Accounting

Fund Accounting HBP 2.1

• Account Structure (Chart of Accounts)
  • Subaccount List

Types of Funds HBP 2.2

Overview

• Categorized according to their funding sources and how they typically operate.

• Overview of types/categories

Detailed Info

• Education and General Funds (14- and 20-accounts)
• Designated Funds (19-accounts)
• Gift Funds (30-accounts)
• Endowment Funds (57-accounts)

New Account Requests HBP 2.3

• Account Creation and Control (including Inactivation)

Balance Forwards HBP 2.4

• Rule 50 allows balances to be brought forward to the same income or expenditure subaccount where they existed at fiscal year-end.
  • An optional rule that can be applied to any 18-, 19-, 29-, or 30- budget group.

Account Reconciliation HBP 2.5

• Reconciliation is a control activity to compare departmental records to The University of Texas at Austin’s official accounting records.  

• The reconciliation process includes identifying and correcting/ reconciling items within thirty days of the prior month’s close.

• In addition to monthly reconciliations, departments are required to certify annually that all transactions have been reconciled.

Overdraft Approval HBP 2.6

• Overdrafts are used to provide temporary spending authority for an account for various reasons.
• If the increase in spending authority is due to a change in business model, a transfer document must be processed in the FRMS Transfer System to increase the department’s budget.
• Generally, overdrafts do not automatically carry over to the new fiscal year.

26-Accounts

• Credit Procedures

Fund Transfers HBP 4

• Guidelines for Reviewing Transfer of Funds

Interdepartmental Transfers

• Budget Transfers - FRMS Transfer System Guide
• Voucher Adjustments and Corrections - VT6 Guidelines

from the Handbook of Business Procedures