University of Connecticut University of UC Title Fallback Connecticut

Procedures for Summer Session Financial Presentation

The University of Connecticiut Summer Session I and II period is May – August , which overlapes the fiscal year ended June 30. The following schools are designated as having programs during that period. Below describes each school porcedure when posting Summer Session I and Summer Session II activity.

Continuing Studies
School of Business
School of Law
School of Education
School of Social Work

Summer Session I and II periods:

PROGRAM
PERIOD
SUMMER SESSION I
May Term
May 11-28
Summer Session I
June 1 – July 9
Summer Session I
June 7-24
SUMMER SESSION II
Summer Session II
July 12-Aug 19
Summer Session II (Intensive)
July 19-Aug 5
Summer Session III & IV
June 1-Aug 20

RECORDING SESSION ACTIVITY

 

SUMMER SESSION I

SESSION DATES
Recorded as:
SUBCODE/ACCT CONTROL*
 
 

May-July 9th

Current Year Revenue
0141
Effective July 1st
Prior Year Revenue
0142
December of Current Year
Current Year Revenue
0141

SUMMER SESSION II

SESSION DATES
Recorded as:
SUBCODE/ACCT CONTROL*
June 1st- Aug 20th
Deferred Revenue
246X
Effective July 1st
Current Year Revenue
0138
December of Current Year
Deferred Revenue
246X

*EXPLANATION OF SUBCODE/ACCOUNT CONTROL DESCRIPTIONS

0141
CON. ED. FEE-SUM SESS I ALL SCHOOLS
0142
CON. ED. FEE-PRI YR SU I ALL SCHOOLS
0143
CON.ED.FEE SU SESS 12WK SBA ONLY
0144
CON.ED.FEE-SU SES 1WK SBA ONLY
0138
CON.ED FEE:SUM SESS II ALL SCHOOLS
246X
DEFERRED REVENUE:(by BRANCY location) ALL SCHOOLS
  • Revenue

    The trancode table maintained by the Office of the Bursar has been changed to reflect where the funds are deposited. The table below indicates how the revenue should be recorded for each sesssion.

  • Expenditures

    Summer Session I and II expenditures are allocated to each Session reagardless of the year in which the appicable expenditures are actuall recorded in to FRS. Summer Session I expenses are appliable to the current year and Summer Sessioin II are applicable to the subsequent year.

Special Payroll – Each Session records the expense associated with each session. When the payroll pay out dates occurs, all in one fiscal year, an accounting adjusting entry is necessary to accure the expense.

Other Expenses– These overhead cost are also applicable to each session and are recorded accordingly. Each school have specific occurances to the how the expewnses are applied.

 

Continuing Studies

Marketing cost are

School of Business

EXECUTIVE MBA PROGRAM

  • The program students are employees of various corporation and payment are not received until they have completed the program and requested reimbursement from the employers The program revenue will be not be fully collected until subsequent he fiscal year. Therefore, for year end purposes, we will accrue the balance of 50% of the revenues in the current year and set up a reveivable for the balance. Revenue collected subsequent June 30, will be applied to the Accouts Receivable and the remaining 50% will be recorded as revenue int he subsequent year as Summer Session II activity.

MS ACCOUNTING

  • TWELVE WEEK PROGRAM (May 24th-Aug 13th)
    • Program will be split 50% for each summer session. Revenue will be accured as an reveivable if not collected thru June 30th.
  • ONE WEEK PROGRAM (May 17-21)
    • Summer Session I program

HARTFORD/STAMFORD

Follows normal guidlines for processing

School of Law

 

SUMMER SESSION I – June Term – May 24 – June 25
SUMMER SESSION II – July 5 – August 6

 

School of Education

 

The programs costs are recoreded on ledger 2 and Revenue recoreded in ledger 1.

 

 

School of Social Work

 

 

 

Trancodes

The FRS accounts associated with each deposit is assigned a trancode. This trancode