The goal of this section is to provide UniFi users with the knowledge to prepare and successfully submit Journal Vouchers

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1 Revised 15/Nov/10 Section 5, Page 1 5. Journal Voucher General Information Overview Goal Content The goal of this section is to provide UniFi users with the knowledge to prepare and successfully submit Journal Vouchers Purposes of Journal Vouchers Important Features of Journal Vouchers Journal Types Use of Debits and Credits Tips for Preparing Journal Vouchers in UniFi Purposes of Journal Vouchers Journal Vouchers are a common transaction prepared in all University units and are used to initiate a variety of accounting transactions: Transfer Funding for projects or initiatives Make corrections to previously recorded transactions Move expenditures or revenues between CFOAPALs To record sales of services and products to other University units To record sales of services and products to external customers of the University on Accounts Receivable Journal vouchers are not used to transfer salaries and/or benefits. Instead an About US - Journal Voucher form should be used. See the FSD s Form & Guideline page for more information on Journal Voucher About Us: Important Features of Journal Vouchers When preparing journal vouchers, there are a number of pieces of information that are important in preparing a complete transaction: The transaction date will determine the accounting period that the transaction is recorded to. It is only possible to record transactions to open accounting periods Descriptions are important to identify the nature of the transaction and to provide reference to any document numbers that are being corrected or adjusted When correcting entries ensure the CFOAPAL used for the original transaction is known Identify the journal type that is appropriate for the transaction you wish to process

Vouchers Important Features of Journal Vouchers Journal Types Use of Debits and Credits Tips for Preparing Journal Vouchers in UniFi Purposes of Journal Vouchers Journal Vouchers are a common

2 Revised 15-Nov-10 Section 5, Page 2 Journal Types Depending on the nature of the transaction being recorded there are different journal types that should be used to identify the nature of the Journal Voucher. Journal types that can be used and a description of their purpose is identified below: Journal Type UniFi Plus Self Service JV1 JS1 Purpose of Journal Type Record corrections of previous transactions. This includes moving expenditures or revenues between CFOAPALs JV2 JV3 JV4 JS2 JS3 JS4 Record sales of services or products to external customers of the University on Accounts Receivable Record the sale of services and products to other University units. These transactions should always be recording the credit to Internal Cost Recoveries (accounts ) Transfer or provide funding for programs or initiatives. These transactions must use accounts in the range on both the debit and the credit Record transactions between the University in Chart 1 and non-university entities recorded in Chart 2

Journal types that can be used and a description of their purpose is identified below: Journal Type UniFi Plus Self Service JV1 JS1 Purpose of Journal Type Record corrections of previous transactions.

3 Revised 15/Nov/10 Section 5, Page 3 Use of Debits and Credits In UniFi most transactions relate to the recording of revenues and expenditures within a particular Fund. As a result, journal vouchers are often created to record the movement or correction of revenues and expenditures between CFOAPALs. To assist you in preparing journal vouchers, below are identified common accounting transactions and the appropriate use of debits and credits Recording a charge or expenditure When a charge is originally recorded to a CFOAPAL, it is recorded as a debit To correct or move a charge, a credit should be recorded to the same CFOAPAL as the original charge, with the new CFOAPAL recording the charge as a debit Recording revenue When recording revenue to a CFOAPAL the revenue is recorded as a credit To correct or move the revenue, a debit should be recorded to the same CFOAPAL as the original revenue, with the new CFOAPAL recording the revenue as a credit Revenue resulting from sales to University units should be recorded to account or Revenue resulting from sales to non-university customers will normally be recorded as account or Recording transfers of funding If funding is being transferred between two Funds, Organizations or Programs, the CFOAPAL the funding is transferred from should record the debit with the CFOAPAL receiving the funding recording the transfer as a credit Transfers of funding must be recorded using account codes

To assist you in preparing journal vouchers, below are identified common accounting transactions and the appropriate use of debits and credits Recording a charge or expenditure When a charge is

4 Revised 15-Nov-10 Section 5, Page 4 The job aid* below provides a quick summary to assist in determining whether to use a Debit or a Credit when preparing transactions. First, identify the account code you are using, then decide whether you want to increase that account or decrease it. Accounts Increase Decrease Assets 1XXXX Debit Credit Liabilities 2XXXX Credit Debit Revenue 5XXXX Credit Debit Expense 7XXXX Debit Credit To move transactions involving Salaries and Benefits (Accounts 6XXXX), use a About-Us Journal Voucher instead of a regular JV form. See page 1 Purposes of Journal Vouchers. For determining whether a transfer is a Debit or a Credit, determine which fund the money is being transferred from and which fund it is being transferred to. Accounts Transfer Funding Transfer Funding From To Transfers 8XXXX Debit Credit *Job aid courtesy of Introduction to Accounting

Accounts Increase Decrease Assets 1XXXX Debit Credit Liabilities 2XXXX Credit Debit Revenue 5XXXX Credit Debit Expense 7XXXX Debit Credit To move transactions involving Salaries and Benefits

5 Revised 15/Nov/10 Section 5, Page 5 Tips for Preparing Journal Vouchers in UniFi All journal vouchers are reviewed and approved prior to posting. If there are any errors in your journal voucher or if there are questions about the transaction, Financial Reporting will contact you. If you are correcting or transferring a previous transaction, ensure you include the original document number in the description The Document Total of a journal voucher is equal to the sum of all of the amounts, regardless of whether they are debits or credits. A journal voucher cannot be posted if the sum of the debit amounts does not equal the sum of the credit amounts. Budget periods are not necessary for journal voucher transactions and can be ignored. Journal Types JS1 - JS4 will use + and - as Debit and Credit Journal Types JV1 - JV4 will use D and C as Debit and Credit Self Service UniFi Debits are identified by a plus (+) and credits by a minus (-) Only press the complete button once. If you receive an error - you can confirm whether your voucher was submitted by using the View Document option to search for journal vouchers you have prepared. UniFi Plus Documents can be left In Process rather than being completed. However you must ensure that the Transaction Date is within an open month UniFi Plus will allow you to use a Self Service Journal Type (JS1 - JS4). If you are using a Self Service Journal Type in UniFi Plus, you must use + and - otherwise all UniFi Plus Journal Types require the use of D and C to identify debits and credits Document text can be added to journal vouchers prepared in UniFi Plus. This feature is available when you are in the journal voucher header by selecting Document Text [FOATEXT] from the Options pull-down menu

If you are correcting or transferring a previous transaction, ensure you include the original document number in the description The Document Total of a journal voucher is equal to the sum of all of

14. Document Query in UniFi Plus (UP)

14. Document Query in UniFi Plus (UP) Overview Goal Intended Audience The goal of this section is to provide UniFi users with the knowledge to query and track the documents and information they require