4/25/2024 0 Comments Traveling expenses journal entryThe budget period is the fiscal period related to the current calendar month.Depletion is the allocation of the cost of the natural resource to the unites extracted. To increase the budget in an index use the positive (+) sign and to decrease the budget use the negative (-) sign. Use 615100 for salaries, 625100 for wages, 635100 for benefits, and 710100 for current expense budget. the account code used is determined by what type of budget is being moved. The account code must be a budget account code on both the debit and credit side. For example, from one E&G index to another E&G index with the fund number of 101164. Use this document type (rule code) when moving budget between two indexes that have the same fund number. When using a JOCE, there must be an invoice attached in Xtender as documentation. Any revenue from JOCE's on these fund types should be recorded in a FT18 index using a revenue account code (5xxxxx). Please remember that E&G funds (fund type 12), Overhead funds (fund type 13), and all State Line Appropriation funds (fund type 21) cannot have revenue. The debit side (buyer) should be an expense account code (7xxxxx) and the credit side (seller) should be a revenue account code (5xxxxx). Examples of a JOCE are when a department purchases copies from the copy center or buys supplies from the bookstore. This entry will give revenue to the selling department and post an expense to the buying department. Use this document type (rule code) if one department (index) is buying something from another department (index) on campus. This document type should rarely be used since best practice is to use an OCC credit card. Please contact your college accountant if you have any questions. ****There are limitations as to what type of funds can be transferred. The account code will be 8xxxxx on both the debit and the credit side. The index giving the money is debited and the index receiving the money is credited. Remember a fund transfer is opposite of a normal journal entry. An example of this is when a match account for a grant needs cash. A fund transfer is done when moving actual cash from one index to another that have different fund numbers. Always use a positive number using appropriate DR and CR.įund Transfers also use document type (rule code) JV01. Debit the index and account code where the revenue is currently posted and credit the index and account code where the revenue is being moved to.ĭO NOT move negative amounts. The debit and credit side will usually be the same revenue account code (5xxxx). For example, a deposit was made to the wrong index. JV01 is also used when moving revenue from one index to another. Credit the index and account code where the expense is currently posted and the debit and index and account code where the expense is being moved to. The debit and credit side will usually be the same account code (7xxxxx). Use JV01 document type (rule code) if the expense has already posted on an index and it needs to be moved to another index or to another account code in the same index. However, there are times when a journal entry is needed - when an input error occurred on the index, account code, or if the purchase was not split up front. ![]() By splitting a purchase up front, there is no need for a journal entry later. P-card transactions and EZ-Buy purchases can be divided before posting, as well as travel expenses on the TA and TR. The ideal situation would be for the original order to be split into multiple indexes on the requisition. For example: FL023434 Gas charges for 123456EX.
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