A Standard Journal is used to record transactions such as paying for a good or service provided by another University Department, year-end accruals and allocations of expenses.
In certain circumstances, you may also use a Standard Journal to correct a large volume of original transactions. Unlike a Cost Transfer/Correction (COR) entry, a Standard Journal does not require original journal IDs to be entered for each journal line. Therefore, in cases where there are numerous transactions to be corrected (typically over 25), where a COR entry would be a burdensome undertaking, a Standard Journal may be a viable option. A Standard Journal may only be used for large volume corrections if an expense is NOT moving onto a federally-funded sponsored project. In these cases, a COR must always be used (please review the Cost Transfer Policy for complete details).
Standard Journal Uses
Common scenarios where a Standard Journal is used:
- Charge or pay another Department for a good or service provided (interdepartmental sale). For example paying Princeton Alumni Weekly for an ad placed in the magazine.
- Record year-end accruals that were not captured in the PO Receipt Accrual process.
Standard Journals are not used to:
- Make large volume corrections on federally-funded sponsored projects. These must be done via Cost Transfer/Correction Journal.
Approval workflow routes to the Department being debited.