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Journal Vouchers

Journal Vouchers

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Journal Vouchers

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  1. Journal Vouchers H’s and I’s and J’s OH MY!

  2. Journal VouchersH’s and I’s and J’sOH MY! • H type JV’s are used to... • Reallocate transactions within an agency • Make some corrections to previously recorded transactions

  3. Journal VouchersH’s and I’s and J’sOH MY! • Points to remember • Approval signatures required • Explanation in comments section • Support attached when required • Originator name and phone number included on JV

  4. Journal VouchersH’s and I’s and J’sOH MY! • Important dates to remember • August 22, 2008 Cutoff for entry of reallocation JV’s by state agencies • August 25, 2008 Cutoff for Accounts receipt of reallocation JV’s • August 28, 2008 Reallocation JV’s released and updated to STARS Questions? Contact Tylik Patterson at 741-9816 in the Pre-Audit section of the Division of Accounts

  5. Journal VouchersH’s and I’s and J’sOH MY! • I type JV’s are... • Known as front-end billing JV’s • Uploaded to STARS • Processed in Accounts and sent to agency for review • Generally used by F&A and General Services

  6. Journal VouchersH’s and I’s and J’sOH MY! • Important dates to remember • July 16, 2008 Cutoff for entry of front-end JV’s by state agencies • July 17, 2008 Cutoff for Accounts receipt of front-end JV’s • July 18, 2008 Front-end JV’s released and updated to STARS Questions? Contact Tylik Patterson at 741-9816 in the Pre-Audit section of the Division of Accounts

  7. Journal VouchersH’s and I’s and J’sOH MY! • J type JV’s are... • Used to record expenditure and revenue transactions between state agencies • Manually entered on the JV document and then keyed to STARS

  8. Journal VouchersH’s and I’s and J’sOH MY! • Common J type JV errors • JV not entered in STARS • JV not completed in STARS • Batch date discrepancy • Effective month on JV is closed • Contract reference is closed or insufficient balance • Approval signatures missing

  9. Journal VouchersH’s and I’s and J’sOH MY! • Points to remember • Prepare JV early • Include name and phone number of preparer on JV • Check for accuracy and proper support • Establish contact between billing and paying agencies • Contact paying agency if not processed timely

  10. Journal VouchersH’s and I’s and J’sOH MY! • Important dates to remember • August 6, 2008 Cutoff for entry of credit side of J type JV by state agencies • August 11, 2008 Cutoff for entry of debit side of J type JV by state agencies • August 12, 2008 J type JV’s between departments due in Accounts • August 14, 2008 J type JV’s between departments released and updated to STARS • Questions? Contact Stephanie French at 741-9818 in the Pre-Audit section of the Division of Accounts

  11. Journal VouchersH’s and I’s and J’sOH MY! • Refer to F&A Policy 18 for guidelines on processing J types at: www.state.tn.us/finance/act/policy18.pdf

  12. Journal Entries Correcting Transactions One Error At A Time

  13. Journal EntriesCorrecting Transactions One Error At A Time • Journal entries are… • Corrections of previously recorded transaction errors • Disclosed through review and reconciliation by agencies as well as Accounts • Error corrections initiated primarily by agencies

  14. Journal EntriesCorrecting Transactions One Error At A Time • And the process is... • Agency submits JE request form letter to Accounts General Ledger Section (see pg. 40) • Request is logged and necessary documents being corrected are retrieved • Error is reviewed; entry prepared, keyed into STARS, and released

  15. Use an H type to correct: Cost centers Grants and projects Agency objects and sources 3rd digit of an object code Major object codes (note exceptions on page 37 of the year-end manual) TC change involving increases or decreases to revenue and incorrect grant posting Use a JE to correct: Subsidiary account changes FFY Contract documents Allotment codes Most TC changes Fund and fund detail Sources and some object codes Journal EntriesCorrecting Transactions One Error At A Time

  16. Journal EntriesCorrecting Transactions One Error At A Time • Points to remember • Request must be an original and signed by fiscal officer • Correct batch information • Required information is provided • Support attached • Contact information provided • Copy of request included

  17. Journal EntriesCorrecting Transactions One Error At A Time • Important dates to remember • July 22, 2008 Cutoff for Accounts receipt of JE requests affecting the document file for FFY 08 • July 25, 2008 JE requests affecting the document file released and updated in STARS • August 22, 2008 Cutoff for Accounts receipt of JE requests for FFY 08 • August 28, 2008 Final FFY 08 JE transactions released and updated to STARS

  18. Journal EntriesCorrecting Transactions One Error At A Time • Questions on Journal Entries? Contact… • Tracy Brown at 532-9279 • Jennifer Pearson at 741-9759