GEORGETOWN MANAGEMENT SYSTEM (GMS):
JOURNALS – FISCAL YEAR-END ACCOUNTING ACCRUALS
Contents
Journal Accrual (Reversal) Guidelines ...................................................................................................................................................................................................................... 2
Keep in Mind ........................................................................................................................................................................................................................................................ 2
Information Needed ............................................................................................................................................................................................................................................ 2
Definitions ................................................................................................................................................................................................................................................................ 2
GMS Definitions ................................................................................................................................................................................................................................................... 2
Other Definitions ................................................................................................................................................................................................................................................. 3
Fiscal Year-End Accounting Accrual Types (What to do based on the type of situation) ........................................................................................................................................ 3
Create Journal .......................................................................................................................................................................................................................................................... 6
Enter Journal in GMS ........................................................................................................................................................................................................................................... 6
Accrual (Reversal) System Defaults/Rules ........................................................................................................................................................................................................... 7
Preparing the Journal Upload Template .............................................................................................................................................................................................................. 8
Journal Supporting Documents ............................................................................................................................................................................................................................... 9
Routing the Journal Template.................................................................................................................................................................................................................................. 9
Journal Upload Field Definitions ............................................................................................................................................................................................................................ 10
Last Update: 5/15/15
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Journal Accrual (Reversal) Guidelines
Keep in Mind

You can find the Accrual (Reversal) XML journal template on the Financial Affairs Forms page - http://financialaffairs.georgetown.edu/forms/forms.html


All supporting documentation is to be uploaded to the GU Box account – FY15 GMS Accounting Journal Supporting Documentation.
The naming convention for support files should be ‘Journal_xxxxxxxxx_mmddyyyy’ for Excel and/or PDF documents where XXXXXXXXX is the GMS
assigned journal number.
 When more than one fund code is used in a journal, the system will generate interfund balancing lines in accounts 11000 and 11001 and include these
lines in your journal. This is expected.
Information Needed
 Details regarding Ledger and Account for Journal entry
 Details regarding the spend and/or revenue category for transaction lines
 Details regarding transactions that occur in the current month and must be reversed in the following month
Definitions
GMS Definitions
Accounting Date – Date that determines to which accounting period the journal will post. Accounting Date is equivalent to the Journal Date in the previous
accounting system.
Budget Date – Date of the purchase or service. Budget Date is equivalent to the Activity Date in the previous accounting system.
Journal Source – Defines why the Journal was created, useful for reporting and analysis.
Last Update: 5/15/15
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Accrual Reversal Journal Template – Journal template designed to work with the source code, A: Accrual (Reversal) Journal. Use to submit a journal which
will automatically reverse on the date indicated in the Reversal Date column. For year-end accruals the Reversal Date should be July 1.
Other Definitions
Accrual - A method of accounting that recognizes income when earned and expenses when incurred regardless of when cash is received or disbursed
Expense Accrual – Expense incurred in the current accounting period and not yet paid
Deferred Expense – Payment made in the current accounting period, but goods/services not yet received.
Revenue Accrual – Goods/services sold in the current accounting period, but payment not yet received.
Deferred Revenue – Payment received for goods/services in the current accounting period, but goods/services not yet delivered.
Fiscal Year-End Accounting Accrual Types (What to do based on the type of situation)
YE Accrual Y/N
June Entry
Accrual
Responsibility
PO - Received but not
invoiced as of YE cut-off
date (non-capital
equipment)
Y
FinAffairs
Regular accrual meets GAAP requirements
that we recognize expenses in the year
incurred; and permits depts. to pay for
item from current year budget
Accrual(Reversal)*
7xxxx with other
worktags from PO
7xxxx with
accrual fund
and other
worktags from
PO
none
none
PO - Received but not
invoiced as of YE cut-off
date (capital
equipment)
Y
FinAffairs
Equipment accrual permits dept to pay for
item from current year budget without
impacting the income stmt or balance
sheet; plant acctg review will determine
whether any equip. should be capitalized
at YE
Accrual(Reversal)*
75000 with other
worktags from PO
20100, fund
1701, CC1391,
PG999999
Increase
AP
Increase
Expense
Accrual Type
Last Update: 5/15/15
Comments
Jrnl Srce
Debit
Credit
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Balance
Sheet
Impact
Income
Stmt
Impact
YE Accrual Y/N
Accrual Type
June Entry
Accrual
Responsibility
Comments
Jrnl Srce
Debit
Credit
Balance
Sheet
Impact
Income
Stmt
Impact
Supplier - Invoice,
received after YE cutoff date
Y
Campus CFO
or designee
Accrual meets GAAP requirements that we
recognize expenses in the year incurred;
and permits depts. to pay for item from
current year budget
Accrual(Reversal)*
7xxxx*** with
other worktags
from the misc
payment form
20100 - AP &
Accrued
Liabilities with
worktags from
the misc pmt
form
Increase
AP
Increase
Expense
PO - Invoice,
goods/services rec'd by
6/30 but not recorded
in GMS by cut-off date
Y
Campus CFO
or designee
PO accrual meets GAAP requirements that
we recognize expenses in the year
incurred; and permits depts. to pay for
item from current year budget
Accrual(Reversal)*
7xxxx*** with
other worktags
from the misc
payment form
20100 - AP &
Accrued
Liabilities with
worktags from
the misc pmt
form
Increase
AP
Increase
Expense
Dept - AP Manual
accrual for YE invoices
not yet rec'd for goods
or services that were
performed during
current year
Y
Campus CFO
or designee
AP accrual meets GAAP requirements that
we recognize expenses in the year
incurred; and permits depts. to pay for
item from current year budget
Accrual(Reversal)*
7xxxx*** with
other worktags to
be used on the
misc payment
form
20100 - AP &
Accrued
Liabilities with
worktags from
the misc pmt
form
Increase
AP
Increase
Expense
Dept - AR Manual
accrual for YE cash due
from external parties
for goods or services
provided during current
FY
Y
Campus CFO
or designee
AR accrual meets GAAP requirements that
we recognize revenues in the year goods
or services were provided
Accrual(Reversal)*
10415 - A/R Other
Accruals with
worktags used on
the revenue side
5xxxx*** with
worktags from
the misc pmt
form
Increase
AR
Increase
Revenue
Dept - Prepaid Expense
accrual for cash paid
this year for next year's
service/ activity
Y
Campus CFO
or designee
Expense deferral accrual meets GAAP
requirements that we recognize expenses
in the year incurred
Accrual(Reversal)*
10500 - Prepaid
Expense with
worktags from
the payment
made during the
year
7xxxx*** with
other worktags
from the
payment
Increase
Other
Assets
Decrease
Expense
Last Update: 5/15/15
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Dept - Prepaid Income /
Deferred Revenue
accrual for cash
received this year for
goods/services to be
provided next year.
YE Accrual Y/N
Accrual Type
Y
June Entry
Accrual
Responsibility
Campus CFO
or designee
Comments
Jrnl Srce
Debit
Credit
Revenue deferral accrual meets GAAP
requirements that we recognize revenues
in the year incurred
Accrual(Reversal)*
5xxxx*** with
worktags from
the revenue entry
posted during FY
20400 - Prepaid
Income and
Deferred
Revenue General with
worktags from
revenue entry
posted during
the year
Balance
Sheet
Impact
Income
Stmt
Impact
Increase
Liabilities
Decrease
Revenue
*Accrual(Reversal) journal source requires auto-reversal setting to ensure the July reversal is generated
*** Use Job-Aid Ledger Account and Revenue_Spend Categories.xls; lookup the spend/revenue category to determine the ledger account to use in the journal
Last Update: 5/15/15
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Create Journal
Enter Journal in GMS
1. Type “cr journal” in the Search Box and click the magnifying glass icon. A list of relevant tasks (hyperlinks) will show on the page.
2. Click the hyperlink Create Journal. The journal header fields will show on the page.
3. Fill in the journal header information:
a. Ledger - Georgetown University : Actuals
b. Accounting Date – fill in the date. This date should be a day in the month in which you would like your journal to post.
c. Journal Source – A: Accrual (Reversal) Journal
d. Balancing Fund – 1701 Operating – UR
e. Memo – describe the purpose of the journal
f. Create Reversal – check the box
g. Reversal Date – check the date that defaults in, if the accounting date is not a day in June, you will need to type in 7/1.
h. Click Continue. The page will show the journal line entry fields. Type in your journal lines and click Submit. See the guide, Job Aid Journals,
located on the Financial Affairs Forms page for additional information about creating journals in GMS.
Last Update: 5/15/15
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Accrual (Reversal) System Defaults/Rules

Reversal Date Default
o When you check the “Create Reversal” box, the Reversal Date field becomes active and the default date is the first day of the month after the Accounting
Date. If you are entering a journal with an accounting date that falls in a month prior to June and you want your accrual journal to post in the next fiscal
year, you must change the Reversal Date to 7/1.
Remember the default
Reversal Date will be the
first day of the month
after the Accounting
Date month.
Change to 7/1 for yearend accrual.

Accrual (Reversal) Journal Source Code Validation
 If you forget to check the box next to “Create Reversal” you will receive a warning. Check the “Create Reversal” box and set the reversal date to proceed.
Last Update: 5/15/15
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Preparing the Journal Upload Template
1. From the Financial Affairs Forms page, download the Accrual Reversal .xml file to the computer’s Downloads folder.
2. Open Excel, select File/Open and select the .xml file from the Downloads folder.
IMPORTANT: Tab name must be Submit Accounting Journal. Do not change
No additional worksheet tabs may exist in the file when the upload is performed
3. Fill in the journal lines.
a. New Columns in May 2015
 Reversal Date – use to specify on what date you would like the reversal journal to post. For year-end accruals the Reversal Date
should be July 1.
 Exclude from Spend Report – applies to Capital projects; users must include an additional debit/credit pair when submitting an
accounting journal for capital projects to reflect the increase in Work in Progress (WIP) in the asset account. For the WIP credit to an
expense the user must check the box to ‘Exclude from Spend Report’.
1.
Debit 10902 // with GMS worktags and spend category
2.
Credit 75000 // and check ‘Exclude from Spend Report’ // with GMS worktags and spend category
Last Update: 5/15/15
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Example of a WIP entry
See Job Aid Preparing Upload Journal Template for additional information about preparing journal templates.
Journal Supporting Documents
Documents to explain or justify the journal transactions may be in the form of Excel, Word, or PDF files. All supporting documents are to be loaded to the
Box Account – GMS Journal Supporting Documentation in the appropriate fiscal year folder. Although the pair of journals (original & reversing) span two
fiscal years, you only need to provide journal support for the original journal (not the reversal).
Note: Each campus may have unique procedures to follow regarding supporting documentation. Please contact your campus Finance subject matter expert
(SME) for additional instructions.
Routing the Journal Template
Follow your campus’ policy for transmitting the completed .xml journal template to the Journal Preparer for review and upload.
Last Update: 5/15/15
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Journal Upload Field Definitions
Format Information
Column Headings
Definition
Format
Text
Fields
Spreadsheet Key*
Leave blank
Tracks the records associated with a journal. Change number to begin a new journal
YYYY-MM-DD
Text
Accounting Date*
Journal Entry Memo
Determines in which month and fiscal year the journal will post
(a) Enter netid of preparer if not you
(b) Enter a brief description of the journal
YYYY-MM-DD
Reversal Date
Text
Row ID*
Provide the date you would like GMS to post a reversing journal – July 1 for year-end
accruals.
Assign sequentially for each line within a journal. Begin new sequence for each
additional journal within the file
Text
Line Order
Assign sequentially for each line within a journal. Begin new sequence for each
additional journal within the file
Ledger Account (5 digits)
Account Set
Debit Amount
Credit Amount
Ledger Account*
Account Set
Debit Amount
Credit Amount
Enter the five-digit ledger account code
Enter Financials
Enter the debit amount
Enter the credit amount (note: debit and credit transactions are unique and must be
recorded on separate lines in the file)
Memo
Budget Date
Cost Center Code (CCnnnn)
Fund (4 digits)
Location ID
Assignee (5 digits)
Program Code (PGnnnnnn)
Purpose Code (PPnnnn)
Project Code (PJnnnnnn)
Grant Code (GRnnnnnn)
Gift Code (EGnnnnnn or
BGnnnnnn)
Revenue Category (Rnnn)
Memo
Budget Date
Cost Center ID
Fund ID
Location ID
Assignee ID
Program ID
Purpose Code ID
Project ID
Grant ID
Gift ID
Enter a description for the transaction line
Enter the activity date
Enter cost center; required
Enter fund; required
Leave blank if not needed
Enter assignee if necessary for the transaction
Enter program; required
Enter purpose; required for rev/exp transactions
Enter project if necessary for the transaction
Enter grant if necessary for the transaction
Enter gift if necessary for the transaction
Revenue Category ID
Enter revenue category when ledger account begins with 5xxxx; required and
revenue category must map to the ledger account selected. Ex. R0199 – Oth Src Rev
– Tax Exempt Sales maps to account 50900 – Other Sources of Revenue
Last Update: 5/15/15
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Format Information
Spend Category (Snnn)
Column Headings
Spend Category ID
Definition
Enter spend category when ledger account begins with 7xxxx; required and spend
category selected must map to the ledger account selected. Ex. S0325 – Travel &
Bus – Airfare – Domestic maps to account 73000 – Travel & Business
Bank Account Code
Bank Account ID
Enter PNCGENFD when cash account 10101 PNC General Fund is used.
Y/N
Exclude from Spend
Report
Select “Y” when crediting the capital project expense in the WIP entry. WIP entry is
a corresponding entry recorded when an accounting journal is used to charge an
expense to a project. An extra debit/credit pair is needed to reflect the expense as
part of work in progress on the balance sheet.
WIP: Debit 10902 / with GMS worktags & spend cat
Credit 75000 / with GMS worktags & spend cat / Yes-Exclude from Spend
*See ‘Job Aid – Ledger Account and Revenue_Spend Categories.xlsx’ for a full listing of ledger accounts and the reference IDs for the revenue and spend categories. The
reference ID is entered into the xml file.
Last Update: 5/15/15
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