Journal Entry Policy
Journal entries are used to transfer or adjust charges and credits posted from one FOAPAL to another.
All journal entries must be submitted electronically. All back-up support for entries should be retained for future reference at the department and should not be sent to the Controller’s Office unless specifically requested. Support for journal entries will be requested from the Controller’s Office as needed but must be kept on file at the department level for at least 5 fiscal years.
Journal entries must be submitted or approved by an authorized individual of the FOAPAL to be charged. The Controller’s Office will consider a form submitted from an authorized signer’s email account as “signed.” If you are debiting another department and crediting your own, you are required to copy an authorized signer in that department when you send in the email attachment to verify authorization of the department receiving the charge.
Generally, properly filled out and submitted journal entries will be posted within 3 business days of submission.
Journal entries should be submitted on a Journal Entry form. The form totals debit and credit entries for you automatically and will be automatically uploaded to Banner which eliminates data entry errors. Please refer to the Journal Entry example and detailed instructions on completing the form.
The Controller’s Office has updated the journal entry form for FY13. Please save the file and start using it when you prepare journal entries going forward. Please note the new journal entry form has many changes, including a change to the “prepared by” section. In order to better ensure accuracy of journal entry preparation, please list the full name (first and last) of all individuals who complete any line of the journal entry form, this could be more than one person. This preparer can and may be different from the authorized signer. The preparer does not need to be an authorized signer, however please remember an authorized signer must be copied on the email sent to Controllers-Journals@wellesley.edu with the attached file. As in the past, a detailed explanation of the purpose of the journal entry is greatly appreciated.
To submit the journal entry, the preparer should send an email (with CC: of the authorized signer if not the authorized signer), with the journal entry attached, to the email Controllers-Journals@wellesley.edu. If you are debiting another department and crediting your own, you are required to copy an authorized signer in that department when you send the email to verify authorization of the department receiving the charge.
A submitted Journal Entry will be returned for the following errors:
- Incorrect or incomplete FOAPAL string - The entire account string or FOAPAL must be submitted for each entry.
- Entry is not in balance – Debit entries must equal credit entries. Prior to submittal, it is recommended that you check the bottom of the Journal entry form to verify that the entry is in balance.
- Journal entries will be returned to the originator for correction of errors. When errors have been corrected, the entire corrected journal entry must be resubmitted for posting.
Here are some common errors and tips:
- All journal entries must be submitted electronically.
- Double check to see if you attached the file when sending the email and the authorized signer is CC: on the email.
- Please check to verify your entry is in balance – Debit entries must equal credit entries. Prior to submittal, it is recommended that you check the bottom of the Journal entry form to verify that the entry is in balance. (If YELLOW in row 38 then double check dollar amounts and Debits & Credits)
- With the migration from First Class to Gmail, the Controller’s Office requests you utilize a naming convention for Journal Entries in the subject field (in email) of each entry that includes the fiscal year, the date sent and a unique description. This will ensure appropriate tracking of all Journal Entries. Please see the examples below:
Subject: FY13 Controller Subject Example Entry 9/22/12
Subject: FY13 9/22/12 Controller Subject Example Entry #2
- When DEBITING 81XXX or 83XXXX, please have the student bursar send the journal entry as this is a debit to a SOFC FOAPAL number. (The journal entry must come from the student bursar directly to Controllers-Journals@wellesley.edu)
- Account Coding Errors - Please make sure to fill out the entire FOAPAL code. An easy way to find the FOAPAL for a transaction is to access the Banner Form FWIBDST. If you input the org code, Banner will automatically fill in corresponding fund and program codes. Double click on a code field for a full listing of codes (No XXXX in account code)
- Spaces in-between entries – It is not necessary to separate transactions on the same form. One form can be used for multiple entries. Please begin the first entry at row 9 of the journal entry form. (Do Not Skip Lines)
- Always put a description (up to 35 Characters) (In all lines of data)
- Program Code 000 – It is necessary to type an apostrophe (‘) before the three zeros when using Program Code 000.
- Date - Do not use period(.) in date, use - or / in date
- Capital D or C for debit or credit
- Put in an explanation of the journal entry at the bottom.
- Unrecognizable symbols in description field - Please limit the description field to alpha-numeric characters.
- No Date – If no date is entered, the Controller’s Office will use the date the entry is posted to the system.