General Accounting FAQs

What are the characteristics of a gift?
What is a restricted gift fund?
Are the unspent budgets and net position for restricted funds carried forward to the new fiscal year?
What is the difference between a transfer of expense and a chargeback?
How do I request a transfer of expense?
How do I find the source of a journal voucher?  How can I get a copy of a voucher and/or supporting documentation?

 

Q.  What are the characteristics of a gift?Back to Top
A.  Gifts are voluntary, non-reciprocal transfers of resources to the university.  The donor may be an individual, a corporation, or a non-profit organization.  There is no expectation of direct economic benefit or provision of goods or services by the university, other than recognition and adherence to any donor imposed restrictions.  Beyond a designation on the use of funds, the donor does not impose contractual requirements.

Only University Advancement may accept gifts on behalf of the university.

 

Q.  What is a restricted gift fund?Back to Top
A.  A restricted gift fund is established to account for and manage funds that have restrictions imposed by a donor (e.g., individuals, foundations, and corporations).  The establishment of a separate restricted fund allows for the monitoring of activities of the fund to ensure the funds are being spent in accordance with the donor imposed restrictions.

 

Q.  Are the unspent budgets and net position for restricted funds carried forward to the new fiscal year?Back to Top
A.  Barring any donor imposed time restrictions, the net position and unspent budget for restricted funds will carry forward to the next fiscal year. 

 

Q.  What is the difference between a transfer of expense and a chargeback?Back to Top
A.  A transfer of expense corrects an non-payroll expense charged to an incorrect accounting distribution or redistributes expenses charged to one accounting distribution that are being split funded/shared between funds or departments.
A chargeback is used to record the transactions between university departments for services provided.  One department is being charged for services provided by another campus department (e.g., media services).

 

Q.  How do I request a transfer of expense?Back to Top
A. For non-payroll and non-grant and contract expense reclasses, an email should be sent to general_accounting@njit.edu and include the following information:

  • accounting distribution (chart, index, and account code) where the expense was charged;
  • document number, description, and amount of expense to be reclassed;
  • accounting distribution (chart, index, and account code) where the expense should be charged. 

Requests for transfers of grant and contract expenditures (both payroll and non-payroll) should be forwarded to the Office of Grant and Contract Accounting.
Requests for non-grant payroll expense reclasses should be forwarded to the Budget Office.

 

Q. How do I find the source of a journal voucher?  How can I get a copy of a voucher and/or supporting documentation?Back to Top
A.  Journal entries can be viewed in Banner Self-Service.  A brief description of the nature of the journal voucher is contained in the “Document Text” of the journal voucher.   Instructions on “Viewing a Journal Voucher in Banner Self-Service” can be found at: How to View Journal Voucher in SSB

If you still have questions after viewing the journal voucher or to request a copy of the journal voucher supporting documentation, send an email to general_accounting@njit.edu.  Please include in your request the Banner Document and the nature of your request (e.g. what is the source of the journal voucher, request for copy of journal voucher and or supporting documentation).