Correcting Transactions in the General Ledger

When an erroneous transaction posts to the general ledger, a correction will need to be made.  Timeliness is an important component of these transactions.  Error corrections should be made within 90 days of the original transaction, before the fiscal year-end deadline and/or before the end of the grant, whichever is earlier.  Failure to make timely corrections to a grant may cause them to be out of compliance.  Exceptions to the 90 day rule may be granted by the Grant & Contract Accounting Office or the Accounting Office when a correction is needed to stay in compliance with GAAP (Generally accepted accounting principles), federal or state regulations/policies, or grant awards.

Generally, the transaction(s) should be corrected in the system that was the source of the
transaction.  Following are various types of transactions and the proper corrections to make:

•    Payroll transactions. The Human Resources Management System (HRMS) is the source for payroll
transactions posted to the general ledger.  To correct the transaction, or change the funding, the
department will need to complete the ‘Retroactive Distribution Form’, located within the forms
under the Budget Office.  The payroll retro correction will be included in the next payroll’s
general ledger posting; keep this in mind if correcting the July 15th payroll, as these retro forms
will be recorded in the new fiscal year.

•    Accounts Payable transactions.  The Finance System is the source for the accounts payable
transactions posted to the general ledger.  Accounts Payable transactions include Accounts Payable
Vouchers (entered online or by Accounting), Travel Vouchers, and JPM Purchasing Card transactions
posted to the general ledger.  To correct the transaction, or change the funding, the department
will need to complete the ‘Journal Voucher’ form located within the forms under the Accounting
Office.

•    Student Finance (SF) transactions: The Campus Solutions System is the source for the student
finance transactions (SF journals) posted to the general ledger.  The SF journals are an exception
to the general rule of correcting the transactions in the source they were originally created in. 
To correct a transaction, the department will need to complete a ‘Correcting Entry Request’ form
located within the forms under the Accounting Office. If the corrections are too numerous for the
‘Correcting Entry Request’ form to be practical, please complete the ‘Spreadsheet Import Template’
(otherwise known as SSI journal), or contact the Accounting Office for instructions on preparing
the SSI journal for the entry.  If an item type needs corrected for future SF transactions, please
contact Customer Account Services.

•    Other transactions. The Finance System is generally the source for the other types of
transactions posted to the general ledger.  These transactions include, but are not limited to,
system generated entries, and entries created for Cost Transfers, Cash Transfers, and
Interdepartmental Billings (IDB’s). To correct these transactions, the department will need to
complete the ‘Correcting Entry Request’ form located within the forms under the Accounting Office. 
If the corrections are too numerous for the ‘Correcting Entry Request’ form to be practical, please
complete the ‘Spreadsheet Import Template’ (otherwise known as SSI journal), or contact the
Accounting Office for instructions on preparing the SSI journal for the entry.

As with all entries into the general ledger, correcting entries should have appropriate supporting
documentation attached when submitting the forms for entry.