Accounting Corrections (JV's)

Contents

• Overview
• General Fund
• ASB Fund
• Criteria

Overview

Corrections to both revenue and expenditure accounting transactions are accomplished through Journal Vouchers (JV’s). JV’s do not affect budget amounts or encumbrances, but they do increase or decrease revenue and expenditure transactions that have already been processed and are visible on Expenditure or Revenue Detail and Transaction Recap reports.

General Fund

To accomplish an accounting correction in the General Fund, submit a completed Form B-164 (see "Sample Forms" section of the manual) to the Business Services Office.

ASB Fund

To accomplish an accounting correction in the ASB Fund, submit a completed Form B-182 (see "Sample Forms" section of the manual) to the Business Services Office. Please refer to the ASB Accounting Manual for additional instructions on ASB accounting procedures.

Criteria

Your JV must meet the following criteria:

1. The sum total of increases must exactly match the sum total of decreases.
2. You must have the accounting responsibility and authority for the account codes included on the form, or, if you are correcting an erroneous charge to one of your accounts, the Accounting Coordinator will help identify the correct code to be charged.
3. After the correction is processed, the accounting must still be appropriate (for example, if funds are restricted for a special purpose, the accounting correction must fit within that purpose)
4. Account codes to be affected must be identified completely and accurately — the full account code to be increased or decreased must match the full account code which was originally included in the accounting transaction or which will receive the new amount.
5. A full explanation and supporting documentation must be included.