Fund Accounting Basics: Using the GL Presented by Accounting Services Training and Outreach and UHR Office of Learning and Development May 12, 2008
Download ReportTranscript Fund Accounting Basics: Using the GL Presented by Accounting Services Training and Outreach and UHR Office of Learning and Development May 12, 2008
Slide 1
Fund Accounting Basics:
Using the GL
Presented by
Accounting Services Training and Outreach
and
UHR Office of Learning and Development
May 12, 2008
Slide 2
Objectives
• Explain basic concepts of Fund
Accounting
• Enter and reverse GL journals
• Define and generate recurring GL journals
• Query existing journal entries and account
balances
• Run reports
Slide 3
Why use the GL?
•
•
•
•
Record revenue
Approve pending journals
Analyze transactions
Analyze assets, liabilities, and fund
balance (net assets)
Slide 4
What is Fund Accounting?
A method of segregating resources (i.e.,
funds) into categories to identify both the
source of funds and the use of funds
Slide 5
Why Fund Accounting?
• Resources are from a variety of sources
• Must be used appropriately and not comingled
• Requires unique identification and
reporting
Slide 6
Sources of Funds
Tuition
and Fees
Patient
Services
Commonwealth
of Virginia
Gifts
Grants
Sales and Services
Investment
Income
Slide 7
Uses of Funds
THE
UNIVERSITY
MISSION
Slide 8
Fund Groups
• Current Funds
– Restricted current funds
– Unrestricted current funds
• Non-current Funds
• Agency Funds
– Custodial
Slide 9
Transaction Flow
Accounts
Receivable
Budgets
Deposits
(cash, checks,
credit cards)
Accounts
Payable
Purchasing
We are
HERE
Grants
Accounting
Summarize
PTAEO to
GL String
General
Ledger
Labor
Distribution
Recharge
Centers
ISIS / SSP
Slide 10
3 Basic Types of Projects
• Revenue
Revenue projects contain funds necessary to back up
award installments.
•
Expenditure
Expenditure projects are used for spending. They are
linked to and funded by an award.
•
Revenue & Expenditure
These projects contain funds that back up the award
installments that fund the SAME project for spending.
Slide 11
Revenue Projects and Awards
Award
Award
Revenue
Project
Award
Slide 12
Projects
Project #1
Award
Project #2
Budgets are established
when projects have been
funded
Project #3
Slide 13
Determining your GL String
IF your expenditure project is also
designated as a revenue project, you
can use your PTAEO to translate using
the Discoverer report
IS.FM_Award Common Attributes
Award Purpose Code
Slide 14
How can I find my GL string?
General Ledger: GL String
Entity
Fund
Source
Project
many
awards
to
one fund
source
one
to
one
Project
Task
Award
Object
Code
many
exp types
to
one object
code
Exp
Type
Grants Accounting: PTAEO
Many awards to one entity –
Award Purpose Code
Org
one
to
one
Org
Future
Slide 15
IS.FM_Award Common Attributes
Slide 16
Why use the GL?
Record Revenue
Analyze assets,
liabilities, and
fund balance
Approve Pending
Journals
Analyze
Transactions
Slide 17
GL String: Entity
Project
Fund
Source
Object
Code
Org
Future
Entity
(2 digit code)
Indicates the agency to whom the
funds belong
•Academic Division
•Medical Center
•UVa College at Wise
•Agency (Foundation or custodial
funds)
Slide 18
Entity Matrix
Local
State
Agency
Academic Division
10
20
80
Medical Center
15
25
85
UVa’s College At
Wise
Southwest Virginia
Regional Center
16
26
86
17
27
87
Slide 19
GL String: Project
Entity
Project
Fund
Source
(6 digit code)
Project must be
designated as a
REVENUE
project to receive
funds
Object
Code
Org
Future
Slide 20
GL String: Fund Source
Entity
Object
Code
Project
Org
Fund
Source
(4 digit code)
Indicates current or non-current,
restricted or unrestricted funds
Future
Slide 21
Fund Sources Often Used With Deposits
1100
Current Funds-Unrestricted: Private Gifts (Local)
1110
Current Funds-Unrestricted: Sales & Services of Educational Activities
(State)
1115
Current Funds-Unrestricted: Sales & Services of Educational Activities
(Local)
1120
Current Funds-Unrestricted: Sales & Services of Auxiliary Enterprises
(State)
1125
Current Funds-Unrestricted: Sales & Services of Auxiliary Enterprises
(Local)
1130
Current Funds-Unrestricted: Other Sources (State)
1140
Current Funds-Unrestricted: Other Sources Auxiliary (State)
1165
Current Funds-Unrestricted: Other Sources (Local)
2075
Current Funds-Restricted: Private Gifts (Local)
2090
Current Funds-Restricted: Endowment Income (Local)
Slide 22
GL String: Object Code
Entity
Project
Fund
Source
Org
Object
Code
(4 digit code)
Indicates type of
funds deposited
(income, gifts,
etc.)
Future
Slide 23
Object Codes Often Used With Deposits
4505
4510
4705
4710
4750
4805
4810
4820
4825
Gifts-Via Affiliated Foundations
Gifts-All Other
Sales & Services, Educational Activities
Conference Income
Other Sales & Services
Ticket Income
Royalty Income
Other Income
Subscription Income
Slide 24
GL String: Org
Entity
Project
Fund
Source
Object
Code
Future
Org
(5 digit code)
Org is the
organizational
unit receiving
funds
Slide 25
GL String: Future
Entity
Project
Fund
Source
Object
Code
Org
Future
Reserved
for future
use
Slide 26
Data Storage and Reporting
Integrated
Systems
Data
(tables)
Data copied nightly
Oracle Standard Reports
- Inquiry on Account
- Find / Query
ODS =
Operational
Data
Store
(views)
Discoverer
- Pre-Defined Reports
- User-Defined Reports
Slide 27
Resources
Integrated System Web Pages
Finance Links
http://www.virginia.edu/integratedsystem/financeLinks/index.html
How do I?
http://www.virginia.edu/integratedsystem/howdoi/index.html#
Processing Funds
http://www.virginia.edu/finance/funds/Fr_RevenueProcess.htm
Discoverer reports
IS.GL_Revenue Project Relationships
IS.FM_Award Common Attributes
Slide 28
Hints and Reminders
• There is no cash in your PTAEO, only authority
to spend.
• Don’t forget your GL Revenue Projects at
reconciliation time.
• Use your departments alias’ for deposits...less
chance for keystroke error.
• Know your approver.
• Negative values on your cash balance report
are good!
• Switch your hat before running inquiries or
standard reports.
Slide 29
Contact Info
ISDS Help Desk: 243-7550
Accounting Services:
[email protected]
Lynne H. 924-8916
Lynn G. 924-6157
Fund Accounting Basics:
Using the GL
Presented by
Accounting Services Training and Outreach
and
UHR Office of Learning and Development
May 12, 2008
Slide 2
Objectives
• Explain basic concepts of Fund
Accounting
• Enter and reverse GL journals
• Define and generate recurring GL journals
• Query existing journal entries and account
balances
• Run reports
Slide 3
Why use the GL?
•
•
•
•
Record revenue
Approve pending journals
Analyze transactions
Analyze assets, liabilities, and fund
balance (net assets)
Slide 4
What is Fund Accounting?
A method of segregating resources (i.e.,
funds) into categories to identify both the
source of funds and the use of funds
Slide 5
Why Fund Accounting?
• Resources are from a variety of sources
• Must be used appropriately and not comingled
• Requires unique identification and
reporting
Slide 6
Sources of Funds
Tuition
and Fees
Patient
Services
Commonwealth
of Virginia
Gifts
Grants
Sales and Services
Investment
Income
Slide 7
Uses of Funds
THE
UNIVERSITY
MISSION
Slide 8
Fund Groups
• Current Funds
– Restricted current funds
– Unrestricted current funds
• Non-current Funds
• Agency Funds
– Custodial
Slide 9
Transaction Flow
Accounts
Receivable
Budgets
Deposits
(cash, checks,
credit cards)
Accounts
Payable
Purchasing
We are
HERE
Grants
Accounting
Summarize
PTAEO to
GL String
General
Ledger
Labor
Distribution
Recharge
Centers
ISIS / SSP
Slide 10
3 Basic Types of Projects
• Revenue
Revenue projects contain funds necessary to back up
award installments.
•
Expenditure
Expenditure projects are used for spending. They are
linked to and funded by an award.
•
Revenue & Expenditure
These projects contain funds that back up the award
installments that fund the SAME project for spending.
Slide 11
Revenue Projects and Awards
Award
Award
Revenue
Project
Award
Slide 12
Projects
Project #1
Award
Project #2
Budgets are established
when projects have been
funded
Project #3
Slide 13
Determining your GL String
IF your expenditure project is also
designated as a revenue project, you
can use your PTAEO to translate using
the Discoverer report
IS.FM_Award Common Attributes
Award Purpose Code
Slide 14
How can I find my GL string?
General Ledger: GL String
Entity
Fund
Source
Project
many
awards
to
one fund
source
one
to
one
Project
Task
Award
Object
Code
many
exp types
to
one object
code
Exp
Type
Grants Accounting: PTAEO
Many awards to one entity –
Award Purpose Code
Org
one
to
one
Org
Future
Slide 15
IS.FM_Award Common Attributes
Slide 16
Why use the GL?
Record Revenue
Analyze assets,
liabilities, and
fund balance
Approve Pending
Journals
Analyze
Transactions
Slide 17
GL String: Entity
Project
Fund
Source
Object
Code
Org
Future
Entity
(2 digit code)
Indicates the agency to whom the
funds belong
•Academic Division
•Medical Center
•UVa College at Wise
•Agency (Foundation or custodial
funds)
Slide 18
Entity Matrix
Local
State
Agency
Academic Division
10
20
80
Medical Center
15
25
85
UVa’s College At
Wise
Southwest Virginia
Regional Center
16
26
86
17
27
87
Slide 19
GL String: Project
Entity
Project
Fund
Source
(6 digit code)
Project must be
designated as a
REVENUE
project to receive
funds
Object
Code
Org
Future
Slide 20
GL String: Fund Source
Entity
Object
Code
Project
Org
Fund
Source
(4 digit code)
Indicates current or non-current,
restricted or unrestricted funds
Future
Slide 21
Fund Sources Often Used With Deposits
1100
Current Funds-Unrestricted: Private Gifts (Local)
1110
Current Funds-Unrestricted: Sales & Services of Educational Activities
(State)
1115
Current Funds-Unrestricted: Sales & Services of Educational Activities
(Local)
1120
Current Funds-Unrestricted: Sales & Services of Auxiliary Enterprises
(State)
1125
Current Funds-Unrestricted: Sales & Services of Auxiliary Enterprises
(Local)
1130
Current Funds-Unrestricted: Other Sources (State)
1140
Current Funds-Unrestricted: Other Sources Auxiliary (State)
1165
Current Funds-Unrestricted: Other Sources (Local)
2075
Current Funds-Restricted: Private Gifts (Local)
2090
Current Funds-Restricted: Endowment Income (Local)
Slide 22
GL String: Object Code
Entity
Project
Fund
Source
Org
Object
Code
(4 digit code)
Indicates type of
funds deposited
(income, gifts,
etc.)
Future
Slide 23
Object Codes Often Used With Deposits
4505
4510
4705
4710
4750
4805
4810
4820
4825
Gifts-Via Affiliated Foundations
Gifts-All Other
Sales & Services, Educational Activities
Conference Income
Other Sales & Services
Ticket Income
Royalty Income
Other Income
Subscription Income
Slide 24
GL String: Org
Entity
Project
Fund
Source
Object
Code
Future
Org
(5 digit code)
Org is the
organizational
unit receiving
funds
Slide 25
GL String: Future
Entity
Project
Fund
Source
Object
Code
Org
Future
Reserved
for future
use
Slide 26
Data Storage and Reporting
Integrated
Systems
Data
(tables)
Data copied nightly
Oracle Standard Reports
- Inquiry on Account
- Find / Query
ODS =
Operational
Data
Store
(views)
Discoverer
- Pre-Defined Reports
- User-Defined Reports
Slide 27
Resources
Integrated System Web Pages
Finance Links
http://www.virginia.edu/integratedsystem/financeLinks/index.html
How do I?
http://www.virginia.edu/integratedsystem/howdoi/index.html#
Processing Funds
http://www.virginia.edu/finance/funds/Fr_RevenueProcess.htm
Discoverer reports
IS.GL_Revenue Project Relationships
IS.FM_Award Common Attributes
Slide 28
Hints and Reminders
• There is no cash in your PTAEO, only authority
to spend.
• Don’t forget your GL Revenue Projects at
reconciliation time.
• Use your departments alias’ for deposits...less
chance for keystroke error.
• Know your approver.
• Negative values on your cash balance report
are good!
• Switch your hat before running inquiries or
standard reports.
Slide 29
Contact Info
ISDS Help Desk: 243-7550
Accounting Services:
[email protected]
Lynne H. 924-8916
Lynn G. 924-6157