Accounting Office / Accounts Payable

Purpose:

To provide a means of transferring receipts and expense transactions for the following purposes:

1. To move receipt and expense transactions from clearing accounts and other accounts to terminal accounts (i.e., recording revenue and expense for IDC recoveries, fee revenue from clearing account to fee accounts).
2. To move a specified dollar amount of expenses or receipts, and the identity of the original transactions is not relevant or is unknown.
3. To move receipt or expense transactions when the volume of transactions being moved is so large that the use of a correction voucher or cash receipt adjustment form would create an extreme burden on both the originator and accounting staff. *
4. To change class codes, in lieu of a correction voucher. *
   * For these purposes, we recommend that correction vouchers and cash receipt adjustments be used instead of RETs where feasible.

1. The use of this transaction is subject to approval/editing by the Accounting Office and/or Sponsored Programs Accounting Office.
2. Cannot use salary or equipment class codes.

• Amount to be moved.
• Fund-Account the amount is to be moved from.
• Section-Project of the fund-account that the amount is to be moved from. Completion of this area is optional.
• Class Code.
• An offset (O/S) indicator of 2 should be used if an expense class code was entered.
• An override (O/R) indicator of O should be used if the account you are moving the amount from is closed.
• Fund-Account the amount is to be moved to.
• Section-Project of the fund account that the amount is to be moved to.
• Class code.
• An offset (O/S) indicator of 2 should be used if an expense class code was entered.
• An override (O/R) indicator of O should be used if the account you are moving the amount to is closed.
• Explanation for the transaction.
• Department head signature and date.

If the transaction is in lieu of a cash receipt adjustment, the original transaction account number and class code should be entered on the "FROM" side of the RET.

If the transaction is in lieu of a correction voucher, the original transaction account and class code should be entered on the "TO" side of the RET.

If the RET involves any 4XX accounts, send to the Sponsored Programs Accounting Office, 3609 Administrative Services Building. Send all others to Financial Accounting & Reporting, 3607 Administrative Services Building.

Please call Carole Gill at 294-5181 if you have any questions.

Last Updated July 11, 2007.