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FUND ACCOUNTING

FUND ACCOUNTING

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FUND ACCOUNTING

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  1. FUND ACCOUNTING

  2. FUND ACCOUNTING • Funds and Fund Types • Chart of Accounts • BREAK • Accounting Ledgers • Reporting • Getting Help • More Practice 8:45am 10:00am 11:30am

  3. Fund Accounting • Standards set by GASB • Method of classifying resources • Used to record financial information • Provide reports to interested parties

  4. Funds and Fund Types • FUND: • Represents source of revenue • Separate accounting entity • Conditions/limitations on use of resources • Self-balancing set of accounts • Shows ownership of cash/fund balance

  5. Funds and Fund Types • FUND TYPES - UNRESTRICTED: • Basic distinction in use of resources • Available for use in current operations • Subject to state/university rules • No limitations on purpose from fund source

  6. Funds and Fund Types • Types of unrestricted funds-budgeted operations: • General fund - 001100 • ASA fund - 001150 • ICC credits fund - 001700 • Income/expense funds

  7. Funds and Fund Types • Types of unrestricted funds-other: • Designated operations • Unrestricted gifts • Royalties • Service departments • Auxiliary enterprises

  8. Funds and Fund Types • FUND TYPES - RESTRICTED: • Basic distinction in use of resources • May be available for use in operations • Subject to state/university rules • Limitations on purpose from fund source

  9. Funds and Fund Types • Types of restricted funds: • Gift, grant, and contract funds • Loan funds • Endowment funds • Plant funds • Agency funds

  10. Chart of Accounts Chart of Accounts FundType AccountType ActivityCode FundCode OrgnCode AccountCode ProgramCode LocationCode Account Index

  11. Chart of Accounts • FOAPAL elements: • Fund • Organization • Account • Program • Activity • Location

  12. Chart of Accounts • FOAPAL elements • Fund: • Identifies resources • Grouped by source/limitations on use • Shared or separate • Hierarchical; shared responsibility with OUS • Six numeric characters (except grants)

  13. Chart of Accounts • FOAPAL elements • Organization (org): • Identify budget or responsibility unit • Hierarchy - lines of authority • Unique to UO • Flexibility for departments at lower levels • Six numeric characters

  14. Chart of Accounts • FOAPAL elements • Account: • Natural method of classifying transactions • Identify type of income, expense, asset, liability • Used with all funds, orgs, programs • Same for all institutions • Five alphanumeric characters

  15. Transaction Account Codes Code Purpose ---------- -------------------------------- 0XXXXIncome 1XXXXPayroll 2XXXXGeneralExpense 3XXXXTravelExpense 4XXXXCapital Expense 5XXXXStudent Aid 6XXXXMerchandisefor Resale 70XXXIndirect Costs 79XXXInternal Sales Reimbursements 8XXXXStudent Loan Related Expense 9XXXXTransfers

  16. G/L Account Codes Code Purpose ---------- -------------------------------- Axxxx Asset - cash, receivable, inventory Bxxxx Liability - accounts payable, deferred income Cxxxx Control - summary of income and expense Dxxxx Fund balance )

  17. Chart of Accounts • FOAPAL elements • Program • Functional classification • Consistency in handling transactions • Calculation of federal indirect rate • Institutional research and reporting • Three to six alphanumeric characters

  18. Chart of Accounts • FOAPAL elements • Activity: • Further define income/expenses of departments • Can relate to specific professor/project • Used for cost accounting • Optional • Four to six alphanumeric characters

  19. Chart of Accounts • FOAPAL elements • Location: • Specific physical location • Unique for every room on campus • Used with fixed assets (over $5,000) • Five to six alphanumeric characters

  20. Chart of Accounts • FOAPAL elements • Index: • Unique grouping of FOAPAL elements • Short cut for data entry • Not used for tracking information in FIS • 1st digit coding scheme • Four to six alphanumeric characters • Can be same as fund number (grants, gifts)

  21. OPAL Ledger • Official record of university transactions • Shows activity for fiscal year • Budgets set by departments with ORM • Revenue and expense close at year end • Transactions require FOAP • Does not show fund balance

  22. OPAL Ledger • Banner screens: • FGIBDST • YTD information by account code • Budget and actual • Can be run by FOAPAL element • Assumes revenue minus expense • Can be run for expense only

  23. OPAL Ledger • Banner screens: • FWIBUDG • YTD information by account code • Budget and actual • Can be run by FOAPAL element • Assumes revenue minus expense • More options in organizing information

  24. OPAL Ledger • Balances: • Debit balance - expense • Credit balance - revenue • Asterisk if opposite of expected • May want to investigate

  25. General Ledger • Official record of financial position • Status as of specific point in time • Assets, liabilities, fund balance • Revenue and expense summarized • Can access transaction detail • Balance not meaningful for shared funds

  26. General Ledger • Banner screens: • FGITBAL • Beginning and ending balances • Cumulative from inception of fund • Run by fund • Quick results • Does not show current fund balance

  27. General Ledger • Banner screens: • FGITBSR • Beginning and ending balances • Cumulative from inception of fund • Run by fund • Results take longer • Shows current fund balance • More options in getting information

  28. General Ledger • Balances: • Debit balance - assets • Credit balance - liabilities, fund balance • Asterisk if opposite of expected • May want to investigate • Not allowed to have deficit fund balance

  29. Reporting • Available reports: • Create report or spreadsheet from screen • FWIORPT • Web pushbutton reports • CASweb reports • Data warehouse

  30. Reporting • Banner screens-create report/spreadsheet • Available from numerous query screens • Creates report from screen detail • Options to display, print, or save to file • Available from transaction detail

  31. Reporting • FWIORPT • Run for specific month • Can be run by financial manager • Balance sheet • Budget status • Change in fund balance • Transaction detail

  32. Reporting • BAO pushbutton web reports • List of indices • Org code summary of account type 1 & 2 • Org code summary of funds by acct type 2 • Org code summary of indices by acct type 2 • Summary of acct type 2 by index • Org code summary - drill down

  33. Reporting • CASweb reports • Available from CAS budget manager site • Budget reports • Carryforward reports • General fund index reports • UO organization hierarchy report

  34. Reporting • Data warehouse reports • Summarized FIS data • As of latest closed fiscal period • No transaction detail • Useful for large amounts of data • More flexibility in designing reports • Limited BAO support

  35. More Help For help with FIS call the Helpline at 6-3466. FIS Guide important pages: • Accounting Information - Queries. • FIS Reporting - Reports. • Codes page - Codes. • All Screens Documentation - Forms.