Reallocation of Funds and Expenses
Internal payments are payments or transactions made within or in between UBC departments.
Journal Voucher (JV) is used to record internal transactions within or in between UBC departments. Faculty and staff with financial responsibilities can use a JV for the following:
- record ad-hoc transactions between departments in the General Ledger. These include the purchase, or sale, of goods to another UBC department.
- record financial transactions that are not processed through another FMS-subsystem, such as Accounts Payable or Payroll (HRMS)
- correct errors, i.e.: vendor payment charged to the wrong department.
Journal Vouchers are also used by all UBC Departments (including Payables) to correct errors, such as Vendor payments charged to the wrong UBC Department.
How to complete a journal transaction:
- obtain a JV number by accessing the Journal Voucher Number Generator
- complete a Journal Voucher manually and send it to Accounts Payable for processing.
- create a Spreadsheet Journal (an EXCEL spreadsheet file – in a pre-defined format – with 25 accounting lines or more) and send it to Data Management for uploading into the General Ledger.
The Journal Voucher Policy and Procedure is to ensure all Journal Vouchers are processed accurately in a timely and efficient manner. Departments should be in full compliance of the Policy for accuracy, proper authorization, and providing appropriate supporting documentation.