1 / 35

FUND ACCOUNTING

FUND ACCOUNTING. FUND ACCOUNTING. Funds and Fund Types Chart of Accounts BREAK Accounting Ledgers Reporting Getting Help More Practice. 8:45 am. 10:00 am. 11:30 am. Fund Accounting. Standards set by GASB Method of classifying resources Used to record financial information

gil
Download Presentation

FUND ACCOUNTING

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  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.

More Related