ASAP Help
ADJUSTMENTS PROCESSINGProcessing an Adjustment Transaction |
Adjustments typically occur following the collection of funds, the reconciliation of outlays, the drawing of funds from the wrong account by a Payment Requestor, or any other condition that results in excess cash on hand at the recipient level. Two types of adjustments are available in ASAP.gov : Book Entry Adjustments and Interstate Authorization Transfers. |
The BOOK ENTRY ADJUSTMENTS feature allows Payment Requestors to adjust cash on hand balances between ASAP Accounts that share the same Agency Location Code/Region and Recipient without making a funding request. It works like a journal entry in a general ledger, using increases and decreases to individual accounts to reflect adjustments. Characteristically, Book Entry Adjustments are made to adjust account balances, adjust excess cash on hand, or to correct a draw made from a wrong account.
Although, Book Entry Adjustments may be entered for any accounts associated with a single Agency Location Code/Region, you must follow guidelines from the granting Federal Agency when making Book Entry Adjustments between ASAP.gov Accounts. It is important to remember that Book Entry Adjustments NEVER result in a payment going to the payment requestor's bank account, as all decreases must equal increases (the net effect of a Book Entry Adjustment is always zero).
In addition, the Book Entry Adjustment feature precludes users from increasing the available balance of an ASAP Account to an amount greater than the Cumulative Authorized Amount for that account.
INTERSTATE AUTHORIZATION TRANSFER is a unique function available only to those ASAP Accounts established by the Department of Treasury’s Bureau of Public Debt for the Unemployment Trust Fund. This type of transfer is available to the Agency and States to transfer funds from one State’s Unemployment Insurance (UI) Account to another State’s UI Account as payment of Combined Wage Claims (CWC) or Interstate Reciprocal Overpayment Recovery Arrangements. The Bureau of Public Debt is able to designate any state’s UI Account as the ‘Transfer From’ Account or the ‘Transfer To’ Account; however, a Requestor, on behalf of an individual state , is only able to designate a ‘Transfer To’ Account.