Journal entries are entries you create in the general ledger (using PeopleSoft) to move existing (actual) financial transaction(s) from one or several chartstring combination(s) to another or several chartstring combinations.
The general ledger (GL) is the central repository for transactions from the University’s financial applications (Asset Management, Account Payable, Grants A/R, Grants Billing, Bookstore, CASHNet, Dining Services, ECM Billing, Endowment System, FAMIS, FAMIS Capital Projects, Grants Management, Materials Distribution, Mailroom, Project Costing, Parking, Payroll, Printing Services, Student Financials, RCM, Telecom, etc.).
Typically, journal entries are created to:
- Correct or adjust prior journal entries
- Move expenses or revenues from one source to another
- Account for the internal sale and purchase of goods or services
- Transfer funds
To create a journal:
- Enter the journal online using the Journal Entry link in the Financial Services pagelet on MySlice.
- Once you have edit processed your journal and it is in valid-valid status, notify the authorized contact person(s) using the journal notification process.
- Once all parties have approved the journal, General Accounting will post the journal to the ledger.
- The transaction will then appear in all FAB reports in My Reports.
- Month end note: If a journal entered during the month has not been approved before month end, the journal will be deleted by General Accounting.
Due to upgrades to the PeopleSoft Financial System, effective April 6, 2019, new messages will be displayed when editing or posting a journal entry:
- Currently, when editing a journal the user receives a message noting the journal id and the user clicks “OK” to proceed.
- In addition, effective April 6, 2019, a NEW popup will appear asking the user if they would like to wait for the edit process to complete. The user should click “Yes”, and the Journal Status and Budget Status will update as usual. Please note that there may be a momentary lapse before you will see the updated status, but it will appear without refreshing the page.
- Currently, when posting a journal the user receives a message asking if they are sure they want to post the journal and the user clicks “OK” to proceed.
- In addition, effective April 6, 2019, a NEW popup will appear asking the user if they would like to wait for the posting process to complete. The user should click “Yes”, and the Journal Status will update as usual. Please note that there may be a momentary lapse before you will see the updated status, but it will appear without refreshing the page.
If you have any questions regarding these messages, please contact General Accounting at (315) 443-2522.