Original appropriations are generally recorded by the Budget and Management Division using transaction code 012. Estimated revenues will be reported by revenue source and appropriated fund in the General Fund. Expenditures recorded as payments are made through warrants, transfers, ACH or wire transactions. When a payment is made, it results in a decrease to Cash, general ledger account 0070, and an offset to Expenditure Control-Cash, general ledger account 3500. Entries may post to other general ledger accounts depending on the transaction code used.
Expenditures also reduce available appropriation allotments .
Some agencies that collect numerous payments may elect to deposit into a suspense account at Treasury and allocate at least monthly the balance in the suspense account to the appropriate funds within the agency. Although income taxes withheld from employee wages by corporations and other entities are estimates of the actual tax liability owed to the State, the withholdings should be recognized as revenue. Accordingly, each fiscal year end, an accrual should be made in the General Fund to recognize revenue for all payroll and personal income taxes assessed as of June 30 and estimated to be received on or before July 31 of the same year. This accrual pertains only to the Department of Revenue and should be reduced by refunds payable as of June 30. A portion of the taxes assessed as of June 30 are not expected to be received until after July 31, and are by policy not available to fund current expenditures.