Quick Links

Below please find some of our Quick Links - fast definitions of some of our most common transactions

Budget Adjustment

Definition: An accounting transaction used to establish or modify an existing budget.
Purpose: To establish "spending power" in a FOP or transfer the "spending power" from one FOP to another.
More information can be found in the Journal Entry/Budget Adjustment packet

 

 

 

 

Journal Entry

Definition: A procedure for transferring revenue or expenditures between FOAP(AL) elements
Purpose: They are used as:
  • Journal Entries (JEs) to make corrections/adjustments to FOAP(AL) elements
  • Interdepartmental Charges for the sale of goods or services from one department to another

When JEs Should Be Used:

  • A JE should be done whenever a correction/adjustment is required on your FOAP(AL)
    E.g. an  expenditure was coded to the wrong Account code or a Revenue or Expense was coded to an incorrect Fund.

JE Types:

  • Intra-Fund: Entries that transfer an expense or revenue within the same Fund. Process uses Journal Type JE15 in Aurora.
  • Inter-Fund: Entries that transfer an expense or revenue from one Fund to a different Fund. Process uses Journal Type JE16 in Aurora

 When Interdepartmental Charges (ID Charges) Should Be Used:

  • Whenever you need to charge another unit within the University for goods or services that is credited to your unit.
  • Only used for internal revenue. it is not possible to use an ID charge for external sales and service revenue.
More information can be found in the Journal Entry/Budget Adjustment packet

 

 

 

 

 

 

 

 

 

 

 

 

Cheques

Financial Services issues cheques in both Canadian and US Dollars.