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  "documentTitle": "EY Academic Resource Center – mission",
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  "notes": "The slide details the lag between transaction occurrence and GL posting, highlighting the difference between Entry Date and Effective Date.",
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      "text": "Corporate is recognizing revenue based on this posting date rather than the date it is meeting its performance obligations; however, Corporate performs cutoff off procedures at year end to account for this at a level of materiality that, year over year, would suit corporate and ensure that amounts are properly stated.",
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      "kind": "image",
      "text": "Peach State University Hotel and Conference Center",
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      "text": "POS-Point of Sale system-used to record incidentals and food and beverage related transactions\nGuestSYS-GuestSystem-the Property Management System (PMS) used to record room related transactions\nCredit card-Recorded as CREDIT CARD RECEIPT\nCash or Check-Recorded as CASH RECEIPT\nGenerally, there is a one to four day lag between the time a guest charge occurs and when it is recorded to the GL by the corporate accounting office.\nThe lag occurs because Corporate verifies that the money has been received before recording it into the system.\nThe lag is longer near weekends and holidays when Corporate is closed.\nThere is always at least a one-day lag because Corporate processes receipts the day after they are sent from the hotel.\nThe Entry Date is the field that identifies the date the transaction was posted to the subsystems (GuestSYS or POS). Generally, this is one day after the activity occurred.\nThe Effective Date is the date upon which the transaction is posted in the GL and recognized as revenue.\nCorporate is recognizing revenue based on this posting date rather than the date it is meeting its performance obligations; however, Corporate performs cutoff off procedures at year end to account for this at a level of materiality that, year over year, would suit corporate and ensure that amounts are properly stated.",
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      "text": "Key background information",
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