ADDED 12/08
Section 3.4
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SECTION 3.4 – CORRECTIONS &
JOURNAL ENTRIES
INTRODUCTION
Corrections to financial transactions posted to the ASB Fund are accomplished through
Journal Entries processed in the Accounting Office. All Journal Entries are assigned a
unique sequential journal entry number and filed along with supporting documentation in
the Accounting Office. This section discusses the specific forms used to initiate
corrections to ASB financial transactions.
ACCOUNT CODE CORRECTIONS
Account Code Change Voucher forms are used to correct or change the code an
expenditure or revenue transaction has been charged to after it has been posted and is
showing on Transaction Recap reports in IFAS. Examples may include, but are not
limited to, employee reimbursements, invoice payments, payroll timesheet costs (See
also Payroll section 8), receipts, or other expenditure transactions.
DIRECTIONS FOR ACCOUNT CODE CORRECTIONS
•
Use the Account Code Change Voucher Form, located on page 2.
•
When preparing an Account Code Change Voucher, be sure to complete the
description of items
section. If there are several corrections, attach a copy of a
Transaction Recap report highlighting the corrections and write “see attached”
in the
description of items
section.
•
All vouchers must have the appropriate signature authorizations before they
will be processed.
CAUTIONS
•
When dealing with established purchase orders or personal service contractual
services, if payment has not yet been made, see Section 4.3, Purchase Order
Revisions, for guidance. If the coding can be corrected on the Purchase Order
side before a payment goes through Accounts Payable, it is less paperwork
and creates the cleanest record in the system of accounts.
•
Transfers between activities providing funding for other activities, is governed
by a different set of forms. See Section 3.5 – Transfers.
•
If the transaction needs to be transferred or charged to another school’s ASB
rather than your own, see Section 3.6 – Interschool Billing.
•
If the transaction needs to be transferred or charged to another fund (such as
the General Fund, Private Purpose Trust Fund, or Capital Projects Fund), see
Section 3.7 – Interfund Billing.
DEADLINES
Account Code Change Vouchers must be received in the Accounting Office no later than
the 25
th
of the month for the corrections to be reflected in the current month. Corrections
will be reflected on ASB reports with a Journal Entry Number in the reference column. All
Journal Entries are posted to the last calendar day of each month.
ACCOUNT CODE
CHANGE VOUCHER
This voucher is used to approve and process changes in account
ACCOUNTS TO BE DEBITED
AMOUNT
TOTAL DEBITS
Charges listed above are hereby authorized:
ACCOUNTS TO BE CREDITED
AMOUNT
TOTAL CREDITS
DESCRIPTION OF ITEMS
(Attach transaction recap, as needed)
WARR. DATE
VENDOR/PAYEE
WARRANT NO.
P.O. NUMBER
TOTAL AMOUNT
___________________________ ___________
__________________________________ ____________
ASB Treasurer
Date
Student Activity Representative
Date
___________________________ ___________
__________________________________ ____________
ASB Primary Advisor
Date
ASB Activity Advisor
Date
REASON FOR CHANGE:
Clerical Error (Requires 2 Signatures: Treasurer & Primary Advisor)
Change in Spending Plan (Requires ALL 4 Signatures)
Rev 12/08
ASB
codes to which an expenditure or revenue was charged.
For Accounting Office Use
Journal Entry No. ______________
Month ________________________
Approved by __________________
ADDED 12/08
Section 3.4
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