JOURNAL ENTRY APPROVAL AND SUPPORTING DOCUMENTATION
Contact: University Accountant
Journal entries are used to record, reallocate, adjust, correct, or transfer funds in the accounting system. In Workday you can complete a journal entry by either searching for Create Journal (task) or downloading the spreadsheet journal template [add hyperlink to download spreadsheet journal entry template]. Instructions on how to complete the spreadsheet journal entry template can be found [hyperlink to workday instructions Spreadsheet journal entry template].
Journal entry approvals will automatically route to the appropriate Journal Entry approver and can be reviewed by finding the journal entry and selecting the process history tab. This will show who is required to review and approve the journal entry. The adequacy and correctness of journal entry documentation will be reviewed and evaluated by Financial Services regularly.
Supporting Documentation
- The Memo Field on the journal header should contain a description that provides a detailed explanation of the purpose of the journal entry so that a journal entry approver can understand the necessity and purpose of the journal entry without examining the supporting detail.
- Adequate supporting documentation should be attached to the journal entry. The documentation should include information about why the entry is being made and the amounts that are included in the journal entry.
- Reclassifications of Class-only entries requires no supporting documentation or explanation.
- Adequate supporting documentation (or sufficient reference information to easily locate the adequate supporting documentation), must be retained in the department for ten years.
- Campus departments that upload electronic subsystem journal entries are also under the same obligation to retain supporting documentation for the prescribed period.