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What happens to encumbered revenue accounts at year end

What happens to encumbered revenue accounts at year end

Description of Issue

Need to see if there is a way for the Encumbrance Rollover to include budget entries for Revenue accounts.

The encumbrances on my revenue accounts didn't roll forward.


Context
  • Year end 
  • Encumbrances
  • Revenue 
  • GL Settings
  • Update revenue accounts with encumbrance transactions
  • Carryforward budget


Cause

In MUNIS > Financials > General Ledger Menu > Set Up Chart of Accounts > General Ledger Settings, Update revenue accounts with encumbrance transactions is checked.


Although the Update revenue accounts with encumbrance transactions allows encumbrance journals to be posted on those accounts, during year end those encumbrances are not carried forward nor will a carryforward budget amendment be created. 


Resolution

To properly carryforward the encumbrances on the Revenue account:

  • Completely liquidate or cancel the open Purchase orders that have revenue accounts on them
  • Close the year
  • Open the year
  • Reopen the Purchase orders that have revenue accounts on them which will re-encumber the accounts in the new year


Additional Information



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