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Aurora Finance 100Introduction to Aurora Finance
Objectives
At the end of this training session, you will be able to:
• Identify the elements of the new financial information system, including Banner, FAST, and the Chart of Accounts
• Use basic security rules• Use budget checking rules• Describe the main elements of the FAST
finance reporting tool
Agenda
1. Introduction
2. System Overview
3. Aurora Chart of Accounts - FOAP(AL)
4. Security Setup
5. Budget Checking
6. FAST Demonstration
Introto Auroraand FAST
JE’s IDC’s BA’s
A/R Invoicing
100
201
301
200Hands-OnFAST Reporting
Banner Navigation
202
Aurora Finance Training Courses
What is Aurora Finance?
The Aurora Finance project replaced the University’s previous mainframe accounting system (IMS) with a new financial information management system.
It includes: General Ledger Accounts Receivable and Billing System Purchasing/Payables Budget Striking and Maintenance (FAST) I.D. Charges Capital Equipment Inventory System
System Overview
BANNER
PostageTelephone
Libraries
VIP
FAST Budgeting
CORE
EITSExternal Suppliers
Special Functions
FAST Reporting
BookstorePurchasing
Accounts Receivable
Grants
Endowments
G/L
AccountsPayable
Capital Equipment Inventory
SIS
Raiser’s Edge
How are budget codes constructed?
Budget codes consist of six elements commonly referred to as a FOAP(AL). The acronym is broken down as follows:F Fund Required 6 digitsO Organization Required 6 digitsA Account Required 6 digitsP Program Required 4 digitsA Activity Optional 6 digitsL Location Optional 6 digits
Normally 22 characters long, up to a maximum of 34 Codes are no longer hard coded; every element is variable,
and can be used to create an infinite number of possibilities
FOAP: What is it?
Fund = SOURCE of income (Operating, Research, Grants, Endowment, etc.)
Organization = WHO spent the money (Faculty, Admin Unit, Dept., etc.)
Account = WHAT the money was spent on (expenditures: supplies, travel, etc.) **also for reporting income**
Program = PURPOSE of the expense or revenue (Academic, Administration, Research, Revenue, etc.)
FOAPAL Example
110000 – 312000 – 700101 – 1100
General Dean’s Office DomesticInstruction
Operating Agriculture Airfare
Fund Academic
Often transactions will use the same FOP elements, and various Accounts
Coding of TransactionsCoding of Transactions
F O A P A L
Account Identifies WHAT the money was spent on, the type of revenue, and also
used to define assets and liabilities. In the IMS system, this was typically the “Expense/Object Code”.
There are 8 Account types:10 Assets20 Liabilities30 Control Accounts (never used for data entry)40 Fund Balance50 Revenue60 Salaries, Benefits & Pay Levy70 Expenditures80 Fund Transfers
F O A P A L
The main Account types that you will generally use are:
Name Data Entry Prefix
Revenue 5Salaries & Benefits 6Non Salary Expenses 7
4 levels in the Account hierarchy Data entry level (salaries, benefits & pay levy Accounts only)
= 5 digits Data entry level (all other Aurora Accounts) = 6 digits
Helpful Hints
Funds Funds start with
Unrestricted operating funds 11xx Internally restricted funds 12xx Provisions funds and future revenue funds 19xx Restricted funds:
Trusts & Spending funds Special Purpose funds 2xx Staff Benefits Fund Research Fund 3xx
Endowment funds 6xx Pension funds 8xx Capital funds 91xx Bank fund 99x
Accounts Accounts start with
Assets 1xx These are balance sheet accounts Liabilities 2xx & Control accounts 3xx Must be used with a Fund only Fund Balance 4xx
Revenue 5xx
Salaries & Benefits 6xx Expenditure 7xx Must be used with FOAP Fund Transfers 8xx
Helpful Hints (continued)
Funds Default Program Comments
Unrestricted operating funds 11xx depends on Org E.g. Financial Services uses program 1300 (Administration). However, all faculties use Internally restricted funds 12xx depends on Org program 1100 (Instruction - General) Restricted Funds:
Trust & Spending fund 21xx 5000 or 7000 Trust & Endowment programs Special Purpose fund 28xx 2100 Special Purpose program Research fund 3xx 2000 Sponsored Research program
Endowment funds 6xx 7000 Endowment program Capital funds 91xx 6000 Capital program
Defaults Default Orgs and Programs have been set up for most Funds Default Funds and Programs have been set up for most Orgs
Aurora Finance Website
Security in Aurora Finance
Security is based on what forms and processes a user can access, as well as what Funds and Orgs they are responsible for. Each user will be authorized to access specific Funds or Organizations.
For example: a person who needs Dean’s Office Agriculture will have access to Fund 110000 (Operating Fund) and Org 312000 (Dean’s Office).
(continued)
A person can have both signing and posting capability or just query access.
FAST Budgeting and FAST Reporting use the same security setup as the Banner system.
Aurora does not provide security over the Account element. Hence any user can view and post to all Accounts (including salaries).
Security in Aurora Finance, continued
If a person in the Dean’s Office Agriculture needs view and posting access, they will get:Fund Org
View 110000 312000Posting 110000 312000
If the same person also needs the same access to a Grant in Food Science Agriculture, the following would be added:
Fund OrgView 302550 312500Posting 302550 312500
However, what they will end up with is the following:Fund Org
View/post 110000 312000302550 312500110000 312500
Because this person originally had view access to Fund 110000 (Operating), when they received access to Fund 302550 for the Research Fund, they also received access to the Operating Fund for Food Science (Org 312500).
Security Example
Budget checking occurs for the combined FOP.
“Account” is ignored, which allows you to be overspent in one Account (e.g. Printing) and under spent in another (e.g. Telephone, Equipment Rental) and still allow the transaction to be posted.
Only when the total FOP is overspent will a transaction be denied posting.
Budget Checking
MONTHLY OPERATING REPORT Month of: December 2005Fiscal Year 2005/2006 Fund 110000 General Operating Org xxxxxx Faculty X
Signing Authority John/Jane Doe Amount Remaining to be Spent $31,033.00
Budgets and Grants Contact Debbie Cerasani 474-6394
Account Account Type Level TwoType DescriptionLevel Two
Current Dec-05 O/S Total YTD YTD Fiscal $ BudgetMonth YTD Actual Commitments Activity and Budget Available
Commitments61 Academic Salaries Pool 0.00 50,939.00 92,500.00 143,439.00 144,876.00 1,437.00 65 Support Salaries & Wages 0.00 18,423.00 71,000.00 89,423.00 84,596.00 (4,827.00)66 Student Wages 0.00 0.00 0.00 0.00 0.00 0.00 6V Fellowships, Bursaries and Other 0.00 0.00 0.00 0.00 0.00 0.00 6W Fee for Service/Honariums 0.00 0.00 0.00 0.00 0.00 0.00 6Z Interface only Wages 0.00 0.00 0.00 0.00 0.00 0.00
Total Wages 0.00 69,362.00 163,500.00 232,862.00 229,472.00 (3,390.00)
6X Benefits 0.00 7,251.00 0.00 7,251.00 26,918.00 19,667.00 6Y Health and Education Levy 0.00 1,381.00 0.00 1,381.00 4,935.00 3,554.00
Total Benefits and Pay Levy 0.00 8,632.00 0.00 8,632.00 31,853.00 23,221.00
% of Total Wages 0.00% 12.44% 0.00% 3.71% 13.88%
Total Wages, Benefits and Pay Levy 0.00 77,994.00 163,500.00 241,494.00 261,325.00 19,831.00
Account Description
Budget Example
Current Dec-05 O/S Total YTD YTD Fiscal $ BudgetMonth YTD Actual Commitments Activity and Budget Available
Commitments7A Travel 0.00 0.00 0.00 0.00 6,450.00 6,450.00 7B Library Acquisitions 0.00 0.00 0.00 0.00 0.00 0.00 7C Subtotal Printing and Duplicating 629.00 3,781.00 0.00 3,781.00 3,216.00 (565.00)7D Subtotal Materials and Supplies 0.00 529.00 0.00 529.00 10,807.00 10,278.00 7E Subtotal Telecommunications 0.00 534.00 0.00 534.00 3,025.00 2,491.00 7F Other Operational Expenses 0.00 0.00 0.00 0.00 1,000.00 1,000.00 7G Utilities 0.00 0.00 0.00 0.00 0.00 0.00 7H Renovations and Alterations 0.00 0.00 0.00 0.00 0.00 0.00 7I Externally Contracted Services 0.00 0.00 0.00 0.00 0.00 0.00 7J Professional Fees 0.00 0.00 0.00 0.00 0.00 0.00 7K Cost of Goods Sold 0.00 0.00 0.00 0.00 0.00 0.00 7L Interest and Bank Charges 0.00 0.00 0.00 0.00 0.00 0.00 7M Capital Acquisitions 0.00 8,452.00 0.00 8,452.00 0.00 (8,452.00)7N Repairs and Maintenance 0.00 0.00 0.00 0.00 0.00 0.00 7O Amortization 0.00 0.00 0.00 0.00 0.00 0.00 7P Property Taxes 0.00 0.00 0.00 0.00 0.00 0.00 7Q Accountable Advances 0.00 0.00 0.00 0.00 0.00 0.00 7R Scholarships Bursaries and Awards 0.00 0.00 0.00 0.00 0.00 0.00 7S Foreign Exchange 0.00 0.00 0.00 0.00 0.00 0.00 7X Reserves Budget Only 0.00 0.00 0.00 0.00 0.00 0.00 7Y Budget Only Accounts 0.00 0.00 0.00 0.00 0.00 0.00 7Z Expenditures Interface Only 0.00 0.00 0.00 0.00 0.00 0.00
Total Non Payroll Expenses 629.00 13,296.00 0.00 13,296.00 24,498.00 11,202.00
Grand Total Expenses 629.00 91,290.00 163,500.00 254,790.00 285,823.00 31,033.00
81 Fund Transfers Out82 Fund Transfers In
Net 0.00 0.00 0.00 0.00 0.00 0.00
Grand Total Expenses and Fund Transfers $629.00 $91,290.00 $163,500.00 $254,790.00 $285,823.00 $31,033.00
Account Description
Note:Total Wages are overspent - A Budget Adjustment should be done to cover this. Although Account Type 7M is overspent, the transaction was allowed to continue as the total FOP is under spent.
Budget Example, continued
FAST - What is it? Key features How to access FAST FAST Functionality Demonstration of FAST
Introduction to FAST
F.A.S.T. = Financial Administration Support Tool (Millennium Computer Systems)
A dynamic, web-based budgeting and reporting tool
Downloads data from Banner, stores it in the FAST database, and presents financial information in an easy-to-read and understandable format
Replaces IMS screen FRGLA
FAST – What is it?
• Web based• Point and click navigation • Drill down to transaction level detail• Comparative and date range views of data• Filter on any combination of FOAPAL
elements• Report on any period or date range• Export to Microsoft Excel
Key Features of FAST
Demonstration of FAST
Support Resources
Aurora resources:• Training - sessions
- e-Learning• Website – online help• Help desk – 272-1555
Security – (John Dinoto – 9754)
Questions?
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