Transfer of Expenditures
Policy Name: Transfer of Expenditures
Applicable Form: Expenditure Transfer Form
Effective Date: July 1, 2007
The transfer of expenditures process and form should be utilized anytime an account number for an expenditure needs to be corrected. Typically these corrections are needed when an incorrect account number has been used for a purchase. The correction can be made to a voucher resulting from a purchase order payment or to a journal entry created to record a campus charge or p-card charge.
An expense being charged to an incorrect account number is most often identified while balancing your departmental budget. If you realize that an incorrect account number has been used for an expenditure, please complete the Expenditure Transfer Form and submit it to the Office of the Controller for processing. Please attach a copy of your journal expense report showing the incorrect charge as backup documentation.
The Expenditure Transfer Form should include the following information:
· Transaction Date – the date of the transaction found on your journal expense budget report.
· Today’s Date – the date in which you are making the transfer request.
· Original Voucher # - if the expenditure resulted from a voucher, please include the voucher number. This number can be found under the voucher ID column on your journal expense budget report. If the expenditure was not a result of a voucher posting, please include the type of transaction that created the charge and the Journal ID for the specific charge.
· Prepared By – indicate your name.
· Dept Name – indicate the name of your department.
· Vendor Name – if it is known, please include the name of the vendor the expenditure was paid to.
· Account Number and Debit/Credit Amounts – please include both the correct account number and the incorrect number. The correct account number should always have the amount of the expense transfer listed in the debit column. The incorrect account number should always have the amount of the expense listed in the credit column.
· Explanation of Transfer – please give a brief explanation as a reason for the transfer.
· Signatures – the request should be approved and signed by the appropriate individuals who typically approve purchase orders and other expense documents within your department.
Example Transaction
A purchase order in the amount of $2000 was incorrectly charged to the wrong account. The transaction occurred on 1/15/2007 however the error isn’t detected until 3/03/2007. The voucher # is 00184255. The expense was originally charged to 10000-1045103-16200-11000 but it should have been charged to 10600-1045103-16200-11000. The form should be completed as follows:
|
Transaction Date: 1/15/2007 |
Prepared By: Tricia Durrough |
|
Today’s Date: 3/3/2007 |
Dept Name: Controller’s Office |
|
Original Voucher #: 00184255 |
Vendor Name: Dell Computer |
|
Account |
Fund |
Dept ID |
Program |
Class |
Project ID |
Debit Amount |
Credit Amount |
|
714160 |
10600 |
1045103 |
16200 |
11000 |
2000.00 |
||
|
714160 |
10000 |
1045103 |
16200 |
11000 |
2000.00 |
||
|
Explanation of transfer: Incorrect account number used on purchase order. |
Department Chair Date |
|
Dean or Director Date |
|
|
VP Date |
