Non-Salary Journal Entry Training

Transcription

1 Non-Salary Journal Entry Training 1

2 Purpose of this Video To understand what a Journal Entry (JE) is and how to accurately submit a journal entry

3 Summary of Required Skills Cayenta: Access Ability to run reports Understanding account code structure Additional Resources: Financial Services Manual (FSM) Training videos on Budget Office website

4 What is a Non-Salary Journal Entry? A Journal Entry can be submitted to move expenses that have been charged to an incorrect account

5 How is a Journal Entry different from a Budget Transfer? A JE moves an expense from one account to another that has already occurred in Cayenta VS. A BT moves budgeted dollars from one account to another prior to an expense being incurred

6 When do you do a Non-Salary JE? Journal Entries are submitted when an expense was charged to an incorrect account or when an account has been over spent Examples: Textbooks were purchased using general funds and should have been charged to the Mill Levy

7 How to prepare for a JE Determine if a journal entry needs to occur Consult with your principal and/or financial partner Determine the specific expense to be moved in the account that has been incorrectly charged Found in the detailed lines items of Cayenta (DAC Inquiry) or run a Cayenta Trial Balance Report Determine account number you are moving the expense to Ensure the accounts you are moving the expenses to are set up in Cayenta Cayenta will show the accounts as active If the account is not active, please contact your Financial Partner Please use the excel journal entry form found on the Budget Office Website

8 Journal Entry Form The description field cannot exceed 30 characters (noted with green arrow) The number listed below the account descriptors is the number of digits required for that field (noted with red arrow)

9 Example Journal Entry Non - Salary Sample Elementary charged non-capital equipment expense to the incorrect account

10 Non - Salary JE: Things to Consider You CANNOT do a JE if there are certain restrictions surrounding the expense ie: Kinder/ECE supply expenses cannot be moved to Mill Levy Textbooks ie: Federal Funds (Title I & Title II) Only actual expenses that have been posted to Cayenta can be moved Committed funds cannot be moved The total amount of debits & credits must total ZERO The JE will not be processed if backup documentation is not provided As specified in the JE instructions document

11 Submitting the JE for Processing Submit JE s electronically via to Accounting, General Ledger In the body of the please supply the purpose of the JE Hard copies will no longer be accepted A JE will not be accepted without the following components: 1. An Excel version of the JE 2. PDF scanned copies of the backup documentation 3. Approval of JE (Principal/Department Head)

12 Final Steps: At this point, General Accounting will be reviewing/processing the JE Check your Remaining Balance Reports or in Cayenta to ensure that the JE was processed Once you have verified that the JE has been processed, please update your corresponding ledger to reflect the movement of the expense

13 Summary: Key Takeaways Assess if a Journal Entry is required (or appropriate) Prepare for the Journal Entry Complete Journal Entry on Excel form and provide correct backup documentation Submit Journal Entry and approval for processing via Review Remaining Balance Report and/or Cayenta to follow up on Journal Entry

14 Quiz Time! 14

15 Quiz Question 1: A Cayenta screen shot is adequate back-up documentation for a non-salary Journal Entry. A. True B. False 15

16 Quiz Question 2: Once the Journal Entry form is complete it should be submitted to the Budget Office for processing. A. True B. False 16

17 Quiz Question 3: A Journal Entry will be accepted with or without Principal/Department Head approval. A. True B. False 17

18 18