Transcript BRANDEIS UNIVERSITY

Controller’s Office
www.brandeis.edu/controller
Departmental Information Session
General Accounting
May 25, 2004
General Accounting
Who We Are
•
•
•
•
•
•
•
•
Chris O’Brien - Associate Controller
John Wiswall - Assistant Controller
Kevin Armstrong – Accountant
Leslie Ardison – Sr. Accountant
Sean Bendall – Sr. Accountant
Kit Sum Lam – Sr. Accountant
Jane Lin – Sr. Accountant
Enes Sijamic – Equipment & Space Analyst
Ext - 64423
Ext - 64478
Ext - 64822
Ext - 68639
Ext - 64303
Ext - 64491
Ext – 64485
Ext - 64496
The Accounting Basics
• Accountants maintain the financial records of the University, and
prepare reports to various users, including:
•
•
•
•
University Administration
The Board of Trustees
Government agencies
Banks and other businesses
• At Brandeis, the main accounting software we use is called Peoplesoft.
In addition, we use various sub-systems to track various detail records
such as endowment assets, building costs, etc.
The Accounting Cycle
• At any point in time, a business has things it owns (assets), and debts
(liabilities). These produce the basic accounting equation:
ASSETS – LIABILITIES = NET ASSETS
• During the year, countless business transactions occur – supplies are
purchased, tuition is collected, salaries are paid – which result in
constant flows of funds into and out of University accounts. The flow
of funds in is called revenue, and the flow out is called expense. If the
net of all this activity is positive (more revenue than expense), the
result is an increase in net assets.
REVENUE – EXPENSES = CHANGE IN NET ASSETS
University Accounting Cycle
Quarterly/Semi Annually
-Effort Reporting
- Check point of accounts
- Various reports
Monthly
Closing Books
-Labor reports
-Budget manager
reports
-Account
reconciliations
Annually
-Fiscal Year Reports
- Financial Statements
-Annual Audit
-OMB A-133 Report
Daily/Weekly
-AP transactions
-Procurement System
-Development
-HR/Payroll
-Cash Receipts
-Journals
Accounting at Brandeis
• Revenue and expense accounts are used to classify types of
financial activity. They are sorted by fund, department
(deptID), and program (similar to funding source).
• Here, as at all businesses, the accounting process has three
basic steps:
•
•
•
Transactions are recorded
Balances are verified (reconciled)
Reports are prepared
Accounting Reports
1. Monthly budget vs. actual reports to departments
2.
Annual Financial Statements:
–
–
–
3.
Statement of Activities (Income Statement)
Balance Sheet (Statement of Financial Position)
Statement of Cash Flows
Tax and survey filings based on Annual Financial
Statements:
–
–
–
IRS form 990
Mass. form PC
IPEDS Survey
Peoplesoft Chartfield Maintenance
• Forms
• http://www. .brandeis.edu/controller/helpdesk/
•
•
•
•
•
•
New Account Approval
Account
Department ID
Program
Project ID – Grant
Project ID – CAF
Associate Controller-General Accounting
Budget Department
Treasurer/Associate Controller-General Acctg
Office of Sponsored Programs\SPA
Capital Projects