Internal Actual Transfers
Internal actual transfers are transactions that move funds from one account to another, without the exchange of cash or cheques. Some examples include transferring expenses that have already been charged, moving incorrectly-recorded revenues to expense accounts, or incorrectly recorded expenses to revenue accounts.
There are three types of internal actual transfers, all of which are completed by sending an email request to your financial advisor.
Chargebacks are used by internal service departments to record goods and services sales to user departments. Internal service departments include the Toronto Metropolitan University Campus Store, Food Services, Duplication and Printing Services, Mail Services and Computing and Communications Services, for example. For more information, visit the Chargebacks page or reach out to your financial advisor for a copy of the the chargeback request form.
Adjustments are used to correct an error or to initiate changes to a transaction that has already been recorded.
Accruals or year-end adjustments
When a transaction isn’t processed in the month it occurred or at year-end, then an accrual entry must be done to record the transaction in the correct accounting period. The accruals processed at year-end are reversed in the following fiscal year.