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Budget Transfers

Frequently Asked Questions

  1. What is the difference between a budget transfer and a journal entry?
  2. Does it really matter if I create a budget transfer or have a journal entry created?
  3. How does a budget transfer take place?
  4. Who do I contact if a charge should be moved to the correct object code (journal entry)?
  5. Is it better to run budgets in the negative or to transfer funds to cover the deficit?

1. What is the difference between a budget transfer and a journal entry?
A budget transfer takes place before an expense is charged. If there is excess budget in one object code, it can be moved to another that may need the extra funds. A journal entry is used to correct the coding of an expense that has already been processed, but charged to an incorrect department or object code.

2. Does it really matter if I create a budget transfer or have a journal entry created?
YES. A budget transfer is used for a change in allocated funds whereas a journal entry is used to correct a misclassification expense.

3. How does a budget transfer take place?
A dedicated email has been established for budget transfer requests. Complete the budget transfer form and forward to budget@simmons.edu for processing. This email is monitored by the Finance Department. You will receive a confirmation email as soon as the budget transfer has been processed.

4. Who do I contact if a charge should be moved to the correct object code (journal entry)?
Email the appropriate contact by clicking on their name.

  • Fund 11 & all other - ext. 2097
  • Grants & contracts - ext.2007
  • Aramark - ext. 2099
  • Fund 50s(Plant), 60s (Plant) & 61s (Agency Accounts) - ext. 2069

5. Is it better to run budgets in the negative or to transfer funds to cover the deficit?
DO NOT run negative budgets. Purchasing/Accounts Payable will not process anything if a budget is in the negative.

Contact

Kim O'Neil
Senior Budget Analyst
Office L-334D
617.521.3816
kimberly.oneil@simmons.edu

Roslyn Taylor
Senior Budget Analyst
Office L-334E
617.521.2089
roslyn.taylor@simmons.edu

Diane Hallisey
Interim Director of Budgeting, Financial Planning and Reporting
Office L-334F
617.521.2872
diane.hallisey@simmons.edu

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