Creating a Budget Journal to Increase Revenue (Revenue Ledger

Body

Overview

Revenue Budget increases and the corresponding Expenditure Budget increases are recorded in separate Budget Journals through the Budget Journal pages. These Budget increases are typical for Departmental Sales and Service budgets (Funds 14xxx) and "Various" restricted budgets in Fund 20400.

The two journals and the procedures for entering each are very similar, with the main difference being the Ledger and the accounts that are included in the journals. Revenue budgets are reflected in the DEPT_REV ledger group, and Expenditure budgets are reflected in the DEPT_CHILD ledger group. A budget journal can only contain a single ledger, and this is the reason for separate Revenue Budget and Expenditure Budget Journals.

Revenue Budget Journals include the DEPT_REV ledger and can include only Revenue accounts. Revenue accounts always begin with a 4. Expenditure Budget Journals include the DEPT_CHILD ledger group and can include only Expense accounts. Expense accounts are accounts 500000 up to 999999.

Budget increases are always entered as positive numbers and budget decreases are always entered as negative numbers. This is true for both Revenue budget and Expenditure budget.

This document is meant to illustrate the mechanics for entering a Revenue Budget Journal to the DEPT_REV ledger. Please refer to the document Guidelines for Budgeting Revenues and Expenditures by Fund for guidance related to the substance of the Budget Journal.

In this article, you will learn how to establish your departmental sales account budget using the Budget Journal feature.

Note: The Revenue and Expense sides of this will be entered in separate transactions. Budgeted Revenues are entered to the DEPT_REV ledger group and Budgeted Expenses are entered to the DEPT_CHILD ledger group. A Budget Journal can only have one Ledger Group.

In this example, you will use the following chartstring:

Account = 441000

Fund = 14100

Program = 11100

Department = 20964200

Class = 41500

The amount of the transaction = $20,000

1. Step 1

First, log into the UGA Financial Management System.

The Budget Journals are under Commitment Control which is part of the General Ledger group of pages.

Click the Employee Self Service dropdown button to activate the menu.

2. Step 2

Click the UGA Financials link.

3. Step 3

Click the General Ledger tile.

4. Step 4

Click the Commitment Control menu.

5. Step 5

Click the Enter Budget Journals option.

6. Step 6

Click the Hide Menu button.

7. Step 7

On the Add a New Value page there are already three values that default.

Validate that the correct business unit has defaulted. If not, enter 18000.

Do not change the Journal ID of NEXT. This allows the system to autonumber and assign a Journal ID when the journal is saved.

The Journal Date defaults to the current date, but may be changed, if needed. The month entered here determines the period in which the journal is posted.

8. Step 8

You are adding a new revenue budget transaction.

Click the Add button.

9. Step 9

The Budget Header page is displayed with the values you entered on the previous page. Use this page to specify the business unit, journal ID, journal date, ledger group, budget entry type, and currency.

Note : If the date on the Journal is outside the range of open months, a warning message will be displayed.

10. Step 10

DEPT_REV is the Ledger Group to which a Revenue budget journal will be posted.

Click the lookup magnifying glass to the of the Ledger Group field.

11. Step 11

The only ledgers to use for Commitment Control transactions are DEPT_CHILD for expenses and DEPT_REV for revenue.

Since this is for a revenue budget, click the DEPT_REV link.

12. Step 12

Budget Journals submitted by Departments and Units will all be Adjustments. Only the Central Offices will work with Original budgets.

Click the Budget Entry Type dropdown menu.

13. Step 13

Click the Adjustment option.

14. Step 14

Enter the Description of the budget journal in the Long Description field.

15. Step 15

Click on the Attachment link and upload any attachments you need the approver to include as justification.

16. Step 16

You are now ready to enter the lines.

Click the Budget Lines tab.

17. Step 17

The Budget Lines page is where you enter the accounting information (chartstring) for the revenue transaction.

18. Step 18

If you already have a speed type created that uses all the ChartFields you are entering for this chartsting, you can enter it. If not, you will need to enter all the ChartFields.

19. Step 19

Enter the Account information to which this budget is to be tracked.

Example shown here: " 703000 " into the Account field.

20. Step 20

The Bud Ref is the fiscal year to which the transaction applies.

Enter appropriate information into the Bud Ref field.

Example shown here: " 2024 " into the Bud Ref field.

21. Step 21

Enter appropriate information into the Fund field.

Example shown here: " 10000 " into the Fund field.

22. Step 22

Enter appropriate information into the Dept field.

Example shown here: " 16001001 " into the Dept field.

23. Step 23

Enter appropriate information into the Program field.

Example shown here: " 16400 " into the Program field.

24. Step 24

Enter appropriate information into the Class field.

Example shown here: " 11200 " into the Class field.

25. Step 25

Enter appropriate information into the Amount field.

26. Step 26

When you have the ChartFields and the Amount entered, save the transaction.

Click the Save button.

27. Step 27

A Journal ID is assigned to the transaction when you save it.

28. Step 28

You are now ready to process the Budget Journal and submit it for approval.

Click the Process dropdown menu.

29. Step 29

The first thing you need to do is a Budget Pre-Check.

Click the Post Journal option.

30. Step 30

Click the Process button.

31. Step 31

A message asks if you want to do a check that will not post.

Click the Yes button.

32. Step 32

When the Budget Check is complete and correct, you will see a Budget Header Status of "Checked Only."

33. Step 33

The second step is to Edit the ChartFields to make sure they are valid.

Click the Process dropdown menu.

34. Step 34

Click the Edit Chartfields option.

35. Step 35

Click the Process button.

36. Step 36

If the Approval Header Status does not indicate an error, you are ready to submit the Budget Journal for approval.

If the status does indicate an error, click on the Errors tab to find out what the error is and take corrective action. Run the Pre-Budget Check if you change the amount and run the Edit ChartFields process if you change ChartFields.