Journals workshop by Wall, Joe https://padlet.com/jwall81/d3miqn5a5pmyy6el What are journals for - please add all comments and give a thumbs up to those you agree with! en-us 2021-04-21 07:51:54 UTC 2025-12-19 15:37:39 UTC hello@padlet.com Why? jwall81 https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441806030 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]]> 2021-04-21 09:36:48 UTC https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441806030 Funding from else where - internal funding - transfer of costs? jwall81 https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441808817 e.g. CSM trust funding - costs go through the account but funding from a different area - wooden dollars?]]> 2021-04-21 09:37:53 UTC https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441808817 Corrections jwall81 https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441813686 2021-04-21 09:39:58 UTC https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441813686 Why? https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441823093 To present true, fair and meaningful financial information.
-Correct initial source postings
-Allocate out costs/income
-Accruals, prepayments


]]> 2021-04-21 09:43:46 UTC https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441823093 Interface systems via ETL such as payroll and planon https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441823991 2021-04-21 09:44:04 UTC https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441823991 To correct errors (own or other people's) https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441824688 2021-04-21 09:44:19 UTC https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441824688 True & fair view of accounts https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441825894 2021-04-21 09:44:50 UTC https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441825894 Accounting Corrections https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441827300 2021-04-21 09:45:22 UTC https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441827300 Prepayments https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441827632 2021-04-21 09:45:32 UTC https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441827632 Accruals and prepayments. Mis-codings. https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441828359 2021-04-21 09:45:49 UTC https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441828359 Accruals https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441828370 2021-04-21 09:45:50 UTC https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441828370 Year End accruals/prepayments https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441828624 2021-04-21 09:45:55 UTC https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441828624 Approval process rmwheeler https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441829676 Do we need ?]]> 2021-04-21 09:46:20 UTC https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441829676 For auditors to review stat accounts rtait5 https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441830069 2021-04-21 09:46:29 UTC https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441830069 'Feeder' systems don't feed in (system weakness) so have to be done manually https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441830378 2021-04-21 09:46:36 UTC https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441830378 To calculate accurate tax comps rtait5 https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441830650 2021-04-21 09:46:44 UTC https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441830650 Limitations and the need to share out costs for example Cornwall Central allocation of phone/printing etc https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441830759 2021-04-21 09:46:47 UTC https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441830759 Key requirements https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441830775 - 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]]> 2021-04-21 09:46:47 UTC https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441830775 Distribution of Income for Consultancy Income https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441831117 2021-04-21 09:46:55 UTC https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441831117 Culture https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441831143 Do individuals think about the work taken to correct a transaction before spending. Get it right the 1st time around.]]> 2021-04-21 09:46:56 UTC https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441831143 Posting at source https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441831224 Can’t get posting correct at source – example research facilities 

]]> 2021-04-21 09:46:57 UTC https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441831224 To match budgets ... rtait5 https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441831782 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.]]> 2021-04-21 09:47:12 UTC https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441831782 Something has been posted in the wrong place https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441832230 2021-04-21 09:47:23 UTC https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441832230 Improve the quality of our financial information for reporting https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441833375 2021-04-21 09:47:48 UTC https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441833375 Good back up - evidence of original transaction and approval https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441839479 2021-04-21 09:50:24 UTC https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441839479 Backing documents https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441840148 2021-04-21 09:50:42 UTC https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441840148 Good narrative showing where journal is moving from and to https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441841093 2021-04-21 09:51:07 UTC https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441841093 Main purpose: onoon https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441912825 - 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.]]> 2021-04-21 10:22:21 UTC https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441912825 Supporting budget holders https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441950836 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!]]> 2021-04-21 10:39:29 UTC https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1441950836 Materiality - Correcting Errors https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1442403169 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..!!

]]> 2021-04-21 13:15:39 UTC https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1442403169 Journals allow expense and income to be posted and later allocated to cost centres, which helps relationships with third parties, and yet... https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1464157494 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]]> 2021-04-27 13:13:40 UTC https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1464157494 Research Contribution to FEC https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1464188546 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.]]> 2021-04-27 13:19:01 UTC https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1464188546 International Financial Reporting Standards https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1464207382 Journals help us to comply with international Financial Reporting Standards so that our accounts can be readily understood. ]]> 2021-04-27 13:22:40 UTC https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1464207382 https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1473545388 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.]]> 2021-04-29 13:06:55 UTC https://padlet.com/jwall81/d3miqn5a5pmyy6el/wish/1473545388