Do you process or review journal vouchers (JVs) or other internal transactions (such as feeders)? If so, keep in mind that anyone who processes or reviews these types of transactions needs to be properly trained. To obtain this training, we recommend completing the Journal Voucher Processing Certification track.
In addition, see below for a few tips and good business practices to follow when completing and/or reviewing JVs or other internal transactions. Refer to Section 13.3 Journal Vouchers and Other Internal Transactions within the Business and Financial Policies and Procedures for further details:
- Record your JV or feeder in the correct fiscal year and accounting period
- Process a separate JV or feeder for each unique accounting transaction
- Correct erroneous transactions by: (1) processing a JV or feeder to reverse the erroneous transaction, and (2) processing another JV or feeder to post the transaction correctly
- Provide clear documentation which clearly explains the purpose of the transaction in both the Description line and the FOATEXT of your entry
Contact
If you have further questions, feel free to reach out to UAFR at (217) 333-4568 or refer to our Who to Ask list.