ACT101 – Introduction to UNCW Accounting

Slide 1Last updated: 2/7/2020
Agenda
• Fund Accounting • Reporting and Inquiry Tools • FOAP – Chart of Accounts • Data Integrity • Wrap-up and Questions • Quiz
Business Affairs Finance Certificate Program
Accounting
• The Office of the Controller performs most accounting functions
• Certain level of accountability extended to every department in regards to financial data
What is Fund Accounting?
• Fund Accounting is used mainly for governmental and not- for-profit accounting
• A fund is an accounting entity with a self-balancing set of accounts. Each fund has its own set of revenue and expenditure accounts, as well as assets and liability accounts.
• Why do we use separate funds? – Ensure observance of limitations and restrictions placed on our
resources – Accountability is measured instead of profitability. Fund
Accounting allows us to ensure that resources are being used according to legal and/or other requirements.
Accounting Periods
– An Accounting period is a standard period of time by which financial results are measured
– UNCW Operates on a 12 month, July 1 through June 30, FISCAL year
Period Month Period Month
01 July 07 January 02 August 08 February 03 September 09 March 04 October 10 April 05 November 11 May 06 December 12 June
14 Accruals
the Banner System
• Self Service Banner – query only option that returns real time balances
with more parameter options BAN 103 in Finance Training program – Teaches SSB and grants access
• SSRS Reporting Tool – Reporting from a data repository – Pulls data as of end of previous business day
BANNER
– All Accounting data is entered here or feeds from subsystems
• Works, Ushop, Chrome River, etc
– Runs accounting processes – Posts transactions to ledger – Allows access to Accounting Data for departments
and managers – Must have specific access to view and process
SSRS Campus Reports
• To access SSRS reports, go to UNCW Faculty/Staff webpage, click on SSRS Web Reports (enter credentials)
• Click “Financial Reports”, then “Campus Reports”, then “FOAPAL Reports”
Useful SSRS Reports • Active Rule Codes
– Useful report listing ALL UNCW Active Rule Codes – Displays rule code and descriptions – Useful when questioning individual transactions to your
funds/accounts – Every transaction has a Rule Code – Rule Codes serve multiple purposes
• Help identify transactions by type • Can be programmed to post to specific funds and accounts,
limiting the need for repetitive data entry
• Funds by Default Org – Displays a list of funds by default Organization Code – Departments may find this report useful when information is needed
at the department or division level about available funding sources
Chart of Accounts
– A list of all funds, accounts, and attributes tracked by an accounting system
– Designed to capture financial information which will be used for reporting, analysis, and decision making
– Consists of assets, liabilities, fund balances, revenues, and expenditures
– Made up of different chart fields
Chart of Accounts
• Chart fields in UNCW’s Chart of Accounts (The FOAP)
–Fund
–Organization
–Account
–Program
FOAP
– Activity is recorded separately in specific accounts
– Subject to regulations, restrictions, and/or limitations
FOAP-Fund
Range
General funds - Departmental 1xxxxx - 18xxxx Trust - Departmental 2xxxxx - 27xxxx Trust - Overhead 28xxxx Trust - Clearing Accounts 299xxx Auxiliary 3xxxxx Capital Improvement 4xxxxx Contract & Grant 5xxxxx Financial Aid 6xxxxx Endowment 7xxxxx Agendy Funds 9xxxxx UNCW Sponsored Conferences 98xxxx
Sheet1
– Expenses that fall under fund’s scope or business purpose
• Unallowable General fund items • Food • Entertainment • Gifts • Office decorations • Flowers
• Transfer of funds are not allowed in or out of general funds
General funds
• The Controller’s office reviews general fund transactions • P-card team reviews P-card transactions charged to general
funds – Charges must be reconciled in Works and charged to appropriate fund
and account – If charge is inappropriate and has to be moved, holder receives an
infraction – Incorrect charges must be moved via Journal Entry
• Chrome River items reviewed by Chrome River team • General Accounting reviews all general fund expenditures • If you aren’t certain about whether you can use a general
fund for a transaction, contact General Accounting
Banner Fund Establishment
• Banner Fund Setup Form
– As of April, 2014 all fund establishment forms are submitted electronically for approval to a Senior Officer Designee in an ImageNow workflow
– Electronic submission form and instructions can be found on the Controller’s Website http://www.uncw.edu/controller/LinksforForms.htm
– When completing form, it is important to be detailed in the title, purpose , revenue and expenditure fields and include at least two Budget Authorities
– When the form is completed it must be submitted to the Divisional Senior Officer Designee for review and approval. Once approved , the Senior Officer Designee will route it forward in the workflow for processing. The form is also reviewed by the Associate Controller, Tax and the Budget Office before the fund is created in Banner.
– Contact Joanne Ferguson [email protected] or Kim Blankenburg [email protected] for information regarding Fund Establishment
– Fund Change Request Form available online on Controller’s Website http://www.uncw.edu/controller/LinksforForms.htm
– When would I use this form? • Change in fund title • Change in Budget authority or other attributes • Termination of Fund • Inactivate or reactivate fund
– Form must be signed and submitted to General Accounting • Email to [email protected]
– Please note: If you are terminating or inactivating a fund, the fund balance must be ZERO! There can be no encumbrances (ex: unliquidated purchase orders).
– CANNOT BE USED FOR ORG CHANGES • ORG Changes are discussed later in presentation – contact Joanne Ferguson
[email protected] for information regarding org changes
Banner Fund ChangeBusiness Affairs Finance Certificate Program
Preparer and Budget Authority must be different persons Must be signed by
Current Budget Authority
Fund Info-Banner
• You can find more detail about your fund using the BANNER Query screens
• FTIFATA contains information such as: – Who is a budget authority on my fund?
• Budget authority has to sign JE’s, IDI’s, approval travel, etc
– Responsible person (which department the fund is associated with)
FTIFATABusiness Affairs Finance Certificate Program
FTIFATABusiness Affairs Finance Certificate Program
Hit “GO” Button
Select Fund
Fund Info-Banner
• FTMFUND contains information such as: • What is the fund’s title? • Is the fund active/inactivate/terminated? • What is the Effective Date of the last change to the fund? • Fund Type • Default Org • Default Prog
• Effective Dates of Records – Most current record displayed – There can be multiple records for any one fund
Banner Screen FTMFUNDBusiness Affairs Finance Certificate Program
Banner Screen FTMFUNDBusiness Affairs Finance Certificate Program
Select Filter
FOAP-Org
– Represents the Division, School, and Department
– Will default in Banner and most subsystems based on the FUND you enter
Org Changes
• Requests for Organization Code changes require special attention – Must be requested through the Org Committee – Guidelines on Controller’s website must be followed – Procedures, information and forms located here:
• http://www.uncw.edu/Controller/OrgCommitteeInfo.html
– Six (6) Digits
– Required for Data Entry – Numeric designation for an individual asset, liability,
fund balance, revenue, or expenditure account classifications
– Important part of classifying and reporting on specific activity
• If unsure about which account to use, look at Data Dictionary or contact General Accounting
Account-Data Dictionary
• The Data Dictionary • Available on the General Accounting Webpage under “Fund and
Account Information” http://uncw.edu/genaccoun/fundandaccount.html
• Complete list of all Revenue and Expense account codes available in Banner
• Definitions for each Revenue and Expense account code • ACT 105 in the Finance Training Program – detailed instruction on
account codes and using the Data Dictionary
FOAP-Account
FOAP-Account
• Budget Pool Accounts • Budget Pools- Budget Entries ONLY
– Account code 9xx000 – No actual expenses can be posted to Budget Pool Accounts – Can only do a budget adjustment
Banner Account Info
– At fiscal year-end, balances are rolled up into Fund Balance.
Banner Screen FGIBDSTBusiness Affairs Finance Certificate Program
Banner Account Info
• Balance Sheet Accounts
– Asset, Liability, and Fund Balance accounts – Found on Banner screen FGITBAL – Reflect current account balance
• Balance sheet accounts are continuous; they roll over year to year
Banner Screen FGITBALBusiness Affairs Finance Certificate Program
Banner Account Request
• Requests for account setup should be submitted to Keith Westcott at [email protected]
– Purpose of Account • Provide a detailed description of the type of account you are requesting, including
details about what types of revenues or expenses are going to be recorded in the account
Always refer to the Data Dictionary here http://uncw.edu/genaccoun/fundandaccount.html to be sure there is not an existing account code to fulfill your needs
– Three (3) Digits
– Numeric designation for group activities, operations or other units directed to attaining specific purposes or objectives.
– Defined by National Association of Colleges and University Business Officers (NACUBO) standards.
– Will default in Banner and most subsystems based on the FUND you enter
Mission Funds
• Mission funds – Funds to pay for gift cards to give to research
participants – Custodian will request fund from general accounting
• Fund to be charged • Email approval from budget authority to charge fund • Email from custodian that he/she understands guidelines
– Gift Cards • Given to research participants and sign that they have
received • If cards aren’t given out, cash or check must be returned to
General Accounting (deadline is in mid-June-no exceptions)
Foreign Wires
• If wiring money to a foreign entity, you will need to fill out a wire request form – Available on General Accounting website
• Sample on next slide
Wire Request formBusiness Affairs Finance Certificate Program
Financial Reporting & Data
• What do we do with all our financial data? – Management Reporting – Budget Reporting – Annual Financial Reports – Reporting to State, Federal Govt and other
stakeholders
Financial Data Integrity
• Importance of Audit Trails (Supporting documentation)
– Analysis of decisions, purchases, payments – The ability to retrace steps all the way to source documents – Answer questions arising from audits – Easily demonstrate and/or justify previous transactions
– Data integrity – Ensure financial position is accurate – Activity within funds in correct – Compliance with State, Federal, and University policies
Financial Data Integrity
– OSC, OSBM, NC State Treasurer, General Administration
• Federal Guidelines
• The importance of Accuracy – Employees, departmental managers, Senior Mgt and state agencies
rely on detailed and combined financial data for: • Determination of Budgets • Decisions about current and future projects • Feasibility studies • Performance evaluation • Financial activity analysis
Contact info
• Who do I call/email if I have questions? – Kim Blankenburg, General Accounting Manager
• [email protected], X27423 – Angie Downing, Accounting Specialist
• [email protected], X23148 – Karen Headrick, Accounting Specialist
• [email protected], X23150
Agenda
Accounting

Documents

ACT101 – Introduction to UNCW Accounting