Accounting

Fund Accounting HBP 2.1

Types of Funds HBP 2.2

Overview

Detailed Info

New Account Requests HBP 2.3

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

Fund Transfers HBP 4

Interdepartmental Transfers