Transcript Accounting 101 Module II Budget Training

Chart Field Combinations
Purpose
This session is designed to provide an
overview of Fund Accounting and its
application at Georgia Regents University
using Chart Field Combinations.
Objectives
Learn the basics of Fund Accounting
Learn about GRU Funds
Learn about Chart Field Combinations
Learn the basics of accounting entries
Agenda
Overview of Fund Accounting
GRU Funds
The concept of Chart Field Combinations and
their purpose
Basic accounting entries using funds and chart
field combinations
Basics of Fund Accounting
Governmental focus
Self-balancing set of accounts per fund
The basic accounting equation:
Assets = Liabilities + Owner’s Equity
+(Revenue-Expenses)
Fund Accounting and the
Board of Regents Example:
BOR
Financial
Statements
GRU
Financial
Statements
Fund 10000
Fund 12000
UGA
Financial
Statements
Fund
10000
Fund 20000
GRU Funds
Unlimited number may be used; however,
limited by practicality
Other Chart Field Identifiers are used for
reporting/further definition
What Are Chart Fields?
The Chart Field Combination (CFC) is
composed of:
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–
–
–
–
–
–
Account Code
Fund
Department
Program
Class
Budget Period
Project/grant ID (if necessary)
The term “Chart Field Combination” (CFC) is a
standard PeopleSoft term.
What does the CFC tell us?
The Chart Field Combination (CFC) are
numerical characters that tell us:
– What the funds were used for
– Where the funds came from
– Who (i.e. what school) the funds belong to
Account Codes
The “What”
Descriptor of the nature of the revenue,
expense, asset, liability or net asset (fund
balance) accounts
Account Codes
1XXXX – Assets
2XXXX – Liabilities
3XXXX – Net Assets, Reserves
4XXXX – Revenues
5XXXX thru 8XXXX – Expenses
9XXXX – Allocation Transfers
Fund Code
The “Where” part I
The source or nature of the item
Fund Groups
Unrestricted – Operating
Restricted Purpose
Loan Funds
Endowment
Plant
Agency (funds held for
others)
(1XXXX)
(2XXXX)
(3XXXX)
(4XXXX)
(5XXXX)
(6XXXX)
Department Code
The “Who”
First 2 digits represent a School or admin
unit
The next four digits are dept defined –
generally a dept or program with the first 2
digits
If the first of last digit is an “A”, it is an
agency code
Program Code
The “How” the funds are to be used
Defined by the BOR
Based on the NACUBO (National
Association of College and University
Business Officers) “functional” area
Program Code Overview
Education & General
-
1XXXX
Auxiliary Enterprises
-
2XXXX
Other
-
3XXXX
Program Code Detail
Education and General
Instruction
Research
Public service
Academic support
Student services
Institutional Support
Plant Operations
Scholarships and Fellowships
11XXX
12XXX
13XXX
14XXX
15XXX
16XXX
17XXX
18XXX
Program Code Detail
Auxiliary Enterprises
Housing
Food services
Stores
Health services
Transportation and Parking
Auxiliary Plant
Other Organizations
21XXX
22XXX
23XXX
24XXX
25XXX
26XXX
27XXX
Program Code Detail
Other
Patient care
32XXX
Class Code
The “Where” part II
– Generally correlates with the Fund
– Gives a more detailed “Where” than the Fund
Detailed Source/Use of funds
Used for both revenues and expenditures
Unique to the State of Georgia
Class Code
Examples:
11000 General Operations
19000 Dept Sales
41100 Dept Sales
61000 Sponsored Federal
61031 Federal Work Study
64060 Clinical Trials
Project/Grant ID
Identifies a specific Sponsored agreement
or a project
Up to 15 digits in length
Generally, if code starts with Alpha, it is a
grant
If it starts with numbers, generally it is a
project
Project/Grant ID
Examples:
MERCK00001 – A Merck Pharmaceuticals
Clinical Trial
NHLBI0001 – An (NIH) National Heart,
Lung and Blood Institute Grant
VAMC0001 – A Veterans Affairs Medical
Center IPA for Dr. Smith
0044008 – 28th Annual Opthal Symposium
Budget Period
The Year in which revenues, expenses,
encumbrances originated
Basics of Accounting Entries
Double entry
– Use two columns and amounts are not
distinguished by + or –
Ex. Cost Transfer Form
Debits and Credits
– Whether a debit or credit increases or
decreases a balance depends on the type of
account
More Debits and Credits
Example
– Dividend, Expense, Assets, and Losses
(DEAL): Debits increase while credits
decrease the balance
– Gains, Income, Revenues, Liabilities, and
Stockholder’s Equity (GIRLS): Debits
decrease while credits increase the balance.
Questions/Answers
References
Websites
– GRU Controllers Office
http://www.georgiahealth.edu/finance/controll
er/
– USG BOR Policy Manual
http://www.usg.edu/business_procedures_ma
nual/
Conclusion
This concludes Chart Field Combinations
If you have any questions, you may contact
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Laura Craft – [email protected], 706-721-6235
Karen Castleberry – [email protected], 706-721-2135
Barandy Brock – [email protected], 706-721-2903
Andrea Buchanan – [email protected], 706-721-2136
Julie Wilson – [email protected], 706-721-9179
Thank you