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UT Dallas - Budget and Finance Division

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Year-End Accruals & Deferrals

1.0 PURPOSE

The purpose of this procedure is to provide guidance on recording prepaid expenses transactions.

2.0 SCOPE

The scope of this document is to serve as desk procedure for transaction processing staff.

3.0 DEFINITIONS

Prepaid Expenses are recognized when a payment is made in one fiscal period but benefits and expenses apply to future periods. This payment is recorded as an asset in the current period and expensed in future periods.

4.0 PROCEDURES

When a payment is determined as Prepaid Expenses the following transactions shall be made:

Current Fiscal Year:

To record Payment:
Debit Credit
General Ledger (6-digit) + 1632 object Code Same General Ledger (6-digit) + 2100 object code
To record Voucher and Cut Check
Debit Credit
General Ledger (6-digit) + 2100 Local Bank

Following Fiscal Year:

To record expenditure:
Debit Credit
Subsidiary Ledger (SL) (6-digit) + appropriate SL object code, example 4111 (travel) General Ledger (6-digit)+1632 object Code
To record Receipt of Reimbursement from State
Debit Credit
Local Bank Appropriation Bank