At the University level, internal transfers are often used to provide support or funding to a particular activity, transfer costs or revenues from one activity to another, provide services to another department or unit or assess an administrative charge.
Internal Transfer Accounting Guidelines
There are different ways for processing an internal transfer. These accounting guidelines provide guidance on which type of transfer is appropriate for certain situations. There are five types of internal transfers:
- Interfund transfers
- Internal charges of billing
- Revenue transfers
- Expense transfers
- Funding allocation transfers
Adhering to these guidelines will facilitate consistency in reporting operational activities across all UBC departments and provide sufficient audit trail for journal transactions entered.