Please enable javascript to view this page in its intended format.

Queen's University
 

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

 

Kindest Regards,

Queen's Financial Services

 

Kingston, Ontario, Canada. K7L 3N6. 613.533.2000