Journal Entries

THESE NEED TO BE MOVED TO THE INDIVIDUAL AREAS AND NOT ALL LUMPED TOGETHER Post Approval JE to Post Approval instructions Reverse Approval Posting JE to Reverse Approval instructions Rescind/Cancel JE to Rescind/Cancel instructions

Fund 360 creates Journal Entries when posting batches or individual records and when initiating reversal entries. Journal Entries should look something like what's detailed below.

• Post Approval Journal Entries
• Reverse Approval Posting Journal Entries
• Rescind/Cancel Journal Entries
• Disbursement Refund Journal Entries

When a Funding Request has been paid and is to be Refunded, the journal entries created during the refund process are shown below.

• Open the Funding Request, then Disbursement to be Refunded
• Click Refund button
• Populate Refund Amount
• Populate Refund Date
• Select Reschedule if the payment is to be reissued; select Rescind/Cancel if the full amount of the Disbursement is to be rescinded
• Select Deposit Bank GL Account
• Click Create and Post button

This process is to be used when a Funding Request has been posted but not yet paid. Users are not allowed to make changes to the Applying Organization, Fund or Awarded Amount after the record is posted. To make these edits, follow the steps below:

• Open the Funding Request to be reversed
• Click Reverse Approval Posting button
• Verify Date
• Click Reverse and Post
  • The Funding Request can now be edited. If the Awarded Amount is changed, the Disbursement must be manually edited from the Scheduler

• The Disbursement record after the Refund has been processed

• The Journal Entry record after the Refund has been processed

• The Journal Entry Lines after the Refund has been processed

Journal Entry records for a Funding Request that was posted and paid, then refunded

• Funding Request record Post Approval
• Disbursement record Pay Batch
• Cash Disbursement Batch record Batch Posted
• Disbursement record Refunded