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G/L Journal Entry Procedures

G/L Journal Entry Procedures. By: Finance & G/L Systems Department. G/L Journal Entry Procedures.

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G/L Journal Entry Procedures

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  1. G/L Journal Entry Procedures By: Finance & G/L Systems Department

  2. 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.

  3. 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.

  4. G/L Journal Entry Procedures • Copy of the J/E template will be available on the G/L website

  5. Journal Entry Template

  6. 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)

  7. G/L Journal Entry Procedures

  8. G/L Journal Entry Procedures

  9. 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.

  10. 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.

  11. G/L Journal Entry Procedures

  12. G/L Journal Entry Procedures

  13. 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.

  14. 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.)

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