Journal Entry FAQs

If you don’t see your question answered below, send us your question.

When should I enter my journal entries?
You should enter your journals as soon as you know there is a need for one. If you know that you have journals that have to be approved by someone else, our recommendation is that you enter these entries as soon as possible, but at a minimum of 2-4 days before month end to ensure that the person notified has an adequate amount of time to review and approve the entry.

Why would I need to enter a journal entry?

• You agreed to offset expenses related to an event that another department was having. In this case you would utilize the transfer account codes of (752001 (for the DEBIT) and 751001 (for the CREDIT). To avoid having to do a journal entry for something of this nature you may also complete the purchase requisition, or documentation required for the transaction, including all chartstrings and amounts associated with them, as well as authorized signatures, for accurate processing from the beginning, thus eliminating the need to wait for a journal to be entered and/or a correction to be made.
• As you were reconciling your chartstrings (this should be done each and every month to ensure proper posting of items in your chart strings) you notice, for example, that a transaction was miscoded to office expenses, when it really should have been coded to travel. A journal entry for this instance would require a DEBIT to the appropriate travel line and a CREDIT to the office expense line.
• The University’s ITS Division as well as some individual departmental/school and college divisions will often receive a reduced rate for software or hardware purchases made in bulk. In this instance a journal entry would be performed to reimburse the department who originally purchased the item (this would be a CREDIT) and the department who is receiving the item would be charged (this would be a DEBIT) to offset the expense of the original purchase. Although this may seem as if the area is “selling” you a product, they in fact are not, they are merely supplying a product to you, at a reduced rate (most times) due to bulk purchasing. This is NOT revenue, as they are merely offsetting their initial investement, and should not be recorded as such.
• There may be several additional reasons for a journal entry to be done; when in doubt always contact General Accounting to determine what you should do. This not only ensures that the entry is done timely and properly, but enables you to have total control over your financial data and maintain the most accurate and up to date information at any given time.
• Lastly, ANY and ALL entries that involve a FUND 13 or a PROJECT TAIL, MUST be submitted with all the appropriate documentation attached, for this entry to be processed. Due to the nature of the FUND, the sponsors can, will and do expect full accountability for how the funds given are utilized to ensure that non-applicable items are not being funded. The most efficient way to track and maintain this information is for Sponsored Accounting to house it in their area.

Who should initiate the journal entry?
It is the responsibility of the departments that are doing business together to identify who will enter the journal and who will be notified.

Whom do I notify in the department that I have entered a journal entry that requires their approval?
You must ask the department or school or college contact for the name of the individual in their area that is authorized to approve journal entries. More often than not, the person you are speaking with regarding the entry is not the APPROVER of entries for their area(s). Many areas on campus have structured their accounting procedures to ensure that either one, or a very limited number of people are authorized to approve entries. This often allows areas additional internal control over activity occurring in their chartstrings. As a last resort and if in doubt, you may contact the office of General Accounting to inquire about the correct person to notify of a journal.

Budget managers, deans, directors and/or department heads may complete a Departmental Financial Transaction Approval Form [XLS] to identify individuals with departmental signature authority for non-payroll financial documents and transactions. To find out more about authority to approve transactions, visit the Financial Authority Overview page.

What if the departmental approver does not approve of the charges?
The departmental approver must mark the item worked in their work list if they agree to the charge. If the approver disputes the charges, he/she must contact the originator of the entry, come to a mutual decision and the originator should then email General Accounting (this email should cc the additional department(s) involved).