FINANCE TRANSACTION CORRECTION
Corrections to non-payroll transactions posted to Banner Finance
in error must be requested on a Finance
Transaction Correction Form to ensure adequate documentation and prompt
correction of the error. Corrections to payroll transactions should be made
on a Labor Expense Redistribution
form.
Standardized forms are provided to fund administrators to deposit
funds, request disbursements, and record interdepartmental transactions. Copies
of all forms submitted for processing should be retained by fund administrators.
Reference numbers are provided for all documents to assist in the identification
and tracking of transactions.
It is the fund administrator's responsibility to monitor his/her funds to ensure
that all transactions posted to the funds are accurate and appropriate. Banner
Finance Inquiry Screens and the monthly Statement
of Account (Report FGR101) are available to facilitate this verification
process.
Transaction corrections must be submitted to the Medical Center Finance Office
or Financial Services within sixty (60) days of the original transaction date
or sooner, as required by fiscal year end.
Submitted transaction corrections must be supported by a copy of the monthly
Report of Transactions or the Banner
Finance Inquiry Screen that contains the error.
Transaction corrections may only be submitted for postings of actual revenues
or expenses and may not be used to correct an encumbrance within
a fund.
Procedures
Department: Enter
the name of the department submitting the correction request.
Date: Enter the date the Finance Transaction
Correction Form is completed.
Fund: Enter the six-digit fund number of each
line for the transaction. NOTE: Each transaction will have two lines, one for
the fund charged (debit), and one for the fund credited (credit).
Account: Enter the six-digit account code for
each line of the transaction.
Activity Code: Enter the six-digit activity code
for each line for the transaction, if applicable. NOTE: This field is optional.
Description: Enter the description of the transaction
that appears on the Banner Finance document list or in the monthly reports generated
by Banner Finance.
Transaction Date: Enter the date that matches
the above noted description for the transaction. (MMDDYY format).
Transaction Reference: Enter the eight-digit
document code as shown on the Banner Finance document list or in the monthly
reports generated by Banner Finance.
Debit Amount: Enter the dollar amount of the
fund/account to be charged by the transaction correction. NOTE: Total debits
must equal total credits.
Credit Amount: Enter the dollar amount of the
fund/account to be corrected by the transaction correction. NOTE: Total debits
must equal total credits.
Reason for Transaction Correction: A justification
for the transaction correction must be stated. Examples of acceptable justifications
include: correction of data entry errors and reallocation of expenses to reflect
actual usage. Transaction corrections not appropriately justified will be returned
to the originating department. A transaction correction to utilize unexpended
grant budget funds is not an acceptable justification.
Approvals: Obtain required approvals according
to University and departmental policies and forward to Financial Services or
the Medical Center Finance Office for review and approval. Upon approval, Finance
Transaction Correction Requests will be forwarded to Accounting for processing.
Page content owned by: Financial Services
Revised: Monday, 26 Mar 2007Return to IndexPrinter Friendly Format
