VT1 (RTF--Intra Fund Group 14 and 20 Accounts)

How It Works | Links | Contact | Tips

A VT1 is used to transfer state funds within or between 14 and 20 account groups.

How It Works

Create the VT1 doc in *DEFINE. To avoid having your VT1 returned, make sure that you have entered the right account, for the right purpose, under the right signature authority. Also check the following fields:
- “Comments”: Explain why money is being moved, not what the transaction is. For example, “To provide funds for temporary appointment of work study” is a good statement of the reason for the VT1. “Moving $ from M&O to Wages” is the action; it is not a reason to move money.
- “Accounts”: Verify that there are adequate funds in the debit account before processing VT1. Exception: It is OK to be in overdraft when debiting from faculty salary accounts.
- “Object code”: This will enter automatically. It is always 9035 for a VT1.
Routing: The VT1 needs two departmental approvals, creator and approver. It then routes to the Dean’s Office, where it is reviewed by the dean’s staff.

Contact

Emily Bailey, 512-232-2138

Please direct comments on the Procedures Guide to cola_comments@utlists.utexas.edu.

Tips or FAQs

Working with -09 sub-accounts: If you are debiting or crediting an -09 sub- account, you will get the message: “No budget items entered in account.” When this happens, mark the moreable under “Amount” and enter “9999” in the line item screen. You will also need to re-enter the amount to be credited/debited.
Debiting or crediting multiple accounts: Move the moreable to the left of “ 1. RTF Transactions” in order to access the screen in which you can split the amount debited or credited between multiple accounts.
Transferring funds for a new appointment: First create the appointment so that you will know the actual allocation. Any amount transferred on the VT1 should exactly match that allocation, or add up to the difference between funds available and funds needed.
Control Account Transfers: If you are transferring funds between 14 and 20 fund types, you will need to process them through these control accounts: 14-9851-9098 and 20-9851-9098.
You will need to create two VT1s; in the first you will debit you sub-account and credit the corresponding control account. Then on the second VT1 you will debit the other control account and credit the account where you want the funds to go. See the OA’s Guidelines for more.
Important Restrictions: Consult the OA Guidelines for Fund Transfers for restrictions on accounts. Take note that:
- You may not move money from faculty salary accounts to M&O, travel, wages, or anything other than another faculty salary account.
- Please consult the CoLA Lapsing Policy (PDF) for more information about rolling funds over.

Note: PDF files require Adobe Acrobat Reader to view.

Last Modified: 31 July 2009