Journal Entries

What is a Journal Entry?
A journal entry is the first step in the accounting cycle, it is the record keeping of business transactions. In the ECU Banner System, the double entry accounting method is used; therefore, each journal entry has a debit transaction and credit transaction. The total of debits must equal the total of credits, or the journal entry is considered unbalanced. Journal entries needed to correct transactions or to reclass transactions are created in
the Banner applications Finance Self Service or Banner Admin Pages. Typically, these journal entries will use the rule class code J63. The Banner rule class code, also called transaction type, routes the journal entry to the correct FOAPAL. Journal entries directly change the FOAPAL balances on the general ledger. Once all transactions on the journal entry have been keyed and submitted into Banner, the approval process begins. The Banner approval system is designed to electronically forward the journal entry to the designated approvers based on the FUND and ORGN codes. After all approval levels are completed, the journal entry transactions will post to the General Ledger and the transactions will be reflected in Banner.