Recording an Internal Revenue Transfer

When an internal decision has been made to reallocate revenue from one unit within Queen’s to another unit within Queen’s, and that source of funding cannot be tied back to an external source, it is appropriate to use Account 480001 - Revenue University Funds.

Examples include research startup or in support of an identified program or project. Similar to a cost recovery, there is no cash impact to the University; this is an internal transfer only. The same account must be used for both sides of the journal entry.

• 480001 - Revenue University Funds (Funds provided from Internal Queen's University resources)

Example: Revenue is allocated from operating fund 10000 department 11540 to fund 10000 department 11600 program 45001 to support a staff appreciation day in that department.

	Fund	Department	Account	Program	Amount	Description
Debit:	10000	11540	480001		$1,000	Revenue University Funds
Credit:	10000	11600	480001	45001	-$1,000	Revenue University Funds

 

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Queen's Financial Services