Managing journals and transfers - Identify transaction and prepare journal
How to manage your department's general ledger and project journals and transfers. How to identify transactions and prepare journals and transfers
- Managing journals and transfers overview
- Identify transaction and prepare journal
- Manage evidence
- Journal approval
- Process controls
Identify transaction and prepare journal
Journals and transfers may arise a result of a number of other processes and may be posted throughout the month or form part of the month-end process.
Please note that in addition to posting the journal, you may need to take action to minimise the need for future journals (e.g. update cost allocations in Core-HR or ensure relevant colleagues are aware a project code has been set up).
Also note that journaling costs to trust funds should be the exception rather than the norm in line with the process for managing trust funds. Any expenditure must be in line with the purposes of the trust, agreed by the Board of Management which is responsible for reviewing expenditure charged to the trust fund.
- The journal description should include a brief purpose of the journal.
- It is generally good practice to keep transaction dates unchanged when posting transactions in the projects module.
- Remember VAT – when transferring a transaction, make sure the relevant VAT charge is also transferred.
- Salary costs – consider identifying the different elements (salary, NI, tax) e.g. through a comment (Research Accounts usually have access to the breakdown, but not when journalled).
- Part items – e.g. splitting an item on an invoice or expense claim. Please include a clear justification for the split. This can cause issues on research funder audits.
- Generic or indirect costs should never be apportioned and journalled to projects.
- Transactions should be journalled individually not grouped into a single batch.
Information on how to prepare a journal is available via the how to guide.