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Business and Financial Policies and Procedures

Process Revenue and Expense Transfers and Corrections

Before You Begin

This procedure is initiated and processed by campus units.

Revenue and expense transfers and corrections accomplish one of the following:

  • Move revenues or expenses from one C-FOP to another
  • Correct the account code assigned within a C-FOP
  • Simultaneously transfer revenues or expenditures between C-FOPs and correct account code assignments
  • Record the return of goods or services purchased internally to correct errors in posting, over charges, etc.

Transfers and corrections of personnel expenses are processed through Banner Payroll using a Labor Redistribution form. For details, consult the job aid for Performing Labor Redistributions.

Transfers of revenues and non-personnel expense are processed using journal vouchers in Banner.

Units may process their own revenue or expense transfers and corrections for Self-supporting, Service Plans, Other Restricted funds, and Agency funds. Units should not need to record revenue and expense transfers in Loan or Endowment funds. If you believe you do, contact University Accounting and Financial Reporting (UAFR) at uas@uillinois.edu.

Units may process only expense transfers and corrections for their state, institutional, sponsored projects, gift and endowment income, and plant funds. For information about reallocating expenditures in sponsored projects by using a cost transfer, consult Sponsored Projects Cost Transfers or Process Cost Transfers for Sponsored Projects.

Begin

To process revenue and expense transfers and corrections:

  1. Confirm that the transaction may be legitimately recorded in the receiving funds.
  2. Determine what type of transfer you need:
  • Transfer personnel expenses
  • Use the labor redistribution form in Banner Payroll. Do not proceed to Step #3.
  • Transfer non-personnel expenses to a different C-FOP, but the same account code, because:
  • The transaction was posted to the wrong C-FOP
    OR
  • You need to split or transfer revenue or expense according to an agreement with another unit
  • Transfer non-personnel expenses to a different account code because the transaction was posted to the wrong account code within a CFOP
  1. Record the transaction in Banner using one of the three journal voucher forms FGAJVCD, FGAJVCM, or FGAJVCQ:

If you are transferring fixed assets, you must use FGAJVCD.

If you have a small number of transactions with one credit and one debit for each amount, you may find it easier to use either FGAJVCD or FGAJVCQ.

If you have one debit and multiple credits or one credit and multiple debits, you may find it easier to use FGAJVCM.

For step-by-step instructions, consult GL 101: Journal Voucher Process Training Guide and Understanding Debits and Credits in Banner

Revenues - Credit (-) the receiving C-FOAP and debit (+) the C-FOAP from which the revenue is being transferred.

Expenses - Debit (+) the non-personnel expense to the receiving C-FOAP and credit (-) the C-FOAP from which the expense is being transferred.

Correction of a Previous Journal Voucher - Use a journal voucher to reverse the original journal voucher. Complete a new journal voucher to record the transaction correctly.

  1. View the Banner form FOADOCU to verify that the transaction posted.

Related Policies and Procedures

Avoiding Problems with Internal Transactions
Sponsored Projects Cost Transfers
Process Cost Transfers for Sponsored Projects.

Additional Resources

Performing Labor Redistributions
GL 101: Journal Voucher Process Training Guide
HRPPR 130: Labor Redistributions Training Guide
Understanding Debits and Credits in Banner
Banner Account Codes
Creating a Journal Voucher with FGAJVCD and FGAJVCQ
Creating a Journal Voucher with FGAJVCM
Approval Process for Journal Vouchers Involving Grant Funds
JV Rule Codes

Last Updated: September 6, 2017 | Approved: Senior Associate Vice President for Business and Finance | Effective: November 2009

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