Grant Accounting

Question 1

Record the Chapter 159

Answer 1

Debit - Misc Revenues Anticipated (Grant)
Credit - Budget Appropriations - Grant

Question 2

Realize Misc Revenues Anticipated for Grants (in CF)

Answer 2

Debit - Due From/To State & Federal Grant Fund
Credit. - Misc Revenue Anticipated (Each Grant)

Question 3

Charge Grants Appropriated in CF

Answer 3

Debit - Budget Appropriations (Each Grant) (Includes Local Share)
Credit. - Due from/to State & Federal Grant Gund

Question 4

Record Grant Receivables in Grant Fund

Answer 4

Debit - Grant Receivables (Each Grant)
Credit - Due from/To Current Fund

Question 5

Record Appropriated reserves in Grant Fund

Answer 5

Debit - Due from/to Current Fund
Credit - Appropriated Reserves (Each Grant ) (Includes Local Share)

Question 6

Cash Entry - For Money received for Grant but no Chapter 159 was done (In the Grant Fund Entry)

Answer 6

Debit - Cash
Credit - Unappropriated Reserve (Grant)

Question 7

To Record Grants in Adopted Budget

Answer 7

Debit - Misc Anticipated Revenues
(each grant)
Credit - Budget Appropriations (each Grant)

Question 8

To Apply Unappropriated Reserve Against State Grant Receivable

Answer 8

Debit - Unappropriated Reserve (Grant)
Credit - State Grant Receivable
(Grant)