This procedure covers entering journal transactions for posting to the general ledger. It includes making journal entries from manually prepared journal entries, including automatically reversed entries.
This procedure does not cover the actual preparation of journal entries.
This procedure does not cover the creation of automatic journal entries.
Journals - Creating [NAV3000Z]
A standard journal entry is used to record and summarize routine transactions posted to the general ledger.
A deposit journal entry must include the date the bank records the deposit in the journal header Description field and the Deposit Control Number from the bank deposit receipt in the Description fields of the Debit and Credit lines.
Closed period adjustments are not performed.
The GL Specialist is responsible for
The GL Accounting Manager is responsible for
Director of Accounting Services
GL Accounting Manager
The Director of Accounting Services is responsible for ensuring that this document is necessary, reflects actual practice, and supports University policy.
This activity is performed whenever a GL Specialist with appropriate authority receives a journal entry from another GL user for approval.
This activity assumes that some journal transactions are posted automatically or routinely to the general ledger from Accounts Payable, Accounts Receivable, Inventory, Grants Management, and ISIS. After the general ledger is closed, balance sheet accounts are reconciled and any adjustments for reconciling items are posted.
The Month End Close page shows IS past month end closes.
The ITS Systems Status closing data.
The job title Approver refers to any of the following:
The job title Preparer refers to one of the following:
The journal entry should conform to Generally Accepted Accounting Practices (GAAP) and University financial policy.
It should be complete in both a narrow and broad sense. All appropriate fields should be filled in with proper documentation attached. The journal entry's data should accurately and completely fulfill its purpose.
Verify the following journal elements:
IMPORTANT: Deposit journals REQUIRE specific information in the Description fields of the journal header, debit , and credit lines to insure proper reconciliation with Cash Management. Since the Description fields are not validated by the system users must remember to include the required information.
5. Journals requiring correction should be rejected and returned to the Preparer with clear, concise notes on what is wrong in the journal. Notes may be included in the Comments section of the Approver form.
Refer to Journals - Creating [NAV3000Z]
7. The journal will be held in the system for posting during the evening. A GL Accountant or GL Accounting Manager will review journals waiting to be posted and may or may not take other actions with the journals depending on internally established criteria.
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