The University of Chicago
The University of Chicago

Local Business Center, Division of the Physical Sciences

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Transfers

Transfers are done for a variety of reasons to move expenses of funds between different University accounts. They come in two varies, general cost transfers and payroll transfers. These are executed with forms or different modules in the ACCTS application.

General cost transfers can be divided into two different types, journal vouchers and expense transfers. Journal vouchers move funds between accounts and expense transfers move specific transactions between accounts; this is an important distinction. When conducting a journal voucher, new funds are added to the credit account and withdrawn from the debit account. This effectively changes the net budget for the credit account. When conducting an expense transfer, the credit account is freed from a specific expense (with no net budgetary change) and the debit account is charged for the transferred expense. Because of this, journal vouchers are generally used only with unrestricted accounts and not with sponsored awards.

Transfers to or from sponsored accounts should be initiated within 90-days of the time the expense originally posted to FAS. If done after 90-days, the transfer is considered late and needs to be accompanied by a late cost transfer form. This form must explain the tardiness of the transfer (not the need to initiate it) and carry the requisite signatures. Moving costs between subaccounts or associate accounts for the same award can be done at any time.

Unlike other transfers, payroll transfers do not appear on the monthly ledgers with an identifiable transactions number. Instead, evidence of payroll transfers only appears on the payroll registers.

George Herbert Jones Laboratory

PSD LBC Main Office

Jones Laboratory: 5747 S. Ellis Avenue, Chicago, IL 60637

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Eckhart Hall

PSD LBC Satellite Office

Eckhart Hall: 5734 S. University Avenue, Chicago, IL 60637

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Gordon Center for Integrative Science

Chemistry Business Center

Gordon Center for Integrative Science: 929 E 57th Street, Chicago, IL 60637

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