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Basic Financial Workshop

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  1. Basic Financial Workshop Available on Financial Services Website at http://finserve.byu.edu/files/archives/BasicFSWorkshop.ppt

  2. Basic Financial Workshop Douglas G. Belliston Director, Financial Accounting and Reporting Kevin L. Walker, Director, Financial Solutions

  3. The joint mission of all BYU Financial Employees: • Promote effective use of University’s resources • Protect the assets of BYU • Recognize our obligation to all University stakeholders who provide and use its resources

  4. Your Role in Internal Control Control and protect university assets, and promote their effective use

  5. Why Control? "Controls protect weak people from temptation, strong people from opportunity and innocent people from suspicion.“ (August1977 IIA magazine)

  6. Internal Control Basics Segregation of duties: • Separate the request, receipt, payment and review functions • Dual signatures on all documents • Knowledgeable approver, different from buyer or requestor • Financial statement review by knowledgeable managers

  7. Are YOU an Effective Control?

  8. Financial Service Web Resources FS Web page: http://finserve.byu.edu/index.jsp Navigation: • BYU homepage Faculty & Staff, General Services Financial Services • Bookmark it!

  9. Financial Services Web Page Highlight Services Tab, Accounting sub-tab: • Controllers Desk Reference Questions • Funds Resources ($ support) that are classified into funds according to specified activities or donor objectives

  10. Financial Systems • PeopleSoft - accounting software • General Ledger, HR, Payroll, Purchasing, Receiving, Asset Management, Accounts Payable • Business Objects (BOb) – reporting software • Flexible tool across multiple systems via the Web • Extensity – travel approval and reimbursement • Kronos – time management

  11. Financial Systems – cont. Other limited use systems: • Folio – searchable archived financial statements • Imaging – imaged financial documents • UCA – University receivable and billing system • Cashnet – cash and credit card processing • Purchasing Card “P-card” – limited use credit card purchasing tool

  12. Fund Accounting Funds you will generally deal with: • 11 Budgeted—Support from Church • 13 Academic Related—Academic Businesses • 15 Auxiliary—Campus Business Operations • 19 Designated—Designated by Management • 23 Restricted—Restricted by Donors • 31 Endowment Income/Spending— Earnings from Endowments to be spent

  13. Speedtype 11241000 Fund+Chem Engineering Account 6100 Supplies Expense Class (optional)FLSKS various classes may be used Speedtypes identify activities to be accounted for,8 digit long codes: 2 digit Fund number + 6 digit Department number -or- An 8 character Project number, beginning with a letter (accounting system ties project to the fund automatically) Accounts identifythe nature of the item purchased or received Classes are optional user-defined identifiers Speedtypes & Accounts Example Transaction: 11241000-6100-FLSKS

  14. Payroll and Kronos Hiring, the basics: • People may not work until formally HIRED • Employment must get notice of Terminations • Employee types: • Faculty and Administrative • Staff employees • Student hourly • Student assistant (contract)

  15. Payroll and Kronos • Staff Employees - must be paid for overtime over 40 hours per week • Student Hourly Employees - must be paid for hours worked, and OT if > 40 hrs/week • Kronos web based time entry and time clocks track hours worked

  16. Payroll and Kronos Kronos System • Web based time entry: • Improved employee management and scheduling, identifies source of time recorded • Allows office-based students/staff to record time from their computers • Allows home-based workers to record time from home • Others will use Kronos clocks

  17. Payroll and Kronos Management of Student time • Non-resident alien—limited to 20 hours per week by Federal regulation • U.S. resident students—limited to 20 hours per week by University policy

  18. Cash Controls atBrigham Young University

  19. Good Cash Controls Provide a Safer Workplace for Everyone

  20. Cash Controls – Safety Equipmentfor Those Handling Cash Proper Documentation Segregation of Duties Custodianship of Cash Funds Reconciliation Frequent Deposits

  21. Cash Controls are Strengthened when Combined

  22. Cash Controls Safekeeping of Cash • Assigned cash custodian • Single custodian responsible for cash box • Ideally dual custodians to receive mailed cash/checks • Issuance of receipts, receipt logs • Provides proof to payee • Documents payments received—match to recorded cash • Independent cash counts • Periodic and unexpected counts by a non-custodian ensures controls are in place and working

  23. Cash Controls Timely Deposits • Frequent deposits • Smaller, more frequent deposits are preferred because…. • Less cash is exposed to risk of loss

  24. Cash Controls Accurate Recording of Cash Transactions • Cash receipt and recording • Segregation of duties assures more than one person is involved in a transaction • Documentation • Proof of purpose, validity and accuracy of cash transactions • Reconciliation • Someone different than those that handle cash • For a Summary of Cash Controls see http://finserve.byu.edu/files/docs/Cash%20Controls.htm

  25. Purchasing & Vendor Payment

  26. Purchasing • We seek to obtain the Best Net Value for the University: -Quality -Service -Price -Standardization -Life-cycle costing -Local availability -Warranty -P-card acceptance -Discounts -Technical support -Freight costs -Training -Timely delivery -E-business ready

  27. Purchasing Products and Services Many Tools to Purchase Products & Services • Fast Track Check Request • Purchasing Card (P-card) • Convenience Checks • Purchase Orders (from Purchase Requisitions) • Extensity Reimbursements • Corporate Travel Card • Petty Cash • Agency Checks • Limited Purchase Draft (LPDs) • Campus Purchase Order (CPOs)

  28. Purchasing Tools Fast Track Check Request • Initiated only by designated, trained Fast Track Buyers • Only used for specific categories of products or service (see Purchasing’s website) • Only for established Fast Track vendors

  29. Purchasing Tools Purchasing Card (P-card) • VERY flexible tool assigned to specific people to purchase many kinds of products (not for services) • $2,000 transaction limit ($20,000/mo.) • Not for travel (conference fees and first-night hotel are allowed) • Electronically approved by cardholder and supervisor

  30. Purchasing Tools Convenience Check • Same rules as Purchasing Card • May not be used where P-card is accepted • Penalty for misuse

  31. Purchasing Tools Purchase Orders (from Purchase Requisitions) Used for: • Requesting Purchasing to locate and negotiate with suppliers • Transactions larger than $2,000 where items not allowed by Fast Track process • Items not allowed by P-card (e.g. Hazardous materials)

  32. Purchasing Tools Purchase Requisitions:

  33. Purchasing Tools Extensity Reimbursements • System planned to go live during first quarter • Approved travel reimbursements • Approved reimbursement to employees for personal purchase of business supplies when other payment options are not feasible (use of Purchasing-card, Convenience Check recommended)

  34. Purchasing Tools Corporate Travel Card • Encouraged for business travelers • Automatic download of transactions to Extensity for reimbursement • Corporate liability so personal items should not be paid with this card • If inadvertently paid, may be excluded from Extensity reimbursement

  35. Purchasing Tools Petty Cash • Take money to purchase items where P-card cannot be used and return the receipt • Count of cash plus receipts always equal to total authorized Petty Cash amount Change Funds are NOT petty cash and authorized balance must ALWAYS equal count of cash

  36. Purchasing Tools Agency Checks • Check stock controlled by campus clubs and certain other areas • Funds NOT owned by University • University provides accounting reports for transactions • Check steward must control check stock under lock and key

  37. Purchasing Tools Limited Purchase Drafts (LPDs) • Department controlled check that is being phased out during first quarter of 2004 • Was used for low dollar transactions and to reimburse for personal purchases of business supplies

  38. Purchasing Tools Limited Purchase Drafts (LPDs)

  39. Purchasing Tools Campus Purchase Orders (CPOs) • Department initiated instrument to “sell” or “buy” items between two departments on Campus • Requires signature of both buying and selling departments

  40. Purchasing Tools Campus Purchase Orders (CPOs)

  41. Brigham Young UniversityTravel Management

  42. Services • Air, rental car, hotel booking for all campus personnel, students, and departments • Travel Accounting • Passport processing, photos, forms, etc. • Group travel support for Athletics, Travel Study, Study Abroad, Sports Tours, Performing Arts • Cliq Book – a travel self-booking/search tool • Searches all web reservations sites

  43. Services Cont.

  44. Travel System Extensity Travel System coming • Planned first quarter 2004 • Electronic Travel application approval and travel reimbursement • Business reimbursement for authorized purchases on behalf of BYU • Direct deposit to employee bank account • But until system is live…..

  45. How To Travel On Business

  46. How To Travel On Business Cont.

  47. Web Page Support WWW.BYU.EDU/TRAVEL

  48. Meal Per Diem Calculation

  49. Mileage Calculations

  50. Frequent Questions • How do I get my cash advance check? • Can I buy airline tickets on the internet? • Do I need to fill out a Travel Application? • How do I get reimbursed for expenses? • Can multiple travelers go on the same form? • What if I do not have a receipt for a claim? • Can a student get a cash advance? • Can students and employees use BYU Travel for personal travel?