ROWAN UNIVERSITY POLICY 

Title: Journal Entries
Subject: Accounting Services           
Policy No: FIN: 2014:02                                                                   
Applies: University-Wide
Issuing Authority:  President
Responsible Officer:  Senior Vice President for Finance and CFO
Adopted: 07/01/2014
Last Revision:

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04/

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06/

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2022
Last Reviewed: 11/

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30/

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2022

  
I.    PURPOSE 

The purpose of this policy is to provide guidance to ensure journal entries are entered timely properly and properly accurately reflect transactions resulting in accurate data for financial statements which comply with generally accepted accounting principles (GAAP), the government accounting standards board (GASB).  , and the financial accounting standards board (FASB).

II. ACCOUNTABILITY   ACCOUNTABILITY 

Under the direction of the Senior Vice President for Finance and CFO, the Assistant Vice President and Controller shall implement this policy.  Each department, including the Accounting Services Office, Office of Sponsored Programs (OSPGrant Contract Accounting (GCA), Bursar’s Office, Payroll Office, and the Budget Office that prepare, post, approve and file entries will ensure compliance with this policy. 

III.  APPLICABILITY 

This policy applies to all employees of the University who are involved in any financial activity on behalf of the University. 

IV.  DEFINITIONS

1. Journal Entries: Journal entries for the purpose of this policy include all journals generated using Banner Finance Rule Classes JE15 (General Journal Entry Intra-Fund), JE16 (General Journal Entry Inter-Fund), and JEZG (Grant Office Journal Entry).  OSP: Office of Sponsored ProgramsJDCA (General Journal Entry DCA only), CR05 (Cash Receipt Entry), CDZ1 (Cash Disbursement), DCSR (Direct Cash Receipt)

V.  REFERENCES 

1. State of New Jersey Records Manual Manual 

VI. POLICY 

1. The Assistant Vice President for Finance and Controller has the responsibility for overseeing the operation and maintenance of the accounting system. The Accounting Services Office has accountable departments listed above have responsibility for processing transactions , timely production of accounting reports, and submitting daily program requestsvia automated upload or by manual journal entries..
2. Journal entries are recorded to ensure financial activity within Rowan University is reflected in the general ledger accounts that comprise the University’s financial records in accordance with GAAP . All journal voucher entries are reviewed by the Accounting Services Officeand GASB.
3. Journal entries are prepared for various transactions. These transactions include but not limited to student account charges, correcting entries, monthly entries , and department reimbursements, including:
   1. Bursar's Office to correct student accounts/transfer receipts between accounts
   2. Budget Office to correct a posting error or divide charges
   3. Accounting Services Office for monthly journal entries and all corrections
   4. OSP Office to post grant related activity
   Journal entries can be entered into the Banner Finance system through automated upload or by manual process completed by an individual.
4. Journal Entry Sheet
5. Department Charge Authorization 
Journal entries must contain sufficient supporting documentation and follow the review/approval process described below.
1. Supporting Documentation
1. Journal entries will be supported by accurate and appropriate documentation that supports the complexity of the transaction. 
2. A journal entry based on confidential information includes supporting documentation that indicates the confidential nature of the information and the name of the person responsible for maintaining the information. 
3. Supporting documentation is auditable, well-justified, and maintained by the approving department.
4. Journal entries prepared and posted
by the:OSP Accountants are to be reviewed/
1. should be approved by the
OSP Manager or Director
1. respective authorized supervisor prior to filing
. 
6. Budget Office Accountants are to be reviewed/approved by the Director of Budget or Supervisor, Manager or Director of Accounting Services prior to filing.
7. Bursar’s Office are to be reviewed/approved by the Bursar’s Office Supervisor, Manager or Director prior to filing.
8. Accounting Services Office accountants is to be reviewed/approved by an Accounting Services Office Supervisor, Manager, Associate Controller or Controller prior to filing.
9. Accounting Services Office manager are to be reviewed/approved by another Accounting Services Office Manager, Associate Controller or Controller prior to filing.
1. and submitting to the Controller’s unit. 
1. Reviewing/Approving Managers will determine if Journal Entry support is appropriate in quality and quantity, and request additional information if needed. If the reviewing and/or approval officer discovers an issue with a Journal Entry, a reversing or correcting entry will be processed using the same approval process stated above.
2. Maintenance of Journal Entries
1. Journal Entries documents with appropriate support will be maintained
in
1. by the Accounting Services Office for Journal Entries prepared or posted by both the Budget Office and the Accounting Services Office Staff.   
2. Journal Entries prepared in the Bursar’s Office will be maintained
in
1. by the Bursar’s Office.   
2. Journal Entries prepared and posted by the
OSP
1. GCA Office will be maintained
in
1. by the
OSP
1. GCA Office.
10. Access and authority to post journal entries to the Banner system is governed by security access granted through the Banner Finance Security Profile.  To access the Banner Finance System to perform job duties, the department head should email a request for approval to finsecurity@rowan.edu. The e-mail should state:
1. The name of the person who is requesting access:
2. The title of that person:
3. The reason access is necessary:
4. The type of access needed:
1. Query or read only
2. Posting (Requisition and Budget Transfer entry)
3. Both
11. As a public university, Rowan follows the State of New Jersey Records Retention Policy, this which includes journal entry documentation.

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