Contents on this Page

Summary Budgeting and Reporting

March 31 Accruals

Guidelines from MASBO Finance Committee

Printer Friendly (Printer Friendly Version) March 31 Accruals (Adobe Icon 13 KB)


Revenue Accounts

  1. Provincial Government Grants - NO adjustments required for bi-monthly payments from Schools Finance Branch.  Accrue monies receivable if material for Vocational Equipment and Environmental Assistance Program grants.
  2. Special Levy - Accrue 1/2 of spring portion of Division's Special Requirement.
  3. Transfer Fees - Recognize 7/10 of the annual transfer fee income to March 31st. Remainder should be set up as Deferred Revenue.
  4. Residual Fee Income - Recognize 7/10 of the years expected fee income if not billed as at March 31st.  Any monies received for the period April to June should be deferred revenue.
  5. Non-Resident Fees (VISA, Foreign Students, etc.) - Recognize 7/10 of the year's expected fee income. Difference should be set up as an Account Receivable or Deferred Revenue.
  6. Payroll Tax Revenue (General Support Grant) - Recognize appropriate amount to March 31st.li>
  7. Interest and Other Revenues (Secondments, Misc. Billings) - If material, accrue these revenues to March 31st.

Expense Accounts

  1. Teacher's Salaries - Ensure that 7/10's of the annual forecasted Teacher salaries are reported as an expense as at March 31st.  Set up appropriate Account Payable.
  2. Other Salaries - Accrue where necessary all other salary costs to March 31st including shared service (i.e. March earnings not paid until April).
  3. Employee Benefits - Accrue appropriate amount of employer benefit costs for ALL salaries.
  4. Payroll Tax - Accrue this expense to match the salary accrual.
  5. Worker's Compensation - Accrue appropriate amount to March 31st.
  6. Vacation Payable - Set up appropriate balance as at March 31st. If balance at year-end hasn't increased materially over the past few years, take 9/12 of the Y/E balance and set up at March 31st.
  7. Insurance - Show 9/12 of annual cost of HED/MAST plan with difference set up as a prepaid expense.  Adjust other insurance accounts for vehicles, etc. as appropriate as an Account Payable or prepaid.
  8. MAST Fees - Report 9/12 of annual fees as at March 31st. Remainder to be Prepaid Expense.
  9. Trade Payables for All Schools/Departments including Utilities - If payables are normally paid 30 days after month-end, accrue April's payments as a March account payable.  Keeping the Accounts Payable file open in April until nearly all March invoices are paid would also be acceptable.
  10. Property Taxes/Local Improvements - Accrue 1/4 of 2006's estimated property tax bill to March 31st.
  11. Loan Interest Expense/Legal/Annual Audit Fees, etc. - Accrue expenses to March 31st set up as an A/P.