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Journal Entry On Grants/Contracts

A journal entry is used to either record an initial charge or to record a cost transfer. Care should be taken in the distribution of expenditures so that costs are charged initially to the correct project. Text or notes field should contain sufficient information to allow for a proper audit trail of the transaction. Written approval from individuals with signature authority must be evidenced in a memo, on a request form, or via electronic means. The originator of the journal entry must attest to the following – the allocation is being processed in accordance with policy, the cost is an appropriate charge to the project sharing the expense, the project actually benefited from the cost of the goods and services, and the transaction is documented according to policy. Ensure correct General Ledger account is being used when preparing journal entry. Paper documentation must be maintained according to the University’s record retention policy by the Department. It is also imperative that the Department implement internal procedures that allow for paper documentation to be readily accessible in the event the transaction is required during an audit.