Embedded Files
Process:
This job aid describes the comparison of JV1STND (Standard Journal Voucher) and JV1ADVN (Advanced Journal Voucher) transactions.
The Journal Voucher (JV) is a transaction type that is not based on a single business function. The primary use of the JV is to record accounting activities that cannot be accomplished with other transactions or do not fit the business function of any other transaction. Common business tasks include adjusting/correcting entries for expenditures and revenues (when modification of the original transaction is not possible such as correcting a payment disbursement or Commercial card payment), establishing the Allowance for Bad Debt, and expensing Prepaids. Other uses include recording accounting that is not suited to any other functional area and interfacing accounting activity from other systems.
JV1STND and JV1ADVN are two most often used JV Transactions other than JVC (Cost Accounting Journal Voucher reserved for Programs with Front End Split). JV1STND and JV1ADVN share the following major features with all other JV type transactions:
All COAs need to be hard coded in the Line Group or Accounting Lines in order to be included in the posting lines;
Dr. and Cr. amounts have to be entered in separate lines, therefore at least two accounting lines are needed for each Line Group;
Total DR. have to equal total CR. at three levels: within the same fund, within each Line Group and for the whole JV Transaction;
Only Memo reference is allowed; and
All JV transactions allow automatic reversals.
Below is a detailed comparison of differences between JV1STND and JV1ADVN in their usage and function. Additional Job Aids for specific usage of the transactions can be found here
JV1STND (Standard Journal Voucher)
JV1STND is primarily used for normal adjusting transactions that could be processed with allowable Event Types.
Event Type is required for each Line Group and only Event Types defined in the Allowed Event Type for Transaction Code table (AETDC) for JV1STND can be used.
Only Posting Codes defined to the selected event type can be used for accounting lines.
Chart of Account Elements (COAs) information on accounting lines must meet the Event Type Requirements (ERQ) settings and errors will be issued when required COAs are missing or prohibited COAs are used.
Cash has to balance at the transaction level (Dr=Cr).
Inactive COAs are not allowed
OSC Central Transaction Approval is required for all JV1STND with Event Type XG17 or VG30.
JV1ADVN (Advanced Journal Voucher)
JV1ADVN is a very powerful transaction to be used for special or unique transactions that cannot be accomplished with JV transactions and allowable even types.
Event Type is not allowed, and errors will be issued when an Event Type is entered.
Any Posting Codes can be selected for the accounting Lines.
There is no ERQ control, therefore JV1ADN could be processed with missing COAs. Transactions with missing COAs are identified in the OSC-008 diagnostic report and have to be correct by another JV1ADVN.
Cash does not have to balance at the transaction level.
Inactive COAs are allowed.
OSC Central Transaction Approval is required for all JV1ADVN containing Treasury Pooled Cash or Fund Balance/Net Position.
Page updated
Report abuse