Effective July 1, 2024, and affecting transactions in fiscal year 2024-25, Financial Services and the Office of Budget and Planning will be making the following changes to simplify and standardize the processing of transfers between Accounts:
- Object Codes 0938, 7938, 7939, and 7930 will be deactivated.
- All discretionary unit transfers between Accounts must be handled using Object Code 0930 or 0939 on both sides of the entry (debit and credit). This change ensures uniformity and simplifies the process.
- Object Code 0930 Discretionary Inter-unit Transfer: Discretionary inter-unit transfers between Accounts in different colleges or divisions.
- Object Code 0939 Discretionary Intra-unit Transfers: Discretionary intra-unit transfers between Accounts within the same college or division.
- Object Codes 0935 and 7920 will be reserved exclusively for mandatory debt, capital, loan, or other obligatory institutional transfers. Discretionary unit transfers should not use these Object Codes.
These changes will help provide greater clarity and consistency in how transfers are recorded across the institution and greatly enhance operational financial reporting. Please share this information with your teams and ensure these new guidelines are adhered to for all future transfer transactions.
If you have any questions about this change, contact your Budget Analyst or Fund Accountant.
We appreciate your cooperation as we implement these improvements to our financial processes.