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Office of the University Controller

Finance Division

Accruals

  1. What are accruals?
  2. When are the A/P accruals posted and reversed?
  3. How often are accruals recorded to the Budget Performance Reports?
  4. Are there any forms needed to complete accrual reversals?
  5. What do I do if I find an error or a charge that I do not recognize on my Budget Performance Report?
  6. Whom do I contact about questions on my Budget Performance Reports?
  7. When do I use a Departmental Correction Form (DCF) versus a Manual Journal Entry Form?
  8. Is there a monthly calendar on key closing dates?
  9. When will the year-end closing schedule of key dates be published?

Q: What are accruals?
A: Accruals are expenses incurred but not yet paid or recorded.

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Q: When are the A/P accruals posted and reversed?
A: Accruals are done on a quarterly basis and are reversed the first month of the following quarter.

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Q: How often are accruals recorded to the Budget Performance Reports?
A: Payroll accruals are recorded monthly to the Budget Performance Reports.

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Q: Are there any forms needed to complete accrual reversals?
A: Accruals are automatically reversed in the month following that in which the expense was paid. Please do not submit any journal entries to adjust, reclass, or reverse accruals.

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Q: What do I do if I find an error or a charge that I do not recognize on my Budget Performance Report?
A: You can contact a staff member of University Accounting Services.

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Q: Whom do I contact about questions on my Budget Performance Reports?
A: You can contact University Accounting Services at 703-726-4054.

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Q. When do I use a Departmental Correction Form (DCF) versus a Manual Journal Entry Form?
A: The Departmental Correction Form (DCF) is used to correct charges with a source of Payables or Purchase Invoices, while the Manual Journal Entry Form is used when departments agree to share expenses or to correct charges incorrectly processed by service providers (ex. postage, telecom, etc.).

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Q: Is there a monthly calendar on key closing dates?
A: Yes. The monthly calendar is available on the Oracle EAS webpage.

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Q: When will the year-end closing schedule of key dates be published?
A: The year-end closing schedule of key dates is published in the month of April on the Oracle EAS webpage.

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