Transfer object codes are used to record transactions that represent the transfer of money between different accounts in BEN Financials, when no goods or services were exchanged. For example:
Transfers are recorded in BEN Financials using object codes 482x, 483x, and 484x. Access a full list of Object Codes on the DOF website.
University transfers are transactions that represent the transfer of money between a University account and another University account. For example:
University transfers always use transfer object codes on both sides of the journal, so that the transfers net to $0.00.
Inter-entity equity transfers are transactions that represent the transfer of money between a University account and a University of Pennsylvania Health System account. For example:
The UPHS account will always use the UPHS interfund and object code 15xx; journals transferring money between the University and UPHS use transfer object codes on only one side of the journal.
Since transfer object codes represent money being given from one account to another when no goods or services are being exchanged, transfer object codes should never be used to record payment to an external vendor through Accounts Payable or through Purchasing Card allocations.
Transfer object codes should also not be used when one department is paying for goods or services provided by another department; expense object codes (5xxx) should be used on both sides of the journal entry when one department is paying for good or services provided by another department.
Transfer object codes should also never be used with agency funds (9xxxxx) because agency funds are holding/recording money belonging to an external organization – an organization which is not part of the University, or part of the University of Pennsylvania Health System, or part of the University’s Health Affiliates (such as CHOP). The University is acting as an agent on behalf of this external organization when managing the agency fund, but this is not the University’s money, so there should never be any transfers recorded into or out of an agency fund.
Please see below for additional information about how to use transfer object codes for specific categories of resource transfers. Where appropriate, you’ll find specific journal entry examples you can use when processing your transactions.