Get the free Cost Transfer Explanation Form

This form is used to request explanations for cost transfers related to sponsored agreements, in compliance with federal regulations.

How to fill out cost transfer explanation form

How to fill out Cost Transfer Explanation Form

1. Begin by downloading the Cost Transfer Explanation Form from the appropriate website or internal portal.
2. Fill in your name, department, and contact information at the top of the form.
3. Specify the date of the cost transfer in the designated field.
4. Provide the original account number from which the funds are being transferred.
5. Indicate the new account number to which the funds will be transferred.
6. Clearly explain the reason for the cost transfer in the explanation section, being concise but detailed.
7. Attach any supporting documents that justify the transfer, such as invoices or receipts.
8. Review your entries for completeness and accuracy before submission.
9. Submit the form to the appropriate authority or department for approval.

Who needs Cost Transfer Explanation Form?

1. Employees or departments that have incurred costs on the wrong account and need to correct the allocations.
2. Accountants who are managing financial records and need justification for reallocating costs.
3. Financial auditors requiring documentation for budget adjustments or financial reporting.

People Also Ask about

What is an example of a cost transfer?

A researcher initially charges $1,000 of laboratory supplies to a sponsored research project. Later, it's determined that $200 of those supplies were used on another non-sponsored project. To correct this, a cost transfer would be initiated to move $200 of the expense total to a non-sponsored project.

What is a cost transfer journal entry?

A Cost Transfer/Correction (COR) Journal is used to move incorrectly posted transaction(s) from one chartstring to another. A COR Journal is the primary method of managing a negative chartstring balance, as it is used to reclass expenses which caused the deficit to another chartstring.

What is an expense transfer?

An expense transfer is a reassignment (transfer) of charges within or between cost centers, internal orders, or WBS elements.

What is expenditure transfer?

A payment to liquidate an obligation to another federal entity (or a different component of an entity) is considered an expenditure Transfer. Expenditure Transfers may be recorded as an obligation on the SF 133.

What are transfer expenses?

An expense transfer is done to move an expense from one index or account to another. A few reasons an expenses would need to be moved are as follows: The expense was originally posted to the wrong index or account. You need to charged to another department for services.

What is an example of a cost transfer?

A researcher initially charges $1,000 of laboratory supplies to a sponsored research project. Later, it's determined that $200 of those supplies were used on another non-sponsored project. To correct this, a cost transfer would be initiated to move $200 of the expense total to a non-sponsored project.

What is the cost transfer process?

A cost transfer is when an expense is transferred from one account to another account after the expense was initially recorded in the financial accounting system or is an after-the-fact reallocation of expenses (e.g., P-card reallocations). Cost Transfers can be for salary or non-salary expenses.

Which is an example of an expense transaction?

Examples of expenses include rent, utilities, wages, maintenance, depreciation, insurance, and the cost of goods sold.

For pdfFiller’s FAQs

What is Cost Transfer Explanation Form?

The Cost Transfer Explanation Form is a document used to justify the reallocation of expenses from one account to another within an organization's financial records.

Who is required to file Cost Transfer Explanation Form?

Individuals or departments that need to transfer costs between accounts, such as researchers, financial administrators, or grant managers, are required to file the Cost Transfer Explanation Form.

How to fill out Cost Transfer Explanation Form?

To fill out the Cost Transfer Explanation Form, one must provide detailed explanations for the cost transfer, including the original account number, new account number, reason for the transfer, and any supporting documentation.

What is the purpose of Cost Transfer Explanation Form?

The purpose of the Cost Transfer Explanation Form is to ensure transparency and accountability in financial transactions by providing a clear justification for moving costs between accounts.

What information must be reported on Cost Transfer Explanation Form?

The Cost Transfer Explanation Form must report the original account number, new account number, amount transferred, reason for the transfer, date of the transfer, and any relevant supporting documentation.