Internal transfers are transactions that move funds from one account to another, without the exchange of cash or cheques. Some examples include transferring expenses that have already been charged, moving incorrectly-recorded revenues to expense accounts, or incorrectly recorded expenses to revenue accounts.
There are four types of internal transfers, all of which are completed by sending an email request to your financial advisor.
Chargebacks are used by internal service departments to record goods and services sales to user departments. Internal service departments include the Ryerson University Campus Store, Food Services, Print Services, Mail Services, and Computing and Communications Services, for example. For more information, visit the Chargebacks page.
Adjustments are used to correct an error or to initiate changes to a transaction that has already been recorded.
Accruals or year-end adjustments
When a transaction isn’t processed in the month it occurred or at year-end, then an accrual entry must be done to record the transaction in the correct accounting period. These accruals are reversed in May of the following fiscal year, allowing the missed transaction to be processed.
Budget fund transfers
Budget transfers refer to transfers made within the same budget. This allows you to reallocate budget funds to different types of revenues and expenses within one or more cost centres. For example, if you’re reallocating funds originally designated for travel expenses to equipment purchases, this would be done via budget transfer.