Journals & Chartstring Maintenance

LAST UPDATED: February 22, 2016

What You Should Know

There are a variety of journal methods commonly used and offered for chartstring cleanup. These include Prime Journals – Primarily Cost Transfer/ Correction Journals and Standard Journals would be used, but there may be circumstances where Assignment and Transfer Journals are needed. Learn more about Journals.

Before preparing a year end close journal, decide the appropriate journal method. This depends on whether spendable revenue balances are being reallocated or expense transactions are being moved.

Remember for any corrections related to salary and wage accounts, the correction must be performed in the Labor Accounting  or Time Collection system.

Move Spendable Revenue balances if there are additional monies available and an allocation to a specific chartstring is desired. To allocate revenue, use either a(n):

Move Expense balances to reclass expenses to a different chartstring.

A Standard Journal can be used to move balances by Account for a large volume of transactions.

  • Create Standard Journal lines for the total amounts by Account.
  • Routes for Approval.
  • Best if correction involves many transactions, and is not for Sponsored Research.
  • In FIN015 and FIN016 reports, Correction reflected as a lump sum journal line by Account in FIN015 and FIN016 and will not affect the way the original transaction is displayed.
  • Best practice is attach backup transaction documents to indicate what is being corrected.
  • Include “YE reclass to/from xxxx” in your description.

A Cost Transfer/ Correction Journal is used to move a balance by each original transaction.

  • Create individual journal lines for each transaction.
  • Routes for Approval
  • Best if the correction involves less than twenty-five original transactions.
  • Correction journal lines reflected on each individual transaction in FIN015 and FIN016 and easily reconciled back to original entry.
  • Must be used for Sponsored Research Funds G0001 and G0002.

 

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