FAQs for Journal Entries
What is a journal entry?
A journal entry is a logging of transactions into the ledger to record an expense, revenue, asset, or liability.
When do I do a journal entry?
A journal entry is done when you want to move an actual revenue or expense that was coded to the wrong FOAPAL.
-Example: A p-card transaction was coded to Office Supplies instead of Travel. You will complete a journal entry to move the expense to the correct account.
Send all journal entries to journalentries@duq.edu.
When do I do a budget transfer?
A budget transfer is done when you want to move monies between different funds.
-Example: To transfer monies from a restricted fund to your operating budget would constitute a transfer between different funds, so this would be both.
Send all budget transfers to budget@duq.edu and it will then be forwarded to the Controller's Office.
Where do I find the journal entry form?
- Login to DORI
- Click on Staff (Working) Tab
- Find the Forms Index box to browse forms and click on by Department.
- Scroll to Controller's Office
- Find Accounting and click on Journal Entry Form (excel).
What do I debit and credit?
Moving an Expense:
Debit- the FOAPAL where you want the expense to go.
Credit- the FOAPAL where the expense currently is.
Moving a Deposit:
Debit- the FOAPAL where the deposit currently is.
Credit- the FOAPAL where you want the deposit to be.
What do I put in the description?
Briefly explain what you want to do by listing the expense/ revenue you want to move. This includes the vendor name and date of transaction. If you want to transfer part of an expense, for example $250 of $500 Office Depot charge, write "partial tsfr from $500 Office Depot charge".
Do I need to print out the journal entry and send a hard copy to the Controller's Office?
No, please e-mail the Journal Entry form as an attachment to journalentries@duq.edu.