Transcript The Florida State University Controller’s Office & University Business Administrators Present: Introduction to University Accounting BTFA01

The Florida State University Controller’s Office &
University Business Administrators Present:
Introduction to University Accounting
BTFA01
Class Objectives
• OMNI
• Chartfields
• Ledgers
• Journal Entries
• Resources
What is OMNI?
• Online Management of Networked Information
• Enterprise Resource Planning (ERP) system implemented to best meet
FSU’s financial & administrative needs.
• Implemented in 2004 to replace FLAIR
• Developed using PeopleSoft software, a product of Oracle Corporation
myFSU Portal Page
myFSU Portal Page
•
Financials - Focus of the class, stores all financial information of the University
•
Human Resources – Used for Time Entry, benefits information, training
signup, job applications, etc.
•
myFSU BI– Covered extensively in the BTFA02 Financial Reporting Tools
class
•
Spear Mart– OMNI online shopping module maintained by Procurement
Services
•
FSU Service Center – All Help “tickets” (or “Cases”) maintained here
•
E-ORR – Online Role Requests – Interface used to request/approve OMNI
and other systems access
OMNI Financial Modules
•
OMNI is a “modular application”
• A software or application framework that supports multiple modules
• Module – A self-contained, separate but smaller component
• SOME examples of OMNI Modules:
• Accounts Payable
• Procurement Services
• Travel
• Commitment Control (Budget)
ChartFields
•
ChartField - A means of breaking down accounting transactions within
the system in order to organize and report on the data contained within
OMNI
•
Which three ChartFields are required for ALL transactions within OMNI?
• Department ID
• Fund Code
• Account
•
Project ID is also a REQUIRED chartfield for Sponsored Research
projects and construction activity (C&G)
•
Financials 9.2 > Set Up Financials/Supply Chain > Common Definitions
> Design Chartfields > Define Values > Chartfield Values
ChartFields - Department ID
•
•
Represents an area of financial management at FSU
Field is 6 digits
• First three digits refer to an academic, administrative, or other major area
• Last three digits refer to a specific cost center within that area.
Athletics
Football
007
010
• Specific department information or a complete listing of FSU departments
can be obtained by running the FSU_DPT_CODES_DEPTID query.
ChartFields - Fund Code
•
A fund identifies the source of monies that are used in a transaction
•
Each fund may have different restrictions on its use
•
Often funds have different reporting requirements
•
Fund Code in OMNI is a three digit numerical code created by central University
management
•
Major FSU Funds:
• Education & General (E&G)
• Fund 110 - Current fiscal year appropriations from the State of Florida
• Cash is maintained centrally by Budget Office, so cash balance in E&G
departments will always be negative
• Carry Forward
• Fund 140 - Prior fiscal year(s) E&G funds
ChartFields - Fund Code
•
Major FSU Funds (cont.):
• Auxiliary
• Fund 320 (generally) - Revenue generating business-type activities
• Operate on a cash basis (spending is controlled based on their cash
not budget)
• Sponsored Research (aka Contracts & Grants or C&G)
• Fund 5xx (excluding 510) - Grants and other research-related monies
provided by government or private entities
•
Other commonly used funds include the Medical School (210/240),
Construction (8xx), and Athletics (630)
•
Specific fund information or a complete listing of University funds can be
obtained by running the FSU_DPT_CODES_FUND query
ChartFields - Account
• Used to record, summarize, and/or
categorize financial transactions as
assets, liabilities, equity, revenue, or
expenses
• Two types of Accounts
• BUDGETARY—record budget
• NON-BUDGETARY—categorize
transactions
Primary Budgetary
Accounts
Description
710000
Budget Salary and Wages
720000
Budget OPS
740000
Budget Expense
760000
Budget OCO
Sample NonBudgetary
Accounts
Description
710115
Summer Faculty
720111
Graduate Assistants
740501
In-State Travel
760101
Book OCO
ChartFields - Account
•
The first digit is used to identify the type of account
•
•
FSU_DPT_CODES_ACCOUNT
Expense Account Short List
ChartFields - Optional ChartFields
•
•
Allow departments to track expenses at a more detailed or customized
level.
Three available (NOT hierarchical)
• CHARTFIELD 1
• CHARTFIELD 2
• CHARTFIELD 3
•
•
•
Using optional chartfields consistently is key
Examples of current use: tracking spending by professor, course number,
theater production
See the General Accounting FAQ for more information:
ChartFields Summary
Business Unit & Set ID
• Business Units:
• Operational divisions of FSU
• Used in transactions and research
• FSU has one primary Business Unit – FSU01*
• A Set ID allows different business units to segregate or share
information.
• Used when creating chartfields or inquiring in OMNI
• FSU’s standard Set ID is SHARE*
• In OMNI, both Business Unit and Set ID MUST be identified
* Some exceptions apply
Fiscal Year & Accounting Period
•
The fiscal year for FSU is a twelve month period
beginning July 1 and ending June 30
•
Fiscal months are referred to as periods
•
If you needed to look up the financial reports for
October 2015, which Fiscal Year and Period
would you use?
•
FY 2016, Period 4
Fiscal
Year
2015
2015
2015
2015
2015
2015
2015
2015
2015
2015
2015
2015
2015
Acct
Period
1
2
3
4
5
6
7
8
9
10
11
12
1
Calendar
Month
July 2014
Aug 2014
Sept 2014
Oct 2014
Nov 2014
Dec 2014
Jan 2015
Feb 2015
Mar 2015
April 2015
May 2015
June 2015
July 2015
Ledgers
•
A ledger is a set of books that stores budgeting and/or accounting
transactions.
• Detailed information is usually stored in smaller (subsidiary) ledgers
• Subsidiary ledgers are often summarized and permanently recorded
(posted) to one primary ledger called the GENERAL LEDGER (GL)
•
FSU has two main types of ledgers:
• Actuals
• Commitment Control
Actuals Ledgers
• Contains actual (non-budgetary) financial information
• Used to monitor account activity by a particular department, unit,
school, etc.
• Starting point for the preparation of the University’s Financial
Statements and other compliance required reporting
Commitment Control (“KK”) Ledgers
•
THE BUDGET
•
Provides a mechanism for controlling expenditures against a pre-defined
spending limit, by budgetary account
•
Can check requisitions, purchase orders and other types of transactions, identify
exceptions and give appropriate notification to help monitor available budget
balances for both project (C&G/Construction) and non-project transactions.
•
Budgetary accounts are sometimes referred to as “header accounts”
•
Budget and Analysis Office
Commitment Control Ledgers
• Non-Project
• Revenue Budgets (Auxiliary only)
CC_REV_GRP Group
Budget
CC_REV_BUD
Recognized Revenue CC_REV_REC
Collected Revenue
CC_REV_COL
• Expense Budgets (All types)
CC_EXP_GRP Group
Budget
CC_BUD
Encumbrance
CC_ENC
Expense
CC_EXP
Commitment Control Ledgers
Project (Sponsored Research)
•
KKGMPAR – Parent
•
KKGMCHD - Child
KK = Commitment Control
GM = Grants Management
PAR = Parent
CHD = Child
KKGMPAR Group
Budget
KKGMPARBUD
Encumbrance
KKGMPARENC
Expense
KKGMPAREXP
KKGMCHD Group
Budget
KKGMCHDBUD
Encumbrance
KKGMCHDENC
Expense
KKGMCHDEXP
Commitment Control Ledgers
Commitment Control
Q: What does every ‘budget manager’ want to know…all
the time?
A: How much money do I have left to spend?
You can use the Budget Overview and Budget Details pages to check your
budgets.
Commitment Control
Navigation: Budget Details
•
Commitment Control > Review Budget Activities > Budget Details
Example:
• Ledger group: CC_EXP_GRP
• Department: 026000
• Budget Period: 2016
• (only search current Fiscal Year as previous years will have inaccurate
balances)
Commitment Control
Still a valid tool to check your budget, but you can view the budget details of
one department, one fund code, and one account number at a time.
Budget Overview may be the best place to start.
Commitment Control
Navigation: Budgets Overview
•
Commitment Control > Review Budget Activities > Budgets Overview
Example:
•
Inquiry name: Type in your name
•
Description: Expense account code balances
•
Ledger group: CC_EXP_GRP
•
From budget period: 2016
•
To budget period: 2016
•
Account: % (optional: 700001 – 760000)
•
Department: 026000
•
Fund: 110 - 140
SAVE, then SEARCH
Commitment Control
Commitment Control
Navigation: Budgets Overview
•
Commitment Control > Review Budget Activities > Budgets Overview
Example:
•
Inquiry name: Type in your name
•
Description: C&G budget
•
Ledger group: KKGMCHD
•
Type of Calendar: Detail budget period
•
From budget period: MULTI
•
To budget period: MULTI
•
Project: 000049
Commitment Control
Journal Entries
• Journal Entries (JEs) record accounting transactions and MUST be in
balance (Debits = Credits)
• Information is input into FSU’s ledger by posting JEs from:
•
OMNI modules (Accounts Payable or Asset Management)
•
Third party systems- Systems other than PeopleSoft-based systems
• Student Financial Services, Facilities, Telecommunications
•
Departmental Online Journal Entries (known as DOLs)- manually keyed entries
• Often for expense/revenue transfers and corrections
• requests from departments submitted via the DOL form
Journal Entries
• Each Journal Entry in OMNI is assigned a unique Journal ID
• Journal IDs
• Ten Characters
• Some have an alpha prefix used to help identify the purpose
of the JE
• AP, AR, AM, etc.
Journal Entry Examples
Account Types and Debit vs. Credit
Account
Debit
Credit
Assets (1 or 2xxxxx)
Increases
Decreases
Expenses (7xxxxx)
Increases
Decreases
Liabilities (3 or 4xxxxx)
Decreases
Increases
Revenue (6xxxxx)
Decreases
Increases
INCREASE
DECREASE
DEBIT
ASSET , EXPENSE
LIABILITY ,
CREDIT
LIABILITY , REVENUE
ASSET ,
REVENUE
EXPENSE
Basics of Journal Entries
Purchase of office supplies from a vendor:
Step 1: Record the purchase (invoice posting):
Debit - Expense (Office Supplies) 741101
Credit - Accounts Payable 311000
$1,000
-$1,000
Step 2: Record the payment (cut check):
Debit - Accounts Payable 311000
Credit - Cash 112000
$1,000
-$1,000
Basics of Journal Entries
Revenue Deposited with University Cashier
Debit – Cash 112000
Credit – Revenue 6XXXXX
$1,000
-$1,000
Resources
• Controller’s Office website - http://controller.vpfa.fsu.edu/
• Forms
• Business Management Guide
• General Ledger Account Lists
• Recommended Query Listing
• OMNI Training website - http://omni.training.fsu.edu/
• Developed by ERP as a “one stop shop” for training resources
• Includes online tutorials and job aids on a wide variety of topics
Resources
• Other central office websites
• Budget Office
• Human Resources
• Procurement Services
• Sponsored Research
Resources
• Recommended Listservs
• University email subscriptions
• Useful listservs:
• FinRep
• OMNI-Financials
• Fsupcard
• Fsutravel
• Accounts_payable
Contact Information
• Lauren Barrett– Quality Assurance
• [email protected]
• 645-8611
• Paul Harlacher – University Business Administrators
• [email protected]
• 644-6972
• Slides available at: http://controller.vpfa.fsu.edu/training
• Under “General Ledger training materials”