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Financial Reporting Training

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Financial Reporting Training

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  1. Financial Reporting Training Office of the Controller

  2. Objective • Accounting Review • What is a Budget and General Budget Concepts • Budget Inquiries & Budget Status Report • Overview of some useful Queries • nVision Financial Reports: • Define nVision • Variance Analysis • Available Budget 6. Demo Office of the Controller

  3. What is Accounting? Accounting is a systematic way to identify, measure and communicate the economic impact of events, such as activities that generate inflows and outflows. Accounting is a self-balancing process which measures: • Financial Activity: REVENUES and EXPENSES foraperiod Income = Revenues – Expenses AND • Financial Position: BALANCES on a cumulative basis at a certain date • Positive balances which will provide future benefits are ASSETS • Negative balances which represent future obligations are LIABILITIES Office of the Controller

  4. What is Accounting? Example of Economic Event: FIU provides educational services to students. • The University has the right to collect fees from students (Revenues) but must also pay faculty to render the services (Expenses). AND • The University collects the cash from the student and pays cash to the professor, resulting in a net positive cash (Asset) balance at the end of the period Office of the Controller

  5. Why “fund” accounting Activities are segregated by funding source Each fund : • is Restricted in its uses bystatute • is Allocated a Budgetthat cannot be overspent Currently, within each fund, activities are further segregated by Organizations and Departments that identify which unit/college is responsible for performing the activity and the specific nature of the activity (e.g. College of Business puts on the FIU Online Conference). http://finance.fiu.edu/controller/Docs/FundRulesMatrix.xls Office of the Controller

  6. Which funds does FIU have? • E&G – Educational and General • AUX – Auxiliary Enterprises • C&G – Contracts and Grants • Agencies • FA /FinAid – Financial Aid/ Scholarships • Student-Related Activities • Concessions Office of the Controller

  7. Which Entities does FIU have ? Entities affiliated to the University: • FCN01 — FIU01 AP Construction • FIU01 — Florida International University • FIU02 — FIU Foundation: administers donations for the purpose of the advancement of FIU. Considered a Non-for-profit entity, not a governmental entity. • FIU03 — Wolfsonian Inc. • FIU04 — FIU Research Foundation • FIU05 — FIU Athletic Finance Corp • FIU06 — FIU Health Care Network • FIU07 — FD Enterprise Holdings I, LLC. • FIU08 — FD Enterprise Holdings II, LLC. • FIU09 — FD Enterprise Holdings III, LLC. • FIU10 — FD Enterprise Holdings IV, LLC. • FSR01 — Office of Sponsored Research • FSR04 — FIU Research Foundation Office of the Controller

  8. Revenues = Money coming in Operating Revenues are generated from providing goods or services in the normal course of operations to customers. Non-Operating Revenues are for incidental activities, such as investment earnings. In fund accounting, revenues are recognized when measurable and available to spend, the earlier of: • When collected in cash using cash basis (e.g. conference registration fees collected now for an event to occur in the future) OR • When earned using accrual method (e.g. student registers for classes now but tuition payment is not due to University until later) NOTE: Revenues which have not been collected are classified as receivables until they are collected in cash (e.g. the University has a receivable from a student until his/her student account is paid to the University). Office of the Controller

  9. Expenditures = Money being spent Costs incurred in efforts to generate revenues, classified as: • Expenses if the payment provides immediate benefits (e.g. salaries, travel) • Capital if the payment provides long-term benefits (e.g. tangible assets with longer lives such as equipment). NOTE: In accounting, all expenditures for goods and services are recorded in the fiscal year that they occur using accrual method At the operating fund level, expenditures are treated as expenses and those subject to capitalization are accounted for in another fund. Expenses which have not been paid are classified as payable until they are paid in cash (e.g. invoices from vendors with certain number of days to pay). Office of the Controller

  10. Sources of Revenues and Expenses Revenues: • Student Financials (tuition, other student fees) • Cashiers (cash/credit card deposits) Expenses • Payroll (salaries and benefits actual and accruals) • Voucher (operating and capital expenses) • Commodity Card (operating expenses) • Interdepartmental charges with no approval required (phone, printing, overhead) • Interdepartmental charges with approval required (facilities maintenance) In both cases, re-classes of revenues and expenses from one department to another or from one account to another should be requested via an Inter-Departmental Transfer Form. Office of the Controller

  11. Income and Financial Position Remember the results of accounting? • Income measures net operations earned during the period Income = Revenues –Expenses • Fund Balance is the net financial position at the end of the period. It represents what resources you have left to spend in the short-term: Cash + Receivables –Payables = Fund Balance Beginning Fund Balance + Income + Cash Coming In – Cash Going Out = Ending Fund Balance Office of the Controller

  12. Example Office of the Controller

  13. Example (Continued) Tuition 26* $2000 $2520 $2520 $ 360 $5400 $ 2520 $ 2520 $ 3880 $ (360) $ 8560 Food $4000 Laptop $1200 Departmental Loan Loan Payback Office of the Controller

  14. Objective • Accounting Review • What is a Budget and General Budget Concepts • Budget Inquiries & Budget Status Report • Overview of some useful Queries • nVision Financial Reports: • Define nVision • Variance Analysis • Available Budget • Demo Office of the Controller

  15. What is a Budget? • Management plan for meeting probable revenues and expenses for a given period of time • Serves as a control mechanism to match anticipated and actual revenues and expenditures Office of the Controller

  16. Budgetary Accounts Categories used at FIU Office of the Controller

  17. Budget Cycle for FIU Prior Year Current Year Office of the Controller

  18. Objective • Accounting Review • What is a Budget and General Budget Concepts • Budget Inquiries & Budget Status Report • Overview of some useful Queries • nVision Financial Reports: • Define nVision • Variance Analysis • Available Budget • Demo Office of the Controller

  19. Crystal Reports Inventory: Available BalanceBudget Status Report * Organizational Unit Office of the Controller

  20. On-Line Inquiries - Reports Inventory: Available Balance Budget Overview Detail View Office of the Controller

  21. On-Line Inquiries - Reports Inventory: Reconciliation Budget Overview: Drill to Activity Log Office of the Controller

  22. Reports Inventory: Reconciliation Budget Overview: Drill to Activity Log Office of the Controller

  23. On-Line Inquiries - Reports Inventory: Available Balance Budget Overview Parent View Office of the Controller

  24. On-Line Inquiries - Reports Inventory: Available Balance Budget Overview Detail View Office of the Controller

  25. Reports Inventory: Reconciliation Budget Overview: Drill to Activity Log Office of the Controller

  26. SQR Reports Inventory: Available Balance Budget Status Report Office of the Controller

  27. SQR Reports Inventory: Available Balance Budget Status Report Office of the Controller

  28. Objective • Accounting Review • What is a Budget and General Budget Concepts • Budget Inquiries & Budget Status Report • Overview of some useful Queries • nVision Financial Reports: • Define nVision • Variance Analysis • Available Budget Office of the Controller

  29. Useful Queries Office of the Controller

  30. Query Data Office of the Controller

  31. Objective • Accounting Review • What is a Budget and General Budget Concepts • Budget Inquiries & Budget Status Report • Overview of some useful Queries • nVision Financial Reports: • Define nVision • Variance Analysis • Available Budget • Demo Office of the Controller

  32. The nVision reporting tool • Provides real-time financial reporting capability. • Extracts requested financial data from PeopleSoft. • Places it into an Excel spreadsheet where it can easily be reviewed and manipulated. Report Request • Keyed to Business Unit • Includes saved parameters Template or style sheet • Rules for generating reports for slices of the data • The Scope feature allows you to create multiple instances of a report using a single report request. Layout Scope Office of the Controller

  33. Reporting nVision – Elements Microsoft Excel • Microsoft Excel is the backbone of nVision reporting. nVision facilitates the retrieval of information from PeopleSoft databases into a Microsoft Excel spreadsheet. The Layout of the Report • The Layout of the Report is a Matrix or Tabular Excel spreadsheet. The Ledger Tables • Layouts retrieve data from a ledger. This could be Actual, Budget or Forecast Ledgers. The ledger tables have five major data components: • Business Unit • Ledger • Chartfields (Account, Department and Project ID, Program, Fund, Site or Class. Additionally for Projects PC Business Unit and Activity) • Period and Year • Net Posted Amount • Actual transactions and Budget Transactions are stored on two separate tables. • Actuals data is on the LEDGER table • Budget data is on the LEDGER_KK table Office of the Controller

  34. Reporting nVision – Elements Continued Time Spans • Time Spans control the number of data periods extracted from the ledger table and summarized. Trees • Trees are used to create hierarchical structures that visually represent a set of summarization rules for a particular field. The summarization rules depicted in a tree apply to the detail values of a particular field – departments, accounts, funds, vendors, customers or other values the University defines. Office of the Controller

  35. Reporting nVision – Variables Report Variables • Provide information about the current nVision report such as the Business Unit, Report ID/name, Title, Layout Name, Operator ID, etc. Date and Time Variables • Provide information about the Date of the Report, the Tree, the Fiscal Year Accounting Period, etc. Scope Variables • Provide information related to the scope definition used in the nVision report such as the Scope Field Value or description (i.e., department id or name) Office of the Controller

  36. Reporting nVision – Time Spans Time Spans • The Time Span controls the number of data periods extracted from the ledger tables and summarized. • Typical Time spans provided with PeopleSoft General Ledger include: • PER – Period – Retrieves only activity for the period selected (1=July, 2=Aug, etc.) • YTD – Year to Date – Includes year-to-date amount for items selected. • BAL – Balance – Retrieves life-to-date amounts (balance forward amounts) for balance sheet accounts. • Time spans are often expressed relative to current period, so that they automatically adapt the content of a report to the “As of Reporting Date” specified when the report is executed. Office of the Controller

  37. Reporting nVision – Scope Scope • A Scope can be on one Chartfield and one value as well as many Chartfields and any values • A Scope can be built on single values or tree nodes. • This is a single value scope: Office of the Controller

  38. Reporting nVision – Scope Scope • This Scope includes Department and Fund Trees: • This Scope can be copied to another and change the fund node to: OTHER_UNRESTRIC_FUND Office of the Controller

  39. Aggregate level Users Report Fund VA Report CFO / BOT E&G and Non E&G: AS report* Fund Exec Area OFP Non Athletics: AS reportAthletics: AI Report Fund College/Unit EABM E&G : DI report Non E&G: XA report DeptID ABM *A modified version of the AS showing subtotals per EA and College is being tested Office of the Controller

  40. nVision Financial Reports Office of the Controller

  41. nVision Financial Reports Office of the Controller

  42. Reports Inventory: Variance AnalysisThe VA Report The Columns come from Ledgers and use Time Spans The Rows come from Chartfields Office of the Controller

  43. Reports Inventory: Variance AnalysisThe AS report Variance Categories: Perm. Salaries OPS OCO OOE Total Expenses Revenue Office of the Controller

  44. Reports Inventory: Variance AnalysisThe XA report Office of the Controller

  45. Reports Inventory: Variance AnalysisThe DI report Office of the Controller

  46. Reports Inventory: Available Balance Aggregate level Audience Report Fund DS Report CFO E&G and Non E&G: DS Report Fund Exec Area OFP Fund College/Unit E&G and Non E&G: DS Report EABM Budget OverviewBudget Status Report DeptID ABM Office of the Controller

  47. Reports Inventory: Available BalanceDS Report Office of the Controller

  48. Reports Inventory: Available BalanceDS Report Budget Reconciliation Office of the Controller

  49. Reports Inventory: Available BalanceES Report Office of the Controller

  50. nVision Financial Reports Office of the Controller