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Explore Fund Accounting basics, GRU Funds, Chart Field Combinations, and accounting entries at Georgia Regents University with this comprehensive session.
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Purpose This session is designed to provide an overview of Fund Accounting and its application at Georgia Regents University using Chart Field Combinations.
Objectives • Learn the basics of Fund Accounting • Learn about GRU Funds • Learn about Chart Field Combinations • Learn the basics of accounting entries
Agenda • Overview of Fund Accounting • GRU Funds • The concept of Chart Field Combinations and their purpose • Basic accounting entries using funds and chart field combinations
Basics of Fund Accounting • Governmental focus • Self-balancing set of accounts per fund • The basic accounting equation: Assets = Liabilities + Owner’s Equity +(Revenue-Expenses)
GRU Funds • Unlimited number may be used; however, limited by practicality • Other Chart Field Identifiers are used for reporting/further definition
What Are Chart Fields? • The Chart Field Combination (CFC) is composed of: • Account Code • Fund • Department • Program • Class • Budget Period • Project/grant ID (if necessary) • The term “Chart Field Combination” (CFC) is a standard PeopleSoft term.
What does the CFC tell us? • The Chart Field Combination (CFC) are numerical characters that tell us: • What the funds were used for • Where the funds came from • Who (i.e. what school) the funds belong to
Account Codes • The “What” • Descriptor of the nature of the revenue, expense, asset, liability or net asset (fund balance) accounts
Account Codes • 1XXXX – Assets • 2XXXX – Liabilities • 3XXXX – Net Assets, Reserves • 4XXXX – Revenues • 5XXXX thru 8XXXX – Expenses • 9XXXX – Allocation Transfers
Fund Code • The “Where” part I • The source or nature of the item
Fund Groups Unrestricted – Operating (1XXXX) Restricted Purpose (2XXXX) Loan Funds (3XXXX) Endowment (4XXXX) Plant (5XXXX) Agency (funds held for others) (6XXXX)
Department Code • The “Who” • First 2 digits represent a School or admin unit • The next four digits are dept defined – generally a dept or program with the first 2 digits • If the first of last digit is an “A”, it is an agency code
Program Code • The “How” the funds are to be used • Defined by the BOR • Based on the NACUBO (National Association of College and University Business Officers) “functional” area
Program Code Overview • Education & General - 1XXXX • Auxiliary Enterprises - 2XXXX • Other - 3XXXX
Program Code DetailEducation and General • Instruction 11XXX • Research 12XXX • Public service 13XXX • Academic support 14XXX • Student services 15XXX • Institutional Support 16XXX • Plant Operations 17XXX • Scholarships and Fellowships 18XXX
Program Code DetailAuxiliary Enterprises • Housing 21XXX • Food services 22XXX • Stores 23XXX • Health services 24XXX • Transportation and Parking 25XXX • Auxiliary Plant 26XXX • Other Organizations 27XXX
Program Code DetailOther • Patient care 32XXX
Class Code • The “Where” part II • Generally correlates with the Fund • Gives a more detailed “Where” than the Fund • Detailed Source/Use of funds • Used for both revenues and expenditures • Unique to the State of Georgia
Class Code Examples: • 11000 General Operations • 19000 Dept Sales • 41100 Dept Sales • 61000 Sponsored Federal • 61031 Federal Work Study • 64060 Clinical Trials
Project/Grant ID • Identifies a specific Sponsored agreement or a project • Up to 15 digits in length • Generally, if code starts with Alpha, it is a grant • If it starts with numbers, generally it is a project
Project/Grant ID Examples: • MERCK00001 – A Merck Pharmaceuticals Clinical Trial • NHLBI0001 – An (NIH) National Heart, Lung and Blood Institute Grant • VAMC0001 – A Veterans Affairs Medical Center IPA for Dr. Smith • 0044008 – 28th Annual Opthal Symposium
Budget Period The Year in which revenues, expenses, encumbrances originated
Basics of Accounting Entries • Double entry • Use two columns and amounts are not distinguished by + or – • Ex. Cost Transfer Form • Debits and Credits • Whether a debit or credit increases or decreases a balance depends on the type of account
More Debits and Credits • Example • Dividend, Expense, Assets, and Losses (DEAL): Debits increase while credits decrease the balance • Gains, Income, Revenues, Liabilities, and Stockholder’s Equity (GIRLS): Debits decrease while credits increase the balance.
References • Websites • GRU Controllers Office http://www.georgiahealth.edu/finance/controller/ • USG BOR Policy Manual http://www.usg.edu/business_procedures_manual/
Conclusion • This concludes Chart Field Combinations • If you have any questions, you may contact • Laura Craft – lcraft@gru.edu, 706-721-6235 • Karen Castleberry – kcastleberry@gru.edu, 706-721-2135 • Barandy Brock – bbrock@gru.edu, 706-721-2903 • Andrea Buchanan – abuchanan@gru.edu, 706-721-2136 • Julie Wilson – jwilson@gru.edu, 706-721-9179 • Thank you