Expense & Revenue Correction

(Formerly Expense Transfer)

Purpose: This form is used to correct a previous transaction.

Use to: Move specific expense or revenue transactions from one fund/org/account/activity code to another; to add an activity code to a previously completed transaction.

Do not use to: Bill another Rice department for services rendered; use the Interdepartmental Transfer Form (PDF) to move a lump sum from one fund to another. Use the Budget Transfer Application to correct or change the coding on a purchase order that has not been paid (contact Payment Solutions).

Coding restrictions: Do not use any payroll codes (6xxxx). Changes to payroll coding should be accomplished on the Time Allocation form. Do not use transfer codes (8xxxx).

Supporting information required: Attach documentation of the original coding to speed processing.

Where to obtain forms: Contact the Controller's Office.

Processing information: Once all signatures have been obtained, send to the Controller's Office at MS70. Electronic processing is available for transactions longer than 50 lines.

Copies: Please make a copy for your records prior to mailing the form. The Controller's Office no longer returns copies to departments.

Need help completing this form: Contact Current Fund Accounting in the Controller's Office (Crystal Davis at x2478 or crystald@rice.edu), or Research Accounting in the Controller's Office.

Detailed instructions for completing the form:

Date: Date of transactions. This can be important for determining the posting period. For example, an EX is received on June 4 before May business has been closed. If the form is dated May 31 it will be processed in May business, but if the form is dated June 4, it will be processed in June business.

Document total: Add the debit column total and the credit column total, both as positive numbers, including pennies. This total is used by the Banner system to check the accuracy of keypunching.

Coding: The fund, org and account must be completed. The program and location columns should be completed only if the fund listed is used for research cost sharing. The use of an activity code is optional.

Debit/Credit: Complete the amount of the transaction.You may move partial charges. For expenses (7xxxx), use the debit column for the fund to which you are moving the expense (correct code), and the credit column for the fund used on the original transaction (incorrect code). For revenues (5xxxx), use the debit column for the fund used on the original transaction (incorrect code), and the credit column for the fund to which you are moving the revenue (correct code).

Description: This is the description that will be entered into Banner. The field is 35 characters.

Reason: This area should be used to explain why this transfer is necessary. It is not an optional field. The explanation will not be input into Banner. Note: list the PO number, asset number, or document number of the original transaction if this transfer involves equipment.

Approval: Please write the name or org code of the department being charged and the department being credited. The document should be signed by someone in each department with signature authority for the funds used, the Principal Investigator or designee if using an R fund.

Instructions and policy for research grants/contracts:

The Principal Investigator (PI) is responsible for the management of the sponsored programs that are awarded to them. These include federal, state, and private grants and other sponsored agreements.

In addition to technical compliance, the responsibility for budgetary compliance rests with the PI. This includes not only staying within the total program budget and time period, but also staying within specific budget guidelines as required by the award. The PI is expected to approve charges to these programs or to designate this responsibility to another person who has first hand knowledge of the charges. In addition, the PI is responsible for reviewing the monthly expenditure reports and the time allocation reports on a timely basis.

Occasionally, costs transfers and adjustments may be necessary to correct bookkeeping or clerical errors to correct payroll records. It is the responsibility of the PI to initiate the necessary corrections or adjustments. Requests to correct bookkeeping or clerical errors or payroll entries must be made as soon as possible after the error is identified.

To request an expense transfer involving a sponsored program FOAPAL (fund-org-account-program-activity-location), a completed Expense and Revenue Correction form must be forwarded to Research Accounting. The form must be supported by documentation that contains a full explanation of how the error occurred and a certification of the correctness of the new charge. This new charge must be allowable and must benefit the research of the FOAPAL to which it is being transferred. Please note that transfer from one FOAPAL to another to cover under- or over-spending are not valid reasons to request an expense transfer. Under no circumstances will such transfers be approved. Timely review of the expenditure reports should decrease significantly, if not eliminate, the need for any expense transfers.

Expense transfers that are received more than 90 days after the date of the entry of the original transaction will be reviewed on a case-by-case basis, and if the transfer is denied, notification will be made in writing.

Payroll transfers or adjustments for the current or succeeding month should not be made on the Expense and Revenue Correction form. These transactions should be reported on Time Allocation Reports before they are signed and turned in to the Payroll Department. All other payroll transfer or adjustment requests for prior month transactions, with the exception of Graduate Student requests, should be prepared in memorandum form and submitted to Payroll with a copy to Research Accounting. Graduate Student Payroll transfers require a revised Graduate Student Payroll Authorization.

Expense transfers of equipment will not be approved unless an equipment procurement brief showing the original transaction is attached and approval is obtained from the Office of Sponsored Research on the Expense and Revenue Correction form.

The Controller's Office is located in the Cambridge Office Building, also known as COB, at the intersection of S. Main street and Cambridge street.

In this building you will find the the following Departments:

The Cashier's Office is a division of the Controllers Office, however, it is located in the Allen Center, directly behind the Cambridge Office building.

Our Location:

Cambridge Office Building
6100 Main Street MS 70
Houston, Texas 77005-1827