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Home My WebLink AboutOCDSB 271 Request for Journal EntryOTTAWA-CARLETON DISTRICT SCHOOL BOARD Request for Journal Entry OCDSB 271 Finance Department (Jun 2023) School/Department: Accounts to be adjusted as follows (please note that debits must equal credits): ASN Explanation: Authorized Signature(s): Note: This form is to be used for adjustments to expenditure fields only. Adjustments to budget fields are to be processed on a Budget Adjustment Form OCDSB 280. Email completed forms to journalentries@ocdsb.ca. DESCRIPTION TOTAL Requested/Prepared By: Finance Department Approval: DEBIT 0 Date: J Reference Number Date (yyyy/mm/dd): CREDIT 0 Journal Entry Form Form #: OCDSB 271 · · · A journal entry is used to move items in the expenditure column from one ASN to another and to pay another school/department from an ASN, i.e. MacSkimming. - - - - - - - - - HST rebate - - - - - - How to complete a Journal Entry Form: 1. Reference Number Example: 2. School/Department 3. Requested/Prepared By 4. Date 5. ASN 6. Description 7. Debit 8. Credit 9. Total 10. Explanation 11. Authorized Signature 12. Finance Department Approval - - - A journal entry cannot be used to move budget amounts, requisition pre-commitments or purchase order commitments. A journal entry cannot be processed until the original charge has been posted. The expense detail from Edsembli with the indicated transactions or the absence detail report if reimbursing release time for another school/department, is required to be included in the email with the form. The Edsembli report can be exported to excel and a sum formula used. Alternate options to journal entry § § § Journal entries to move expenses to unsuitable ASNs will not be processed. Examples would include charging SUP for occasional teacher charges or charging SUPMU for computer equipment. Finance cannot process journal entries to inappropriate ASNs such as charging SUP for occasional teacher charges, or charging SUPMU for computer equipment. To move expenses for release codes within your school, the entry needs to be edited in Apply to Education. To reimburse another school a JE is required. For journal entries, think of the debit column as a positive (+) or increase in expense and the credit column as a negative (-) or decrease in expense. Please do not put brackets around the amounts in either column. Completed forms are to be submitted via email to journalentries@ocdsb.ca. Every invoice that has tax paid on it has an HST rebate or percentage of tax which is creditd back to the school' ASN when the invoice is entered by Finance. Most invoices have 13% tax and you receive a rebate of 83.38%. Some invoices have 5% federal tax only, and for novels and textbooks 100% of the tax is credited back. Workbooks, atlases, yearbooks, etc. receive 68% of the tax back. Therefore, a total invoice of $113 after 13% taxes, will instantly credit the ASN for a rebate of $10.84. The actual charge to the account is the difference of $102.16. When creating a journal entry, either both the invoice total and the HST rebate need to be included, or the net amount. The end result is the same; $102.16 is being moved from one ASN to another. The simplest way to figure out the dollar amounts to use on the journal entry for the invoice and HST rebate and which ASN to debit and credit is to review the expenses in Budget Query in Edsembli Note: Finance can only key up to 9 additional characters after “J”. Note: Cannot use B01 or ROT to move expenses. Note: If the JE is moving expenses from one school to another, the school/department accepting the expense (ASN with the Debit) must sign the JE. When preparing a journal entry for many transactions to the same ASN, you can print the expenditures from Edsembli, highlight the invoices and HST rebates, do a tape for all the invoice amounts and a tape for the HST rebates and enter the totals for each as your debit and credit. Please attach this as backup so we can verify the amount. Alternatively, export the transactions to excel, remove the lines of expenses not being moved, and sum all the amounts to do one amount for net of HST rebate. When looking for a specific invoice in Edsembli, export the expenses to excel and use Ctrl + F to bring up the search box. To change the ASN on a purchase order and the invoice has not been paid, email supplychainmanagement@ocdsb.ca to request the ASN to be changed. To change the ASN for Visa before the cycle cut off date, log into CentreSuite to make the change. The billing cycle is the 16th of the previous month to the 15th of the current month and the cut off is the 22nd of the month at 4:00 pm. To change the ASN for a pay direct invoice that has been submitted to Finance and has not been paid, you can send an email to accountspayable@ocdsb.ca and request the ASN to be changed. J23001AA01 J 23 199 AA 1 – = Journal Entry = Budget Year = School Number = Your Initials = First Journal Entry – – – – – – – – – – Enter journal entry reference # Enter the school or department you work in Enter the name of the individual requesting the JE followed by the name of the preparer if different. Enter the date of requisition (current date) Enter the ASNs you wish to debit and credit, this will include the ASNs for HST rebate. Enter a brief description of the transaction. This is what Finance will type into Edsembli when entering the JE. Choose something that will assist when you are reconciling your account. Enter the amount that the ASN will be debited for (where the expense should be). Enter the amount that the ASN will be credited for (where the expense is, but you would like removed) This field will automatically update. The total debit and total credit column must match. These columns are used to balance the journal entry not what is being charged to any of the ASNs. Enter an explanation of why this journal entry is being created. You can add extra invoice details in here such as the purchase order #. Signature of authorizing person according to the expenditure authorization form Is completed by Finance