Standard Journal

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 Routing

Approval workflow routes to the Department being debited.