FIACCT 02-05_00 General accounting- Journal vouchers

Effective: March 16, 1998
Revised: September 1, 2006
Reviewed: 

Purpose

The Journal Voucher (JV) Document records accounting events that cannot be recorded using any other financial system document. If the debit and/or credit totals for any fund are out of balance, offsetting entries will automatically be generated by the system. The offsetting balance sheet accounts will be inferred from the Due to Fund or Due from Fund on the System Special Accounts (SPEC) Table.

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Background

Journal Vouchers are specific transactions used to make certain types of entries in FINET. For most other transaction types the system determines the offsetting debit or credit entries. For Journal Vouchers, users must provide all accounting information for both the debit and credit side of each transaction.

Journal Vouchers can be set up to automatically reverse on a designated date. Also, FINET generates Journal Voucher entries monthly, bi-monthly, or quarterly if the information is entered on the Recurring Journal Voucher (REJV) Table.

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Policy

A. Complete a Journal Voucher form for each transaction. The authorized departmental agent signs and submits the Journal Voucher form to the Division of Finance for data entry.

B. The Division of Finance reviews, approves, and enters the Journal Voucher transaction into FINET.

C. Departments may establish recurring Journal Vouchers within the parameters allowed by FINET by requesting that the Division of Finance set them up on the REJV Table. See the Recurring Journal Voucher Table policy in this section of the manual.

D. The Division of Finance generates recurring Journal Voucher transactions in the nightly cycle for all entries entered on the Recurring Journal Voucher Table.

E. Make most adjustments to accepted transactions by using the same transaction type. See the Transaction Processing – Modifying Accepted Transactions policy in the FINET OVERVIEW section of this manual for more information on modifying transactions.

F. Use Journal Vouchers to enter accounting events that can not be recorded on any other transaction type. Six situations that generally require a Journal Voucher are listed below:
1. To reclassify accounting distributions on posted transactions that cannot be processed with an Inter-Agency Transaction
2. To expense recorded assets (i.e. depreciation, inventory, prepaid items, etc.)
3. To Make accounting entries for standard accruals and reversals
4. To recognize deferred revenue
5. To record cash disbursements through electronic fund transfers
6. To record the cash sweep process (by the Treasurer)

G. Use an Inter-Agency transaction to make adjustments to posted payment vouchers and to reclassify accounting distributions that can not be made on the original transaction type. See the Inter-Agency Transaction policy in the REVENUE section of this manual for information on entering an Inter-Agency Transaction.

H. Journal Vouchers do not reference and clear previously entered requisition, purchase order, payment voucher, and invoice transactions, although Journal Vouchers do update the appropriate ledgers and tables. Do not code Journal Voucher entries to the following balance sheet account codes as identified on the Systems Special Accounts (SPEC) Table:

1. The system-wide default pre-encumbrance code used for requisitions – 7850
2. The system-wide default encumbrance code used for purchase orders – 7800
3. The system-wide default vouchers payable code used for payments – 5100
4. The system-wide default billed receivable code used for invoices – 1000

I. The total debit amount and the credit amount entered for each fund on each Journal Voucher must be equal. No line may have both a debit and credit amount. Enter debit and credit amounts on separate lines.