general ledger - Emory Finance

Types of Journal Entries Processed in CompassThis topic provides a basic overview of the types of journal entries that can be processed in CompassFinancials. For complete instructions on processing online journal entries, refer to Entering an OnlineJournal Entry.The chart below lists each type of journal entry. These entries represent an “actual” transfer, not abudget transfer, meaning that an actual transaction or dollars are being transferred from oneChartField set (SmartKey) and account to another ChartField set (SmartKey) and account.Expense andRevenueTransfersFundsTransfersWhen to process:When an original transaction has posted to the general ledger, and now thattransaction needs to be transferred to a different ChartField set (SmartKey).Examples:Hightower reimbursements, Woodruff Research/Travel reimbursements,transactions charged to a SmartKey in error.Support Documentation Required:Transaction detail showing the original transaction posted to the general ledger.You can attach a print screen of an Inquiry screen or a transaction screen.Note:Personnel costs cannot be transferred in this way. They must be transferred viaretroactive salary transfers.Accounts to Debit and Credit:Expense TransferRevenue TransferWhen to process:Account to Debit (+)Enter the amount as a positivenumber5xxxxx6xxxxx7xxxxx8xxxxxDebit to Increase Expense4xxxxxDebit to Decrease RevenueAccount to Credit (-)Enter the amount as a negativenumber5xxxxx6xxxxx7xxxxx8xxxxxCredit to Decrease Expense4xxxxxCredit to Increase RevenueWhen “funds” need to be transferred from one ChartField set (SmartKey) toanother ChartField set (SmartKey). Funds transfers are not required to bespecifically connected to an original transaction; it is essentially the movement ofcash from one project or department to another.Examples:Co-sponsorships between operating units, Commitments for faculty research,General Ledger: 01/19/10Emory Confidential and Proprietary Information