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Budget & Actual Entries

When transferring funds from one cost centre to another, the transaction can be processed using one of two types of journal entries: a budget transfer or actual transfer. To request a journal entry, contact your financial advisor who will record the entry in the financial system.

When to use budget transfers

Budget transfers are appropriate when you need to add or subtract budget funds from a cost centre within the same fund. Examples of budget transfer scenarios include:

  • Annual resource allocations;
  • When funds are provided from the provost, vice-presidents, deans or senior directors;
  • Transfers from divisional budget incentive programs (BIP) to other operating cost centres; and
  • Setting up line budgeting, including non-research project cost centres.

When to use actual transfers

Actual transfers are appropriate when you need to correct the recording of a revenue or expense transaction that was posted to the incorrect cost centre or account code. Examples of actual transfer scenarios include:

  • When a cost centre or expense code needs correcting;
  • Internal transfers; or
  • When an expense needs to be reflected as an expense in more than one cost centre.

Requesting a budget or actual transfer

Your financial advisor will process a budget or actual transfer on your behalf when you submit a journal entry request via email.

If you’re requesting a budget transfer, the department providing the funds must submit the request and should:

  • Indicate the amount to be transferred (in whole dollars);
  • Indicate the cost centre and account code from which the funds are to be moved;
  • Indicate the cost centre and account code to which the funds are to be moved;
  • Indicate the reason for the transfer; 
  • Email with department head approval; 
  • Indicate the period to which the budget transfer applies, e.g. month, term, fiscal year; and
  • Indicate whether the transfer is a base transfer or a one-time-only (OTO) transfer.

If you’re requesting an actual transfer, the department that will be decreasing the funds available must submit the request and:

  • Indicate the amount to be transferred;
  • Indicate the cost centre and account code from which the transactions are to be moved;
  • Indicate the cost centre and account code to which the transactions are to be moved;
  • Indicate the reason for the transfer;
  • Email with department head approval; and
  • Include supporting documentation such as: payroll reports, GL details in Excel format, copies of related invoices or other relevant documentation.