DFA will be processing a biweekly payroll accrual for seven days, June 22, 23, 26, 27, 28, 29 & 30 that must be accrued as a fiscal year (FY) 2017 expenses. This is an accrual for financial statement purposes only, there will be no labor ledger entries, nor will it affect effort certification reports. DFA will post the biweekly payroll accrual to period 12 no later than July 6.
- The accrual will be equal to 70% of the pay period ending June 21 and will exclude student wages.
- The entry will be posted at the account and sub-account level.
- DR (debit) salary accrual 5380.
- DR (debit) benefits accrual 5640.
- CR (credit) accrued expenses 2010.
- EDOC Nbr: FY17YEPRACCR.
- The entry will be posted as a collector file in period 12.
- Fund group CG-Contracts & Grants accounts will be posted to central college accounts instead of posting to the individual accounts. This change was implemented to streamline the efficiency of the contract and grant billings, which cannot include any accruals.
- FY 2017 will reflect the reversal of the FY 2016 six-day accrual, plus the FY 2017 seven-day accrual, for a net of one accrued day for the fiscal year.
Reversal of FY 2017 Year-End Payroll Accrual in FY 2018
DFA will reverse FY 2017 biweekly payroll accrual.
- The reversing entry will be posted in July, period 1.
- EDOC Nbr: FY17YEPRACCR.
- The reversing entry will be posted as a collector file.
Note: There is no need for a semimonthly payroll accrual, because the pay period ends on June 30.
Reminder: Units should not process any payroll accruals unless preapproved by DFA. If you believe an accrual is necessary, please direct requests to dfa-generalaccounting@cornell.edu.
