Clarification on Cost Transfers

 

As a reminder, there are three ways departments would typically move expenditures onto, off of, or between Sponsored Projects in ARC:

(Also see the Sponsored Projects Cost Transfer Guide)

 

Internal Transfer

a. Used to allocate revenue and expenses from one ChartString to another when the natural account is not changing

b. Mechanism within 'Columbia Specific' ARC General Ledger Module

c. Requires debit/credit of “matched pair” natural accounts, if the account needs to change

d. Will be routed to SPF for approval

e. Using attachment functionality, include:

i. Detail statement(s) highlighting the date on which the expense(s) was originally applied

ii. Cost Transfer Justification Form

1. If Internal Transfer moves expenses that have aged more than 90 days from the end of the month in which they were applied to a project, please provide explanation of extenuating circumstances on the Cost Transfer Justification Form

 

AP Journal Voucher

a. Used to process an adjustment to a ChartString allocation when a procurement voucher has already posted (and therefore cannot be modified)

b. Mechanism within ARC Accounts Payable Module

c. Initiator will be prompted to complete the Cost Transfer Justification form online

d. Will be routed to SPF for approval only when:

i. Expenses have aged more than 90 days from the end of the month in which the voucher accounting date falls, and

ii. They are being moved to or between Sponsored Projects

 

General Journal Entry

a. Used to record a change in balance that cannot be made via an Internal Transfer, i.e. if changing the Account ChartField, and are generally executed by the Controller's Office

b. Mechanism within ARC General Ledger Module

c. Will be routed to SPF for approval

d. Using attachment functionality, include:

i. Detail statement(s) highlighting the date on which the expense(s) was originally applied

ii. Cost Transfer Justification Form

1. If Internal Transfer moves expenses that have aged more than 90 days from the end of the month in which they were applied to a project, please provide explanation of extenuating circumstances on the Cost Transfer Justification Form