IEEE Region 3 Leadership Development Committee Section Treasurer Training

At the end of the accounting year most Sections are expected to have few if any accrual items to report. An income accrual should be reported if the Section has an earned income item but has not yet received the cash. An expense accrual should be reported if the Section has incurred an item of expense but has not yet paid out the cash for that expense. Examples of each type of accrual are included in the Model Section records in the Model97.xls file.

One example is shown in the Model97.xls file on L50 Schedule VI, page 2, where the Jay Corporation owes the Section $250 for advertising in the Section Newsletter but has not yet paid. Be alert to the ** note on Schedule VI that says items in this column are not automatically carried to Schedule I or Schedule III, so also list this accrual on Schedule I in Column B, Account 2.40, Advertising – Non-IEEE.

A second example is shown in the Model97.xls file on L50 Schedule VI, page 2, where the Sparks Service Company has performed computer repair for $300 that the Section has not yet paid. Here again the note on Schedule VI says this item is not carried to Schedule I or Schedule IV, so also list this accrual on Schedule IV in Column B, Account 5.60 – Other Management and General Expenses.

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