What You Should Know
Journal Method Comparison
Each of the following methods can be effectively utilized to move balances, but has use implications.
Year End Close Spreadsheet Journal Process
To assist with corrections for year end close, we have enabled the use of a simple Year End Close Spreadsheet Journal to correct or re-code multiple transactions at once. This option is intended for corrections; we recommend original entries go through the regular journal processes. Guidelines for using this special spreadsheet journal are below:
- This process can only be used to correct more than 25 lines. Corrections with less than 25 lines should be done using the Prime Journal page.
- All special year end close spreadsheet journals should be reviewed and submitted by the Department's Financial Manager. In cases where one Department is charging another, outside of their organization, the initiating Department is responsible for notifying those being charged, and approvals should be obtained in advance. These approvals should be attached and submitted along with the completed spreadsheet.
- A separate spreadsheet journal must be prepared for sponsored project and cost share corrections. Upon completion they should be emailed to email@example.com for validation and submission. Departments should not include non-sponsored related corrections on their sponsored project and cost share corrections spreadsheet journal. Please see the Sponsored Research Year End Close webpage for documentation requirements including the cost transfer justification form, or contact your SRA Analyst for assistance.
- Corrections to Labor-Related Expense Accounts cannot be made using this spreadsheet process, and must be completed in the Labor Accounting System.
- For Fund Assignment and Fund Transfer Accounts (4802, 4803; and 4804, 4805), a separate spreadsheet must be submitted for Finance & Treasury level review and approval. All guidelines for Prime Assignment and Transfer Journals apply to these entries:
- These entries may not use Funds A0000, G0001 or G0002
- Assignment entries utilize Accounts 4802-Fund Assignment In and 4803-Fund Assignment Out. Use the Assignment Accounts when the Fund is the same on both the In and Out lines.
- Transfer entries utilize Accounts 4804-Fund Transfer In and 4805-Fund Transfer Out. Use the Transfer Accounts when the Fund is different on the In and Out lines.
- The “In” Accounts (4802 and 4804) will increase revenue, and always be the credit (negative) amounts
- The “Out” Accounts (4803 and 4805) will decrease revenue, and always be the debit (positive) amounts
- Please review the accuracy of ChartFields prior to submission. Spreadsheets with invalid values will be returned to the submitter for correction. Please also review guidance on whether fund balance transfer accounts (4805/4804) are appropriate, or where expense account corrections should be processed instead, to move the expense to the intended fund.
To request access to the Year End Close Spreadsheet Journal, email firstname.lastname@example.org. When completed, submit the spreadsheet via email to email@example.com with "Year End Correction Journal" in the subject line. Sponsored project and cost share corrections should be emailed to firstname.lastname@example.org with "Year End Correction Journal" in the subject line.
The deadline to submit spreadsheet journals that meet the criteria listed above is Thursday, June 21.
Late-June Corrections and Adjustments
Given that certain expenses (including Departmental Charges) can post up through June 30th, and given that is the same cut-off date for entering Prime Journals (including Cost Transfer/Corrections), late June transaction corrections will be allowed to be made via the Year End Close Spreadsheet Journal up through July 5th. Guidelines for late June corrections spreadsheet journals include all of those above (with the exception of #1), plus:
- This should only be used to adjust transactions posted between June 21st and June 30th.
- This should only be used to adjust transactions within your own organization. If the correction involves charging a department outside of your organization, you are responsible for obtaining approvals and submitting along with the completed spreadsheet.
- Fund Assignment and Fund Transfer Accounts (4802, 4803; and 4804, 4805) will only be permitted if they are being done to alleviate a negative balance created by a transaction posted between June 21st and June 30th.
The late June corrections spreadsheet journal uses the same Excel template as the year-end close spreadsheet journal. If you need access to the template, please email the Controller’s Office: email@example.com or the Budget Office: firstname.lastname@example.org. When completed, submit the spreadsheet via email to the Budget Office email: email@example.com or your budget analyst with "Year End Correction Journal" in the subject line. Sponsored project corrections should be emailed to firstname.lastname@example.org with "Year End Correction Journal" in the subject line.
The deadline to submit late June correction spreadsheet journals is July 5th.