Budget accounts in the actuals ledger
Please keep an eye out for any journal entries that have budget account codes with the actuals ledger group.
Budget account codes can’t be used in journal entries that are entered with an actuals ledger group in PeopleSoft:
For any journal entries that use budget account codes (accounts that have “GEN BUD” or “GEN BDG” in the description), one of the following ledger groups should be used:
If budget journal entries are set up with an actuals ledger group, this can have the opposite effect of what was intended. While budget account debits increase the available balance of a speedtype in a budget journal entry, budget account debits in a journal entry with an actuals ledger group are recorded as expenses. The available balance of the speedtype is therefore decreased.
For example, the following journal entry entered to increase the budget in speedtype 11000001 will instead record a $10,000 expense that will decrease the available balance:
In addition, when budget accounts are used in journal entries with an actuals ledger group they will not feed to the State of Colorado’s financial system. They instead feed to a holding account that has to get cleared out.