimbursements) can be credited to a nominal account when received. (Nominal accounts will not be credited for collections of certain deferred appropriation reimbursements until they are ordered into the State Treasury.)
The Prior Year Revenue Adjustment Account is used to permit a comparison of revenue collected during the fiscal year following the date of Entry No. A–9 with amounts accrued in Entry A–9.