NUFinancials: Determining the correct actuals Journal to use
This article outlines in chart form the criteria to be used in determining which actuals journal to use.
Which Actuals Journal Should I Use?
Use the decision matrix below to choose the right journal for your circumstances.
|
Correction Journal (COR) |
Internal Sales Journal (ISJ) |
Transfer Journal (TFR) |
Agency Journal (AGY) |
Used For |
· Correcting expense and revenue transactions that were incorrectly categorized when posted to the General Ledger · Redistributing expense or revenue between several chart strings · Ensuring the most appropriate ChartFields and account codes are applied to transactions |
· Recording the sale of goods or services by one department or unit to another inside the University · Correcting a prior internal sales journal |
· Moving amounts (actuals) from a gift or endowment to an unrestricted fund 110 or 171 · Moving amounts (actuals) within or between major units of the University · Satisfying grant cost share agreements by moving amounts from Fund 110 to funds 191, 192, or 193 · Correcting a prior transfer journal |
· Recording transactions with organizations that have an agency chart string o Agency chart strings have a Fund number in the 700 series o Examples of agencies are: academic journals, the Alumni Association, sororities, fraternities, and student organizations
· In correction mode, correcting expense and revenue transactions - with an agency chart string - that were incorrectly categorized when posted to the General Ledger. • Correcting a prior agency journal |
Not Used For |
· Correcting any transaction in workflow, encumbrances, or pre-encumbrances · Correcting any other actuals journal (ISJ, TFR, or AGY) · Correcting payroll (use FASIS) · Balance sheet adjustments · Agency chart strings with Funds in the 700 series |
· Sales to students, the public, or to any financial entity outside the chart of accounts (COA) · External revenue account codes in the 40000 series · Agency chart strings with Funds in the 700 series |
· Transferring financial resources to or from grant or agency funds (600-799) o Agency chart strings with Funds in the 700 series · Revising budgets · Correcting posted transactions · Correcting payroll (Use FASIS) |
· Internal sales between entities inside the University · Internal revenue account codes in the 50000 series · Recording bank deposits for agencies |
Who |
· The chart string owner or designate should create the journal · An administrator who needs to re-categorize an expense or revenue transaction |
· The seller should create the journal |
· The giver should create the journal (the department that owns the chart string being charged for the expense) |
· NU staff who are interacting or doing business with the organization should create the journal |
When |
· A correction journal created 90 days or more beyond the original journal date requires a justification form · Journal must be approved and posted in the same period as created · | A sales journal created 90 days or more beyond the original sale date requires a justification form · Journal must be approved and posted in the same period as created · | Journal must be approved and posted in the same period as created |
· A journal created 90 days or more beyond the original transaction date requires a justification form · Journal must be approved and posted in the same period as created |