FRS TRANSACTION CORRECTION

Click here to view form

Corrections to non-payroll transactions posted to the Financial Records System (FRS) in error must be requested on a FRS Transaction Correction Form to ensure adequate documentation and prompt correction of the error. Corrections to payroll transactions should be made on a Labor Expense Distribution Reallocation Form.

Standardized forms are provided to account administrators to deposit funds, request disbursements, and record interdepartmental transactions. Copies of all forms submitted for processing should be retained by account administrators. Reference numbers are provided for all documents to assist in the identification and tracking of transactions.

It is the account administrator's responsibility to monitor his/her accounts to ensure that all transactions posted to the accounts are accurate and appropriate. FRS Inquiry Screens and the monthly Statement of Account (Report 101) are available to facilitate this verification process.

Transaction corrections must be submitted to the HSC Finance Office or Financial Services within sixty (60) days of the original transaction date or sooner, as required by fiscal year end.

Submitted transaction corrections must be supported by a copy of the monthly Report of Transactions or the FRS Inquiry Screen that contains the error.

Transaction corrections may only be submitted for postings of actual revenues or expenses and may not be used to correct an encumbrance within an account.

Procedures

Department: Enter the name of the department submitting the correction request.

Date: Enter the date the FRS Transaction Correction Form is completed.

Charge Transaction to Account: Identify the account number and object code - University or object code - UMG to which the transaction should be charged (debited), if known.

Credit Transaction to Account: Identify the account number and object code - University or object code - UMG to which the transaction should be credited, if known.

Description: Enter the description of the transaction as it appears on the Report of Transactions or FRS Screens. This description should identify the specific transaction, not the object code assignment.

Transaction Date: Enter the date the transaction was posted to FRS as identified on the Report of Transactions or FRS Screens (MMDDYY format).

Reference: Enter the primary reference number for the transaction to be corrected as identified on the Report of Transactions or FRS Screens (purchase order number, journal entry number, IDO number, etc.).

Second Reference: Enter the second reference number for the transaction to be corrected as identified on the Report of Transactions or FRS Screen (check number, voucher number, etc.).

Amount: Enter the dollar amount of the transaction to be corrected. This amount may be a portion or all of the identified transaction amount.

Reason for Correction: Provide an explanation for the transaction correction. Examples of acceptable justifications include: correction of data entry errors and reallocation of expenses to reflect actual usage. Transaction corrections not appropriately justified will be returned to the originating department. A transaction correction to utilize unexpended grant budget funds is not an acceptable justification.

Approvals: Obtain required approvals according to University and departmental policies and forward to Financial Services or the HSC Finance Office for review and approval. Upon approval, FRS Transaction Correction Requests will be forwarded to General Accounting for processing.