Related entity transaction ret training november 2013
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Related Entity Transaction (RET) Training November 2013. Presented by: CI Finance Team. CI Finance Team - Presenters. Michelle Hense Accountant – Accounts Receivable Jennifer Schweisinger Accounting Supervisor. What is a RET?.

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Related entity transaction ret training november 2013
Related Entity Transaction (RET)TrainingNovember 2013

Presented by:

CI Finance Team


Ci finance team presenters
CI Finance Team - Presenters

  • Michelle Hense

    • Accountant – Accounts Receivable

  • Jennifer Schweisinger

    • Accounting Supervisor


  • What is a ret
    What is a RET?

    • An “internal” transactions between two of the below entities:

      • Associated Students, Inc.

      • CSUCI - Campus

      • Foundation

      • Financing Authority

      • Site Authority

      • University Glen Corporation


    Ret vs invoice check request
    RETvs. Invoice / Check Request

    • The RET is an “internal” transaction

    • An “external” transaction is between one of the previously mentioned six (6) entities and an outside customer

      • If “external,” the originally established business process will continue (i.e. the issuance of an invoice or check request)


    Examples of use
    Examples of Use

    • The RET is used to process:

      • Banquet Event Orders

      • Monthly Administrative Charges

      • Photocopying/Photocopying/Postage Charges

      • Grant and Contract Transactions

      • Student Fee Reimbursements

      • Reimbursed Activities (ZZ Funds)


    Why create the ret
    Why Create the RET?

    • Created as a tracking form that will be sent to each entity whereas the transaction can be recorded on the financial ledger of each entity

    • Will ensure that all entities have the transactions recorded at the same time, during the same month, and for the same amount


    Ret form
    RETForm


    Accounting 101
    Accounting 101

    • Normal ending balances:

      • Expense accounts = debits (+)

      • Revenue accounts = credits (-)


    Accounting 1011
    Accounting 101

    • Equate this to your own ‘bank statement’

      • Money spent shown as a debit (+)

        • i.e. your ‘debit card’

      • Deposits shown as a credit (-)


    Accounting 1012
    Accounting 101

    • If there is a debit (+), there must be an offsetting credit (-)

    • Balance must equal zero!


    Accounting 1013
    Accounting 101

    • Example from the Data Warehouse

    Debit (+)

    Debit (+) = Expense

    Original Entry


    Accounting 1014
    Accounting 101

    • Example from the Data Warehouse

    Original Entry

    Debit (+)

    To Correct Original Entry

    Credit (-)


    Accounting 1015
    Accounting 101

    • Example from the Data Warehouse

    Final Entry

    Move expense to correct Dept


    Accounting 1016
    Accounting 101

    • Example from a ProCard Statement

    Debit (+)

    Debit (+) = Expense

    Original Entry


    Accounting 1017
    Accounting 101

    • Example from a ProCard Statement

    Original Entry

    Debit (+)

    To Correct Original Entry

    Credit (-)


    Accounting 1018
    Accounting 101

    • Example from a ProCard Statement

    Final Entry

    Move expense to correct Account


    How to fill out the ret form
    How to fill out the RET Form

    • Open the JET Form





















    Ret form accounting procedures
    RET Form – Accounting Procedures

    • Transfer From journal entry will consist of an expense (debit) and a ‘payable to’ (credit)

    • Transfer To journal entry will consist of a revenue (credit) and a ‘receivable from’ (debit).

    Transfer From = Due To = Payable = Credit (CR)

    Transfer To = Due From = Receivable = Debit (DR)


    Ret form accounting procedures1
    RET Form – Accounting Procedures

    • Transfer From / Due To

    Transfer From = Due To = Payable =Credit (CR)


    Ret form accounting procedures2
    RET Form – Accounting Procedures

    • Transfer To / Due From

    Transfer To = Due From = Receivable = Debit (DR)


    Ret form examples
    RET Form – Examples

    • Example #1 - Banquet Event Order (BEO)

      • Campus owes UGC for catering services

    • 1 - Transfer From CSUCI - Campus:

    • DR: 660820 – TM955 – 210 +245.00

    • CR: 201821 – TM955 (245.00)

    • 2 - Transfer To UGC:

    • DR: 103823 – UGC01 +245.00

    • CR: 504818 –UGC0I – 690 (245.00)


    Ret form examples1
    RET Form – Examples

    • Example #2 – Reimbursement for Expenses

      • Foundation owes campus for miscellaneous expenses

    • 1 - Transfer From Foundation:

    • DR: 660003 – 40046 – 450+150.00

    • CR: 201823 – 40046 (150.00)

    • 2 - Transfer To CSUCI – Campus:

    • DR: 103820 – GD901+150.00

    • CR: 5660820 –GD901 – 110 (150.00)


    Jet vs ret
    JET vs. RET

    RET is a transfer between different entities


    Jet vs ret1
    JET vs. RET

    JET is a transfer between the same entity


    Acceptable types of back up
    Acceptable Types of Back-Up

    • Copy of report from the Data Warehouse


    Acceptable types of back up1
    Acceptable Types of Back-Up

    • Copy of ProCard Statement


    Where can we find the jet ret form
    Where can we find the JET/RET form?

    • CI Accounting website

    • Under “Forms”


    Important information
    Important Information

    • Approval signature(s) not needed

    • If moving expenses that are older than 90- days, please attach a scanned copy of the “Expense Transfer Adjustment Form”

    • RET Form functionality will not work on

      • Apple computers

      • If you access email through Webmail

      • Contact Jennifer Schweisinger (x3510) for a work-around


    Submission information
    Submission Information

    • RET Form is due the 25thof each month

      • Changes will appear in the following months financial statements (Data Warehouse)

  • RET Form and back-up must be submitted electronically…no paper copies

  • RET Form and back-up must be submitted to the following email address:

    • CIJET@csuci.edu


  • Questions
    Questions?

    • Michelle Hense

      • Accountant – Accounts Receivable

      • michelle.hense@csuci.edu

      • X 3143

  • Jennifer Schweisinger

    • Accounting Supervisor

    • jennifer.schweisinger@csuci.edu

    • X 3510


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