Divisional Sweeps of Carry-Forward Balances

Overview

Divisional Sweeps of Carry-Forward Balances are an optional financial management practice that applies only to divisions who sweep year-end balances from their units to the divisional office at the start of the following fiscal year.

Important: Please work with the Financial Planning & Analysis team to make the above sweeps.

As part of the standard year-end fiscal close, ending balances become the following year's beginning balances. Some divisions want to transfer those balances to a central DeptID, but want to do so “below-the-line” so that it does not impact “Net Operating Surplus/(Deficit)” for the year.

Note that this action does not change actual beginning balances, which remain intact in account “30000 – Prior-Year Ending Balance.” Rather, the balances are offset using another account, 30210, which rolls-up to Changes in Fund Balance on the SRECNA.

Requirements

  • Only someone from the Financial Planning & Analysis team can approve these transactions
  • Carry-forward sweeps must be completed by the end of Q1 (refer to the DFL Weekly for a specific deadline)
  • Transfer amount cannot exceed the beginning balance available
  • Transfers must be within the division
  • Transactions must balance by fund (same as Operating Transfers)
  • Transactions must debit and credit account 30210 (“Beg bal adj w/in a fund”)

Creating a Carry-Forward Sweep

To process a Carry-Forward Sweep, the Divisional Finance Leader should:

  1. Coordinate with departmental units. Only one sweep should be made per division, so departmental leads who wish to sweep at a lower level should coordinate this action with their DFL;
  2. Prepare, upload, and edit the adjustment in BFS. They must NOT submit or approve the transaction; and
  3. Email the journal ID to centralresourcemanagement@berkeley.edu for processing.