Interschool journals and correct period transacting

Department of Education

30 November 2018

School staff are reminded that, as the school year end approaches, all inter-school transactions that have occurred in 2018 need to be journalled and approved before 31 December 2018...

For example, your school has collected receipts in 2018 for an overseas excursion that is occurring in 2019. A host school is managing the excursion. You have agreed with the host school to journal receipts collected to them as they will be making the associated payments. Your school collected $30,000 in 2018, and expects another $10,000 in receipts early 2019.

Correct procedure: Journal the $30,000 collected in 2018 prior to 31 December 2018.  The $10,000 expected to be collected in 2019 will be journalled in 2019. You should not post the entire $40,000 in 2019 as this will result in an inaccurate overstatement of receipts in the 2018 year and can also result in a negative balance occurring in 2019.

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