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

For additional assistance please contact the IT Support Center at 847-491-4357 (1-HELP) option 2, or consultant@northwestern.edu.




Keywords:journal "actuals journal"   Doc ID:110895
Owner:ESAF GL Team .Group:Northwestern
Created:2021-05-18 18:45 CDTUpdated:2021-08-06 09:48 CDT
Sites:Northwestern
Feedback:  0   0