Policy Reference: 6330 – Budget Deficit Resolution
Purpose and Overview
The purpose of Standard Operating Procedures is to outline roles, responsibilities and procedures associated with correcting entries as part of the overall management of financial data.
Procedure
Process Flow
- Review Financial Reports
- Identify Error
- Research Correction
- Take Corrective Action
Definitions
- Budget Transfer: The process of transferring budget between account rollups or between appropriated funding
sources. - Correcting Entry: The process of correcting transactions originated in Accounts Payable (i.e., Expense Reports,
Requisitions, Internal Payments, and P-Card Transactions). - Issue: Any detail that causes the financial data to be inaccurate or incomplete including but not limited to a
transaction posted to the wrong funding source or insufficient budget to cover transactions that are appropriately
posted to a funding source. - Financial Information Owner: The individual(s) who is ultimately responsible for the accuracy of financial data
for a department, unit and/or division. - Financial Reports: Any report that contains finance-related data, such as budgets, expenses, revenues, fund
balances, remaining budget, etc. - Funding Source: The combination of segments that identify a funding source, to include fund, department, cost
center, account, supplemental and project segments. - Journal Entry Request: The process of correcting transactions with no transaction number or completing
surplus transfers and reallocations. - Payroll Corrections: The process of correcting payroll transactions.
Requirements
- Review Financial Reports
- The Financial Information Owner is responsible for reviewing financial reports on an interval sufficient to ensure financial data is complete and accurate.
- Ensure that Financial Reports contain all relevant Funding Sources to be reviewed.
- Identify Issue
- Errors identified as part of the reconciliation process should be cleared before the next reporting cycle.
- Identify transactions that are inaccurately posted to a particular funding source.
- Identify transactions that have not posted to the system.
- Identify Appropriated funding sources lacking sufficient budget to cover current and future transactions.
- Research Correction
- The Financial Information Owner should identify an avenue for correcting the error.
- Identify the Context (i.e. Appropriated Budget needs to be transferred to cover existing and future expenses/encumbrances, transaction coded to an incorrect funding source, etc.)
- Who submitted and/or owns the entry?
- Contact JE_Uploads@boisestate.edu for help with identifying who submitted and/or originated the transaction entry.
- The Financial Information Owner should identify an avenue for correcting the error.
- Take Corrective Action
- Budget Transfer: Complete to transfer budget for appropriated funding sources.
- Coordinate with impacted parties, as appropriate before processing.
- See Creating and Submitting a Budget Transfer for instruction.
- Correcting Entry: Complete to correct transactions originated in Accounts Payable (i.e., Expense Reports, Requisitions, Internal Payments, and P-Card Transactions).
- Coordinate with impacted parties, as appropriate before processing.
- Use Correcting Entry Request to complete.
- Multiple Correcting Entry: Complete to correct multiple transactions originated in Accounts Payable (i.e., Expense Reports, Requisitions, Internal Payments, and P-Card Transactions).
- Coordinate with impacted parties, as appropriate before processing.
- Use Multiple Correcting Entry Request to complete.
- Correcting Journal Entry: Complete to correct transactions with no transaction number or surplus transfers and reallocations.
- Coordinate with impacted parties, as appropriate before processing. It is recommended that impacted parties coordinate regarding who will process the journal correction to avoid duplication and ensure the entry is submitted.
- Use the Journal Entry Request to complete.
- Payroll Correction: Complete to move payroll expenses to different funding sources.
- Coordinate with impacted parties, as appropriate before processing.
- Use the Payroll Correction Request to complete.
- Budget Transfer: Complete to transfer budget for appropriated funding sources.
Supporting Documentation
Supporting Documentation: Provide supporting documentation as outlined in the job aids identified above.
Best Practices
- Reconciliation of financial data should occur on a monthly basis.
- The individual with ownership of the financial information should ensure correcting entries and budget transfers are completed as part of the monthly reconciliation process.
Additional References
Source | Link | Description |
---|---|---|
Bronco Hub Reports | Instructions for Bronco Hub Reports | A variety of financial reports are available in Bronco Hub. Reporting Job Aids with Descriptions are available on the Bronco Hub Training Portal. |
Correcting Entry Request | Correcting Entry Request Form | Use this form to request corrections to invoices for Expense Reports, Requisitions, Internal Payments, and P-Card Transactions. |
Multiple Correcting Entry Request | Multiple Correcting Entry Request Form | Use this form to request corrections to multiple expense report, requisition, P-Card, and/or internal payment transactions. |
Journal Entry Request | Journal Entry Request Form | Use this form to request surplus transfers, reallocations, and corrections to transactions with no transaction number. |
Payroll Correction Request | Payroll Correction Request Form | Use this form to request a payroll correction. |
Bronco Hub Budget Transfer Template (Excel) | Budget Transfer Template | Search for this form on the University Forms and Documents webpage and use it to request a budget transfer. |