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Accounting adjustments such as monthly accruals and prepayments (highlighted through use of a different format type) as well as corrections when items post to the wrong place initially.

Having good back up evidence of email trails and calculations is vital in case of future queries and to facilitate current approval.

Keeping narrative fields identical to the original posting helps net of transactions which contra when processing corrections.

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Journals help us to comply with international Financial Reporting Standards so that our accounts can be readily understood.

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Journals carried out at month-end transact staff time and overheads away from Colleges/Services along with funding shortfalls, allowing Colleges/Services to understand the impact of Research on their budgets and plan accordingly.

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Journals allow expense and income to be posted and later allocated to cost centres, which helps relationships with third parties, and yet...

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Journals allow expense and income to be posted and later allocated to cost centres, which helps relationships with third parties, and yet...

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the availability of suspense accounts presents number of risks:

- Income/Expense not visible to budget holders
- Suspense Accounts being used when correct cost centre could be identified
- Lack of accountability for balances

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Is it worth the effort?
Will it change anything?
Cost of the process v benefit - e.g moving £2.50...!
Go back to source of error - one off or continuous errors??
If continuous errors, sort out the source..!!

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Budget holders using their dashboards often need corrections / recharges processed via journals to ensure their data is reliable.  Many of these budgets are small, meaning the journals are material for them, but not from a wider reporting point of view.

Therefore if our aim is to reduce the volume of journals, there will need to be a corresponding reduction in the number of small budgets, which would be welcome but very tricky to implement. Abolishing personal research allowances / PDAs, for example, would be a tough one to market!

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- corrections (e.g. mispostings);
- adjustments (release to I&E, accruals, reallocations)
Journals ensure good quality of the financial information, compliance with the accounting treatments/standards, effective planning, budgeting and costing. This all feeds into financial sustainability and viability of the University.

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Good narrative showing where journal is moving from and to

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Good narrative showing where journal is moving from and to

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Good back up - evidence of original transaction and approval

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Good back up - evidence of original transaction and approval

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Improve the quality of our financial information for reporting 

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Improve the quality of our financial information for reporting 

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Something has been posted in the wrong place

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Something has been posted in the wrong place

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Budget holders are pushed to take ownership of their budget but this creates an industry where they push for moving small costs around so they dont have large variances against their budgets. Often a pointless
exercise.

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Do individuals think about the work taken to correct a transaction before spending. Get it right the 1st time around.

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Distribution of Income for Consultancy Income

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Distribution of Income for Consultancy Income

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Can’t get posting correct at source – example research facilities

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- compliance
- correct accounting
- minimising internal recharges
- when should we journal?
- understanding the correct margin on a product or service
- changing source documents as opposed to correction journals
- audit trail

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Limitations and the need to share out costs for example Cornwall Central allocation of phone/printing etc

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Limitations and the need to share out costs for example Cornwall Central allocation of phone/printing etc

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'Feeder' systems don't feed in (system weakness) so have to be done manually

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'Feeder' systems don't feed in (system weakness) so have to be done manually

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Do we need ?

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To correct errors (own or other people's)

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To correct errors (own or other people's)

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Interface systems via ETL such  as payroll and planon 

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Interface systems via ETL such  as payroll and planon 

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To present true, fair and meaningful financial information.
-Correct initial source postings
-Allocate out costs/income
-Accruals, prepayments

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Funding from else where - internal funding - transfer of costs?

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Funding from else where - internal funding - transfer of costs?

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e.g. CSM trust funding - costs go through the account but funding from a different area - wooden dollars?

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To put cost or income in the right place from misposting - correction journal.
This is a lot of what is happening in CEMPS following a coding structure change