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