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Journal Entry Guidelines. OBJECTIVES. Common Definitions Journal Entry Guidelines Journal Entry Preparation Documentation. Common Definitions. Journal Entry – The recording of financial data pertaining to business transactions.
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OBJECTIVES • Common Definitions • Journal Entry Guidelines • Journal Entry Preparation • Documentation
Common Definitions • Journal Entry – The recording of financial data pertaining to business transactions. • Inter-Departmental Invoices (IDI) – Payment for goods or services performed for one campus department by another campus department. • Journal Entry Documentation – Information supporting the reason for the journal entry.
Common Definitions • Correcting Entries - Journal entries made to move non-payroll transactions recorded in a fund and/or account to a different fund and/or account. • Allocations – are made by campus units to distribute revenues received by a control or central fund to related or supportive fund.
Journal Entry Guidelines • Journal entries should be used to correct data previously posted to Banner. • Journal entries should not be done to circumvent university spending guidelines. • Expenses must be incurred before they can be reclassified to another fund or account. • Avoid using miscellaneous revenue and expense account codes if at all possible. • If a partial correction is made include partial in the description.
Journal Entry Guidelines • When the entry requires the transfer of cash use transfer account codes, do not charge revenue and expense in the individual funds. • Inter-departmental invoices should be sent to Accounts Payable. • Journal entries must be signed by the preparer and the person who has budget authority. • Never use accounts ending with 000. • Send any entries involving grant funds to RCM Office first. • Ant funds starting 139XXX or 6XXXXX should go to Treasury Services.
Journal Entry Guidelines • Do not use a negative number in the debit or credit field. • Debits and credits must equal. • Journal entries cannot be used to correct prior year activity as it relates to the General Fund. • If the prior year correction involves non-General Funds a correction can be made. It would be best to use transfer account codes.
Journal Entry Guidelines • Budget revisions cannot be made using the journal entry form, they must be made using the BD606 or BD607 forms. These forms are available at: http://finance.uncc.edu/forms • At this site scroll to the Budget Office forms.
Journal Entry Preparation • From the same link (see following), you can access the journal entry form. http://finance.uncc.edu/forms • From the above site scroll down to Journal Voucher Form, under General Accounting. • If using a form saved in Excel make certain It is the most up to date version.
Journal Entry Preparation • From the following site you may view the journal entry guidelines. • http://finance.uncc.edu/controllers-office/general-accounting • On the right hand side of the page is a section titled ‘General Accounting Resources’ • Click on the Journal Entry Guidelines.
