Transfers

Reasons to Move Revenues or Expenses

• Correcting a G/L account;
• Correcting a cost object;
• You want to transfer funds to support the activity on another cost object;
• Some of your costs should be shared with another cost object;
• Some of your revenues should be shared with another cost object.

Correcting Errors

Note: These instructions assume the original transaction was a debit. If it was a credit, do the opposite of what is specified below.

Wrong G/L account: Credit the original cost object and G/L account; debit the correct G/L account on the same cost object.

Wrong cost object: Using the original G/L account, credit the wrong cost object and debit the correct one.

Correcting Errors on WBS

When correcting errors on sponsored WBS elements, special rules apply. Detailed explanations must be provided, and if corrections are not made promptly, additional documentation must be provided to the Sponsored Projects Accounting area, which reviews all WBS postings.

Moving Funds

• Use a Transfer In/Transfer Out G/L account pair to move funds;
• Transfers are allowed among all cost object types (with special rules for WBS);
• Budget Office approval is required for transfers to or from cost centers;
• Provost Office approval is required for transfers between principal (Pool A) and expendable funds.

Transfer G/L Pairs