BTFA01 - Controller`s Office

Report
The Florida State University Controller’s Office &
University Business Administrators Present:
Introduction to University Accounting
BTFA01
Class Objectives
• OMNI – Gain an understanding of what OMNI is and
how it relates to the fiscal operations at FSU.
• Chartfields – Define chartfields and discuss what
purpose they serve when it comes to financials.
• Ledgers – Define ledgers and discuss what they are
used for at FSU
• Journal Entries – General definition of journal entries
and how they are performed at FSU.
• Resources - Where to find university related financial
information.
What is OMNI?
• Online Management of Networked Information
• Enterprise Resource Planning (ERP) system implemented to best
meet FSU’s financial & human resources administration needs.
• Implemented in 2004 to replace FLAIR
• Developed using PeopleSoft software, a product of Oracle
Corporation
OMNI Portal Page
OMNI Portal Page
•
Financials
•
•
•
•
•
•
•
•
Focus of this class
Stores all financial information of the University, including areas such as budget,
general ledger, purchasing, inventory and reporting tools
Human Resources – Used for Time Entry, benefits information, training
signup, job applications, etc.
OBI Reporting – Covered extensively in the BTFA02 Financial
Reporting Tools class
OMNI e-Market – OMNI online shopping module maintained by
Purchasing Services
FSU Service Center – All Help “tickets” (or “Cases”) maintained here
Employee Central – Offers quick access to widely used OMNI modules
as well as training materials and key websites
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
• Purchasing
• 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 in OMNI.
Which three ChartFields are required for ALL transactions in OMNI?
• Department ID
• Fund Code
• Account
Project ID is also a REQUIRED chartfield for Sponsored Research (C&G)
projects and construction activity.
Navigate to: Financials 9.1>Set Up Financials/Supply Chain>Common
Definitions>Design Chartfields>Define Values>Chartfield Values
ChartFields
Department ID
•
•
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 cost center with the area.
007
010
Athletics
Football
• 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 (fund
balance), revenues, 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
Fiscal Acct
Calendar
Year Period
Month
2013
1
July 2012
2013
2
Aug 2012
2013
3
Sept 2012
2013
4
Oct 2012
2013
5
Nov 2012
2013
6
Dec 2012
2013
7
Jan 2013
2013
8
Feb 2013
2013
9
Mar 2013
2013
10
April 2013
2013
11
May 2013
2013
12
June 2013
2014
1
July 2013
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 predefined 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
KKGMPAR Group
Budget
KKGMPARBUD
Encumbrance
KKGMPARENC
Expense
KKGMPAREXP
KK = Commitment Control
GM = Grants Management
PAR = Parent
CHD = Child
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?
Commitment Control
Navigation: Budget Details
•
Commitment Control > Review Budget Activities > Budget Details
Example:
•
Ledger group: CC_EXP_GRP
•
Account: 740000 (can leave this blank to receive a search result with all budgetary accounts)
•
Department: 001000
•
Fund: 110
•
Budget Period: 2013 (only search current Fiscal Year as previous years will have inaccurate balances)
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
•
Type of Calendar: Detail budget period
•
From budget period: 2013
•
To budget period: 2013
•
Account: %
•
Department: 001000
•
Fund: 110
SAVE, then SEARCH
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
SAVE, then SEARCH
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 (subsidiary ledgers) like Accounts Payable or Asset
Management
• Third party systems
• Systems other than PeopleSoft-based systems
• E.g. Student Financial Services, Facilities, Telecommunications
• Directly keyed (online) journals
• 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
Journal Entry Examples
Accounting Concepts for Journals
Debits and Credits vs. Account Types
Account
Assets (1 or 2xxxxx)
Liabilities (3 or 4xxxxx)
Income (Revenue) (6xxxxx)
Expenses (7xxxxx)
Type Debit
Increases
Decreases
Decreases
Increases
INCREASE DECREASE
DEBIT
ASSET
CREDIT LIABILITY
Credit
Decreases
Increases
Increases
Decreases
INCREASE DECREASE
LIABILITY
DEBIT
EXPENSE
REVENUE
ASSET
CREDIT
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
Frequently Asked Questions
Departmental Business Management Guide
Expense Account Lists
Departmental 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
Purchasing 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-Job-Aids

similar documents