Do you process or review journal vouchers (JVs) or other internal transactions (such as feeders)? If so, it is very important to provide a descriptive and transparent explanation of your entry in both the Description line and the FOATEXT field of your transaction. This helps provide a clear audit trail explaining the purpose and reason for your entry, which is essential for audit trail, reconciliation, and review purposes.
See below for some tips to keep in mind as you complete your various JVs and feeder transactions:
- The FOATEXT field must contain both: (1) your contact information (i.e., processor name, unit name, 10-digit phone number and email address) and (2) a detailed description summarizing the purpose of the entry to the reader. For example, if you are reclassifying an expense, you should include the document number of the original expense which is being reclassified along with a reason as to why the expense is being moved.
- The Description line of the JV or feeder transactions should clearly explain the debit or credit which is posting on that specific sequence of the transaction. For example, if you are processing a journal voucher to record a sales transaction from one unit to another, then the credit side of the transaction should describe the type of sales revenue while the debit side of the transaction should explain the type of goods or services being purchased.
For more details, refer to Section 13.3, Journal Vouchers and Other Internal Transactions within the Business and Financial Policies and Procedures.
In addition, we highly recommend completing the Journal Voucher Processing Certification track if you have not done so already, which contains a lot of helpful guidance and tips to ensure proper completion of these types of transactions.
Contact
If you have further questions, feel free to reach out to UAFR at (217) 333-4568 or refer to our Who to Ask list.
