What are the possible types of interfund transactions?

Expert Solution

Two types of interfund transactions are Quasi-External Transactions and Reimbursements

QUASI-EXTERNAL TRANSACTIONS

These are transactions that would be treated as revenues, expenditures or expenses if they involved organizations external to the State. They are accounted for as ordinary revenues, expenditures or expenses of the fund involved. Examples are payments by a State agency to the Office of General Services and Centralized Services Fund billings.

REIMBURSEMENTS

These are transactions that constitute reimbursements of a fund for expenditures or expenses initially made from it which are properly applicable to another fund. They are recorded as expenditures or expenses of the reimbursing fund and as reductions of the expenditure or expense originally charged in the fund that is reimbursed. However, interfund reimbursements do not include situations whereby interfund receivables or payables have been set up.

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