adjentryoverview (1)

adjentryoverview (1) - ADJUSTING ENTRIES - OVERVIEW An...

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ADJUSTING ENTRIES - OVERVIEW An Adjusting Entry is a WVFIMS transaction used to record financial activity either within a State organization or between State organizations. An Adjusting Entry may be processed to either transfer funds between State organizations or to correct transactions that have already been processed. The Adjusting Entry split screen is unique, because this screen requires that you enter financial code combinations based upon where you want to transfer FROM and where you want to transfer TO . You must distinguish each financial code combination with either an F (from) or a T (to). The following narrative will provide an overview of each Adjusting Entry type, as well as examples for its use: IGT (Intergovernmental Transfer) An IGT is used to pay another State organization for a good service. Examples include: Pay General Services for rent Pay for central mail charges FROM The expenditure financial code combination that will recognize the “transfer out” expense TO The revenue financial code combination that will recognize the “transfer in” revenue Agency Reimbursement An Agency Reimbursement is generally used as a correction adjusting entry to reverse the ledger affects of an IGT. Examples include: Return an IGT payment to the agency of origin because it was erroneously paid to the incorrect State organization Refund for overpayment when the original payment was by IGT FROM The revenue financial code combination that will recognize a reduction of “transfer in” revenue TO The expenditure financial code combination that will recognize a reduction of “transfer out” expense 1
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Expense to Expense An Expense to Expense is generally used as a correction adjusting entry to appropriately reflect the expenditure related to a previously processed transaction, such as an Invoice. In certain specific instances, an Expense to Expense may be used to reimburse another State organization for a good or a service. Examples include: Correct an invoice that was processed with an incorrect object code Correct an invoice that was processed with an incorrect expenditure activity
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This note was uploaded on 02/18/2012 for the course BUSE 237 taught by Professor Sf during the Spring '12 term at Simon Fraser.

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adjentryoverview (1) - ADJUSTING ENTRIES - OVERVIEW An...

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