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<p class="MsoNormal">Good afternoon,<o:p></o:p></p>
<p><span style="color:black">The Business Affairs Financial Services Department would like to remind University of Oregon personnel of our guidance on internal sales, transfers, and correction of revenue and expense. Following is additional information on each
of these transaction types:</span><o:p></o:p></p>
<p style="margin-bottom:10.0pt;line-height:115%"><u><span style="color:black">Internal Sales & Internal Sales Reimbursements</span></u><o:p></o:p></p>
<ul type="disc">
<li class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;mso-list:l1 level1 lfo1">
These entries are used to record exchange transactions between University departments.<o:p></o:p></li><li class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;mso-list:l1 level1 lfo1">
Examples include paying for catering services, supporting an event in exchange for advertising, space rentals, etc.<o:p></o:p></li><li class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;mso-list:l1 level1 lfo1">
These transactions should credit 09xxx Internal Sales or 79xxx Internal Sales Reimbursement account codes and should debit an expense account code.<o:p></o:p></li><ul type="circle">
<li class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;mso-list:l1 level2 lfo1">
Use 09xxx codes in Income/Expense, Continuing Education, Designated Operations, Service Department, and Auxiliary funds.<o:p></o:p></li><li class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;mso-list:l1 level2 lfo1">
Use 79xxx codes in the General Fund (001100) or ICC Fund (001700).<o:p></o:p></li></ul>
</ul>
<p style="margin-bottom:10.0pt;line-height:115%"><u><span style="color:black">Fund Transfers</span></u><o:p></o:p></p>
<ul type="disc">
<li class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;mso-list:l2 level1 lfo2">
A transfer is a non-exchange transaction between two funds.<o:p></o:p></li><li class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;mso-list:l2 level1 lfo2">
They are commonly used to correct negative fund balances or prior year activity, move fund balance in preparation to terminate a fund, or provide support to another department without receiving anything in exchange.<o:p></o:p></li><li class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;mso-list:l2 level1 lfo2">
To record a fund transfer, debit account code 92001 in the index providing resources and credit 91001 in the receiving index.<o:p></o:p></li></ul>
<p style="margin-bottom:10.0pt;line-height:115%"><u><span style="color:black">Correcting or Moving Revenue or Expense (for current year activity)</span></u><o:p></o:p></p>
<ul type="disc">
<li class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;mso-list:l0 level1 lfo3">
If current year revenue or expense is posted incorrectly or needs to be redistributed, you can create a JV that reverses the original posting. The offset will be to the correct FOAPAL elements.<o:p></o:p></li><li class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto;mso-list:l0 level1 lfo3">
Examples include correcting the account code used to pay a Banner invoice, moving a portion of revenue from one index to another, or reclassifying an expense to a general ledger prepaid expense account code.<o:p></o:p></li></ul>
<p style="margin-bottom:10.0pt;line-height:115%"><span style="color:black"> For additional information refer to the flowchart below, detailed procedures, and frequently asked questions from our website at
</span><a href="https://ba.uoregon.edu/finance-and-accounting/fiscal-procedures/internal-sales-transfers-and-how-to-move-revenue-and-expense" title="https://ba.uoregon.edu/finance-and-accounting/fiscal-procedures/internal-sales-transfers-and-how-to-move-revenue-and-expense"><b>Internal
Sales, Transfers, and How to Move Revenue & Expense</b></a><span style="color:black">.</span><o:p></o:p></p>
<p><img border="0" width="853" height="477" style="width:8.8854in;height:4.9687in" id="Picture_x0020_1" src="cid:image001.png@01DA8B57.CA3382C0" alt="cid:c69ceed2-83f4-4dee-9205-4e42f0d0917f"><o:p></o:p></p>
<p class="MsoNormal"><span style="font-size:12.0pt;color:black"><o:p> </o:p></span></p>
<p class="MsoNormal">Thank you, <o:p></o:p></p>
<p class="MsoNormal">BA Financial Services Department<o:p></o:p></p>
<p class="MsoNormal"> <o:p></o:p></p>
<p class="MsoNormal">Jill Ritz, 6-1256, <a href="mailto:jritz@uoregon.edu">jritz@uoregon.edu</a><span class="MsoHyperlink"> </span><o:p></o:p></p>
<p class="MsoNormal">Robbin Howard, 6-1115, <span class="MsoHyperlink"><a href="mailto:rchoward@uoregon.edu">rchoward@uoregon.edu</a> </span><o:p></o:p></p>
<p class="MsoNormal">Phil Davis, 6-3524, <span class="MsoHyperlink"><span style="color:#0000EE"><a href="mailto:pdavis@uoregon.edu">pdavis@uoregon.edu</a></span></span><span style="font-size:12.0pt;color:black"><o:p></o:p></span></p>
<p class="MsoNormal"><o:p> </o:p></p>
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