Accounting BTFA01 The Florida State University Controllers Office amp University Business Administrators Present Class Objectives OMNI Gain an understanding of what OMNI is and how it relates to the ID: 739355
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Slide1
Introduction to University AccountingBTFA01
The Florida State University Controller’s Office & University Business Administrators Present:Slide2
Class Objectives
OMNI – Gain an understanding of what OMNI is and how it relates to the fiscal operations
at FSU
.
Chartfields – Define chartfields and discuss what purpose they serve when it comes to financials
.
Ledgers – Define ledgers and discuss what they are used for at
FSU
Journal Entries – General definition of journal entries and how they are performed at FSU
.
Resources - Where to find university related financial information. Slide3
What is OMNI?Online Management of Networked InformationEnterprise Resource Planning (ERP) system implemented to best meet FSU’s financial & human resources administration needs
.Implemented in 2004 to replace FLAIRDeveloped using PeopleSoft software
, a product of
Oracle
CorporationSlide4
myFSU Portal PageSlide5
myFSU Portal PageFinancialsFocus of this classStores all financial information of the University, including areas such as budget, general ledger, procurement services, inventory and reporting toolsHuman Resources – Used for Time Entry, benefits information, training signup, job applications, etc.
myFSU BI– Covered extensively in the BTFA02 Financial Reporting Tools classOMNI e-Market – OMNI online shopping module maintained by Procurement ServicesFSU Service Center – All Help “tickets” (or “Cases”) maintained hereEmployee Central – Offers quick access to widely used OMNI modules as well as training materials and key websites
E-ORR – Online Role Requests – Interface used to request/approve OMNI and other systems
access
Listed under
submenus of Human Resources, Financials, Student Central ,
etcSlide6
OMNI Financial ModulesOMNI is a “modular application”A software or application framework that supports multiple modulesModule – A self-contained, separate but smaller componentSOME examples of OMNI Modules:Accounts Payable Procurement Services
TravelCommitment Control (Budget)Slide7
ChartFieldsChartField - A means of breaking down accounting transactions within the system in order to organize and report on the data contained in OMNI.Which three ChartFields are required for ALL transactions in OMNI?Department IDFund CodeAccountProject ID is also a REQUIRED chartfield for Sponsored Research (C&G) projects and construction activity.
Navigate to: Financials 9.1>Set Up Financials/Supply Chain>Common Definitions>Design Chartfields>Define Values>Chartfield ValuesSlide8
ChartFieldsDepartment IDArea of financial management at FSUField is 6 digitsFirst three digits refer to an academic, administrative, or other major area.Last three digits refer to cost center with the area.
007 010
Specific department information or a complete listing of FSU departments can be obtained by running the FSU_DPT_CODES_DEPTID query.
Athletics
FootballSlide9
ChartFieldsFund CodeA fund identifies the source of monies that are used in a transactionEach fund may have different restrictions on its useOften funds have different reporting requirementsFund Code in OMNI is a three digit numerical code created by central University managementMajor FSU Funds:Education & General (E&G)Fund 110
Current fiscal year appropriations from the State of FloridaCash is maintained centrally by Budget Office, so cash balance in E&G departments will always be negativeCarry ForwardFund 140Prior fiscal year(s) E&G fundsSlide10
ChartFieldsFund CodeMajor FSU Funds (cont.):AuxiliaryFund 320 (generally)Revenue generating business-type activitiesOperate on a cash basis (spending is controlled based on their cash not budget)Sponsored Research (aka Contracts & Grants or C&G)Fund 5xx (excluding 510)
Grants and other research-related monies provided by government or private entitiesOther commonly used funds include the Medical School (210/240), Construction (8xx) and Athletics (630)Specific fund information or a complete listing of University funds can be obtained by running the FSU_DPT_CODES_FUND querySlide11
ChartFieldsAccountUsed to record, summarize, and/or categorize financial transactions as assets, liabilities, equity (fund balance), revenues, or expensesTwo types of AccountsBUDGETARY—record budget
NON-BUDGETARY—categorize transactionsSlide12
ChartFieldsAccountThe first digit is used to identify the type of account
FSU_DPT_CODES_ACCOUNTExpense Account Short ListSlide13
ChartFieldsOptional ChartFieldsAllow departments to track expenses at a more detailed or customized level.Three available (NOT hierarchical)CHARTFIELD 1CHARTFIELD 2CHARTFIELD 3
Using optional chartfields consistently is keyExamples of current use: tracking spending by professor, course number, theater productionSee the
General Accounting FAQ
for more information:Slide14
ChartFields SummarySlide15
Business Unit & Set IDBusiness Units:Operational divisions of FSUUsed in transactions and researchFSU has one primary Business Unit – FSU01*A Set ID allows different business units to segregate or share information.Used when creating chartfields or inquiring in OMNIFSU’s standard Set ID is
SHARE*In OMNI, both Business Unit and Set ID MUST be identified* Some exceptions apply Slide16
Fiscal Year & Accounting PeriodThe fiscal year for FSU is a twelve month period beginning July 1 and ending June 30Fiscal months are referred to as periods
Fiscal YearAcct Period
Calendar Month
2013
1
July
2012
2013
2
Aug
2012
2013
3
Sept
2012
2013
4
Oct
2012
2013
5
Nov
2012
2013
6
Dec
2012
2013
7
Jan
2013
2013
8
Feb
2013
2013
9
Mar
2013
2013
10
April
2013
2013
11
May
2013
2013
12
June
2013
2014
1
July
2013Slide17
LedgersA ledger is a set of books that stores budgeting and/or accounting transactions.Detailed information is usually stored in smaller (subsidiary) ledgersSubsidiary ledgers are often summarized and permanently recorded (posted) to one primary ledger called the GENERAL LEDGER (GL)FSU has two main types of ledgers:
ActualsCommitment ControlSlide18
Actuals LedgersContains actual (non-budgetary) financial informationUsed to monitor account activity by a particular department, unit, school, etc.Starting point for the preparation of the University’s Financial Statements and other compliance required reporting Slide19
Commitment Control (“KK”) LedgersTHE BUDGETProvides a mechanism for controlling expenditures against a pre-defined spending limit, by budgetary accountCan check requisitions, purchase orders and other types of transactions, identify exceptions and give appropriate notification to help monitor available budget balances for both project (C&G/Construction) and non-project transactions.Budgetary accounts are sometimes referred to as “header accounts”
Budget and Analysis OfficeSlide20
Non-ProjectRevenue Budgets (Auxiliary only)
Expense Budgets (All types)
Commitment Control LedgersSlide21
Project (Sponsored Research)
KKGMPAR – Parent
KKGMCHD - Child
KK = Commitment Control
GM = Grants Management
PAR = Parent
CHD = Child
Commitment Control LedgersSlide22
Commitment Control LedgersSlide23
Q: What does every ‘budget manager’ want to know…all the time?A: How much money do I have left to spend?
Commitment ControlSlide24
Navigation: Budget Details
Commitment Control > Review Budget Activities > Budget Details Example:
Ledger group: CC_EXP_GRP
Account: 740000
(can leave this blank to receive a search result with all budgetary accounts)
Department: 001000
Fund: 110
Budget Period: 2013
(only search current Fiscal Year as previous years will have inaccurate balances)
Commitment ControlSlide25
Navigation: Budgets Overview
Commitment Control > Review Budget Activities > Budgets Overview
Example:
Inquiry
name: Type in your
name
Description
: Expense account code
balances
Ledger
group:
CC_EXP_GRP
Type
of Calendar: Detail budget
period
From
budget period:
2013
To
budget period:
2013
Account
:
%
Department
:
001000
Fund
:
110
Commitment Control
SAVE,
then
SEARCHSlide26
Navigation: Budgets Overview
Commitment Control > Review Budget Activities > Budgets OverviewExample:
Inquiry name: Type in your name
Description: C&G
budget
Ledger
group:
KKGMCHD
Type of Calendar: Detail budget period
From budget period: MULTI
To budget period:
MULTI
Project: 000049
Commitment Control
SAVE,
then
SEARCHSlide27
Journal EntriesJournal Entries (JEs) record accounting transactions and MUST be in balance (Debits = Credits)Information is input into FSU’s ledger by posting JEs from:OMNI modules (subsidiary ledgers) like Accounts Payable or Asset ManagementThird party systemsSystems other than PeopleSoft-based systemsE.g. Student Financial Services, Facilities, TelecommunicationsDirectly keyed (online) journals
Each Journal Entry in OMNI is assigned a unique Journal IDJournal IDsTen CharactersSome have an alpha prefix used to help identify the purpose of the JESlide28
Journal Entry ExamplesSlide29
Accounting Concepts for Journals
Debits and Credits vs. Account Types
Account
Type
Debit
Credit
Assets (1 or 2xxxxx)
Increases
Decreases
Liabilities (3 or 4xxxxx)
Decreases
Increases
Income (Revenue) (6xxxxx)
Decreases
Increases
Expenses (7xxxxx)
Increases
Decreases
INCREASE
DECREASE
INCREASE
DECREASE
DEBIT
ASSET
LIABILITY
DEBIT
EXPENSE
REVENUE
CREDIT
LIABILITY
ASSET
CREDIT
REVENUE
EXPENSESlide30
Basics of Journal Entries
Purchase of office supplies from a vendor:Step 1: Record the purchase (invoice posting):
Debit
- Expense (Office Supplies) 741101
$1,000
Credit
-
Accounts Payable 311000
-$1,000
Step
2: Record the
payment (cut
check
):
Debit
- Accounts Payable 311000
$1,000
Credit
- Cash 112000
-$1,000Slide31
Basics of Journal Entries Revenue Deposited with University Cashier
Debit – Cash 112000 $1,000
Credit
– Revenue 6XXXXX
-$1,000Slide32
ResourcesController’s Office website - http://controller.vpfa.fsu.edu/ FormsFrequently Asked QuestionsDepartmental Business Management GuideExpense Account
ListsDepartmental Query ListingOMNI Training website - http://omni.training.fsu.edu/
Developed by ERP as a “one stop shop” for training resources
Includes online tutorials and job aids on a wide variety of topicsSlide33
ResourcesOther central office websitesBudget OfficeHuman ResourcesProcurement ServicesSponsored ResearchSlide34
ResourcesRecommended ListservsUniversity email subscriptionsUseful listservs:FinRepOMNI-FinancialsFsupcard
FsutravelAccounts_payableSlide35
Contact InformationLauren Barrett– Quality Assurancelmbarrett@fsu.edu645-8611Paul Harlacher – University Business Administratorspharlacher@admin.fsu.edu
644-6972Slides available at: http://controller.vpfa.fsu.edu/Training-Job-Aids