To describe the proper use of and documentation required with Journal Vouchers (JV).
The type of transaction on the JV determines the appropriate explanations, documentation, and approvals required. For example, due to the special reporting and auditing requirements for sponsored project accounts (WBS elements that begin with 3), the BPM E-50-3 Cost Transfer Policy has been established to provide requirements in addition to the guidelines below. Follow the Online JV Process for instructions on the JV process.
Description
All JVs should contain a detailed explanation of the entries in the back up or the text of the JV that provides a reason for the entry so that a person unfamiliar with the situation will understand the nature of the transactions.
Documentation
All JVs should have documentation attached that corroborates the appropriateness, descriptions, dates of service, and amounts of the transactions that are listed on the JV. Examples of required documentation include, but are not limited to, the following:
Discretionary transactions
Expense transactions entered on the JV may require discretionary funds. A complete list of discretionary items can be found in the Discretionary Expenditure Policy. Refer to BPM E 7:10 Discretionary Expenditure Policy for specific information about these transactions.
Endowment funds
JVs for endowment funds require review by Endowment and Gift Accounting to ensure the transactions to be posted do not violate supporting endowment agreements, board actions or Research Challenge Trust Fund (RCTF) requirements. Documentation includes:
Gifts
JVs for gift revenue corrections or transfers from gift holding accounts should include the following considerations:
GL account
Use the same recharge GL account on both the debit and credit entries on the JV
Sponsored Projects
BPM E-50-3 Cost Transfer Policy provides detailed requirements in addition to the general guidelines established above.