NEWS & EVENTS
  • cmps.yochum02-565x160
Journal Entries
  • Journal Entry Instructions

    This text is also available in PDF format.

    Most entries to the general ledger are the result of transactions created by the cash receipt, requisition, student billing and gift recording processes. Journal entries allow for the recording of other transactions, corrections to previously recorded transactions, and transfers between and among departments

     
    Most journal entries are initiated by the Finance Office staff. However, many department transfers, inter-departmental transactions and corrections can be initiated by others who feel comfortable creating a journal entry. Please follow the parameters set below. For assistance or questions, contact the general ledger specialist (6113), Director of Accounting Operations (6514) or the Controller (6316).

     
    Every account number used on a journal entry must be valid and 12 digits in length. The total of the debit and credit columns must be equal. The description must be provided to the right of every line on which you have entered a dollar amount. This description cannot exceed 25 characters and is to provide a concise explanation of the debit or credit on that line. This is the description that will appear on reports such as the monthly budget status reports. Descriptions that are vague or longer than the 25 character limit will be adjusted at the discretion of the Finance Office. The description at the bottom of the form may be as long as necessary and should provide enough detailed information to allow any reader to understand the intent of the entry. An example of the two description types appears below.

     
    Example: Intent is to correct the account charged for a check written through the requisition process.

    Correct account number-

    Correct Account Number

     
    XX-XXXXX-XXXXX 100.00   XYZ Printing
     

     

    Incorrect account number-

    Incorrect Account Number
      XX-XXXXX-XXXXX   100.00 Reclass XYZ Printing

     
    To correctly charge payment made to XYZ Printing 11/19/03.