Table of Contents>Wayward Transactions

PURPOSE
· A wayward transaction is a transaction caused by an error in entry, resulting in a bad account combination.
· To provide a procedure for identifying and correcting data entry errors in the general ledger related to 26-digit account combinations from the transposition of numbers or clerical errors.


POLICY STATEMENT
· Financial Policy Manual: 2113 Cost Transfers and Payroll Reallocations
http://www.finance.upenn.edu/vpfinance/fpm/2100/2100_pdf/2113.pdf
· Financial Policy Manual: 2106 Financial Responsibility
http://www.finance.upenn.edu/vpfinance/fpm/2100/2100_pdf/2106.pdf
· Sponsored Projects Manual: Subcontracts
http://www.upenn.edu/researchservices/spmanual/subcontracts.html


REASON FOR THE PROCEDURE

· To ensure that all accounts within your organizational responsibility are maintained and managed appropriately.
· To ensure the timely correction of errors (not later than 120 days after the original charge).


WHO SHOULD KNOW THIS PROCEDURE

1. Deans
2. Center and Institute Directors
3. Department Chairs
4. School of Medicine Administration
5. School of Medicine Faculty/Investigators
6. Business Administrators
7. Office of Research Support Services
8. Penn Research Services


GENERAL INSTRUCTIONS

· Wayward transactions should be checked and corrected on a monthly basis.

PROCEDURES
· Most wayward transactions fall within the ORG, FUND, or CREF portion of the account combination, so when running monthly summary and detail reports, be sure to include all possible account combinations.
· Check reports for any wayward account combinations.
· If you can identify* the correct account combination and the charge belongs to your department, process a cost transfer by journal or payroll reallocation to correct the error. If the charge belongs to a different department, contact the department BA to request a correction OR get permission and the correct account combination from that BA to process the correction yourself. Work together with the other department to resolve the issue. It is the responsibility of the individual who created the error to correct it. However, it is in your best interests to make sure that the correction is made, even if you must process a correction for an error you did not make.
· Such transfers must be documented with a full explanation of how the error occurred and a correlation of the charge to the fund to which the cost is transferred.
· File supporting documentation with account file.

*Helpful hints for identifying the correct account combination when your fund segment is charged with incorrect ORG and CREF designation. In FinMIS select GL COA Inquiry. \Navigate Account Mapping Old SL to FinMIS. Select F3 key. If the fund segment belongs to your department, but ORG and CREF do not, enter ORG and CREF listed on wayward detail sheet. Select F2 key. In most cases the fund segment that maps to the ORG and CREF is the correct account combination. The FinMIS account description field will indicate the department who is responsible for the ORG. Contact the department to verify that the charge belongs to them.

· Documentation Requirements for Cost Transfers in FinMIS
Via G/L Journal Entry - General Responsibility

1. Select: /Navigate Journals Enter.
2. Batch Zone: Follow the naming convention in the "FinMIS Reference Manual."
3. Journal Entry Zone: Enter the Name (same as in Batch Zone).
4. Select Category "07" Grant and Contract Adjustments if correcting a sponsored program fund. Select Category "02" Adjust Previous Transaction if correction to any other type of fund
5. Provide a detailed description of the entry, including the nature of the original transaction, vendor, purchase order number and any other information supporting the transaction.
6. When correcting clerical or accounting errors, the justification should include a description of how the error occurred. Since you are making a correction to an original charge, the assumption is that an error occurred. Never use the terms "to correct an error" or "to charge the correct project." Provide a correlation of the item to the project to which the cost is being transferred (i.e., explain how the cost benefits the project).
7. Press Tab or Enter through the Journal Entry Zone until you reach the Context field.
8. Context field: Use Quick Pick and select #7, 02 Adjustment to Previous Transaction.
9. Type of Adjustment field: Use Quick Pick and select Correction of Previous Transaction.
10. Reason field: Space is limited, so enter a brief comment. If necessary, use the Additional Comments field that follows.
11. Reason for 120-day delay: This field must be completed if the correction is more than 120 days from original posting date.
12. Additional Comments: Complete only if necessary to adequately explain the entry.
13. In the Journal Entry Lines Zone: Complete the Accounting Flexfield
14. Enter the appropriate debits and credits
15. Description field: The description from the Journal Entry Zone displays. This description appears on your reports. A more descriptive explanation can be entered by clearing the field [Ctrl F] or by adding more to the displayed description.
16. Press Enter to go to the Context Box.
17. Context Box:
Press Quick Pick.
Select "07" Grant and Contract Adjustments" if it is a sponsored projects fund.
Select "02" Adjust Previous Transaction" if it is any other type of fund
Enter the Original Batch ID.
Enter the Original Transaction Date.
18. When you have completed all necessary fields, press [Ctrl S]. Check and Reserve the funds.
19. If journal fails funds check, identify line that is causing funds to fail.


CONTACTS
· Departmental Business Administrators
· Department Chair
· Office of Research Support Services
· Research Services


FORMS AND ATTACHMENTS
· Download Manual Journal Entry Form:
http://www.med.upenn.edu/research/penn/documents/manualjl.xls
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