i am interested in the responses you receive... we account for revenue & a/r the same way you are, and I'm curious if there is justification to do it another way.

i'm used to seeing the expense incurred as usual (dr exp / cr a/p),
the revenue booked monthly (dr grant a/r / cr grant revenue),
and the cash draw booked upon draw (dr cash / cr grant a/r).

are they wanting you to book the revenue and a/r immediately upon incurrence of the expenditure, rather than monthly?  even if so, i still don't see a difference in the entries.

thanks, in advance, for sharing the responses you receive!

Linda Ward
Sr. Accountant
Research Administration
Children's Hospitals and Clinics
2910 Centre Pointe Dr.
Roseville, MN 55113
651-855-2603
651-855-2690 Fax
email: xxxxxx@childrenshc.org

>>> xxxxxx@VALDOSTA.EDU 12/03/03 12:52PM >>>
Job Announcement: Associate Director, OSP, UT-AustinI have an accounting
question from my Grants and Contracts Accountant.  It is about procedure
regarding.

Currently the process we use for accounting for Indirect shows as the
following entry:
 Dr. Grant Receivable

 Cr. Revenue

When we draw the money, we receipt it against the receivable account.   We
are now being approached by the System Office to change our process.  What
the system office is saying is that the entry should be a debit to an
expenditure account, which means you have to do an extra entry to get
everything to 0 when the cash comes.  So we were looking for accounting
literature to support keeping it the way it is.   If anyone has any
literature they can point me to that can help us make a case for the status
quo - OR - make the proposed change a more user-friendly process please let
me know.

Thanks,  PLEASE REPLY DIRECTLY TO ME RATHER THAN TO THE ENTIRE LIST.

Mary H. Watson

Director, Grants and Contracts

Valdosta State University

Valdosta Georgia  31698

xxxxxx@valdosta.edu

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