Do you process journal vouchers (JVs)? If so, see below for important guidelines to follow:
- Provide a detailed explanation of the entry in both the FOATEXT and Description line of the JV. This helps provide a clear audit trail explaining the reason for the entry.
- The FOATEXT must be completed and should contain:
- A transparent explanation of the entry, along with any other relevant information (such as Banner document numbers, dates, etc.) to ensure that another person (such as an auditor) could understand the purpose of the entry after reading it.
- The contact information of the person who processed the JV (e.g., processor name, unit name, 10-digit phone number and email address).
- The Description line of each JV sequence must be completed and should make it clear to the reader what accounting entry is being recorded by the debit or credit within that JV sequence.
- For example, if a JV is recording an internal sales transaction from one unit to another, then the credit side of the transaction should describe the type of sales revenue being earned by the seller while the debit side of the transaction should explain the type of goods or services being purchased by the buyer.
Contact
If you have further questions, feel free to reach out to UAFR at (217) 333-4568 or via the Business and Finance Who to Ask list.
