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1
Basic Financial Workshop
Available on Financial Services Website at
http://finserve.byu.edu/files/archives/BasicFSWorkshop.ppt
2
Basic Financial Workshop
Douglas G. Belliston Director, Financial Accounting
and Reporting
Kevin L. Walker, Director, Financial Solutions
3
The joint mission of all BYU Financial Employees:
Promote effective use of University’s resources
Protect the assets of BYU
Recognize our obligation to all University stakeholders who provide and use its resources
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Your Role in Internal ControlYour Role in Internal Control
Control and protect university assets, and Control and protect university assets, and promote their effective usepromote their effective use
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Why Control?Why Control?
"Controls protect weak people from "Controls protect weak people from temptation, strong people from opportunity temptation, strong people from opportunity and innocent people from suspicion.“and innocent people from suspicion.“
(August1977 IIA magazine)(August1977 IIA magazine)
6
Internal Control Basics
Segregation of duties: Separate the request, receipt, payment and
review functions Dual signatures on all documents Knowledgeable approver, different from
buyer or requestor Financial statement review by
knowledgeable managers
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Are YOU an Effective Control?Are YOU an Effective Control?
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Financial Service Web ResourcesFS Web page:
http://finserve.byu.edu/index.jsp
Navigation: BYU homepage
Faculty & Staff, General Services Financial Services
Bookmark it!
9
Financial Services Web Page
Highlight Services Tab, Accounting sub-tab:
Controllers Desk Reference Questions Funds
Resources ($ support) that are classified into funds according to specified activities or donor objectives
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Financial Systems
PeopleSoft - accounting software General Ledger, HR, Payroll, Purchasing, Receiving, Asset
Management, Accounts Payable Business Objects (BOb) – reporting software
Flexible tool across multiple systems via the Web Extensity – travel approval and reimbursement Kronos – time management
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Financial Systems – cont.
Other limited use systems: Folio – searchable archived financial
statements Imaging – imaged financial documents UCA – University receivable and billing system Cashnet – cash and credit card processing Purchasing Card “P-card” – limited use credit
card purchasing tool
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Fund Accounting
Funds you will generally deal with: 11 Budgeted—Support from Church 13 Academic Related—Academic Businesses 15 Auxiliary—Campus Business Operations 19 Designated—Designated by Management 23 Restricted—Restricted by Donors 31 Endowment Income/Spending— Earnings from Endowments to be spent
13
Speedtypes & Accounts
Speedtype 11241000 Fund+Chem Engineering
Account 6100 Supplies Expense
Class (optional) FLSKS various classes may be used
Speedtypes identify activities to be accounted for,8 digit long codes: 2 digit Fund number + 6 digit Department number -or- An 8 character Project number, beginning with a letter (accounting
system ties project to the fund automatically)
Accounts identify the nature of the item purchased or receivedClasses are optional user-defined identifiers
Example Transaction: 11241000-6100-FLSKS
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Payroll and Kronos
Hiring, the basics: People may not work until formally HIRED Employment must get notice of
Terminations Employee types:
Faculty and Administrative Staff employees Student hourly Student assistant (contract)
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Payroll and Kronos
Staff Employees - must be paid for overtime over 40 hours per week
Student Hourly Employees - must be paid for hours worked, and OT if > 40 hrs/week
Kronos web based time entry and time clocks track hours worked
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Payroll and KronosKronos System Web based time entry:
Improved employee management and scheduling, identifies source of time recorded
Allows office-based students/staff to record time from their computers
Allows home-based workers to record time from home
Others will use Kronos clocks
17
Payroll and KronosManagement of Student
time Non-resident alien—
limited to 20 hours per week by Federal regulation
U.S. resident students—limited to 20 hours per week by University policy
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Cash Controls atBrigham Young University
19
Good Cash Controls Provide a Safer Workplace for Everyone
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Cash Controls – Safety Equipmentfor Those Handling Cash
Custodianship of Cash Funds
Segregation of Duties
Reconciliation
Proper Documentation
Frequent Deposits
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Cash Controls are Strengthened when Combined
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Cash Controls
Safekeeping of Cash Assigned cash custodian
Single custodian responsible for cash box Ideally dual custodians to receive mailed cash/checks
Issuance of receipts, receipt logs Provides proof to payee Documents payments received—match to recorded cash
Independent cash counts Periodic and unexpected counts by a non-custodian
ensures controls are in place and working
23
Cash Controls
Timely Deposits Frequent deposits
Smaller, more frequent deposits are preferred because….
Less cash is exposed to risk of loss
24
Cash Controls
Accurate Recording of Cash Transactions Cash receipt and recording
Segregation of duties assures more than one person is involved in a transaction
Documentation Proof of purpose, validity and accuracy of cash
transactions Reconciliation
Someone different than those that handle cash
For a Summary of Cash Controls see http://finserve.byu.edu/files/docs/Cash%20Controls.htm
2525
Purchasing & Purchasing & Vendor PaymentVendor Payment
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PurchasingPurchasing
We seek to obtain the We seek to obtain the Best Net Best Net ValueValue for the University: for the University:
-Quality-Quality -Service-Service-Price-Price --
StandardizationStandardization-Life-cycle costing-Life-cycle costing -Local availability-Local availability-Warranty-Warranty -P-card acceptance-P-card acceptance-Discounts-Discounts -Technical support-Technical support-Freight costs-Freight costs -Training-Training-Timely delivery-Timely delivery -E-business ready-E-business ready
2727
Purchasing Products and Purchasing Products and ServicesServices
Many Tools to Purchase Products & ServicesMany Tools to Purchase Products & Services Fast Track Check RequestFast Track Check Request Purchasing Card (P-card)Purchasing Card (P-card) Convenience ChecksConvenience Checks Purchase Orders Purchase Orders (from Purchase Requisitions)(from Purchase Requisitions) Extensity ReimbursementsExtensity Reimbursements Corporate Travel CardCorporate Travel Card Petty CashPetty Cash Agency ChecksAgency Checks Limited Purchase Draft (LPDs)Limited Purchase Draft (LPDs) Campus Purchase Order (CPOs)Campus Purchase Order (CPOs)
2828
Purchasing ToolsPurchasing Tools
Fast Track Check RequestFast Track Check Request Initiated only by Initiated only by
designated, trained Fast designated, trained Fast Track BuyersTrack Buyers
Only used for specific Only used for specific categories of products categories of products or service or service (see (see Purchasing’s website)Purchasing’s website)
Only for established Fast Only for established Fast Track vendorsTrack vendors
2929
Purchasing ToolsPurchasing Tools
Purchasing Card (P-card)Purchasing Card (P-card) VERY flexible tool assigned to specific VERY flexible tool assigned to specific
people to purchase many kinds of people to purchase many kinds of products products (not for services)(not for services)
$2,000 transaction limit ($2,000 transaction limit ($20,000/mo.)$20,000/mo.) Not for travel Not for travel (conference fees and first-(conference fees and first-
night hotel are allowed)night hotel are allowed) Electronically approved by Electronically approved by
cardholder and supervisorcardholder and supervisor
3030
Purchasing ToolsPurchasing Tools
Convenience CheckConvenience Check Same rules as Same rules as
Purchasing CardPurchasing Card May not be used May not be used
where P-card is where P-card is acceptedaccepted
Penalty for misusePenalty for misuse
3131
Purchasing ToolsPurchasing Tools
Purchase Orders (from Purchase Purchase Orders (from Purchase Requisitions) Used for:Requisitions) Used for:
Requesting Purchasing to locate and Requesting Purchasing to locate and negotiate with suppliersnegotiate with suppliers
Transactions larger than $2,000 Transactions larger than $2,000 where items not allowed by Fast where items not allowed by Fast Track processTrack process
Items not allowed by P-card (e.g. Items not allowed by P-card (e.g. Hazardous materials)Hazardous materials)
3232
Purchasing ToolsPurchasing ToolsPurchase Requisitions:Purchase Requisitions:
3333
Purchasing ToolsPurchasing Tools
Extensity ReimbursementsExtensity Reimbursements System planned to go live during first System planned to go live during first
quarterquarter Approved travel reimbursementsApproved travel reimbursements Approved reimbursement to employees for Approved reimbursement to employees for
personal purchase of business supplies personal purchase of business supplies when other payment options are not when other payment options are not feasible (use of Purchasing-card, feasible (use of Purchasing-card, Convenience Check recommended)Convenience Check recommended)
3434
Purchasing ToolsPurchasing Tools
Corporate Travel CardCorporate Travel Card Encouraged for business travelersEncouraged for business travelers Automatic download of transactions Automatic download of transactions
to Extensity for reimbursementto Extensity for reimbursement Corporate liability so personal items Corporate liability so personal items
should not be paid with this cardshould not be paid with this card– If inadvertently paid, may be excluded If inadvertently paid, may be excluded
from Extensity reimbursementfrom Extensity reimbursement
3535
Purchasing ToolsPurchasing Tools
Petty CashPetty Cash Take money to purchase items where P-Take money to purchase items where P-
card cannot be used and return the receiptcard cannot be used and return the receipt Count of cash plus receipts always equal Count of cash plus receipts always equal
to total authorized Petty Cash amountto total authorized Petty Cash amount
Change Funds are NOT petty cash and Change Funds are NOT petty cash and authorized balance must ALWAYS equal authorized balance must ALWAYS equal count of cashcount of cash
3636
Purchasing ToolsPurchasing Tools
Agency ChecksAgency Checks Check stock controlled by campus Check stock controlled by campus
clubs and certain other areasclubs and certain other areas Funds NOT owned by UniversityFunds NOT owned by University University provides accounting University provides accounting
reports for transactionsreports for transactions Check steward must control check Check steward must control check
stock under lock and keystock under lock and key
3737
Purchasing ToolsPurchasing Tools
Limited Purchase Drafts (LPDs)Limited Purchase Drafts (LPDs) Department controlled check that is Department controlled check that is
being phased out during first quarter being phased out during first quarter of 2004of 2004
Was used for low dollar transactions Was used for low dollar transactions and to reimburse for personal and to reimburse for personal purchases of business suppliespurchases of business supplies
3838
Purchasing ToolsPurchasing ToolsLimited Purchase Drafts (LPDs)Limited Purchase Drafts (LPDs)
3939
Purchasing ToolsPurchasing Tools
Campus Purchase Orders (CPOs)Campus Purchase Orders (CPOs) Department initiated instrument to Department initiated instrument to
“sell” or “buy” items between two “sell” or “buy” items between two departments on Campusdepartments on Campus
Requires signature of both buying Requires signature of both buying and selling departmentsand selling departments
4040
Purchasing ToolsPurchasing ToolsCampus Purchase Orders (CPOs)Campus Purchase Orders (CPOs)
41
Brigham Young UniversityTravel Management
42
Services
Air, rental car, hotel booking for all campus personnel, students, and departments
Travel Accounting Passport processing, photos, forms, etc. Group travel support for Athletics, Travel
Study, Study Abroad, Sports Tours, Performing Arts
Cliq Book – a travel self-booking/search tool Searches all web reservations sites
43
Services Cont.
44
Travel System
Extensity Travel System coming Planned first quarter 2004 Electronic Travel application approval and
travel reimbursement Business reimbursement for authorized
purchases on behalf of BYU Direct deposit to employee bank account But until system is live…..
45
How To Travel On Business
46
How To Travel On Business Cont.
47
Web Page Support
WWW.BYU.EDU/TRAVEL
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Meal Per Diem Calculation
49
Mileage Calculations
50
Frequent Questions
How do I get my cash advance check? Can I buy airline tickets on the internet? Do I need to fill out a Travel Application? How do I get reimbursed for expenses? Can multiple travelers go on the same form? What if I do not have a receipt for a claim? Can a student get a cash advance? Can students and employees use BYU Travel
for personal travel?
51
Basic Financial Workshop
Douglas G. Belliston Director, Financial Accounting and [email protected]
Kevin L. Walker, Director, Financial [email protected]
52
QUESTIONS?