Account Transfer Procedure
About This Policy
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.
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.
Transferring expense or revenue amounts between accounts or between departments.
- When expenses and revenues may be transferred to proper Chartfield account codes:
- 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.
- To reimburse University Police and Maintenance overtime expenses in conjunction with a special event.
- 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:
- Move expenses in and out of Payroll Chartfield account codes. (EXCEPT for Police and Maintenance overtime).
- Move items in and out of pool accounts.
- “Donate” funds to other departments.
- 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.
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.
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-GR001– If 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