This policy governs the use of University internal accounting transactions that impact balances within general ledger accounts and funds. It involves two different types of transactions, those that are originating transactions and those that are adjusting or correcting transactions. The purpose of these transactions is to accurately reflect authorized intra and inter fund financial activity. This policy helps the U maintain stewardship over U assets by monitoring and controlling these internal transactions.
Internal transactions have unique risks in that they have minimal review by external parties.
Inaccurate, unauthorized, or undocumented internal transactions often result in audit disallowances, especially for sponsored project funding. Accurate internal transactions will improve the quality of financial reporting, improve compliance with regulatory requirements, and minimize inefficiencies in document correction. Principal Investigator Faculty Resource Responsibility Center Mgr. December 2000 - Policy, procedures and appendices revised to reflect the use of Historical Salary Adjustments, replacing the Type 38 Journal Voucher. Revised procedure 3.2.4.2 to reflect a primary focus on nonsponsored transactions.