Did you know that UAFR recently updated Section 13.3 – Journal Vouchers within the Business and Financial Policies and Procedures? Updates were made to streamline the policy and to improve readability, as well as to further clarify good business practices to follow when processing journal vouchers.
See below for a few tips to keep in mind when processing and/or reviewing journal vouchers, which are outlined in further detail within this updated policy:
- Employees who process and/or review journal vouchers are strongly encouraged to complete the Journal Voucher Processing Certification track (and taking a refresher is always helpful even if you have completed it in the past).
- Record journal vouchers in the correct fiscal year and accounting period/month.
- Process a separate journal voucher for each unique accounting transaction – i.e., do not mix unrelated entries on the same journal voucher.
- When correcting previously completed journal voucher errors, it is best to: (1) complete a new journal voucher to reverse the original erroneous entry, and then (2) process a separate new journal voucher to post the entry correctly.
- Provide clear documentation within the Description Line and FOATEXT of your journal vouchers to ensure a clear explanation of the entry and proper contact information is provided in case follow-up questions arise.
- Ensure journal vouchers are not used to complete certain types of transactions, such as budget adjustments, labor redistributions, and payments to custodial funds.
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.
