Accounting Office / Accounts Payable

Purpose:

Use a Correction Voucher to move expenditures (or negative receipts) resulting from vouchers, intramural charges or Debit Memos from one fund-account to another.

Limitations/Restrictions:

1. All Hourly Payroll transactions must be listed on a separate Correction Voucher. Salary Payroll transactions must be adjusted via the Electronic Personnel Action System. (See separate instructions for Hourly Payroll transactions.)
   
   
2. Do not use the Correction Voucher form to adjust transactions resulting from Deposits Online, Credit Memos, or intramural income. Please use a Cash Receipt Adjustment form instead. (See separate instructions for Cash Receipt Adjustments.)
   
   
3. Do not use the Correction Voucher form to move transactions resulting from Transfers / Adjusting Journal Entries. These transactions should be adjusted using the same type of form that initiated the transactions. (See the separate instructions for transfers.)
   
   
4. Do not use the Correction Voucher form to move Purchase Order encumbrances from one fund-account to another. Instead, send a memo to Tisha Campbell, Purchasing, 3616 ASB or e-mail her at tishac@iastate.edu. You can also reach Tisha Campbell by phone at 294-4860.
   
   
5. Do not use the Correction Voucher form to move transactions within the same fund-account from one section-project number to another unless you are changing the class code as well. If the section-project numbers are the only numbers being changed, please use a Project Expenditure Adjustment form instead.
   
   
6. Federal and state laws require ISU to have policies and procedures in place to ensure that corrections to the accounting records and financial reports are completed in a timely manner and within a specified number of days. Typically, this time period is 90 days or less. Therefore, on sponsored accounts (4XX) subject to these federal and state requirements, Correction Vouchers must be initiated within 90 days of the post date of the original charge. Charges beyond the 90-day limit are not allowed. Some sponsors may restrict this time frame to less than 90 days if the award has terminated and is in the process of closing out. For questions on specific awards, it is advisable to contact your Sponsored Programs accountant.
   
   

1. Date of the transaction as listed on the departmental statement or WebFM Transaction Detail screens.
   
   
2. Enter the Vendor/Description of the expenditure to be moved as listed on the attached departmental statement or WebFM Transaction Detail screen.
   
   
3. The Reference Number should be entered as it appears on the departmental statement.
   
   
4. The Fund-Account for the FROM side should be as the transaction was posted.
   
   
5. Section and Project (if applicable) also should be as the transaction was posted. If the fund-account does not have a section-project number, the section-project field may be left blank. If a section-project number was part of the original transaction and this field is left blank, the transaction will be posted to the 99-9999 miscode project account.
   
   
6. Class Code - Use the class code from the departmental statement or WebFM Transaction Detail screen.
   
   
7. Amount to be transferred. Enter the amount from the departmental statement or WebFM Transaction Detail screen. See #8 below if a partial amount is to be transferred.
   
   
8. Enter an "X" indicating a Partial Transfer if you are transferring less than the amount on the departmental statement or WebFM Transaction Detail screen.
   
   
9. Fund-Account for the TO side should be the fund-account number where the voucher or charge should be moved to.
   
   
10. Section and Project (if applicable) is the section-project number where the expenditure should be moved To. If the fund-account does not have projects, this field may be left blank. If the fund-account has projects and this field is left blank, the transaction will be posted to the 99-9999 project account.
    
    
11. Class Code does not need to be entered on the TO side of this form if it is to be the same as on the FROM side.
    
    
12. An Override (O/R) indicator of O should be used if transferring expenditures to or from a closed fund-account.
    
    
13. Total amount should be calculated and entered to facilitate the balancing of the batch of Correction Vouchers.
    
    
14. Reason for the transfer. Check the appropriate box(es) to specify reason(s). If the reason is not listed, explain further under "Other: Please specify".
    
    
15. Principal Investigator/Department Head typed name and signature. The copy forwarded to the Accounting Office should have the ORIGINAL signature.
    
    
16. Preparer’s Name, Phone # and Date form was completed.
    
    

Routing:

Please review the routing instructions at the top of the Correction Voucher form. Use of the proper address will speed the processing of the correction. Only the original Correction Voucher form and accompanying photocopies of departmental statements or WebFM Transaction Detail screens need to be forwarded to Accounting. If you prepare photocopies of Correction Vouchers for your own records please stamp them as "COPY" to avoid duplicate processing.

If the Correction Voucher (non-payroll) involves any 4XX accounts, send to the Sponsored Programs Accounting Office, 3609 ASB. Otherwise, send directly to the Accounting Office, 3606 ASB.

Last Updated July 18, 2008.