What You Should Know
Standard Journals are used to record new transactions only. When used for interdepartmental sales, the “selling” department creates the journal and the “buying” department approves the journal.
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Learn how to Create a Standard Journal
Standard Journals are used to:
- Record an original transaction.
Standard Journals are not used to:
- Make Budget changes. Contact the Budget Office for Budget changes.
- Correct Labor Accounting journals. These changes must be made in LA.
- Move spendable balance to another chartstring. This is done with an Assignment or Transfer Journal.
- Charge another department for a good or service (interdepartmental sale)
- Allocate an expense based on usage
- Enter an accrual at year-end
- Approval workflow to departmental approver
Standard Journal Line Descriptions
When describing a Standard Journal, be as specific as possible so that Departments can easily recognize and reconcile the specific charge.
Once you establish a standard format for the line descriptions, try to remain consistent on all subsequent Journals (all billing cycles). This makes it easier for Departments being charged to recognize “your” charges.
Try to date recurring Journals on the same day every billing cycle (ie. first day of month, last day of quarter).
Depending on the purpose of the Standard Journal, the line description should contain one or more of the following:
- Name of Billing Department/Entity
- Reason for Charge
- Date of Original Charge
- Period of Billing
- Good or Service Used
- Science Dept- Dec Gas Charge
- Dec Food Service Allocation
- 12/15 StuAgency Bill for Event
- PAW Advertisement Fall2014
- 1QFY15 Equip Usage Charge