An actuals journal can be done at any time. Actuals journals are used to handle a variety of transactions. Most journals done are to address the specific instances listed below:
- Correct the record of a completed transaction
- Collaborate internally by transferring funds
- Compensate your department for internal sales
- Conduct business involving agency funds.
The most commonly used actuals journals are the following. Each journal processes a different type of transaction. Provided below is a quick guide on how to enter each one. There are other actuals journals besides the ones listed below. Staff require additional access to process these specialty journals. They are the Journal Spreadsheet (Upload Journal), the Balance Sheet Journal, and the Direct Journal.
- To be used for corrections of chart strings or accounts from previous journals (except for internal sales journals and transfer journals)
- When correcting an expense:
- Chart string to be credited (wrongly charged) will have negative (‐) sign
- Chart string to be debited (correct charge) will have positive (+) sign
- When correcting revenue, positive/negative signs will be reversed
- To locate the original journal ID# refer to the Find the Original Journal ID job aid
Internal Sales Journal
- To be used for (1) the sale of goods or services from one NU unit to another NU unit , (2) a correction of an internal sales journal or (3) to transfer funds to a SOFO chart string (in this case use revenue account code 50699)
- Seller creates journal and buyer will approve via workflow
- Seller’s revenue code (5 series) will have a negative (‐) sign
- Buyer’s expense code (7 series) will have a positive (+) sign
- To be used to move funds from one chart string to another
- When creating a transfer journal:
- Cart string to be credited (receiver of funds) will have negative (‐) sign
- Chart string to be debited (giver of funds) will have positive (+) sign
- Please refer to FSM Transfer Codes to assist in choosing account codes for your transfer journal
- Transfers can only be corrected on transfer journals
- To be used to record University transactions involving one or more agency chart strings. In NUFinancials, agency refers to an external organization with a chart string inside the University Chart of Accounts.
- At least one line of the journal must have an Agency chart string with a Fund in the 7XX series.
- Allowable account codes are External Revenue accounts in the 40000 series and Other Expense accounts in the 70000 series. The journal may record agency revenue or agency expenses.
To create or search for any of the journals above, you can go to NUFinancials through the NUPortal and go to Portal Actuals Journal.
Journal (Upload) Spreadsheet
The Journal (Upload) spreadsheet is to be used when a journal has 15 or more lines. A macro enabled Excel spreadsheet template is used to record journal lines. Journal spreadsheets are sent via email to firstname.lastname@example.org for processing. However, to upload/submit a journal spreadsheet, one must have a department/individual mask ID. If there is no mask ID for the department, the upload journal can be sent to your Financial Administrator in the Office of Finance and Administration to be sent for upload and processing. After the journal spreadsheet has been approved by Accounting Services, the Excel file will be converted into a text file (flat file) and uploaded into NUFinancials. Charges appear in NUFinancials generally on the same day. Charges can be verified by performing an Actuals Journal Search on the NUPortal under the Finance & Accounting tab.
The journal upload template can be found on the Financial Operations website. Also to be found at the same link are instructions as to how to create a journal spreadsheet and current registrants and assigned mask IDs.
Things to Keep in Mind
- Please make sure that you have the proper security access profile you need to process these journals.
- Once you have entered an actuals journal into workflow, you will see the transaction showing as pending on the affected chart strings. This is a good time to check and make sure that funds are flowing appropriately.
- Always attach any available back-up to your actuals journals.