Enter a Budget Transfer

Overview

If your unit maintains budget lines with a specific dollar amount (not $0.00), use this procedure to transfer funds among budget lines.

Important Information

Contact your U-M Accounting Services Coordinator:

  • Prior to entering a budget transfer for a sponsored project/grant to verify if applicable.
  • If you have questions about a Ledger Group’s budget definition (e.g., budget keys, translation rules, etc.).

Look up your unit’s coordinator(s) using the Sponsored Programs Coordinator by Department spreadsheet on the Financial Operations website.

Navigation

NavBar > Navigator > Commitment Control > Budget Journals > Enter Budget Transfer

Step-by-Step Process

  1. Enter, select, or accept the default Journal Date.

    Note: Verify that NEXT defaults in the Journal ID field. This value allows the system to auto-assign the next available Journal ID number when you save the budget journal transaction.

    2. Add a New Value

  2. Click Add.
  3. Enter or Lookup lookup icon the Ledger Group.

    4. Budget Header Page

  4. Select a Budget Entry Type from the drop-down list.
    • Original
    • Adjustment
  5. (Optional) Enter a Long Description .

    Note: Verify whether or not your organization is using this field for specific business process reasons.

  6. Click the Budget Lines tab.

    Notes:

    • You can click Show All Columns show all columns icon to view all columns without a scrollbar.
    • Either the Program or Project/Grant field appears based on the selected Ledger Group.

    Budget Lines Page

  7. Enter or Lookup lookup icon the Budget Period.
  8. Enter or Lookup lookup icon applicable ChartFields.

    Notes:

    • Use account values beginning with 8 for a revenue budget line.
    • Use account values beginning with 9 for an expense budget line.

  9. Enter the Amount for the budget line.

    Note: Enter a negative number for a credit or a positive number for a debit.

  10. If applicable, use the horizontal scroll bar or press Tab to move to the remaining fields for the budget journal line.
  11. If applicable, enter a departmental reference for the budget line in the Ref field.

    12. Budget Lines Page (cont.)

  12. If applicable, overwrite the Journal Line Description.
  13. Enter the number of Lines to add.
  14. Click Add Row add row icon.
  15. Overwrite applicable ChartFields for the new line(s).

    16. Budget Lines Page (cont.)

  16. Overwrite the Amount for the new line(s) (e.g., add the minus sign to indicate the “to” line).
  17. If applicable, use the horizontal scroll bar or press the Tab key on your keyboard to move to the remaining fields for the budget line(s).
  18. If applicable, enter a departmental reference for the budget line in the Ref field.

    19. Budget Lines Page (cont.)

  19. If applicable, overwrite the Journal Line Description

    Note: Repeat steps 15 – 19 for each line added.

  20. Verify that the Total Debits amount equals the Total Credits amount in the Totals group box.
  21. Select Post Journal from the Process drop-down list.
  22. Click Process.
  23. Click Yes.

    24. Posting Message

    Note: Refer to the troubleshooting section of Enter a Budget Journal if the Budget Header Status value is Error.

  24. Verify that the Budget Header Status is Posted.

    Notes:

    • After the budget journal has been posted, some fields and buttons turn gray to indicate that additional changes cannot be made to the journal.
    • Note the Journal ID number for your records.

    25. Budget Lines Page