The UVAFinance Clean Up Squad continues to make progress keying financial transactions for UVA schools and units ahead of fiscal year-end (read more about this effort here; read more about four of our squad members on the blog here).
We've noticed as we've been tidying up that some schools and units have been doing their own cleanup (well done!) and we wanted to share a few best practices on correcting transactions.
Let's start with an example: A supplier invoice hits the wrong fund, and someone goes in to correct it, but they do it via a journal, not via accounting adjustment. When someone else does it via accounting adjustment, it's then done twice. That's especially problematic if the transaction is moved to a grant, and then we have double-charged the grant and have a credit sitting on the wrong worktag.
The best practice: If you are pursuing clean-up on your own, make sure you're avoiding the journals except for mass cleanup in the ISDs.
A helpful resource: The accounting and reporting team (thanks Amanda, Sarah, and Jacob!) has prepared a resource that lays out the ideal way to correct transactions. Access it here.
________________________________________________________________
No comments
Post a Comment