Finance
Budget Transfers
- What is the difference between a budget transfer and a journal entry?
- Does it really matter if I create a budget transfer or have a journal entry created?
- How does a budget transfer take place?
- Who do I contact if a charge should be moved to the correct object code (journal entry)?
- Is it better to run budgets in the negative or to transfer funds to cover the deficit?
1. What is the difference between a budget transfer and a journal
entry?
A budget transfer takes place before an expense is charged. If there
is excess budget in one object code, it can be moved to another that may
need the extra funds. A journal entry is used to correct the coding of
an expense that has already been processed, but charged to an incorrect
department or object code.
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2. Does it really matter if I create a budget transfer or have a
journal entry created?
YES. A budget transfer is used for a change in allocated funds whereas
a journal entry is used to correct a misclassification expense.
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3. How does a budget transfer take place ?
A dedicated email has been established for budget transfer requests.
Complete the budget transfer form and forward to budget@simmons.edu for
processing. This email is monitored by Marie-Claire Dumornay in the Payroll/Accounting Services (W-105). You will receive a confirmation
email as soon as the budget transfer has been processed. If you have any questions, feel free to contact Marie-Claire at ext. 2034.
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4. Who do I contact if a charge should be moved to the correct object
code (journal entry)?
Email the appropriate contact by clicking on their name.
* Fund 11 & all other - ext. 2097
* Grants & contracts - ext.2007
* Aramark - ext. 2099
* Fund 50s(Plant), 60s (Plant) & 61s (Agency Accounts) - ext. 2069
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5. Is it better to run budgets in the negative or to transfer funds
to cover the deficit?
DO NOT run negative budgets. Purchasing/Accounts Payable will not process
anything if a budget is in the negative.
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