Life Cycle of a Journal Entry
Determine Appropriateness and Necessity
While most transactions can, and should, be handled through a sub-system, a journal entry into the General Ledger can become necessary under specific circumstances. For example, a journal entry may be necessary to correct an error or perform internal billing.
Gather Support
Once a journal entry is determined to be necessary, appropriate support must be gathered and available for necessary reviews and approvals. When completing the journal description field, if the journal entry cannot stand alone then journal support must be provided. Anytime support is available in addition to the description, it is recommended it be attached to the journal entry before posting.
In the case of a journal involving Sponsored Programs, support must always be provided.
Obtain Department Approvals
Many departments have specific procedures and internal controls for preparing and approving journal entries. Internal department procedures must be followed in addition to the mandated procedures in the Journal Entry Directives & Procedures. To determine if your department has specific procedures related to journal entry processing, please contact your financial department manager or higher financial authority.
Definitions
General Ledger
An account book of final entry. In an accounting system, the general ledger is the place in the system where financial information resides.
Sub-system
Also known as sub-ledgers, these include myUF Marketplace, Travel, PCard, Deposits, Payroll, and Billing. Sub-systems feed information directly to the General Ledger.
Last Reviewed
07/31/2021: reviewed content
Toolkits
UF HR Toolkit – Journal Entries
Prior Fiscal Year Expense Corrections
Contacts
General Accounting & Financial Reporting: (352) 392-1326; gahelp@ad.ufl.edu
Contracts & Grants: (352) 352-1235
UF Help Desk: (352) 392-HELP