Under the 'New Submission' subtab, under the 'Transaction Corrections' main tab. Fill in details as below to request the Transaction Correction.
- Committee - The CSP which requires the transaction correction. If the required CSP does not appear in the drop down, please ensure you have the correct role selected.
- Total Correction Amount - The total amount of funds that need to be corrected. You can correct multiple lines at once, provided the total covers all of them.
- Notes - These need to be clear and explain why the correction is needed.
When you have filled in these fields a set of lines will appear. Complete details of the description of what you are rectifying, the account, activity, funding and amount. You then need to click on the 'To lines' tab. Here you will need to fill out the information for where this transaction should be moved to.
It is important to recognise that you are amending an incorrect posting.
How you enter the correction will depend on whether you are correcting an income or an expenditure line:
- Income: enter the incorrect code in the From (debit) field and enter the correct code in the To (credit) field.
- Expenditure: enter the correct code in the From (debit) field and enter the incorrect code in the TO (credit) field.
| From (Debit) | To (Credit) | |
|---|---|---|
| Income (400-599) | Incorrect code | Correct code |
| Expenditure (600-999) | Correct code | Incorrect code |
Moving an expenditure example:
This club is moving expenditure that were mistakenly put under Grant, back into SGI.
From Lines (correct code - debit):
| Description | Account | Activity | Funding | Debit Amount (£) |
|---|---|---|---|---|
| Membership SGI | Equipment Purchase (685) | General (00) | SGI (1) | 172.50 |
To Lines (incorrect code - credit):
| Description | Account | Activity | Funding | Credit Amount (£) |
|---|---|---|---|---|
| Clear Debt | Equipment Purchase (685) | General (00) | Grant (0) | 172.50 |
This will add £172.50 back into Grant to zero the expenditure out and deduct £172.50 from SGI.
When you are finished click 'Commit'. Approved transaction corrections are processed by the Union Finance Team within five working days. Higher the amount, more approvers are needed.
Note: you cannot move income from Grant (0) into SGI (1). If an expense has been coded incorrectly as SGI, you will need to move the expense from SGI into Grant, not the other way round.
