Policy Number: 138
Interdepartmental Transfer of Funds
I. POLICY AND GENERAL STATEMENT
A department that provides goods or services to other departments must effect the internal transfers of funds within the financial system through the use of internal service vouchers or general ledger journal vouchers.
Such service providers must maintain sufficient support documentation that contains the account to be charged (including authorized signature), the account to be credited, a description of goods or services that were provided, the amount to be transferred, and the date the goods or services were purchased. Supporting documentation must be maintained in accordance with the Record Retention Schedule for vouchers. The record retention period for support for vouchers is the current year plus seven years.
Departments must contact General Accounting in order to be set up as an internal service vendor.
Service providers must establish and document their business plans as well as procedures for charging for services and for receiving and recognizing revenue from the provision of services. Only when these procedures have been established and approved by the Senior Vice President, Finance and Business Services can a service provider be authorized to execute the transactions required to process internal sales. These procedures, once established, must be adhered to.
Departments requesting services from service providers may request information about service department procedures at any time.