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Accounting FUN damentals for Non-Accountants: What you need to know to do your job

Accounting FUN damentals for Non-Accountants: What you need to know to do your job. 6 steps to Certification. Today’s Agenda History of Governmental Accounting Standards Board (GASB) 15 KEY terms to help you pass Financial Statement Preparation FIFO/LIFO Inventory—Income Statement

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Accounting FUN damentals for Non-Accountants: What you need to know to do your job

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  1. Accounting FUNdamentals for Non-Accountants:What you need to know to do your job

  2. 6 steps to Certification Today’s Agenda • History of Governmental Accounting Standards Board (GASB) • 15 KEY terms to help you pass • Financial Statement Preparation • FIFO/LIFO Inventory—Income Statement • Amortization schedule • Variance Analysis

  3. This IS Fun! Information any CPA would know: • Governmental Accounting Standards Board (GASB) • Fund Accounting • Accrual Basis of Accounting • What makes this fun?

  4. Hidden Agenda Decode UA and SunGard secrets Chase the data to your balance Declassified Information Sherlock Holmes, Nancy Drew and Scooby Doo

  5. C-FOAPAL Segments Summary Required Segments Optional Segments Chart Fund Organization Account Program Activity Location Campus Uniquely Identifies Fiscal Entity Budget Units Departments Assets Liabilities Fund Balance Revenue Expenditures Transfers User Assigned Classification Physical Places and Sites NACUBO Function & Dept. Activities

  6. Decipher the C-FOAPAL Codes UA and SunGard developed anagram • CHART • FUND • ORGANIZATION • ACCOUNT • PROGRAM • ACTIVITY CODE • LOCATION

  7. Talk the Talk • Accounting Equation • Debits “+” / Credits “-” • Operating Ledger • Revenues, Expenses, and Transfers • Encumbrance Reports • General Ledger • Assets, Liabilities, and Fund Balance • Your Balance Coordinates

  8. Talk the Talk • Accounting Equation • Debits “+” / Credits “-” • Operating Ledger • Revenues, Expenses, and Transfers • Encumbrance Reports • General Ledger • Assets, Liabilities, and Fund Balance • Your Balance Coordinates

  9. Operating Ledger Transaction Statement Page 1 A 1 2 3 4 B

  10. 1 2 3 4

  11. C D

  12. A B Z C

  13. Z

  14. D

  15. Z

  16. Talk the Talk • Accounting Equation • Debits “+” / Credits “-” • Operating Ledger • Revenues, Expenses, and Transfers • Encumbrance Reports • General Ledger • Assets, Liabilities, and Fund Balance • Your Balance Coordinates

  17. A B+C D Z

  18. Talk the Talk • Accounting Equation • Debits “+” / Credits “-” • Operating Ledger • Revenues, Expenses, and Transfers • Encumbrance Reports • General Ledger • Assets, Liabilities, and Fund Balance • Your Balance Coordinates

  19. Declassified Information • Policy and Procedures Manual • Allowability and Funding of Certain Expenditures 8.13 • Rule Codes/Account Codes list • Training Materials • Banner Short Cut keys

  20. Help Solve the Mystery Dr. Robert Langdon, Columbo, Insp. Jacques Clouseau • Who to Ask • UAS@UILLINOIS.EDU • University Accounting Compliance • Director Glenn Meeks 312-996-4013 meeks1@uillinois.edu • University Accounting Information Management • Director Denise Stanley 217-333-0487 dmstanly@uillinois.edu

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