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An expense transfer is a reassignment (transfer) of charges within or between cost centers, internal orders, or WBS elements.
What is an example of an expenditure transfer?
EXAMPLE OF AN EXPENDITURE TRANSFER: We are going to have a transfer from the General Fund (0001) to the Food Safety Fund (0187) for $100,000. Based on the diagram, this is going to be an Expenditure Transfer since the contributing fund is the General Fund and the receiving fund is a special fund.
What is a cost transfer Tufts?
Also known as a Cost Transfer, an Expense Transfer form is used when a correction needs to be made to a non-salary charge (or revenue posting) that has already been posted to PeopleSoft financials.
What is an example of a cost transfer?
A researcher initially charges $1,000 of laboratory supplies to a sponsored research project. Later, its determined that $200 of those supplies were used on another non-sponsored project. To correct this, a cost transfer would be initiated to move $200 of the expense total to a non-sponsored project.
Which account are expenses transferred to?
Trading and Profit and Loss account is also an account with Debit and Credit sides. It can be observed that debit balances (representing expenses) and losses are transferred to the debit side of the Trading and a Profit and Loss account and credit balance (representing revenues/gains) are transfered to its credit side.
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Examples of expense type transactions include debit card purchases, credit card purchases, Interac transactions and cheques. Sometimes you will incur expenses that you will pay for at a later time. This is called accounts payable.
Related links
Expense Transfer Entry Form 0
Expense Transfer Explanation Codes - Please refer to the Expense Transfer Form instructions of further description of the codes listed below. Transfer Checklist.
Tufts University - Performance Audit of Incurred Costs
Sep 26, 2018 expense transfer form must be signed by an authorized representative of each debit and credit account for the. DeptID(s) or award(s) being used
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