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FAQ: How do I zero out the Teachers (Special Revenue) Fund in Missouri at the end of the fiscal year?

For Missouri school districts who need to zero out the Teachers (Special Revenue) Fund at the end of the fiscal year, complete the following steps:

  1. Generate the Balance Sheet (accessed from the Reports menu in General Ledger, and then Other Reports) and select Annual in the Report Selection Description field, enter June in the Processing Month parameter, and enter the number of the Teachers (Special Revenue) Fund in the Fund Number parameter.
  2. Then enter and post manual journal entries in June to zero out the cash account and the fund balance account for the Teachers (Special Revenue) Fund (and other balance sheet accounts, if applicable) and move the amounts to the General Fund.  See below for an example of the manual journal entries to complete in the Teachers (Special Revenue) Fund and the General Fund if there are only balances that are negative in the cash account and fund balance account of the Teachers (Special Revenue) Fund.

Example Manual Journal Entries to Zero Teachers (Special Revenue) Fund (with Negative Balances) and Move to General Fund:
Debit Teachers (Special Revenue) Fund cash account
Credit Teachers (Special Revenue) Fund fund balance account
Credit General Fund cash account
Debit General Fund fund balance account

Tip:  Before posting the batch of manual journal entries, click the View Posting Summary tab to see the summarized entries in the batch and confirm the balances in the YTD with Current Batch Entries column are correct (i.e. reflect zero).

     3.  Re-generate the Annual balance sheet to make sure the Teachers (Special Revenue) Fund is all zeros (refer to Step 1 above).

Important Note:  The state does not require the Teachers (Special Revenue) Fund to equal zero at the end of the fiscal year, and in some cases, a district will not be able to zero it out.  An example for when a district would zero the Teachers (Special Revenue) Fund is if a district did too much of a Teachers Fund transfer, then the district should reverse some of that transfer to zero it out.  Questions regarding whether or not your district needs to zero out the Teachers (Special Revenue) Fund should be directed to the state.