Transfers
Transfers are the means for departments to provide general support to other departments, divisions, or activities. This support has nothing to do with providing goods or services (use internal natural classes); or splitting of specific costs (split the charge using expense natural classes on the purchase order (PO) or Payment Request Form; or correcting expenses or revenues (request a correction).
Types of Transfers
Support Transfer
- A support transfer is used to provide funds to another internal department or division in support of an event or specific purpose. For example, the Spanish department may agree to support a lecture hosted by Anthropology.
Funding Transfer
- A funding transfer is used to move from one reserve (or subvention) to another reserve. This is sometimes done to set aside funds for a specific purpose.
- *Note: Funding Transfers are not usually done at the department level.
Correction of Prior Year Transfer
- An error in a revenue or expense discovered after the fiscal year has closed cannot be corrected using a revenue or expense natural class. Revenue and expense accounts are closed during the fiscal year end process and the balances are transferred into net assets therefore no transactions or balances are carried forward into the new year. A correcting transfer will move funds from the incorrect chart string to the correct chart string. This change will be reflected in the funding balance.
How to Process a Transfer
- Finance Centers, Fiscal Officers and some department staff have access to upload journal entries that contain transfer natural classes.
- To request a transfer through a Finance Center, complete the OnBase Corrections, Journals and Cost Transfer e-form. Attach appropriate backup and approvals for the requested transfer.
- To process a transfer in the department use a WebADI template and upload with Excel. Refer to the Journal Entry Policy for documentation, record retention and approval requirements.
Use of Transfer Natural Classes
- There are specific natural class value combinations that must be used when transferring amounts between funding values. These values are defined based on the funding values of the affected chart strings. To determine what transfer natural class to use, refer to the Transfer Natural Class Chart (Transfer Matrix).
- Transfers into (credits) or out of (debits) Restricted Funds Management (RFM) level 4 funding values are not allowed. Expenditures must be directly charged to these funding values. Appropriate charges may be moved to a level 4 funding value either by contacting the owner of the source, or if allowed, uploading a manual journal to credit the original chart string and debit the level 4 funding value using an expense natural class. For additional guidance see: Restricted Funds Management (RFM).
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