Journal Entry Guidelines
OBJECTIVES
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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 nonGeneral 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/controllersoffice/general-accounting
• On the right hand side of the page is a section
titled ‘General Accounting Resources’
• Click on the Journal Entry Guidelines.
Journal Entry Preparation
Journal Entry Preparation
Journal Entry Preparation
Journal Entry Preparation
Journal Entry Preparation
Journal Entry Preparation
Journal Entry Preparation
Check for Error Messages
Documentation
Thank you!
Any questions?