1

MISCELLANEOUS RECEIPT YEAR 1

EVENT DESCRIPTION CUSTODIAL ACTIVITIES USING

PERIODIC REVENUE METHOD

(MODIFIED CASH METHOD- IRS)

CUSTODIAL ACTIVITIES USING PERPETUAL

REVENUE METHOD

 (ACCRUAL METHOD - OTHER CUSTODIAL 

ACTIVITIES)

1) To collect cash from public proprietary

1010 FBTW 60

5800N Tax revenue 60

5990G Cash Collec for others 60

2980G Custodial liabilities 60

budgetary

None

proprietary

1010 FBWT 140

5800N Tax revenue 60

5900N Other revenue 80

5990G Cash Collec for others 140

2980G Custodial liabilities 140

budgetary

None
EVENT DESCRIPTION CUSTODIAL ACTIVITIES USING

PERIODIC REVENUE METHOD

(MODIFIED CASH METHOD - IRS) 

CUSTODIAL ACTIVITIES USING PERPETUAL

REVENUE METHOD 

 (ACCRUAL METHOD - OTHER CUSTODIAL 

ACTIVITIES)

2

2) To accrue revenue 

Note: IRS records its receivables at the end of the

year.

proprietary

1325N Taxes receivable 30

5801N Accrued tax revenue 30

5991G Accrued coll for others 30

2980G Custodial liabilities 30

budgetary

None

proprietary

1310N Accounts receivable 100

1325N Taxes receivable 30

1340N Interest receivable 25

1360N Penalties receivable 15

5310N Interest revenue 25

5320N Penalties revenue 15

5801N Accrued tax revenue 30

5900N Other revenue 100

5991G Accrued coll others 170

2980G Custodial liabilities 170

budgetary

None
EVENT DESCRIPTION CUSTODIAL ACTIVITIES USING

PERIODIC REVENUE METHOD

(MODIFIED CASH METHOD - IRS) 

CUSTODIAL ACTIVITIES USING PERPETUAL

REVENUE METHOD 

 (ACCRUAL METHOD - OTHER CUSTODIAL 

ACTIVITIES)

3

3) To accrue uncollectible amounts. proprietary

5809N Contra rev for tax 12

1329N Allow on taxes rec 12

2980G Custodial liabilities 12

5991 Accrued coll others 12

budgetary

None

proprietary

5319N Contra rev for interest 10

5329N Contra rev for penalty 5

5809N Contra rev for tax 12

5909N Contra rev for other 30

1319N Allowance for bad debt 30

1329N Allow on taxes rec 12

1349N Allow for interest 10

1369N Allow for Penalties 5

2980G Custodial liabilities 57

5991G Accrued Coll for others 57

budgetary

None
EVENT DESCRIPTION CUSTODIAL ACTIVITIES USING

PERIODIC REVENUE METHOD

(MODIFIED CASH METHOD - IRS) 

CUSTODIAL ACTIVITIES USING PERPETUAL

REVENUE METHOD 

 (ACCRUAL METHOD - OTHER CUSTODIAL 

ACTIVITIES)

1 General fund receipt account balances are swept automatically each year by Treasury’s central accounting system, STAR. Agencies must zero out

the balances of account 1010, Fund Balance with Treasury in their general ledger prior to the FACTS transmission. This will avoid double counting of these

funds, otherwise these funds will be counted in the agency’s Fund Balance with Treasury (1010) as well as general receipts of the Treasury (cash). This entry is

not a 224 transaction. (DRAFT Unavailable Special Receipt Accounts, Credit Reform Case Study)

4

4) ADJUSTMENT TO PRECLOSING TRIAL

BALANCE:

 The collecting agency makes a year end

adjusting entry1to clear its Fund Balance with

Treasury to $0.

Note: Cash flows into Treasury’s miscellaneous

account throughout the year. The cash balances

from the miscellaneous receipt accounts are picked

up by the CFS as part of their cash.

proprietary

2980G Custodial liabilities 60

1010 FBWT 60

budgetary

None

proprietary

2980G Custodial liabilities 140

1010 FBWT 140

budgetary

None
5

PRE-CLOSING TRIAL BALANCE FOR MISCELLANEOUS RECEIPTS YEAR 1

IRS OTHER CUSTODIAL ACTIVITIES CONSOLIDATED TRIAL BALANCE

1010 FBTW 0

1325N Taxes receivable 30

1329N Allow on taxes rec 12

2980G Custodial liabilities 18

5800N Tax revenue 60

5801N Accrued tax revenue 30

5809N Contra tax revenue 12

5990G Cash Collec for others 60

5991G Accrued coll for others 18 

120 120

1010 FBTW 0

1310N Accounts receivable 100

1319N Allow on taxes rec 30

1325N Taxes receivable 30

1329N Allow on taxes rec 12

1340N Interest receivable 25

1349N Allow for interest 10

1360N Penalties receivable 15

1369N Allowance for penalties 5

2980G Custodial liabilities 113

5310N Interest revenue 25

5319N Contra revenue 10

5320N Penalties revenue 15

5329N Contra revenue 5

5800N Tax revenue 60

5801N Accrued tax revenue 30

5809N Contra rev for tax 12

5900N Other revenue 180

5909N Contra revenue 30

5990G Cash Collec for others 140

5991G Accrued coll 113 

480 480

XXXX Cash 200

1310N Accounts receivable 100

1319N Allow on taxes rec 30

1325N Taxes receivable 60

1329N Allow on taxes rec 24

1340N Interest receivable 25

1349N Allow for interest 10

1360N Penalties receivable 15

1369N Allowance for penalties 5

5310N Interest revenue 25

5319N Contra revenue 10

5320N Penalties revenue 15

5329N Contra revenue 5

5800N Tax revenue 120

5801N Accrued tax revenue 60

5809N Contra tax revenue 24

5900N Other revenue 180

5909N Contra revenue 30 

469 469
6

CLOSING ENTRIES FOR YEAR 1

IRS OTHER CUSTODIAL ACTIVITIES

proprietary

5800N Tax revenue 60

5801N Accrued tax revenue 30

3310 Cumulative results 90

3310 Cumulative results 90

5809N Contra tax revenue 12

5990G Cash Collec for others 60

5991G Accrued coll for others 18 

proprietary

5310N Interest revenue 25

5320N Penalties revenue 15

5800N Tax revenue 60

5801N Accrued tax revenue 30

5900N Other revenue 180

3310 Cumulative results 310

3310 Cumulative results 310

5319N Contra revenue 10

5329N Contra revenue 5

5809N Contra rev for tax 12

5909N Contra revenue 30

5990G Cash Collec for others 140

5991G Accrued coll 113