Transaction corrections are for use when you have income or expenditure posted incorrectly in your online transaction pages, e.g. to correct a tankard purchase that was incorrectly charged to Engraving and Signwriting (670) to Crockery and Glasses (645). You can correct transactions between funding codes.
How to submit a transaction correction
Go to Finance > Transfers > Transaction Corrections. The screen below will appear. It will default to the New Submission subtab.
Fill in the committee name, the total correction account and any relevant notes. When you have filled in these fields a set of boxes will appear.
In the from lines you will need to complete the description and account code of the item of income/expenditure you wish to correct (i.e. the current incorrect coding) - please note the description should clearly identity the item(s) that you are correcting to coding of.
In the to lines you will need to complete the correct description and account code for the item, again please ensure that it is clear what the item is.
When you are finished click Commit. Depending on the value of the transaction correction it may require further approval, details are given on the Expenditure approvals page. Transaction corrections are processed by the Union Finance Team within five working days of being fully approved.
Please remember if you are using transaction corrections to clear grant overspends you must do this by moving expenditure items out from grant into another funding code.