VT2 (RTF—Intra Fund Group—Non-State Funds)
How It Works | Contact | Tips
A VT2 is used to transfer funds within or between any budget groups that are
not designated for state (14 & 20 accounts) or grant (26 accounts) funds.
How It Works
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- Creating the VT2: Payer originates the VT2 doc in *DEFINE. To avoid having your VT2 returned, make sure that you have entered the right account, for the right purpose, under the right signature authority.
VT2s differ from VT1s in several ways. One important difference is that they require the creator to enter object codes. It would help to become familiar with the OA’s VT2 Sample Entries page.
When moving funds between budget groups, VT2s also require you to move money into or out of an income account before it can be debited or credited. For example, if you are transferring money from an expenditure sub-account in department #1 to an expenditure sub-account in department #2, you will move funds through a series of income sub-accounts. (See Sample #8 on the OA' sample entries page.) This will take six lines:
| Dept #1: |
Debit the amount from the sub-account (9021)
Credit the amount to income account #1 (9031)
Debit the amount from the same income account #1
(7468 if it is a student fee account or 7466 if it is not)
|
| Dept #2: |
Credit the amount to income account #2
(7467 if it is a student fee account or 7465 if it is not)
Debit the amount from income account #2 (9031)
Credit the amount to expenditure account #2 (9021)
|
Consult the OA’s VT2 Sample Entries for important guidelines about designating object codes. Note that transfers between expenditure sub-accounts within a single budget group are coded 9035.
Additional tips for completing the VT2:
- “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 VT2. “Moving $ from M&O to Wages” is the action; it is not a reason to move money.
- If you are using an endowment account and the payee is other than the holder of the endowment, please confirm in VT2 comments that the holder (include holder’s name) has given permission for or requested this use of their funds.
- “Accounts”: Verify that there are adequate funds in the debit account before processing the VT2.
- Important Restrictions: Consult the OA Guidelines for Fund Transfers for restrictions on accounts. Take note that:
-
You may not move funds into a rollover account unless the document to spend the funds (for example, for a scholarship or for special equipment) is already created and referenced on the VT2.
- Routing: The VT2 needs two departmental approvals, creator and additional approver. It then routes to the Dean’s Office, where it is reviewed by the dean’s staff.
Contact
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Please direct comments on the Procedures Guide to
cola_comments@utlists.utexas.edu.
Tips or FAQs
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- Please expend funds directly from the endowment. If this is not possible, use a VT6 to correct the account number after-the-fact. This is for endowment compliance purposes.
Last Modified: 31 July 2009
