Lunch & Learn

From Financial Accounting and

Reporting

Topic: Journal Entries

Why are we having this session

Most common questions we review:What kinds of Journals do we have.

How are they processedGeneral Journal Entries

Journal Entries (Cont’)General Journals TypesCommon MistakesWere do I go for help

Chartfields and Trees

T codeAccounts (Use CC_ACCOUNTS Tree)

ProgFin (for Assets, Liabilities and Revenue is always 000)

Project Chartfields

Chartfields and Trees Cont.Project Chartfields

Project CF is a GL Chartfield

PC Business UnitActivity (Project specific)Source (Resource Type)Category and Sub CategoryAnalysis Type. (GLE, GLR, CGE, CGR)

Basic Accounting Terms

AssetLiabilityNet AssetRevenueExpense Commitment ControlGeneral Ledger

Kinds of Journals

From Sub Systems;AR/BI Account Receivable and BillingBillingPaymentsMisc Payment ARDJ

AMInventory CapitalDepreciation

Contracts ManagementCM Un billed and Deferred RevenueCMGM F&A for Grants

Kinds of Journals Cont’

AP Accounts Payable Voucher AccrualVoucher PaymentPCARD AccrualPCARD Payments

Commitment Accounting CAPayroll PAY (AKA:PR)

Manual Journal Entries

Descriptions

Because they said so!Bob said to do it!I always did it this way!Orig kept in my dept.Dog ate it!

OR

Say what and why you are doing the JE

Manual Journal EntriesACCOUNT DESCRIPTION ACTION TCODE AMOUNT SIGN

4XXXXXX Revenue Increase Revenue

410 -

4XXXXXX Revenue Decrease Revenue

411 +

7XXXXXX Expense Decrease Expense

412 -

7XXXXX Expense Increase Expense

413 +

Helpful Hints If an Account number begins with a 1, 2, or 3 (a balance sheet

account) the Tcode is either B410 (for a credit “-“) or B411 (for a debit “+”).

If an Account number begins with a 4 or 5 (a revenue account) the Tcode is either 410 (for a credit “-“) or 411 (for a debit “+”). Also, revenue accounts MUST have a Prog FIN of “000.”

If an Account number begins with a 6, 7, or 8 (an expense account) the Tcode is either 412 (for a credit “-“) or 413 (for a debit “+”) Also, expense accounts CANNOT have a Prog FIN of “000.”

While any fund can have a project, if the fund is either 1113 or 1253, then there MUST be Project information included (Proj Business Unit, Project, Activity ID, Resource Type, and Analysis Type). For General Ledger accounts, Analysis Types are “GLE” for EXPENSE accounts and “GLR” for REVENUE and BALANCE SHEET accounts. Cost share accounts will use CGE or CGR as directed by Grant Accounting.

If the fund on an EXPENSE account is 1112 the Prog FIN MUST be “081”. NOTE: for a REVENUE account, refer to second point above.

Common Mistakes

Missing informationMissing original signaturesIncorrect information

• Mismatched Tcode and sign• Wrong Prog Fin• Wrong Fund• Wrong Project Chartstring• Debits and Credits not equal

Corrections, Allocations & TransfersAllocations are only done on actual expenses when PO system will not allow you to because of Security. (Reference Voucher and JE)

Correction are done on actual expenses. Reference JE’s

Corrections, Allocations & Transfers cont’Transfers-

To move revenue to and from a Dept and a Project outside the Budget and Sponsored funds. State Supported Funds are done by Budget Amendment.

Transfers can not be made in or out of Grants or Contracts.

Money Received for ExpensesIf the funds are for overpayments from the vendor. = Recovery

Funds from a source other than the Vendor = revenue/transfer

I can’t remember how!

Low volume users. (Share)Retraining!!!!!! Go again and again. (Tell yourself the course is better now.)

I have done it so many times, I could teach it! (ok please do)

HTTP:\\umbc.edu\peoplesoft

Help Resources

PeopleSoft UMBC WebsitePeer MentorsDivisional CoordinatorsFinancial ServicesPS-SupportChartfield support see CC_Trees

Knowledgebase

PeopleSoft End-Users Manual(KnowledgeBase)

PeopleSoft Training Plan(KnowledgeBase)

Questions!From you and for you!