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:
- 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;
- Prepare, upload, and edit the adjustment in BFS. They must NOT submit or approve the transaction; and
- Email the journal ID to centralresourcemanagement@berkeley.edu for processing.