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This training covers essential aspects of financial services including Chartfields, Funds, Buckets of Money, and more. Learn how to track and report funds effectively in compliance with financial regulations.
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INTRODUCTION TO FINANCIAL SERVICES – CFS Chartfields Who should attend this training? What will we be covering?
INTRODUCTION TO FINANCIAL SERVICES This training contains information from the following presentations: • Overview – Chart of Accounts – Part 1 (Version 2.0, 2014) • Accounting for Non-accountants – Kimberly Perez, Director General Account / Assistant Controller, SLO (ABC 2016 Fall Summit) • Accounting and Financial Reporting – Sherry Pickering, Director, Fiscal Services, East Bay (CSU 101 – 2015) • Accounting and Financial Reporting – Kelly Cox, Associate Director, Financial Services, CO (CSU 101 -2015) • Chart of Accounts, otherwise known as “Chartfields” – Elaine Kist, CSM Finance Director, CSULB (April 2015) • Chart of Accounts, otherwise known as “Chartfield” – Sedong John, Director, Financial Services / SFSR, CO (April 2015)
INTRODUCTION TO FINANCIAL SERVICES – CFS Chartfields How do we track and report on all the sources of funds brought into the CSU to ensure we are in compliance? Chartfields
INTRODUCTION TO FINANCIAL SERVICES – CFS Chartfields Business Unit • Represents an Operational Entity. • Required on all financial transactions. • At a minimum, 3 Primary BU’s per campus have been established in CFS PeopleSoft. • COCSU – CO BU • COLGL – Legal BU • COGAP – GAAP BU • Other CO BU’s • COFDN – Foundation • COINS - Institute
INTRODUCTION TO FINANCIAL SERVICES – CFS Chartfields FUND • “Where” of the transaction and its source and use. • It is required • 5 alphanumeric characters. • Campus establishes and maintains their own. • The lowest level the system will generate a Trial Balance.
INTRODUCTION TO FINANCIAL SERVICES – CFS Chartfields Buckets of Money Lottery 481XX Extended Education 441XX OperatingFund 485XX SPA X(Grant) M(Match) Foundation 9XXXX
INTRODUCTION TO FINANCIAL SERVICES – CFS Chartfields ACCOUNT
INTRODUCTION TO FINANCIAL SERVICES – CFS Chartfields Helpful Resources The Financial Services Resourcespage has many valuable resources for your reference. Specifically useful for Chart of Accounts is the COA Quick Reference Guide and the Commonly Used Accounts spreadsheet.
INTRODUCTION TO FINANCIAL SERVICES – CFS Chartfields Program • Defines a set of ongoing accounting activities for which revenues and/or expenditures need to be tracked by the Chancellor’s Office as a whole. • Identifying transactions for additional accounting treatments. Required for accurate data collection and reporting when defined. • Optional • 5 alphanumeric characters. • Does not have strict start and end dates.
INTRODUCTION TO FINANCIAL SERVICES – CFS Chartfields PROGRAM In my Department we have many different tasks. Some people help with CFS, the Data Warehouse, etravel, ICSUAM policies, CO procedures, training, etc. As part of the training, each year in May, we provide SW year end training. I can choose DeptID 1149 – MAPO to identify it as one of my expenses. Next, I would chose fund 48521 as this cost is related to work that is completed that assists all the campuses. The SW year end training is the largest and most expensive training we provide all year long. Do you think I should request a program code to help me track these expenses?
INTRODUCTION TO FINANCIAL SERVICES – CFS Chartfields In my previous example of year end training, do you think a project code could be better for tracking my expenses? Why or why not?
INTRODUCTION TO FINANCIAL SERVICES – CFS Chartfields Class • Special reporting needs a department or other organizational unit may have. • Activities associated with class may span multiple departments, funds and/or accounts. • Optional& used for revenue and expenditure accounts. • 5 alphanumeric characters.
INTRODUCTION TO FINANCIAL SERVICES – CFS Chartfields Scenario • Used to track budget scenarios, ie. Original, Budget, and Project to Date • Requiredfor all Budget Ledger transactions expenditure accounts. • Characters = 10 alphanumeric.
INTRODUCTION TO FINANCIAL SERVICES – CFS Chartfields Chartfield Request Form Unable to find a chartfield that meets your business needs? Did you identify or were you provided with a new source of funds and there are reporting requirement regarding the use of those funds? You may need to request a new Chartfield to meet financial reporting requirements.
INTRODUCTION TO FINANCIAL SERVICES – CFS Chartfields Why is it important to use the correct ChartFields? • What is the largest expense for the CSU? • Where do the next largest expense items come from for the CSU? • Why does correct recording of transactions matter? • Who cares? • How do they know? • When do they know?
Introduction to Financial Services - CFS ChartFields
Introduction to Financial Services - CFS ChartFields
Introduction to Financial Services - CFS ChartFields
Introduction to Financial Services - CFS ChartFields
Introduction to Financial Services - CFS ChartFields
Introduction to Financial Services - CFS ChartFields
INTRODUCTION TO FINANCIAL SERVICES – CFS Chartfields Who should attend this training? What will we be covering?
Chancellor’s Office employees who have been on the job from 1 to 6 weeks and will be engaged in the following activities: • Ordering supplies and services • Processing transactions in eTravel • Processing invoices for payments • Accessing various Financial Data • Reconciling Financial Data • Reviewing and/or approving Financial Transactions In this session, we will review ChartField information, and those ChartFields that must be included on each financial transaction that will be recorded into the Common Financial System (CFS). Who should attend this training?What will we be covering?
Who should attend this training?What will we be covering? Chancellor’s Office employees who have been on the job from 1 to 6 weeks and will be engaged in the following activities: • Ordering supplies and services • Processing transactions in eTravel • Processing invoices for payments • Accessing various Financial Data • Reconciling Financial Data • Reviewing and/or approving Financial Transactions In this session, we will review ChartField information, and those ChartFields that must be included on each financial transaction that will be recorded into the Common Financial System (CFS).
INTRODUCTION TO FINANCIAL SERVICES This training contains information from the following presentations: • Overview – Chart of Accounts – Part 1 (Version 2.0, 2014) • Accounting for Non-accountants – Kimberly Perez, Director General Account / Assistant Controller, SLO (ABC 2016 Fall Summit) • Accounting and Financial Reporting – Sherry Pickering, Director, Fiscal Services, East Bay (CSU 101 – 2015) • Accounting and Financial Reporting – Kelly Cox, Associate Director, Financial Services, CO (CSU 101 -2015) • Chart of Accounts, otherwise known as “Chartfields” – Elaine Kist, CSM Finance Director, CSULB (April 2015) • Chart of Accounts, otherwise known as “Chartfield” – Sedong John, Director, Financial Services / SFSR, CO (April 2015)
This training contains information from the following This slide provides the names of previous presentations regarding where much of the information in this presentation was extracted from. We would like to thank those contributors for the hard work in putting these informative training PowerPoint presentations together as they continue to be useful resources to CSU employees. • Overview – Chart of Accounts – Part 1 (Version 2.0, 2014) • Accounting for Non-accountants – Kimberly Perez, Director General Account / Assistant Controller, SLO (ABC 2016 Fall Summit) • Accounting and Financial Reporting – Sherry Pickering, Director, Fiscal Services, East Bay (CSU 101 – 2015) • Accounting and Financial Reporting – Kelly Cox, Associate Director, Financial Services, CO (CSU 101 -2015) • Chart of Accounts, otherwise known as “Chartfields” – Elaine Kist, CSM Finance Director, CSULB (April 2015) • Chart of Accounts, otherwise known as “Chartfield” – Sedong John, Director, Financial Services / SFSR, CO (April 2015)
INTRODUCTION TO FINANCIAL SERVICES – CFS Chartfields How do we track and report on all the sources of funds brought into the CSU to ensure we are in compliance? Chartfields
Chartfields How do we track and report on all the sources of funds brought into the CSU to ensure we are in compliance? Per the CO CFS CHART OF ACCOUNTS PROCEDURE, In order to achieve consistent and meaningful reporting, in accordance with EO 1000, it is necessary for all campuses and the Chancellor’s Office to adhere to the following standards: • Chartfields are distinctly defined and are not interchangeable • Certain chartfields have required lengths • The Account Chartfield value must equal the FIRMS Object Code value at a minimum and campus unique values must begin with the first three characters of the FIRMS Object Code which is currently a CSU Systemwide Attribute of the Account Chartfield. CSU Business Requirements: The Office of the State Controller establishes statewide funds to account for resources appropriated by acts of the State legislature. Campus administration of these funds must conform to accounting rules issued by the State Controller, the State Treasurer and other relevant State regulations and provisions of State law. In addition to appropriated funds, the CSU also collects fees from students. These funds are regulated solely by Executive Order 1000 and CSU policies, standards and definitions. State funds are allocated to the CSU. The CSU manages all funds by CSU Fund – which is a sub set of the State fund. Each CSU Fund is administered according to the appropriate rule set – be it legislative or based on CSU Policy. Each campus manages these various CSU Funds by establishing campus unique fund values based on reporting requirements, day to day administration of the funds, Generally Accepted Accounting Principles (GAAP) requirements, and the governing rule sets. As a State “agency,” each campus is required to report to the State Controller fund activity using the State of California Chart of Accounts.
INTRODUCTION TO FINANCIAL SERVICES – CFS Chartfields Business Unit • Represents an Operational Entity. • Required on all financial transactions. • At a minimum, 3 Primary BU’s per campus have been established in CFS PeopleSoft. • COCSU – CO BU • COLGL – Legal BU • COGAP – GAAP BU • Other CO BU’s • COFDN – Foundation • COINS - Institute
Business Unit • Represents an Operational Entity • Required on all financial transactions • Three primary BUs per campus established in CFS PeopleSoft • COCSU – CO BU • COLGL – Legal BU • COGAP – GAAP BU • Other CO BUs • COFDN – Foundation • COINS - Institute The Business unit represents the Operational Entity that the financial transactions belong. This is a required field on every transaction. Most of you will not need to know your business unit; it will be set up as a default when you are provided access. The CO has the following Business Units: • COCSU – CSU Office of the Chancellor (this will be the most commonly used business unit utilized by CO Departments. • COFDN – CSU Office of the Chancellor – Foundation ledger. Primarily utilized by the Advancement Group. • COINS – CSU Institutions ledger. Primarily utilized by Finance and Treasury. • COSTU – CSU Student ledger. Primarily utilized by International Programs. • COLGL – CSU Legal ledger. This Business Unit is for providing information to the State Controller’s Office. • COGAP – CSU GAAP ledger. This Business Unit is for providing information that goes into the CSU Consolidated Financial Statements.
INTRODUCTION TO FINANCIAL SERVICES – CFS Chartfields Buckets of Money Lottery 481XX Extended Education441XX • Operating Fund 485XX SPA X(Grant) M(Match) • Foundation 9XXXX
Buckets of Money Lottery 481XX Extended Education441XX • Operating Fund 485XX SPA X(Grant) M(Match) • Foundation 9XXXX
Buckets of Money Lottery481XX ExtendedEducation441XX • Operating Fund 485XX SPAX(Grant)M(Match) • Foundation 9XXXX
Buckets of Money Lottery481XX Fund 48501 – CSU Operating Fund – designated for those expenditures which support the operations of the Chancellor’s Office only. For example, the accounts payable department only services the Chancellor’s Office. The Principles for Allocation of these funds are: Provides leadership (e.g. Chancellor department), Provides services to the function of the Chancellor’s Office only (e.g. CO Budget Department), Connects and coordinates activities for the CSU system (e.g. Office of Audit & Advisory Services department), 61% or more of the Dept’s activities relate to Headquarters, then it should be considered as Headquarters' activities. Fund 48521 – CSU Operating Fund – CCF (Campus Collaboration Fund) – The Campus Collaboration Fund was established in FY 15-16 to account for campus collaborative activities. Funding for these activities includes permanent support of campus activities, application of collaborative techniques and development of online resources, specific initiative for CSU system, etc. My department which primarily works on Systemwide training and policies is funded from 48521. Why two funds (48501 and 48521)? To distinguish and track services provided to systemwide for management planning. The Principles for allocation for the Campus Collaboration Fund are: Provides services and materials to support on-going campus-based activities (e.g. Systemwide Digital Library Serv); Funding requirements are based upon campus’ needs and requirements (e.g. CNI project); Pass through funding (e.g. Community Services Learning), Specific projects/initiatives for CSU System (e.g. Math Science teacher initiative). The Lottery Fund – 481XX – These funds are provided by the California State Lottery Fund Education Fund. Government Code 8880.5 (m) declares California legislative intent that “all funds allocated from the California State Lottery Education Fund be used exclusively for the education of pupils and students.” This code section further states the following restriction on the use of lottery funds "... no funds shall be spent for acquisition of real property, construction of facilities, financing of research, or any other non-instructional purpose." Extended Education 441XX – Funds collected to operate Extended Education services. CSU Extended Education brings education and training opportunities to people in local communities throughout the state-and around the world. Through its 23 campus-based self-support units, Extended Education enables individuals, corporations, and public agencies to benefit from the CSU's vast educational resources through such opportunities as degree programs, certificates, non-credit courses, and custom-designed workforce development programs. Extended Education units on each CSU campus operate on a self-support basis, without General Fund (State) allocations. As such, they are market-driven, responding rapidly to the changing needs and demands of the diverse continuing education marketplace in California and beyond. Extended Education is vital to the CSU as its "rapid-response team," meeting the education and training needs of individuals and groups that might not otherwise be served by the CSU. Sponsored Programs 46XX5 – Funds provided by a granting agency such as the US Department of Education and the National Science Foundation. Foundation Funds – 9XXXX – Funds provided by the fund raising arm for the CSU. Primarily these are via private donations which are managed via the Advancement Department. Combination Edits: In some cases, if there is a mismatch of fund and account, you may receive an error message or a call from the person processing your transaction. For example, if you are trying to pay for some construction expenditures using Lottery funds, an error message will pop up indicating that you have a combination edit error and you will have to re-process your transaction with a different combination of Chartfields. The topic of Combination Edits will be discuss further into the presentation. SPAX(Grant)M(Match) • Operating Fund 485XX • Foundation 9XXXX Extended Education441XX
Buckets of Money Lottery481XX Fund 48501 – CSU Operating Fund – designated for those expenditures which support the operations of the Chancellor’s Office only. Fund 48521 – CSU Operating Fund – CCF (Campus Collaboration Fund) – The Campus Collaboration Fund was established in FY 15-16 to account for campus collaborative activities. The Lottery Fund – 481XX – These funds are provided by the California State Lottery Fund Education Fund. Extended Education 441XX – Funds collected to operate Extended Education services. CSU Extended Education brings education and training opportunities to people in local communities throughout the state-and around the world. Sponsored Programs 46XX5 – Funds provided by a granting agency such as the US Department of Education and the National Science Foundation. Foundation Funds – 9XXXX – Funds provided by the fund raising arm for the CSU. Primarily these are via private donations which are managed via the Advancement Department. Combination Edits: In some cases, if there is a mismatch of fund and account, you may receive an error message or a call from the person processing your transaction. For more detail, visit www.calstate.edu/operatingfunds. SPAX(Grant)M(Match) • Operating Fund 485XX • Foundation 9XXXX Extended Education441XX
INTRODUCTION TO FINANCIAL SERVICES – CFS Chartfields ACCOUNT
As referred to in the previous slide, accounts start with a specific number based upon the type of account. • Assets (starts with 1): a resource from which future benefits are expected. (Cash, Accounts Receivable, Fixed Assets) • Liability (starts with 2): an obligation arising from past events that is owed to others. (Accounts Payable, Debt) • Equity (starts with 3): the residual interest in the assets after deducting all liabilities. (Net worth) • Revenue (starts with 5): Increases in economic benefit. (StudentTuition and Fees) • Expense (starts with 6): Decreases in economic benefit. (Purchase of a computer) You will notice in the grid, in the Account Number Column, there are red highlighted numbers where there is logic built into each account number to help easily identify information just by looking at the number.
INTRODUCTION TO FINANCIAL SERVICES – CFS Chartfields FUND • “Where” of the transaction and its source and use. • It is required • 5 alphanumeric characters. • Campus establishes and maintains their own. • The lowest level the system will generate a Trial Balance.
Fund The where of the transaction Required Five alphanumeric characters Campus establishes and maintains its own Lowest level that generates a trial balance Fund Identifies the “Where” of the transaction and its source and use of dollars being held (or the bucket of money). “Where is the money coming from to pay for this expenditure?” In your home lives, you may pay for your mortgage from your checking account, your child’s college expenses from a saving accounts and your annual car insurance from another savings account which holds funds for annual bills. • Characters 5 = alphanumeric • Each Campus establishes and maintains their own unique list. • Tracks spending restrictions and designations. The fund is the lowest level at which the system will generate a Trial Balance. A Trial Balance includes all account types in the report, including Balance Sheet items such as Cash, Liabilities and Fund Equity. Delegation of Authority (DOA): If the fund has one owner authorizing transactions, then the DOA may be at the fund level.