G/L Journal Entry Procedures By: Finance & G/L Systems Department.
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Transcript of G/L Journal Entry Procedures By: Finance & G/L Systems Department.
G/L Journal Entry Procedures
By:
Finance & G/L Systems Department
G/L Journal Entry Procedures
In a fully automated processing environment J/E’s should be rare. An alarm should be raised with each situation in which a J/E is required. The completion of a J/E should generate “Why” and “How” questions.
G/L Journal Entry Procedures
Purpose of J/E’s To reclassify transactions resulting from processing
errors. To overcome system errors / limitations. Processing errors and system errors / limitations are
revealed with J/E’s and should be investigated and corrected if possible.
G/L Journal Entry Procedures
Copy of the J/E template will be available on the G/L website
Journal Entry TemplateDEPARTMENT NAME J OURNAL No.
ACCOUNT
PROJ ECT
I D DEBI T CREDI T
DATE NUMBER ACCOUNT DESCRI PTI ON AMOUNT AMOUNT
Total - -
PREPARED BY: DATE:
APPROVED BY: DATE:
ENTERED BY: DATE:
Description of Entry (REQUIRED):
G/L Journal Entry Procedures
The Preparer creates the J/E and attaches all applicable backup to it. (Required)
Attached backup should clearly outline the purpose of the J/E & include copies of all relevant source documents. (Required)
The J/E is then forwarded to the Supervisor/Director or above for review and approval (Only Finance & Administrative Services division Supervisors/Directors and above can approve J/E’s). (Required)
G/L Journal Entry Procedures
FINANCE & G/L SYSTEMSEXECUTIVE DIRECTOR
MARK CLIFTON
CPCC FOUNDATION FINANCEDIRECTOR
VALERIE FOX
MIS TRAINING & G/L SYSTEMSDIRECTORIAN BRICE
SERVICES CORP ACCOUNTINGFINANCIAL ANALYST
KATHY WHITE
CPCC FOUNDATION FINANCEACCOUNTING SPECIALIST II
ANDY STOLLMACK
G/L REPORTSACCOUNTING SPECIALIST II
PAT BLAKLEYKATRINA GORDON
G/L SYSTEMSSYSTEMS ACCOUNTANT
NORMA HENRY
G/L Journal Entry Procedures
BUDGETS & PAYROLLEXECUTIVE DIRECTOR
ELENA RANDOLPH
PAYROLLDIRECTOR
SUZANNE MULLIGAN
BUDGETSSUPERVISORANNE COOK
CONSTRUCTIONSYSTEMS ACCOUNTANT SR
KEITH BEAM
FINANCIAL SERVICESEXEC SECRETARY
CINDY SEVERT
BUDGETSACCOUNTING SPECIALIST II
LINDSEY OUTEN
PAYROLLPAYROLL SUPERVISOR
ANNETTE HAMILTON
PAYROLLPOSITION BUDGET ANALYST
NANCY KING
PayrollPayroll TechMelissa Long
Melissa Stewart
PayrollPayroll Specialist
Debra GaddyTeresa Summerour
PAYROLLACCOUNTING SPECIALIST
RHONDA ROGERS
BUDGETSACCOUNT SPECIALIST
Cathy Mclendon
BudgetsSystems Accountant
G/L Journal Entry Procedures
All J/E’s are to be approved before they are entered regardless of preparer level. (Required)
After authorization the J/E goes to a designated person with security access to enter J/E’s into Colleague.
G/L Journal Entry Procedures
Generally, only Finance & Administrative Services personnel have access to enter a J/E into Colleague.
At the Colleague J/E input screen the Enterer records their name as the “Author” and then records both the name of the Preparer and the Description of the entry (from the J/E template) into the “Comments” section of the screen.
G/L Journal Entry Procedures
G/L Journal Entry Procedures
G/L Journal Entry Procedures
After the J/E is processed the person entering the J/E must record the J/E number given by Colleague onto the J/E form. (Required)
The original J/E is forwarded to Finance & G/L Systems via Interoffice Mail. (Required)
Originating department should keep a copy. G/L files the J/E in one central location of the Finance
& G/L department for research & auditing purposes.
G/L Journal Entry Procedures
G/L audits compliance with procedures (e.g., J/E approval, description, etc.) and investigates breaks in sequence (missing J/E’s). Results are reported to the Director of MIS Training & G/L Systems and recurring issues are escalated upward when necessary.
J/E’s are posted to the General Ledger in two hour intervals. (No change to current practice.)