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Budget & Actual Entries

When transferring funds from one budget to another, the transaction can be documented using one of two types of journal entries: a budget transfer or actual transfer. To request a journal entry, contact your financial advisor who will record the entry in the financial system.

When to use budget transfers

Budget transfers are appropriate when you need to add or subtract budget funds from a cost centre within the same fund. Examples of budget transfer scenarios include:

  • when funds are provided for a specific purchase such as a dean or director transferring funds to a school to purchase furniture or equipment
  • annual resource allocations
  • transfers from vice-presidents

Note that operating funds can only be transferred between operating funds and project funds can only be transferred between project funds.

When to use actual transfers

Actual transfers are appropriate when you need to correct the recording of a receipt or disbursement transaction. You can also use actual transfers to charge the recipient of goods or services and credit the provider. Examples of actual transfer scenarios include:

  • when an expense code needs correcting
  • internal transfers
  • when an expense needs to be reflected as an expense in more than one cost centre, such as in the case of cross-teaching appointments

Requesting a budget or actual transfer

Your financial advisor will process a budget or actual transfer on your behalf when you submit a journal entry request via email. Please include the following details in your request:

  • current date
  • amount to be transferred
  • cost centre and account code from which the funds are to be moved
  • cost centre and account to which the funds are to be moved
  • the reason for the transfer
  • attach any backup documentation supporting the request

If you’re requesting a budget transfer, please note:

  • the period to which the budget transfer applies, e.g. month, term, fiscal year
  • whether the transfer is a base transfer or a one-time-only (OTO) transfer
  • the correct terminology
    • requesting a fund debit increases the funds available
    • requesting a fund credit decreases the funds available

If you’re requesting an actual transfer, please note:

  • The correct terminology
    • requesting a fund debit decreases the funds available
    • requesting a fund credit increases the funds available