General Ledger Frequently Asked Questions

 

TABLE OF CONTENTS

 

 


Deposits


Workflow


GL Transactions

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General Ledger vs. Grants Accounting


Deposits

Can I deposit HSF income through the Integrated System?
No, true clinical income for HSF must be deposited into the HSF bank accounts.

What are the central versus departmental responsibilities for deposits?
Deposit information is posted on Processing Funds website.

Can the name of the donor be included on gifts?
The donor's identity is available to the departments through each school's development office.  Each development office runs extensive reporting from the gift reporting system and can make this information available to the departments. 

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Workflow

My approver rejected one of my journal entries, but I don't see the notification in my workflow notification screen.
This type of notification is considered an FYI notification. All FYI notifications are sent with a "Closed" status. To see all "Open" and "Closed" notifications in your Notification Summary Screen, you should select All from the Status field LOV and click Find. This will allow you to see all of your notifications regardless of the status. Then you should be able to see the rejected journal entry and make the necessary changes.

How does workflow work in General Ledger?
Workflow is an automatic approval routing system in Oracle. Each GL user is assigned a self-approval dollar limit and a direct approver for deposits/transfers over the self approval limit. The approval dollar limits are set at $5K, $250K, $500K, $5M, $25M, and over $25M. Approvers receive notification that there is a transaction to approve. An approver has the option to forward rather than approve the transaction, thereby giving approval authority to the person receiving the forwarded transaction.

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GL Transactions

Why are lines added to some of my posted journals?
This occurs to support U.Va.'s authorized practice of depositing state and local money to local bank accounts. These additional lines are prompted in GL by debit and credit lines that show an Entity value of "UVA Local" in one and "UVA State" in the other. After posting, the system adds lines to a deposit journal entry that keeps track of how much money must be debited or credited to the appropriate state accounts. The "Description" field of such an additional journal line indicates it is an "interfund transfer."

Will journal entries ever fail funds reservation?
No. When you click "Reserve Funds," the system checks for the presence of a budget and tries to determine if the transaction exceeds the budget. There are no budgets loaded in GL at this time. Therefore, you should always see the prompt indicating that your transaction passed funds reservation.

What options do I have for correcting journal entries?
The table below summarizes the methods available for correcting journal entries.

Unposted
Posted
Saved/Not Approved Saved/Approved Reverse the journal
-Make corrections
-Reserve funds
-Approve
-Unapprove
-Unreserve funds
-Make corrections
-Reserve funds
-Approve
-Delete record -Unapprove
-Unreserve funds
-Delete record

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When do I use revenue versus recovery versus expenditure credit?
Revenue - Funds received from an entity that is external to the University. Revenues are recorded via the GL Deposit. Detailed information on processing revenue, by type of funds, can be found in the "Processing Funds" document. The following detailed deposit procedures may be found on the Financial Procedures website.

Recovery - Funds received from an entity that is internal to the University. These transactions are recorded using the Cost Transfer process in GA. Questions about recoveries should be directed to Financial Analysis at djb2k@virginia.edu or 924-4291.

Expenditure Credit - Funds returned to UVA from an external entity, typically due to an overpayment. These transactions require a dual entry into GL and GA, which is accomplished by submitting the payment and the Expenditure Credit Form to the University Cashiers Office. The detailed procedure may be found on the Financial Procedures website.

When do I use GA cost transfers vs. GL journal entries?
Cost Transfers are GA transactions that redistribute expenses or charge a department for an approved service (Policy V.A.1: Revenue Generating Activities).  Cost Transfers are used to redistribute expenses to a different project(P), task(T), award(A), expenditure type(E) or incurred by organization(O).  The expenses should be listed on your Expenditure Detailed report and credit the same PTAEO that was originally debited.

Journal Entries are GL transactions that are usually used to record deposits of cash or redistribute deposits where a correction in the original GL account string is required. These transactions are also subject to review by Accounting Services.

How do I know which object code to use for a GL transfer?
Contact Accounting Services at genacct@virginia.edu .

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General Ledger vs. Grants Accounting

What is the difference between revenue projects (GL) and expenditure projects (GA)? Which types of transactions are limited to each?
Revenue Projects are used in the GL and are set up to receive deposits.

Expenditure Projects are used in GA and are set up to receive all expenditure (Labor and OTPS) charges.

Note: It is common for a single project to be used in GL to accept revenue and be used in GA to accept expenditures. This is referred to as a P-A-P project/award structure. When viewed in GA, all expenditure detail is available. When viewed in GL, all deposit detail and expenditure summary information is available.

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