Institutional Accounts

7000-7299 Series: Miscellaneous Deductions

7000 - Payroll Adjustments  
Adjustments coded only by the Payroll Department.
7005 - Payroll Withholding Remit  
Payroll withholdings remitted to governmental agencies, insurers, etc. Examples include Blue Cross Blue Shield, dental insurance, federal, FICA and state income taxes, IPERS and TIAA/CREF, major medical insurance and unemployement insurance.
7020 - Prior Period Adjustments  
(For Accounting & Financial Reporting use only). To record adjustments applicable to a prior period.
7030 - Non-Recurring Adjustments  
Expense adjustment that is non-recurring and a material amount to warrant using this account to distinguish it from recurring operating expenses.
7055 - Gain Loss On Sale Of Cap Asset  
Used to account for the deposit of proceeds from the sale of capitalized equipment.
7065 - Disposal Of Plant Facilities  
Used to record the deletion of fixed assets retired during the year.
7075 - Retirement Of Indebt Prin Bond  
The payment of the principal portion of an obligation out of Retirement of Indebtedness Plant Funds.
7080 - Retirement Of Indebt Prin Note  
The payment of the principal portion of an obligation out of Retirement of Indebtedness Plant Funds.
7085 - Capital Leases Principal  
The payment of the principal portion of an obligation on a Lease Purchase agreement.
7100 - Med Dental Serv Plan Close Out  
Year end close out only and to be used within fund 980 through 994 by the College of Medicine and the College of Dentistry.(Must be recorded with 3100 - MEDICAL/DENTAL SERV PLAN CLOSE OUT).

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