NUFinancials Actuals Journal Training Guide

This is a comprehensive guide to understanding and processing every type of actuals journal available in NUFinancials.

NUFinancials is Northwestern University‚Äôs accounting system.  Every day it does our bookkeeping for us. After every purchase, expense report, deposit, or other monetary transaction that we complete, NUFinancials creates the journal entries that record the effects of those transactions on the General Ledger.

There are situations, however, when a manual journal entry is needed. There are several Journals at Northwestern. Budget journals are for planning revenue and expenses for the upcoming fiscal year. This guide does not cover Budget journals. You can find information about them in myHR Learn by searching for NUPlans or Budget.

This guide covers Actuals Journals - what was spent or earned. There are four Actuals Journals. Which journal you should use depends on the situation:

  • Use the Correction Journal when you need to correct an amount or chart string for an expense or revenue that has been already been posted to the General Ledger.
  • Use an Internal Sales Journal for sales inside the University, from one department to another.
  • Use a Transfer Journal to move funds from one fund to another.
  • Use an Agency Journal to facilitate transactions with groups affiliated with Northwestern, such as fraternities, sororities, and alumni associations.

When you create and submit a journal entry, it follows a workflow process. Depending on the amount of the transaction, up to 3 people may be needed to approve it. A level one approver is required for amounts up to $1500, a level two approver for amounts between $1500 and $5000, and a level three approver for amounts greater than $5000. If approval is given for all three levels and the entry is $500 or more, Accounting Services will review the transaction and if they approve, your transaction is posted. Journals that include sponsored projects require approval from Accounting Services for Research and Sponsored Programs, ASRSP.

If an approver denies the entry, you can decide whether to modify it and resubmit it, delete it yourself, or do nothing and it will be deleted at the end of the accounting period. Your transaction will also be deleted if your approvers do not fully approve it by the end of the accounting period.

 

For additional assistance please contact the IT Support Center at 847-491-4357 (1-HELP) or email servicedesk@northwestern.edu.

 

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Article ID: 1184
Created
Thu 5/12/22 12:38 PM
Modified
Mon 3/6/23 12:27 PM