The purpose of a journal entry is to record a financial transaction in the general ledger (PeopleSoft Financial System) in order to ensure our general ledger accurately capture the related financial activity.
Journals are used for many purposes including:
- Record financial transactions in the general ledger
- Correct previously recorded coding errors
- Record payroll and non-payroll adjustments
- Move money for revenue, expenses, support, and external recharges
- Net position transfers
- Internal recharges
- Net position represents the accumulated resources in a Fund, Dept ID, Project, or combination of those three chartfields.
- What journals comes to CP for review?
Net Position Transfers
Support and other net position transfers (between current funds only).
Net position transfers between fund types (Current fund to/from another fund type)
Net Position Transfers are used to transfer support or balances as well as account for other net position transfers between funds/departments/projects. 78xxx accounts are generally used by departments, and 79xxx accounts are generally used by central accounting and reporting.
All 78 and 79xxx require the same account on the debit and the credit.
In general, revenue and equity should not be transferred from one fund to another. Instead, expenses should be recorded against available funds in order to spend down balances. Specifically, revenue should not be transferred in or out of Funds 1900, 5000, Med Comp Plans (e.g. 5013, 5014). Exceptions require approval of Budget & Resource Management.
Net position transfer journals must be submitted to Control Point by the 2nd business day of the month, with the exception of Fiscal Year Close.