Financial Transactions Adjustment

 

Policy Summary

This policy establishes the acceptable timeframe and methods for making adjustments to financial records to meet financial reporting requirements of external sponsors and internal reporting needs.

Related Regulations

OMB Uniform Guidance 2 CFR § 200

Who is Governed by this Policy

  • Staff
  • Faculty

Policy

In an effort to meet the financial reporting requirements of external sponsors and to meet the internal reporting needs of the university, this policy establishes an acceptable timeframe within which adjustments, including late charges, can be made to the financial records. It is recognized that errors do occur and that adjustment entries may be needed. These adjustments include payroll, invoices, and cost transfers made via Change in Status (CIS) form (payroll), Banner Labor Redistribution Module (LR), and Departmental Correction Form (DCF) (via Concur workflow for non-sponsored projects).

Adjustments (including CIS, LR, DCF, or journal entries) related to transactions associated with Sponsored Awards and/or Capital Expenses will be processed upon approval without a materiality threshold. Sponsored projects have additional considerations. For details specific to sponsored programs, refer to the Cost Transfers on Sponsored Projects Policy, which supersedes this policy in the event of any inconsistencies.  

All adjustments must be initiated and submitted within 60 days after the posting date of the original transaction. The amount of transactions which are not Sponsored Project or Capital Expense related submitted via a DCF in Concur must be material in order to be processed (>$1,000). Adjustments are processed for errors in natural accounts only (not transfers between organization codes).

DCFs related to transactions (other than Sponsored Projects and Capital Expenses) that are submitted more than 60 days after the original transaction posting date that are less than $2,500 will not be processed. 

Adjustments will not be processed for transactions that cross the university’s fiscal year end unless the relevant transaction relates to federal funds, capital project funding, or other non GW-funds that have no fiscal year boundaries.

Forms

Changes in Employee Status: Change in Status (CIS)

Sponsored Projects Non-Payroll Adjustments: Departmental Correction Form (DCF)

Related Information

Cost Transfers on Sponsored Projects Policy  

Contacts

Contact Phone Number Email Address
Grants and Contracts Accounting Services (GCAS) 571-553-4079 [email protected]
University Accounting Services 571-553-4054 [email protected]
University Payables 571-553-4261 [email protected]

 

Responsible University Official: Associate Vice President and University Controller
Responsible Office: Financial Reporting

 

Non-compliance with this policy can be reported through this website.