The Fund Interest Allocation screen allows users to review all funds associated with specific General Ledger Accounts and allocate interest earned by the Fund. For each fund selected, the report displays the calculated daily average balance to calculate earned interest. Users can review/edit the allocated amounts prior to creating the manual journal. When the manual journal is submitted and approved, the interest is dispersed by fund and reflected on the corresponding accounts.
1. In the Budgeting/General Ledger menu, click Fund Interest Allocation.
2. Select the applicable GL Account from the corresponding pull-down.
3. Select the applicable Revenue Code from the pull-down.
4. Enter the applicable Ending Date in the provided text box.
5. Enter the applicable amount of Interest in the provided text box.
6. Click Submit.
The Fund Interest Allocation report displays the Fund, Revenue, Balance, Interest Allocated, and the Finance Variance.
The strips that do not currently exist are highlighted in red.
The Page Total and the Grand Total of the Balance and Interest Allocated columns is displayed at the bottom of the table.
7. The system automatically populates the Finance Variance column with values from the Interest Allocated field. If needed, enter the Finance Variance in the provided text box. This allows you to edit the allocated amount prior to creating a manual journal.
8. Click Create Manual Journals to create manual journals based on the Finacne Variance(s) amount entered.
9. A confirmation message displays. Click Fund Interest Allocation to open the manual journal draft in Budgeting/General Ledger > Manual Journals.
Click the white X to close the pop-up window and return to the Fund Interest Allocation screen.
Rounding distribution is applied to Fund Interest Allocation with amount validation. If cents remain due to rounding, they are allocated to the first fund, sorted in ascending order by code. For manual journals, the validation references the last submitted interest amount. For example, if a report generates an interest amount of $1,000, the system will validate against $1,000, even if the interest field is later adjusted (e.g., to $5,000) without rerunning the report. This ensures consistency in the allocation and validation process.