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University of Colorado-BoulderGeneral Ledger

Basic Training

Leila McCamey Deputy Director and Director, SPA

Elizabeth Spencer, Jenny Shao, and Kay Yang Area Accountants

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Purpose

To discuss the basics of

• Fund accounting structure

• Campus budget practices

• Recording financial transactions

Chapter 1-1

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The KeysUnderstanding

• The accounting structure (FOPPS & Account)

• How to enter transactions into the finance system.

Chapter 1-1

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First things first….

Resources available for help

Chapter 1-1

Need Help?

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GOT QUESTIONS??Campus Controller’s Office (CCO)

www.colorado.edu/controller

• General Accounting– Area Accountants and other general accounting and

reporting information

• Sponsored Project Accounting (SPA)– Grant Accountants

Chapter 2-1

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GOT QUESTIONS??About:• Concur Travel & Expense

System• CU Marketplace• Payment Vouchers• Purchase Orders & SPO’s• Procurement Cards• Technical help, such as

access to PeopleSoft, Concur, or CU MarketplaceChapter 2-2

Finance & Procurement

Help Desk

(303) 837-2161FinProHelp@cu.edu

http://www.cu.edu/psc/

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GOT QUESTIONS??

About:

• Payroll Procedures

• Payroll Calendar

• Payroll Forms

Chapter 2-2

Employee ServicesHelp Desk

(303) 860-4200employeeservices@cu.edu

www.cusys.edu/pbs/

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Resources• Mailing Lists:PSC User Alerts Departmental Administrators (ABS)See training manual, page 5

• The Guide www.colorado.edu/controller

– Coming Soon: The Accounting Handbook

• PoliciesSee training manual, pages 5-7

Chapter 2-3

9Chapter 3

Finance System

(GL)

HRMS (Payroll)

Marketplace &

Concur

Student Info System

(ISIS)

Colorado Reporting

System (CORE)

Central Information Warehouse

(CIW)

Cash Management

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Fund Accounting - Definition

The procedure by which resources are classified for accounting and reporting, in accordance with regulations or limitations from sources outside the institution or in accordance with directives issued by the

governing board.

Chapter 4-1

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Fund Accounting - Explained

• Identifies the funding source (from where the $ comes)

• Classifies and Records– Who, What, When, and How

• Reports the financial data accurately

Chapter 4-1

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FundSelf-balancing set of records

• Assets and liabilities• Revenue and expenses; and

• Net position

In PeopleSoft,

Fund FOPPSFund/Organization/Program or Project/Subclass

Chapter 4-1

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“Chartfields” (FOPPS & Account)

Fund - Fund Group

Organization – Dept, Center, or Institute

Program – Activity or

Project - Sponsored Activity

Sub-class - Activity Identifier (optional)

Account - Classifies the transaction

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“Fund” Chartfield• Fund – funds for a common purpose.• 2-digit number – see training manual pages 11

& 18-23.

Page 11-12

ExamplesFund 10 Fund 2x Fund 30/31 Fund 34

Unrestricted General

• Budget• Tuition• Fees• Instruction

Auxiliary

• Self-funded (such as housing)

Restricted Sponsored

• Contracts• Grants• Research

expenses

RestrictedGifts

• Donations• Expenses

within donor restrictions

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• Organization – who(department) the money belongs to within the university.

• 5-digit number – see training manual page 13

Page 12

Examples –

• Admissions is Org 10045

• Campus Controller’s Office is Org 10519

Find your Org -www.colorado.edu/controller

“Organization” Chartfield

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“Program” Chartfield

• Program – Specific activity within the university.

• 5-digit number

• FY-based (7/1-6/30)

Page 13

Examples-

• Excellence in American Entrepreneurship is Program 40646

• Boulder Surf Club is Program 38274

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“Project” Chartfield

• Project – Specificsponsored activity (including grants and contracts) within the university.

• 7-digit number, Boulder Campus starts with 1

• NOT fiscal year based, based on the award period

Examples –

• NIH Mentor Prgm is Project #1574751

• Exploring Near-Surface Solor is Project #1547278

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“Subclass” Chartfield

• Subclass – Optionaltag for a transaction to capture department- defined needs.

• 5-digit alpha/numeric field assigned by deptPage 13

Examples –

• Native American Month is Subclass #CAB15

• Colorado 2012-2013 Alliance Gr is Subclass #CGA3

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FOPPS Shortcut - Speedtypes!

• Speedtype is an eight-digit number set up for every authorized FOPPS

• Short-cut - instead of entering entire FOPPS, enter speedtype

Page 13

1 - XX - XXXXX

Campus # Fund # Random #

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“Account” Chartfield

• Account- Identifies the natural classification of the financial transaction.

Page 14

Examples –

• 012900 - AR-Students

• 150400 - Deposits Held in Custody

• 240500 - Rev-Priv Gifts-In Kind-CU Fdn

• 500100 - IT Supplies

Within –• Assets • Liabilities• Revenue; and • Expenses

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Change Requests

• Changing Departmental Attributes– Email Accounting@colorado.edu

• Request a New FOPP or User Option– Complete the Chartfield Request Form and

Email to Accounting@colorado.edu

Page 15

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Impact - Reporting

• Transactions summarized within a FOPPS (Speedtype) tell us how much was spent in various areas and categories:

– Salaries– Travel – Office Supplies – Capital equipment

purchases;– Etc.

Pages 15-16

•Statement of Net Position (SNP)

•Statement of Revenue, Expenditures and Changes in Net Position (SRECNP)

•Statement of Cash Flows

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Hands-On Training in the Practice Environment

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Why do We (Depts.) Prepare Journal Entries?

• Make corrections to financial transactions

• Record activity in accordance with GAAP such as accruals for accounts receivable and revenue, allowance for bad debts, etc.

• Record IN revenue and expense

Chapter 8-1

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Different Journal Entries for Special Purposes

• Budget Journal Entries – specifically for creating/updating budgets

• Cash Transfers – movement of cash and fund balance from one FOPP to another

• Payroll Expense Transfers – to move expenses involving payroll transactions; processed in HRMS

Chapter 8-1

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Preparing Journal Entries

• Creating Actual Journal Entry• Journal Entry Status• Validating a Journal Entry• Approving a JE• Posting Journal Entry• Deleting Journal Entry• Cash Transfer Journal Entry

Chapter 8-1

Finance Inquiry

• General Ledger– Chartfields

• Speedtypes• Account• Fund-Acct Combo Edit

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Practice Environment:https://fin8prac.dev.cu.edu/psp/fin8prac/

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Interdepartmental Invoice• Use to process purchases from internal

vendors.• Process is dependent upon the Selling

Department.• Ensure Internal Controls are in place.• Is an off-line transaction. • Email accounting@colorado.edu

to get blank forms.

Chapter 10.1

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Cash Receipts

• The cash receipt form is available at the Office of University Controller website. https://www.cu.edu/System_Controller/forms/ finance.html

• Complete this form to deposit all currency (cash, coins, checks, money orders, etc.).

• Deposits are made with a cashier at the Bursar’s office located in the Regent Administrative Center.

Chapter 10.1

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Monthly Financial Reports

• M-Fin Financial Detail • M-Fin Operating Summary • M-Fin Speedtype Summary• M-Fin Outstanding Encumbrances

*

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Summary

Basic understanding of the chart of accounts structure. (FOPPs)

How to get access to the Finance System

Use the journal entry panel.

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Summary

Purchase goods/Services using Interdepartmental Invoice (IN).

Make a deposit of University money (cash receipt).

Access resources available to help you!

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Resources• Accounting & Business Support - Campus Controller’s

Office• Accounting@colorado.edu

• Procurement Service Center• FinProHelp@cu.edu

• UCB Bursar and Office of Cash Management• CashMgmt@colorado.edu

• Employee Services• Employeeservices@cu.edu