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UAFR - Debits and Credits

Debits and Credits

Expense Reclassifications

If you want to reclassify an expense from one C-FOAPAL to another, you should:

  • Credit (-) the C-FOAPAL that you are removing the expense from.
  • Debit (+) the C-FOAPAL that you are transferring the expense to.

Revenue Reclassifications

If you want to reclassify revenue from me C-FOAPAL to another, you should:

  • Debit (+) the C-FOAPAL that you are removing the revenue from.
  • Credit (-) the C-FOAPAL that you are transferring the revenue to

Internal Sales

If you want to process a journal voucher to record an internal sale to another U of I System unit, you should:

  • Credit (-) the self-supporting fund that made the salle using an appropriate revenue account code.
  • Debit (+) the C-FOAPAL provided to you by the other unit using an appropriate expense account code.

Fund Transfers

If you need to complete a fund transfer (e.g., transferring money from one gift fund to another using the 4nnnnn transfer account codes), you should:

  • Debit (+) the C-FOAPAL that you are transferring the money out of.
  • Credit (-) the C-FOAPAL that you are transferring the money into.

Adjusting General Encumbrances

If you need to adjust a balance m an established general encumbrance, you should:

  • Debit (+) the C-FOAPAL if you want to increase the balance
  • Credit (-) the C-FOAPAL if you would like to decrease the balance

Liquidating General Encumbrances

If you need to liquidate a general encumbrance, you should:

  • Debit (+) the C-FOAPAL if you want to liquidate and close the encumbrance
  • Credit (-) the C-FOAPAL if you want to reopen the encumbrance and/or reduce the amount of the liquidation




Keywords:Debits and Credits   Doc ID:120133
Owner:Erik O.Group:University of Illinois Training and Development Resources
Created:2022-08-01 16:25 CDTUpdated:2022-08-01 16:27 CDT
Sites:University of Illinois Training and Development Resources
CleanURL:https://answers.uillinois.edu/training/uafr-debits-and-credits
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