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Journal Entry Examples. General Error Corrections - Example 1. Invoice #812995 for PO #S010001, from Tri Star for $539 was posted to the faculty members EG ...
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Journal Entry Examples
General Error Corrections - Example 1 Invoice #812995 for PO #S010001, from Tri Star for $539 was posted to the faculty members EG fund account, 1339270-6225 in error. It should have been posted to the RARSP fund account, 1678490-6225. Can you correct this error by using the General Error Correction?
Step 1: Click on “General Error Correction” on the main menu of Kuali.
Step 2: Enter in the information you know into the document (i.e. Description, Explanation, Accounting Lines).
Adjustment Voucher - Example 2: For account 2137600, we need to adjust (reduce) the inventory balance by $41,302.93 and recognize the cost of goods sold for department 5060. Doing this will adjust the inventory to its actual amount.
Step1: Click on the Adjustment/Accrual Voucher on the main menu screen of Kuali. After you click on this it will bring up the Adjustment/Accrual Voucher document.
Step 2: On the Adjustment/Accrual Voucher document, fill in the information you know, and since you are creating an adjustment, be sure to click the circle next to “Adjustment”. Once all the information is correct, hit the submit button.
Accrual Voucher – Example 3: Department 1680 has an independent A/R system and needs to accrue for and post October sales of $53,715.50. Their account number is 2218700. This entry is accruing revenue (posting it to the proper period) and recording a receivable. Because it is an accrual for the current month of October, it will be reversed in November.
Step1: Click on the Adjustment/Accrual Voucher on the main menu screen of Kuali. After you click on this it will bring up the Adjustment/Accrual Voucher document.
Step 2: On the Adjustment/Accrual Voucher document, fill in the information you know, and since you are creating an adjustment, be sure to click the circle next to “Accrual”. Once you hit “Accrual” it adds a Reversal Date section, in which you enter the date you want it to be reversed, in this case type in November 4, 2013. Once all the information is correct, hit the submit button.
Disencumbrance – Example 5: On September 30, 2013 $500.00 was encumbered on Account 2702000-6201 with document 2508773. The supplies have been received and this amount needs to be disencumbered since a reversal date was never selected.
NOTE: When disencumbering items the reference number section needs to be the original document number of the encumbrance.
Step1: Click on the Pre-Encumbrance on the main menu screen of Kuali. After you click on this it will bring up the Pre-Encumbrance/Disencumbrance document.
Step 2: On the Pre-Encumbrance document type in the information you know. For the accounting lines make sure to input the information in the Disencumbrance section. When all the information is entered, click submit.
Distribution of Income & Expense – Example 6: The Veterinary Teaching Hospital (VTH), department 1620, records revenue for its Veterinary Diagnostic Imaging (VDI) service in a subsystem which uploads the total amount into the VTH revenue holding account (1400300). An entry needs to be made to distribute the VDI revenue for the month of February into the appropriate revenue accounts and object codes. From account 1400300-4380 for $245,000. To account 1400190-4380 for $45,000. Org Ref ID RadThera To account 1400200-4380 for $200,000. Org Ref ID Ultrasnd
Step1: Click on the Distribution of Income and Expense on the main menu screen of Kuali. After you click on this it will bring up the Distribution of Income and Expense document.
Step 2: On the Distribution of Income and Expense document type in the information you know. When all the information is entered, click submit.
