Feb 21, 2024  
DMACC Policies and Procedures 
    
DMACC Policies and Procedures
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BS5715 - Transfer of receipts or disbursements between accounts or indexes


Procedure

Section: BUSINESS SERVICES PROCEDURES

SubSection: BUSINESS OFFICE

Master List Section: Business Service

  1. Institutional Regulations

    Receipts or disbursements that have been recorded in the wrong account or index may be corrected by journal entry.
     
  2. Procedure
    1. A journal entry shall be utilized to record a transaction that does not involve a cash receipt or a cash disbursement.
    2. A journal entry is only used for the transfer of amounts between accounts or indexes and is not used for adjustments to budgeted amounts.
    3. To correct a transaction or to transfer amounts between accounts or indexes, a “Request for Transfer of Charges or Receipts” is used.
    4. Completion of a “Request for Transfer of Charges or Receipts”:
      1. The total amount being debited must equal the amount being credited, although a transfer might involve one debit and several credits or any combination thereof.
      2. If a cash payment is being moved from one account or index to another, the account or index to where the payment is being moved is debited and the account or index from where the payment is being moved is credited.
      3. If a cash receipt is being moved from one account or index to another, the account or index to where the receipt is being moved is credited and the account or index from where the receipt is being moved is credited.
      4. A detailed explanation must be shown on the form and supporting documentation attached.
      5. In order to have the journal entry recorded in the current business month, the Request must be received by the Business Office at least seven (7) working days prior to the end of the month.
    5. Approvals Needed:
      1. The department or program budget manager must approve the transaction.
      2. If more than one department or program is involved, both budget managers must approve the transaction.
    6. The Business Office, at its discretion, may make such journal entries to correct transactions that are recorded improperly and shall provide the affected departments with copies of the journal entry.


Adopted: July 1, 2000



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