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. This transfer has no net impact on the cash flows or the net income of the University.
When using account 480001 in a journal entry, the account 480001 must be used on both sides of the journal entry (the net amount charged to this account must equal zero) and used between Queen’s units only. This account should not be used when doing a transfer to an agency fund (a fund that begins with a “9”).
Furthermore, since this account is to be used for internal transfers and have no impact on the University’s cash, this account should not be used on any cheque requisition or deposit transmittal forms.
Example showing the proper use of account 480001:
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.
|Debit:||10000||11540||480001||$1,000||Revenue University Funds|
|Credit:||10000||11600||480001||45001||-$1,000||Revenue University Funds|
We are finding that on a regular basis account 480001 is not being utilized correctly and within the parameters outlined above. We ask for your diligence when using this account. Use of this account is monitored regularly and any errors noted will be followed up upon and require corrections.
Should you have any questions regarding use of this account or other accounts: