JV Elements at Oregon State University

1. JV Elements at Oregon State University The required components in a JV transaction

2. Elements of a JV • JV Text • JV Rule codes and Types • Transaction Fields • Index = Fund, Organization, and Program • Account Codes • Activity Codes • Debit or Credit symbols • Description • Document Reference Number • Budget Period

3. JV Text • Text is always required • Text should contain sufficient information regarding the purpose of the JV transaction • Text should include name and phone number of person inputting the JV

4. JV Text - Internal Charges • Text for Internal Charges should provide: • Business purpose or reason • Date (month and year) of service • For whom service was performed • How amount was calculated (ie: # hours, test performed) or where supporting documentation may be found

5. JV Rule Codes & Types • 3JV1 – revenue/expense • Used for all original entries • Distribution of costs or corrections not involving restricted funds • 3GNT – corrections/transfers • Used when one or both sides of the entry involve a restricted fund: grants, contracts and gifts • Routes the JV to OPAA for review • 2XXX – Encumbrance & Liquidation JVs • 1XXX – Budget JVs

6. JV Rule Code 3YEC New Policy: The3YEC rule code is only to be used for year end accrual entries • Accrual entries are those which post: • Receivables • Prepaid expenses • Unearned income • Accrual entries are posted at year end and reversed in the next fiscal year; use 3YEC for both • A reconciliation sheet is to be used with these transactions

7. Transaction Fields: Index • Use an Index code unless the transaction posts to a General Ledger (GL) account. • If a General Ledger account is used (the code begins with A or B), only input the Fund and Account codes. • Commonly used GL codes are: A3140 Receivables A5006 Prepaid Expense B5901 Unearned income.

8. Transaction Fields: Other FOAPAL & D/C • Always use the appropriate Account codes • See FIS 409: “Determine What Account Code to Use” • Add a departmental Activity code, if needed • Debit/Credit field: • Use “D” or “C” with Rule codes that begin with a 3 • Use “+” or “–” with Rule codes that begin with a 1 or a 2

9. Transaction Fields: Description • In the Description field: • Provide a comprehensive and concise description of activity or item to enable the verification of the Account code. • It is not sufficient to write “see text” – JV will be rejected. Example: ScanProbeTest 08-91 Miller 9/08

10. Transaction Fields: Additional References • Complete the Document Reference field when correcting any Banner document. This includes redistributions or changes to Account or Activity codes. • The Budget Period field is required when the rule code begins with 1.

11. END JV Elements at Oregon State University