Creating Transfer Journals
Transfer Journals (TFR) are a type of Actuals Journal that move amounts from one chart string to another within the University Chart of Accounts, as defined by university policy. They enable movement of live funds between major units of the University and between select fund types. Transfer Journals should not be confused with Budget Journals. They do not adjust the budget; but like all actuals they do affect budget balance.
- Navigate to the NU Actuals Journals
- Select the Transfer Journal from the list of actuals journals
- Complete a Transfer Journal as follows:
- Anticipate next steps after completing the journal.
- From the NUPortal, click Financials > Accounting.
- From NUFinancials, click Main Menu > NU Actuals Journals > Create Journal Entry.
Consider this scenario. Professor Smith is conducting theatre research with graduate students from the Theatre and Drama PhD program. To support the research effort, the School of Communication Deans office uses a transfer journal to move $1000.00 from a gift to a designated project managed by Professor Smith.
You may click Create Journal instead of Create Journal Via Wizard if you would like to limit data entry to one page.
- Select Internal Sales Journal.
- Click Create Journal via Wizard.
Result: the journal appears in a new window (below).
The purpose of Step 1 is to select the Journal Date.
The Journal Date determines the accounting period in which the journal will post. The default is todays date and the current period. You may back-date the journal only if the prior period is still open. This may be the case during the first few days of each month. For example, in early September, you may change the Journal Date to August 30th. Do so only if the journal truly belongs in the prior months financial activity. You may future-date the journal to fall within an accounting period that is not yet open and extend the time to gather approvals. If you do, the journal will not post until the period opens.
You may click Close to exit and close the journal without saving it in the system.
- Enter the Journal Date.
- Click Next.
The purpose of Step 2 is to enter the reason for the transfer.
You may click Previous to return to Step 1 and change the Journal Date.
- Enter a reason for the journal.
- Click Next.
Result: Step 3 appears (below).
It is a best practice to enter the giving chart string and information on Line 1.
- Enter the chart string that is giving the amount (and incurring the expense).
- Enter the transfer account for the expense.
- Enter the increase in expenses with a positive sign (debit).
- Note: You are following Rule 5 To increase expenses, enter a positive amount (debit).
It is a best practice to enter the recipient on Line 2.
To delete a journal line, click the Select box corresponding to th eline, then click Delete Selected Lines.
- Click Insert Line. Result: Line 2 appears.
- Enter the recipients base chart string.
- Enter a transfer account code for revenue.
- Enter the increase in revenue with a negative sign (credit).
- Note: You are following Rule 5 To increase revenue, enter a negative amount (credit).
- Debit/Expense. Journal line 1 has a debit of $1000. It increases expenses in the chart string that will be charged that amount.
- Credit/Revenue. Journal line 2 has a credit of - $1000. It increases revenues in the chart string that receives the amount.
You may attach scanned electronic documents, if required from Approvers, for the transaction.
- Click Attach. Result: The File Attachment dialog appears.
- Click Browse. Result: A browser appears that enables you to locate the scanned file on your computer.
- Browse to and select the scanned file.
- Click Open > Upload. Result: The document is attached and the file name appears (as shown above).
- You may click View to see the document in a new window and verify.
- Click Next. Result: NUFinancials performs two validations and displays the results (next page).
- A 10-digit Journal ID appears after the journal is saved.
- NUFinancials confirms that the chart string has a budget. If so, Budget Status is valid. If not, Budget Status is invalid.
- NUFinancials evaluates the journal and the chart string itself. If the journal is valid and the chart string properly formed, Journals Status is Valid. If not, Journal Status is Error.
- Refer to Troubleshooting for Actuals Journals for help with Error statuses.
- Click Submit to Workflow. Result: a confirmation appears (shown next page), and the journal appears in the approval inbox(es) of the approver(s) associated with every chart string on the journal.
A message appears confirming that the journal was submitted to workflow.
- Click Close to close the new window that opened when you started the journal. OR
- Click Search Page to lookup the journal with your NetID.
Start on the NUPortal or in NUFinancials by selecting the journal type.
- Step 1: Check the journal date
- Step 2: Specify the reason
- Step 3: Enter the giving chart string and amount
- Step 4: Enter the receiving chart string and amount
- Step 5: Attach supporting documentation, if applicable
- Step 6: Validate the journal
- Step 7: Submit the journal to workflow
- Approvers must make a decision about the journal.
- Approvers for both giver and receiver see the journal and can make a decision about it.
- You may find and view your journal using the Actuals Journal Search.
- Monitor the workflow for progress or feedback.
- Journals must be approved and posted before the accounting period closes, otherwise Accounting Services deletes them.
- If you find yourself without approvals and facing deletion at the end of a period, you may Copy the journal to avoid recreating the journal from scratch. Give the new journal a date in the next period.
- Refer to Financial Operations for policy guidance and the monthly closing calendar.
- Contact ASRSP for the transfer of grant funds, which are not allowed in the Actuals Portals