The current method of posting VBIS revenue is to debit a Departmental Sales and Services (DSS) project ID and revenue account for Distance Learning and Professional Education (DLPE) and to credit a Departmental DSS project ID and revenue account. Since VBIS revenue is tuition revenue, the Institute needs to ensure the transfer of funds between DLPE and the Departments is consistent with the original revenue source (tuition). Listed below are the new procedures for transferring VBIS revenue:
- As VBIS revenue is receipted in the BANNER system, it will post to DLPE project ID 221105000 and to the appropriate VBIS revenue account (4019XX).
- After all tuition and adjustments have posted for the semester, DLPE will prepare a journal entry to transfer VBIS revenue to the department. Example Journal Entry:
Project Account Amount 221105000 401974 10,000.00 250XXXX 401974 (10,000.00)
- Note that the tuition revenue account is used when posting the transfer. DLPE will provide the Budget Office and Departments appropriate documentation regarding the transfers for each semester.
In the same month the VBIS revenue is transferred, each department should prepare a budget amendment to amend both the revenue and expense budgets of their VBIS Tuition project number. The amended amount for both revenue and expense should match the information provided to the Budget Office by DLPE.
- Departments should request new project numbers from the Budget Office by September 20, 2010 so the Summer Semester transfer may be processed. If a project number is not requested by the deadline, one will be assigned.
- Departments should note that VBIS Tuition Project numbers will be responsible for their own fringe benefits costs.
This new procedure only impacts VBIS tuition revenue. All other non-credit hour professional education revenue will be recognized as DSS.