Question: A local government s budget policy allows open encumbrances to lapse
A local government’s budget policy allows open encumbrances to lapse at the end of the year. Its budget for the following year takes the open encumbrances into account, and expenditures resulting from those encumbrances are charged against the following year’s appropriations. Its General Fund has open encumbrances of $ 75,000 at the end of fiscal year 2012. There are no restrictions or commitments on the use of these resources. What journal entry or entries should be made at the end of fiscal 2012? What journal entry or entries should be made at the start of fiscal 2013?
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