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Introduction to University Accounting BTFA01

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 .

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Introduction to University Accounting BTFA01

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  1. The Florida State University Controller’s Office & University Business Administrators Present: Introduction to University AccountingBTFA01

  2. 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.

  3. 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

  4. OMNI Portal Page

  5. 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

  6. 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)

  7. 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>ChartfieldValues

  8. ChartFieldsDepartment ID Athletics Football • 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 • Specific department information or a complete listing of FSU departments can be obtained by running the FSU_DPT_CODES_DEPTID query.

  9. ChartFieldsFund 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

  10. ChartFieldsFund 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

  11. ChartFieldsAccount • 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

  12. ChartFieldsAccount The first digit is used to identify the type of account FSU_DPT_CODES_ACCOUNT Expense Account Short List

  13. ChartFieldsProject ID • Project ID is a 6 digit code used to identify a specific contract or grant • Additional ChartFields are required • PC Bus Unit—same as Business Unit (FSU01) • Activity—will always be ‘1’ • Sponsored Research • Fund 5xx (Except for 510) • Sponsored Research Accounting Services (SRAS) • Monitors compliance for sponsored projects awarded to FSU • More information on SRAS training is available on their website • Construction Accounting Services • Should be contacted with any construction project-related questions • For additional information visit the Construction Accounting website

  14. ChartFieldsOptional 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:

  15. ChartFields Summary

  16. 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

  17. 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

  18. 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

  19. 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

  20. 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

  21. Commitment Control Ledgers • Non-Project • Revenue Budgets (Auxiliary only) • Expense Budgets (All types)

  22. Project (Sponsored Research) KKGMPAR – Parent KKGMCHD - Child KK = Commitment Control GM = Grants Management PAR = Parent CHD = Child Commitment Control Ledgers

  23. Commitment Control Ledgers

  24. Commitment Control Q: What does every ‘budget manager’ want to know…all the time? A: How much money do I have left to spend?

  25. 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

  26. 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 Commitment Control SAVE, then SEARCH

  27. 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 SAVE, then SEARCH

  28. 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

  29. Journal Entry Examples

  30. Accounting Concepts for Journals Debits and Credits vs. Account Types Account          Type Debit    Credit Assets (1 or 2xxxxx)           Increases          DecreasesLiabilities (3 or 4xxxxx)         Decreases         IncreasesIncome (Revenue) (6xxxxx)     Decreases         IncreasesExpenses (7xxxxx)          Increases          Decreases

  31. Basics of Journal Entries Purchase of office supplies from a vendor: Step 1: Record the purchase (invoice posting): Debit - Expense (Office Supplies) 741101 $1,000 Credit- Accounts Payable 311000 -$1,000 Step 2: Record the payment (cut check): Debit - Accounts Payable 311000 $1,000 Credit- Cash 112000 -$1,000

  32. Basics of Journal Entries Revenue Deposited with University Cashier Debit– Cash 112000 $1,000 Credit – Revenue 6XXXXX-$1,000

  33. 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

  34. Resources • Other central office websites • Budget Office • Human Resources • Purchasing Services • Sponsored Research

  35. Resources • Recommended Listservs • University email subscriptions • Useful listservs: • FinRep • OMNI-Financials • Fsupcard • Fsutravel • Accounts_payable

  36. Contact Information • Samantha Myrick – Quality Assurance • smyrick@admin.fsu.edu • 645-8611 • Paul Harlacher – University Business Administrators • pharlacher@admin.fsu.edu • 644-6972 • Slides available at: http://controller.vpfa.fsu.edu/Training-Job-Aids

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