Recording Internal Cost Recovery - New May 1, 2013

Recent discussions held with business officers identified the need for changes to the current internal cost recovery process.   To ensure accurate institutional budget to actual variance reporting, the structure of the internal cost recovery accounts will change.

Effective May 1, 2013:

• Accounts 699001-699066 will be deactivated, EXCEPT 699005 (Grants, Contributions).  There has been numerous business needs identified to keep account 699005 open and this isn’t used as a cost recovery account by users.  Account 699005 will remain active under the budget node 699000, which will be renamed ‘BUD-Grants, Contributions’.
• New internal cost recovery accounts will be created within the existing expense budget nodes that may incur recoveries.  All internal cost recovery accounts will start with ‘ICR’, denoting ‘internal cost recovery’. 


Example:

In the above example, all expense accounts in range 606001-606008 will roll up to the budget node 606000.

Should you have any questions regarding use of internal cost recovery accounts: 

• Refer to the Financial Services Website: http://www.queensu.ca/financialservices/support/accountsmove.html
• Contact your Financial Officer/Business Officer
• Contact Financial Services at financial.reporting@queensu.ca or (613)-533-2050.  

Kind Regards,  

Financial Services