The following five (5) account numbers have been renamed and designated for use only by the University Library.
||Books (Library only)
||Book Binding (Library only)
||Serials (Library only)
||Periodicals (Library only)
||Subscriptions (Library only)
Effective immediately, all campus departments other than library should use one of the following two new accounts for books and subscriptions:
A new account number, 619800 (Furniture/Fixture), has been created and is available in FTS. This new account replaces account 660802 (Equipment Costing < 5000), which will be retired at the end of the 2016/17 fiscal year.
The following equipment accounts have been renamed for clarification:
||Equipment Costing < 5000
||Equipment – Non Instructional
||Equipment – Instructional
Account 660802 is no longer available in FTS for use in requisitions, direct payments, employee/student reimbursements and expense transfers. It will remain available for use in Budget Transfers to facilitate appropriate reclassification of budget through May. To reclassify expenses, please contact Finance Support at email@example.com for assistance.
Open Purchase Orders
Open purchase orders with encumbrance balances under account 660802 must be spent down by April 1, 2017. If you anticipate the encumbrance to remain beyond April, a change order request must be submitted to Contracts & Purchasing Services. Remaining encumbrances in 660802 at year-end will not carry-forward to the next fiscal year.
Finance has implemented new requirements for all journal upload requests submitted to Accounting Services.
While most expense transfers are completed through Financial Transactions Services (FTS), there are circumstances when a journal upload request is the correct option for processing a transfer, such as:
- Revenue corrections
- A large number of adjustments, where a journal upload would be more efficient than utilizing FTS
- Cost Recovery transactions
Please continue to send journal requests to your current Accounting Services contact person. Feel free to contact Kim Napoli at firstname.lastname@example.org. If you need to verify the correct contact person for your needs. When submitting a journal upload request to Accounting Services, requesting departments should now include the following support documentation listed below:
- An in-depth description of the request, providing justification for the transaction;
- Documentation identifying where the expense/revenue is currently recorded (typically obtained by drilling down into actuals in a Data Warehouse organization report) and;
- Documentation identifying balance of the expense/revenue account after a journal upload (what is the intended end result)
Accounting Services will complete an in-depth review of all journal upload requests, verifying the transfer is appropriate and allowable.
The Journal Upload Template is available on the Finance website. As a reminder it is crucial that campus departments submit journal upload requests following the format as outlined in the template. Not adhering to the specified format requires additional review and causes a delay in processing time.
We are in the process of creating detailed campus expense/revenue transfer guidelines and will share via FinanceConnect once available.