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Account Transfer Procedure

About This Policy

Proc-C-JE004

Last Updated
11/14/2019
Responsible Office
Finance and Treasury

See the Account Transfer Reference Guide for online transfer requests created directly in PeopleSoft FMS.  For Acceptable Child Accounts used for Online Expense/Revenue Transfers, see the Guide or the table of Accounts at end of this document.

Purpose

The purpose of this document is to describe the manual Account Transfer Procedure and its guidelines. Account Transfer responsibility includes ensuring that all transactions comply with regulations and are properly recorded. This Transfer Procedure was previously known as an Expense Transfer and requested through paper form to General Accounting.

Account transfers are needed to readjust or reclassify where an expense or revenue will be recorded within a department, to reassign an expense to another department (chargeback), or to record inter-departmental billings.

This Account Transfer Procedure provides a standard for preparing and authorizing Account Transfer journal entries and ensuring that entries made to the General Ledger (GL) are proper.

Account Transfer requirements:

  • These journal entries must be properly prepared, supported by adequate documentation, reviewed, approved and recorded.
  • A standard format template should be completed for each transfer or reclass by the preparer. See Account Transfer Request Form C-JE004 (Transfer Form)
  • All expense/revenue transfers must be processed within 90 days of the date they were initially posted to the ledger.
  • All transfers must be completed within the same fiscal year as the original entry.

Procedures

Transferring expense or revenue amounts between accounts or between departments.

  1. When expenses and revenues may be transferred to proper Chartfield account codes:
    1. To create revenue-to-revenue or expense-to-expense transfers, when amounts have already been posted in the GL accounting system and are in the wrong account.
    2. To reimburse University Police and Maintenance overtime expenses in conjunction with a special event.
    3. To create inter-departmental billings such as Red Hawk dollar purchases, Conference Center space rentals, and parking permit purchases, etc.

B. When expenses and revenues may NOT be transferred to:

    1. Move expenses in and out of Payroll Chartfield account codes. (EXCEPT for Police and Maintenance overtime).
    2. Move items in and out of pool accounts.
    3. “Donate” funds to other departments.
    1. Transfer costs from one project to another – solely to cover cost overruns.

Transfers and their accompanying justifications must be reasonable, equitable, and in realistic proportion to the benefit provided. Transfers must be made to proper Chartfield account codes.

Support required: Written justification must be included along with supporting documentation. If moving an expense, a screenshot of existing PeopleSoft posting must be included.

The Department Manager (fiscal agent) of the account to be debited (charged with expense) must print and sign their name on the form. All forms should be forwarded to Accounting.

Background

In October 2018, the Controller’s Department rolled out online account transfers to FMS Department administrators and managers whereby expenses or revenue amounts may be transferred between accounts or between Departments in FMS.

To register for the Account Transfer Class, visit ITDS Course Registration and select “PeopleSoft” in the Categories drop down menu.

Exhibits

Account Transfer Request Form C-JE004

Account Transfer Reference Guide – for online transfer procedures. Provided at training or by contacting General Accounting.

Account Transfer Announcement – for online transfer requests and training

Cost Transfer Explanation Form C-GR001If transferring costs/expenses to or from a Grant, this Form must also be completed, signed, and included with the Transfer Request Form.

 

Acceptable Child Accounts used for Online Expense/Revenue Transfers

40105 60125 60240 60531 60588 60776 61035 64080 64989
40201 60126 60245 60532 60589 60778 61991 64085 64990
40203 60128 60410 60535 60590 60779 62001 64090 64991
40248 60129 60411 60536 60591 60780 62011 64100 64992
42142 60134 60420 60538 60593 60790 62021 64105 64994
42143 60137 60421 60540 60595 60791 62211 64106 64995
42201 60138 60422 60542 60597 60794 62510 64110 64996
42202 60139 60502 60543 60605 60795 62515 64115 64997
42203 60140 60503 60546 60607 60798 62516 64130 64998
42204 60149 60504 60548 60608 60799 62995 64180 64999
42205 60152 60506 60550 60610 60810 62996 64500 65010
42206 60155 60507 60551 60613 60901 62997 64600 66010
42209 60164 60508 60552 60615 60910 62998 64605 66015
42210 60165 60509 60553 60620 60920 63005 64973 66020
42211 60167 60510 60554 60701 60921 63008 64974 66021
43012 60170 60511 60556 60725 60922 63010 64975 66023
44245 60171 60512 60557 60730 60923 63015 64976 66025
44252 60173 60514 60558 60740 60924 64005 64978 66030
54801 60176 60515 60559 60742 60930 64010 64979 66040
60101 60179 60516 60560 60745 60940 64020 64980 66041
60104 60180 60517 60561 60750 61005 64030 64981 66042
60107 60198 60518 60562 60751 61010 64035 64982 66043
60110 60205 60524 60563 60752 61015 64040 64983 66090
60113 60210 60525 60564 60771 61020 64045 64984 66501
60116 60215 60526 60565 60772 61025 64050 64985 66511
60117 60220 60527 60566 60773 61026 64060 64986 66999
60119 60225 60528 60567 60774 61030 64065 64987
60122 60235 60529 60587 60775 61033 64070 64988

 

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