Get the free Cost Transfer Request Form

This document outlines the Cost Transfer Policy of the University of Alabama, detailing the procedures for shifting expenses to or from sponsored projects. It emphasizes the requirements for documentation,

How to fill out cost transfer request form

How to fill out Cost Transfer Request Form

1. Obtain the Cost Transfer Request Form from your department's financial office or website.
2. Fill in your personal information, including your name, department, and contact details.
3. Specify the account numbers from which funds are being transferred and the account numbers to which they are being transferred.
4. Provide a detailed explanation for the transfer, including the reason and any relevant documentation.
5. Review the form for accuracy and completeness before submission.
6. Obtain the necessary approvals from your supervisor or department head.
7. Submit the completed form to the appropriate financial office for processing.

Who needs Cost Transfer Request Form?

1. Employees who need to reallocate expenses between budgets or accounts.
2. Department heads who oversee financial management within their teams.
3. Finance personnel who handle accounting and budgeting within an organization.

People Also Ask about

What is the meaning of transfer cost?

Meaning of transfer price in English an amount of money charged by one department in a company to supply goods or services to another department in the same company, or from one company to another in a group: Some firms use transfer prices as a way of moving profits into "low-tax" countries.

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.

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 Harvard?

A cost transfer (CT) is a transfer of an expense onto a federally funded sponsored award previously recorded elsewhere on Harvard's General Ledger (GL) and identified by Harvard as requiring institutional approval before it can be posted to the GL.

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 labor cost transfer?

Definition. Labor cost transfers are defined as allocations of labor expense impacting sponsored project(s) after the effort certification period has closed. This procedure applies to all sponsored projects with both federal and non-federal awards.

What is the labor cost fee?

Definition: Cost of labor is the amount paid by an employer to cover an employee's wages and benefits, plus related payroll taxes and benefits. Labor cost is an important value that finance and accounting professionals calculate to determine the direct and indirect price that a company pays for labor.

For pdfFiller’s FAQs

What is Cost Transfer Request Form?

The Cost Transfer Request Form is a document used to request the reallocation of costs from one budget account to another within an organization, often due to corrections or adjustments needed in financial transactions.

Who is required to file Cost Transfer Request Form?

Typically, any employee or department that needs to transfer costs between budget accounts must file a Cost Transfer Request Form, particularly if it involves sponsored projects or grants.

How to fill out Cost Transfer Request Form?

To fill out the Cost Transfer Request Form, one must provide details such as the original and new account numbers, the amount being transferred, a justification for the transfer, and any supporting documents required by the organization.

What is the purpose of Cost Transfer Request Form?

The purpose of the Cost Transfer Request Form is to ensure proper documentation and tracking of financial transactions, allowing organizations to manage budgets accurately and maintain compliance with funding requirements.

What information must be reported on Cost Transfer Request Form?

The Cost Transfer Request Form must include information such as the transferring account number, receiving account number, amount to be transferred, reason for the transfer, date of the transfer, and any necessary approvals.