Journal Entries (Internal Transfers) - Columbia University

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4 Oracle Corporation and its affiliates are not responsible for and expressly disclaim all warranties of any kind with respect to third party content, products and services. Oracle Corporation and its affiliates will not be responsible for any loss, costs, or damages incurred due to your access to or use of third party content, products or services. Training Guide Journal Entries (Internal Transfers) Page iii Table of Contents Journal Entries (Internal Transfers) .. 1 Journal Entries .. 2 Journal Entries 3 Journal Entries Defined .. 4 Types of Journal Entries in ARC .. 5 Entry Options .. 6 Process Flow .. 7 Processes Defined .. 8 Benefits .. 9 Security and Workflow .. 10 ChartFields Refresh .. 11 Creating Online Journals for Internal Transfers.

5 12 Introduction to Internal Transfers .. 13 When to use Internal Transfers .. 14 Rules for Entering Internal Transfers .. 15 Journal Header .. 16 Entering the Journal Header for an Internal Transfer Journal .. 17 Journal Lines .. 26 Entering the Journal Lines for an Internal Transfer Journal .. 27 Processing an Internal Transfer Journal .. 71 Creating Journals via the Spreadsheet Journal Import Tool .. 91 Introduction to the Spreadsheet Journal Import Tool .. 92 Downloading the Spreadsheet Journal Import Tool from the ARC Portal .. 93 Creating a New Journal Sheet and Entering the Journal Header Information .. 123 Entering the Journal Lines in a Spreadsheet Journal .. 130 Importing the Spreadsheet Journal into ARC .. 156 Processing the Imported Journal in ARC.

6 162 Reviewing Journals .. 181 Introduction to Workflow .. 182 Accessing the Journal Approval Search Page .. 183 Course References .. 187 Knowledge Assessment .. 188 Glossary .. 189 Training Guide Journal Entries (Internal Transfers) Page 1 Journal Entries (Internal Transfers) Training Guide Journal Entries (Internal Transfers) Page 2 Journal Entries This is the Journal Entries course within the General Ledger curriculum. If you need a reminder on how to navigate through this course using ARC's web-based training tool (WBT), click here for a quick reference guide. Training Guide Journal Entries (Internal Transfers) Page 3 Journal Entries Overview Differentiate between internal transfers and general Journal Entries List the key functions when processing Journal Entries in ARC Introduce the spreadsheet Journal import as an alternative tool to entering journals Estimated time to complete lesson: 15 minutes Training Guide Journal Entries (Internal Transfers) Page 4 Journal Entries Defined Journal Entries Defined There are different types of Journal Entries , as you will see in the following section.

7 But all Journal Entries follow certain rules, no matter what type of entry they are. These rules are as follow: All Journal Entries must have a debit and a credit side - and the total debits and the total credits for any Journal entry must equal each other When you are in ARC, you must enter credits as negative numbers - this is the only way that ARC knows it is a credit Journal Entries are transactions that impact financial balances and related reports, but do not create transactions with third parties (unlike cash disbursement transactions such as Accounts Payable, or cash receipt transactions such as the Cash Module) Journal Entries are made in the General Ledger Module of ARC using valid ChartStrings Journal Entries are subject to rules for Combo Edits, Budget Checking, and Approvals (Workflow)

8 Training Guide Journal Entries (Internal Transfers) Page 5 Types of Journal Entries in ARC In ARC, journals are established in a number of ways:: Training Guide Journal Entries (Internal Transfers) Page 6 Entry Options There are two entry options for entering internal transfer and general Journal Entries in ARC: Note: For interfaced Journal Entries the actual entry is made in the subsystem. Training Guide Journal Entries (Internal Transfers) Page 7 Process Flow Once the Journal header and Journal lines are entered, all Journal Entries must go through the following system processes: Training Guide Journal Entries (Internal Transfers) Page 8 Processes Defined After creation, Journal Entries are ready for system processing and then posting to ARC's General Ledger.

9 Journal processing updates balance sheet and income statement accounts for reporting purposes; therefore, it is necessary for the proper accounting of assets, liabilities, fund balance, revenue, and expenses. Journal posting maintains the correct balance in the balance sheet accounts with subsidiary ledgers so that they reconcile. Journal processing involves entering journals and saving data to the header and line tables, editing journals, budget checking posting, routing journals for approval and posting journals to the ledger. All Journal Entries must go through the following four key processes: We are focused on the accuracy of Journal Entries , because this process updates balances in each of the ChartFields for reporting purposes and maintains the correct balance in the General Ledger (which should reconcile with all subsystems).

10 Training Guide Journal Entries (Internal Transfers) Page 9 Benefits Benefits Transitioning to the ARC system will bring the following benefits: All internal transfers will be accessible through a single page in ARC called the Internal Transfer Page Internal transfers and general Journal Entries can be entered via spreadsheet upload from Excel, which reduces data entry, particularly for repetitive Entries Entries can be flagged to automatically reverse, which reduces data entry relative to accrual Entries Expenditure corrections on an AP entry can be handled through AP Journal vouchers NOT General Ledger Journal Entries Training Guide Journal Entries (Internal Transfers) Page 10 Security and Workflow Security and Workflow In ARC, there are three components of transaction security and workflow.