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When should I use the Journal Entry transaction (FB50) versus the Internal Revenues/Expense Recoveries transaction (ZIR01)?
- Journal Entry (FB50) – Document Type SA
- Use when correcting a previously posted transaction in which one or more of the following pieces of information are incorrect or missing:
- G/L account
- Funds Center/Fund
- Commitment Item
- Cost Center/Internal order
- Tax Code
- Earmarked Fund
- Note: Changes to the Text or Assignment field are made through the Change Document (FB02) transaction.
- Internal Revenues/Expense Recoveries (ZIR01) – Document Type SI
- Use when recording internal revenues or internal expense recoveries between UofT departments or units including:
- Sales of goods/services (e.g. lab services)
- Recovery of expenses already paid for via invoice (e.g. supplies)
- Shared costs associated with common expenses (e.g. equipment, staff salaries/benefits)
- Note: There are no taxes charged or calculated on Internal Revenues/Expense Recoveries, therefore the tax codes J9 (expense) or S9 (revenue) will automatically default based on the G/L entered.