Part III - UNM Finance: Practical Applications

SARM Site Search

 



Standard Accounting Resource Manual (SARM)

MSC 0000 00
1 University of New Mexico
Albuquerque, NM 87131

Common Journal Voucher Mistakes to Avoid:

  • Do not use “allocate” in the text of a transfer journal entry.
  • Do not use “transfer” in the text of an allocation journal entry.
  • Creating a reserves or allocation entry that crosses level 2 funds or level 2 programs.
  • Submitting an allocation of reserves journal entry that uses different account codes in the same entry.
  • Using allocation account codes that do not reflect the type of funding that is being allocated
  • Trying to move a larger balance than what is available.
  • Trying to move unrestricted prior year correcting entries in their original account code.  These must be moved in the reserves account code [1903] as a debit and credit to the indices involved.
  • Debits do not equal credits.
  • Submitting allocation, reserves or transfer entries in lieu of moving current year expense to the appropriate index.
  • In budget entries, revenue does not equal expenditures.
  • In budget entries, 16xx does not net to zero.
  • In budget entries, the index and account code funds are being moved “from” does not have sufficient funds.  A negative balance CANNOT result.