What’s the difference between regular Journal Entries and Budget Journal Entries?
Journal entries are used to:
- Reallocate expenses and correct transactions
- Booking deposits to the UHD bank (credit card or cash)
- Moving cash back and forth between cost centers
Budgeting is a spending plan and budget journals are used to:
- Budget revenue and expenses
- Budget fund equity (cash)
- Transferring the ability to spend from one category to another (Ex: M&O to Capital or M&O to Salary and Wages) within the same
cost center or transferring from one cost center to another cost center
Budget Journal Documentation Required:
- Transferring spending authority between budget nodes—1074 Report or 1063 Report
- Budget fund equity - 1060, 1016, or 1074 report to illustrate available fund equity
- Budgeting lapse salary—BOB report or Lapse Salary Report