Prorate Revenue / Expenses

This option calculates and posts journal entries for pro-rating revenues and expenses.

It can be run multiple times for a month to pick up any additional expenses or revenues that have been posted. It will not duplicate entries that have already been posted.

Please refer to the following for more information on how prorate works and how to set it up:

Administration: Site Prorate Setup is where you set up the percentages for the POS sites.

Account: Manage Account is where you select the accounts to be prorated.

When you open the screen, it automatically runs an Import in order to synchronize the Meals Plus Financial account data with the current general ledger data.

• Why is this necessary? Additional Revenues or Expenses may have been posted to the prorate accounts since the last time Import was run, and if an new import is not done it would calculate incorrectly. 

• Select the Fiscal Year you are working in and click Import.

Notes For General Ledger Type Other

• Import is not required and there is no automatic posting.

• You will still get the report, based on the settings in Indirect Costs Setup and the current Financial account balances.

• When the import is complete, the Prorate Revenue/Expenses screen will be displayed:

Prorate Selection

• Select either Revenue or Expenses.

Date Selection

It will be set to the Fiscal Year that was selected on the Import screen.

• Month will default to the current month but can be changed.

• Post Date will default to today’s date (for the current month) or the last day of the month (if a prior month is selected).

  • It can be changed as long as it is within the same month as the Revenue or Expense.

• In the example above, there are two Revenue accounts with activity to be Prorated for April.

  • This means that revenue has been posted with an April date to these accounts, which are set as Prorate Accounts in Manage Account.
  • The Prorate process will debit the accounts shown on the screen, and credit the corresponding accounts for the school sites.
  • All the corresponding school accounts must exist before the prorate can be done.

• To post the entries, click Post.

  • It will validate the accounts and post the entries.
  • If any of the required accounts are missing, you will get an error message. Set up the accounts in the general ledger and then run the Prorate again.

• When the process is completed, you will get a report of the debits and credits.

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FIN version 9 Help, revised 08/2018