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ACT 301 Journal Entries

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ACT 301 Journal Entries ACT 301 Journal Entries Business Affairs Finance Certificate Program Last Updated: November 2020 Topics Note: 4 short quizzes are placed throughout the slides and will serve as your test. • Fund Accounting • Revenues vs. Expenditures • Electronic Journal Entries • Useful Banner Forms • Data integrity • Supplemental Slides – Combining pdf documents and electronic signatures Fund Accounting • A Fund is an accounting entity with a self-balancing set of accounts consisting of a balance sheet and an operating statement. • Fund Accounting is used primarily for Governmental and Not-for-Profit entities. Fund Accounting • Separate Funds are maintained to ensure observance of limitations and restrictions placed on use of resources. • Because there is no profit motive behind Not-for- Profit and governmental entities, accountability is measured instead of profitability. • Fund Accounting allows entities to ensure that financial resources are being used according to legal and/or other requirements. • A basic knowledge of fund accounting will assist in the preparation and understanding of the journal entry process. Revenues and Expenditures The Basics • Revenues are made up of monies received from the sale of goods or services. Expenditures are monies paid for goods or services. Debits and Credits • Debits and Credits are used to record accounting transactions and represent account balances in the ledger. Understanding the normal balances of Revenue and Expenditure accounts, as well as how to view detail in Banner, will assist you in preparing Journal Entries. Revenues and Expenditures • Expenditures: Are Monies paid for goods or services – Account #s start with 9xxxxx • Normal balance = DEBIT • Debit INCREASES an Expenditure • Credit DECREASES an Expenditure Revenues and Expenditures • Revenues: Are Monies received from the sale of goods or services – Account #s start with 1xxxxx • Normal balance = CREDIT • Credit INCREASES a Revenue • Debit DECREASES a Revenue Revenues and Expenditures • Banner detail Screen (FGITRND) – Does NOT show D (debit) or C (credit) indicator – You need to know the normal balance in order to know how to increase or decrease it with Debits and Credits. Revenues and Expenditures in T-accounts Normal Balance Debit Credit Expense Account #1 500.00 Notice that we are To move an Expense Out 100.00 Reduces the balance (-) reducing a balance New Balance 400.00 with a credit and Normal Balance Debit Credit with a debit. Expense Account #2 500.00 To move an Expense In 100.00 Increases the Balance (+) New Balance 600.00 That is why knowing the Normal Balance Normal Balance is so important, Debit Credit Revenue Account #1 20,000.00 because it drives To move Revenue Out 1000.00 Reduces the balance (-) New Balance 19,000.00 choice of Debit or Credit. Normal Balance Debit Credit Revenue Account #2 2000.00 To move Revenue In 1000.00 Increases the Balance (+) New Balance 3000.00 Example of Expenses +/- The minus entries (-) are a journal entry that moved these expense out of this account which reduces the balance. You can see the original entries with a plus Expense Accounts 9xxxxx (+) right below them. Normal balance of Expense accounts is a Debit and is positive so all the entries with + add to the total expenses in this account. Example of Revenues +/- The minus entries (-) are a journal entry that moved these revenues out of this account which reduces the balance. You can see the original entries with a plus Revenue Accounts 1xxxxx (+) right below them. Normal balance of Revenue accounts is a Credit and is positive so all the entries with + add to the total revenues in this account. Check your Knowledge General Accounting Webpage On the front page of the General Accounting webpage, you will find a guide to creating Journal Entries and how to create and merge pdf documents and use electronic signatures. It is added in the slides at the end of the presentation, but you can find it here: https://uncw.edu/genaccoun/ On the General Accounting Webpage under forms, you will find the Electronic Journal Entry Form/Template and instructions for filling it out. Here is the link: https://uncw.edu/genaccoun/forms.html Journal Entries have TWO copies A PDF copy and an EXCEL copy • BOTH must be sent to [email protected] by email. • Excel feed template available on Controller’s webpage or the General Accounting webpage. http://uncw.edu/controller/LinksforForms.html https://uncw.edu/genaccoun/forms.html • Required Fields are: – Explanation – Fund Code – Account Code – Transaction Amount – D/C Indicator – Transaction Description • Debits and Credits must balance • Must have description detail • Submit with proper pdf backup documentation The JE Procedure Continued • Transaction Description – ALWAYS include original document number if moving or correcting a prior transaction (Line description is limited to 35 characters) • For Example: – The line description could be - Mv F0116543 fr 214212 to 214214 – The more detailed description could be – Move Printing charge F0116543 from fund 214212 to 214214. Charged to the wrong fund. • Prescribed naming convention for the journal entry file name is as follows, with a “SPACE” or “underscore” between each item: • – TransactionDescription_Dollars(from hash total)_Cents_Preparer initials – For Example: MovePrintingCharge_420_50_KB (You can use spaces or underscores between) • After you complete the entry, save the excel copy and then print a pdf copy, add the backup documentation, all combined into one pdf. Send both the Excel copy and PDF to your Budget Authority for approval. Have them forward the approved entry (both pieces) to [email protected]. Journal Entries Continued • If General Accounting has questions, needs clarification, or finds errors, the Preparer/Budget Authority will be notified by email to resolve. Resubmission may be necessary depending on the situation. • Timing of Journal Entries: They must be received in the General Accounting department, with proper signatures and backup documentation, prior to the month end cut-off date to post in that month. The dates are posted on the General Accounting Webpage. Electronic JE Forms Journal Entry Examples Moving Expense to Correct Fund Attach copy U0039426 of FGITRND showing where actual charge is currently in Banner Must be two different people Business Affairs Finance Certificate Program Journal Entry Examples Move Expense to Correct Account Code Attach copy of FGITRND showing where actual charge is currently in Banner Must be two different people Banner Supporting Documentation • FGIBDST – Operating Ledger (Revenues and Expenditures) – FGITRND – For every item you are moving • Detailed transactions for selected Revenue and Expenditure Accounts • Use when moving transactions from one fund or account to another fund or account • FGITBAL – For every fund you are transferring from – Trial Balance (General Ledger/Assets and Liabilities) • Use when transferring funds from one fund to another fund • This shows your claim on cash and proves that you have enough money to make the transfer. • This backup documentation is REQUIRED for every Journal entry. See the next section for additional backup documentation that might be needed. • FTIFATA – This is where you can see the three Budget Authorities for the funds. An authorized Budget Authority must sign every Journal Entry. No one can sign instead of the Budget Authority and the Budget Authority can’t be the preparer. Check your Knowledge Banner Supporting Documentation Journal Entry Transfer Example You need a TBAL screen showing that you have enough cash in the fund that is transferring out – The one recording the expense 988460. Banner Supporting Documentation If you are transferring funds from one department to another, you must have available funds in order to do so. We are looking for your TBAL screen and a debit (positive) balance to your Claim on Cash that is equal or greater than the amount you would like us to transfer. Additional Backup Documentation • There are other forms of backup that you might provide, depending on the type of Journal Entry, such as: – A billing statement – An excel spreadsheet – An SSRS report – A transfer document – An email • Think about what you might need, or what someone else might need a year from now, when researching the entry. Check your Knowledge Business Affairs Journal Entry Finance Certificate Program Common Mistakes • Rounding – Must use exact amounts with cents! • Debits and Credits Reversed • Expenditure ( 9xxxxx accounts) normal balance is Debit • + on detail screen = Debit • - on detail screen = Credit • Revenue (1xxxxx accounts) normal balance is Credit • + on detail screen = Credit • - on detail screen = Debit • Incorrect or Missing Signatures • Budget Authority signature must be either email 1, 2, or 3 • Preparer and Budget Authority must be different people • Must have “Prepared By” and “Budget Authority” Approval completed on journal entry Journal Entry Common Mistakes • Incorrect or Missing Back-Up • Need Banner plus other documentation as back up to support journal entry • Examples of Banner back up: • FGITRND: • Detailed transactions for selected Revenue and Expenditure Accounts • Screen to use for re-classing expenses • FGITBAL: • General ledger trial balance • Screen to use for showing available claim on cash Journal Entry Common Mistakes • Incorrect Transfer Journal Entries (accts: 988460 & 108460) • No transfers can be done in General Funds • For all 9xxxxx funds, you can only transfer to another 9xxxxx fund • If using
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