Journel Entries

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Division of Grant and Contract Accounting

Notes on preparing Journal Entries

Prepare white original, clip yellow letter size copy to it, and send to the DGCA.

Record the Debit transactions first, then the credit.

If transferring a partial or full purchase order, note P or F in the ‘P/F’ column and the P.O. number in the A/R No. or Order No. column.

Journal entries are cost transfers and in conforming to University policy must explain the following:

Why is the charge being transferred? Why wasn’t it charged there in the first place and why should it be charged there now?
How the charge is related to the project goals?
If the Journal entry is being done more than 120 days after the original charge, why wasn’t the transfer prepared on a timely basis?

Provide reference information – time period, voucher number (VN Number), purchase order number, dates and amounts paid.

Journal entries ALWAYS require the accountant’s approval for each account.