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Financial Reporting Training. Objective. Accounting Review What is a Budget and General Budget Concepts Budget Inquiries & Budget Status Report Overview of some useful Queries nVision Financial Reports: Define nVision Variance Analysis Available Budget 6. Demo. What is Accounting?.

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Financial reporting training

Financial Reporting Training

Office of the Controller


Objective

Objective

  • Accounting Review

  • What is a Budget and General Budget Concepts

  • Budget Inquiries & Budget Status Report

  • Overview of some useful Queries

  • nVision Financial Reports:

    • Define nVision

    • Variance Analysis

    • Available Budget

      6. Demo

Office of the Controller


What is accounting

What is Accounting?

Accounting is a systematic way to identify, measure and communicate the economic impact of events, such as activities that generate inflows and outflows.

Accounting is a self-balancing process which measures:

  • Financial Activity: REVENUES and EXPENSES foraperiod

    Income = Revenues – Expenses

    AND

  • Financial Position: BALANCES on a cumulative basis at a certain date

    • Positive balances which will provide future benefits are ASSETS

    • Negative balances which represent future obligations are LIABILITIES

Office of the Controller


What is accounting1

What is Accounting?

Example of Economic Event:

FIU provides educational services to students.

  • The University has the right to collect fees from students (Revenues) but must also pay faculty to render the services (Expenses).

    AND

  • The University collects the cash from the student and pays cash to the professor, resulting in a net positive cash (Asset) balance at the end of the period

Office of the Controller


Why fund accounting

Why “fund” accounting

Activities are segregated by funding source

Each fund :

  • is Restricted in its uses bystatute

  • is Allocated a Budgetthat cannot be overspent

    Currently, within each fund, activities are further segregated by Organizations and Departments that identify which unit/college is responsible for performing the activity and the specific nature of the activity (e.g. College of Business puts on the FIU Online Conference).

http://finance.fiu.edu/controller/Docs/FundRulesMatrix.xls

Office of the Controller


Which funds does fiu have

Which funds does FIU have?

  • E&G – Educational and General

  • AUX – Auxiliary Enterprises

  • C&G – Contracts and Grants

  • Agencies

  • FA /FinAid – Financial Aid/ Scholarships

  • Student-Related Activities

  • Concessions

Office of the Controller


Which entities does fiu have

Which Entities does FIU have ?

Entities affiliated to the University:

  • FCN01 — FIU01 AP Construction

  • FIU01 — Florida International University

  • FIU02 — FIU Foundation: administers donations for the purpose of the advancement of FIU. Considered a Non-for-profit entity, not a governmental entity.

  • FIU03 — Wolfsonian Inc.

  • FIU04 — FIU Research Foundation

  • FIU05 — FIU Athletic Finance Corp

  • FIU06 — FIU Health Care Network

  • FIU07 — FD Enterprise Holdings I, LLC.

  • FIU08 — FD Enterprise Holdings II, LLC.

  • FIU09 — FD Enterprise Holdings III, LLC.

  • FIU10 — FD Enterprise Holdings IV, LLC.

  • FSR01 — Office of Sponsored Research

  • FSR04 — FIU Research Foundation

Office of the Controller


Revenues money coming in

Revenues = Money coming in

Operating Revenues are generated from providing goods or services in the normal course of operations to customers.

Non-Operating Revenues are for incidental activities, such as investment earnings.

In fund accounting, revenues are recognized when measurable and available to spend, the earlier of:

  • When collected in cash using cash basis (e.g. conference registration fees collected now for an event to occur in the future)

    OR

  • When earned using accrual method (e.g. student registers for classes now but tuition payment is not due to University until later)

    NOTE: Revenues which have not been collected are classified as receivables until they are collected in cash (e.g. the University has a receivable from a student until his/her student account is paid to the University).

Office of the Controller


Expenditures money being spent

Expenditures = Money being spent

Costs incurred in efforts to generate revenues, classified as:

  • Expenses if the payment provides immediate benefits (e.g. salaries, travel)

  • Capital if the payment provides long-term benefits (e.g. tangible assets with longer lives such as equipment).

    NOTE: In accounting, all expenditures for goods and services are recorded in the fiscal year that they occur using accrual method

    At the operating fund level, expenditures are treated as expenses and those subject to capitalization are accounted for in another fund.

    Expenses which have not been paid are classified as payable until they are paid in cash (e.g. invoices from vendors with certain number of days to pay).

Office of the Controller


Sources of revenues and expenses

Sources of Revenues and Expenses

Revenues:

  • Student Financials (tuition, other student fees)

  • Cashiers (cash/credit card deposits)

    Expenses

  • Payroll (salaries and benefits actual and accruals)

  • Voucher (operating and capital expenses)

  • Commodity Card (operating expenses)

  • Interdepartmental charges with no approval required (phone, printing, overhead)

  • Interdepartmental charges with approval required (facilities maintenance)

    In both cases, re-classes of revenues and expenses from one department to another or from one account to another should be requested via an Inter-Departmental Transfer Form.

Office of the Controller


Income and financial position

Income and Financial Position

Remember the results of accounting?

  • Income measures net operations earned during the period

    Income = Revenues –Expenses

  • Fund Balance is the net financial position at the end of the period. It represents what resources you have left to spend in the short-term:

    Cash + Receivables –Payables = Fund Balance

    Beginning Fund Balance

    + Income

    + Cash Coming In

    – Cash Going Out

    = Ending Fund Balance

Office of the Controller


Example

Example

Office of the Controller


Example continued

Example (Continued)

Tuition

26* $2000

$2520

$2520

$ 360

$5400

$ 2520

$ 2520

$ 3880

$ (360)

$ 8560

Food $4000

Laptop $1200

Departmental Loan

Loan Payback

Office of the Controller


Objective1

Objective

  • Accounting Review

  • What is a Budget and General Budget Concepts

  • Budget Inquiries & Budget Status Report

  • Overview of some useful Queries

  • nVision Financial Reports:

    • Define nVision

    • Variance Analysis

    • Available Budget

  • Demo

Office of the Controller


What is a budget

What is a Budget?

  • Management plan for meeting probable revenues and expenses for a given period of time

  • Serves as a control mechanism to match anticipated and actual revenues and expenditures

Office of the Controller


Budgetary accounts categories used at fiu

Budgetary Accounts Categories used at FIU

Office of the Controller


Budget cycle for fiu

Budget Cycle for FIU

Prior Year

Current Year

Office of the Controller


Objective2

Objective

  • Accounting Review

  • What is a Budget and General Budget Concepts

  • Budget Inquiries & Budget Status Report

  • Overview of some useful Queries

  • nVision Financial Reports:

    • Define nVision

    • Variance Analysis

    • Available Budget

  • Demo

Office of the Controller


Financial reporting training

Crystal Reports Inventory: Available BalanceBudget Status Report

* Organizational Unit

Office of the Controller


Financial reporting training

On-Line Inquiries - Reports Inventory:

Available Balance Budget Overview Detail View

Office of the Controller


Financial reporting training

On-Line Inquiries - Reports Inventory:

Reconciliation Budget Overview: Drill to Activity Log

Office of the Controller


Financial reporting training

Reports Inventory: Reconciliation

Budget Overview: Drill to Activity Log

Office of the Controller


Financial reporting training

On-Line Inquiries - Reports Inventory:

Available Balance Budget Overview Parent View

Office of the Controller


Financial reporting training

On-Line Inquiries - Reports Inventory:

Available Balance Budget Overview Detail View

Office of the Controller


Financial reporting training

Reports Inventory: Reconciliation

Budget Overview: Drill to Activity Log

Office of the Controller


Financial reporting training

SQR Reports Inventory:

Available Balance Budget Status Report

Office of the Controller


Financial reporting training

SQR Reports Inventory:

Available Balance Budget Status Report

Office of the Controller


Objective3

Objective

  • Accounting Review

  • What is a Budget and General Budget Concepts

  • Budget Inquiries & Budget Status Report

  • Overview of some useful Queries

  • nVision Financial Reports:

    • Define nVision

    • Variance Analysis

    • Available Budget

Office of the Controller


Financial reporting training

Useful Queries

Office of the Controller


Financial reporting training

Query Data

Office of the Controller


Objective4

Objective

  • Accounting Review

  • What is a Budget and General Budget Concepts

  • Budget Inquiries & Budget Status Report

  • Overview of some useful Queries

  • nVision Financial Reports:

    • Define nVision

    • Variance Analysis

    • Available Budget

  • Demo

Office of the Controller


The nvision reporting tool

The nVision reporting tool

  • Provides real-time financial reporting capability.

  • Extracts requested financial data from PeopleSoft.

  • Places it into an Excel spreadsheet where it can easily be reviewed and manipulated.

Report Request

  • Keyed to Business Unit

  • Includes saved parameters

Template or style sheet

  • Rules for generating reports for slices of the data

  • The Scope feature allows you to create multiple instances of a report using a single report request.

Layout

Scope

Office of the Controller


Reporting nvision elements

Reporting nVision – Elements

Microsoft Excel

  • Microsoft Excel is the backbone of nVision reporting. nVision facilitates the retrieval of information from PeopleSoft databases into a Microsoft Excel spreadsheet.

    The Layout of the Report

  • The Layout of the Report is a Matrix or Tabular Excel spreadsheet.

    The Ledger Tables

  • Layouts retrieve data from a ledger. This could be Actual, Budget or Forecast Ledgers. The ledger tables have five major data components:

    • Business Unit

    • Ledger

    • Chartfields (Account, Department and Project ID, Program, Fund, Site or Class. Additionally for Projects PC Business Unit and Activity)

    • Period and Year

    • Net Posted Amount

  • Actual transactions and Budget Transactions are stored on two separate tables.

    • Actuals data is on the LEDGER table

    • Budget data is on the LEDGER_KK table

Office of the Controller


Reporting nvision elements continued

Reporting nVision – Elements Continued

Time Spans

  • Time Spans control the number of data periods extracted from the ledger table and summarized.

    Trees

  • Trees are used to create hierarchical structures that visually represent a set of summarization rules for a particular field. The summarization rules depicted in a tree apply to the detail values of a particular field – departments, accounts, funds, vendors, customers or other values the University defines.

Office of the Controller


Reporting nvision variables

Reporting nVision – Variables

Report Variables

  • Provide information about the current nVision report such as the Business Unit, Report ID/name, Title, Layout Name, Operator ID, etc.

    Date and Time Variables

  • Provide information about the Date of the Report, the Tree, the Fiscal Year Accounting Period, etc.

    Scope Variables

  • Provide information related to the scope definition used in the nVision report such as the Scope Field Value or description (i.e., department id or name)

Office of the Controller


Reporting nvision time spans

Reporting nVision – Time Spans

Time Spans

  • The Time Span controls the number of data periods extracted from the ledger tables and summarized.

  • Typical Time spans provided with PeopleSoft General Ledger include:

    • PER – Period – Retrieves only activity for the period selected (1=July, 2=Aug, etc.)

    • YTD – Year to Date – Includes year-to-date amount for items selected.

    • BAL – Balance – Retrieves life-to-date amounts (balance forward amounts) for balance sheet accounts.

  • Time spans are often expressed relative to current period, so that they automatically adapt the content of a report to the “As of Reporting Date” specified when the report is executed.

Office of the Controller


Reporting nvision scope

Reporting nVision – Scope

Scope

  • A Scope can be on one Chartfield and one value as well as many Chartfields and any values

  • A Scope can be built on single values or tree nodes.

  • This is a single value scope:

Office of the Controller


Reporting nvision scope1

Reporting nVision – Scope

Scope

  • This Scope includes Department and Fund Trees:

  • This Scope can be copied to another and change the fund node to: OTHER_UNRESTRIC_FUND

Office of the Controller


Financial reporting training

Aggregate level

Users

Report

Fund

VA Report

CFO / BOT

E&G and Non E&G: AS report*

Fund Exec Area

OFP

Non Athletics: AS reportAthletics: AI Report

Fund College/Unit

EABM

E&G : DI report

Non E&G: XA report

DeptID

ABM

*A modified version of the AS showing subtotals per EA and College is being tested

Office of the Controller


Financial reporting training

nVision Financial Reports

Office of the Controller


Financial reporting training

nVision Financial Reports

Office of the Controller


Reports inventory variance analysis the va report

Reports Inventory: Variance AnalysisThe VA Report

The Columns come from Ledgers and use Time Spans

The Rows come from Chartfields

Office of the Controller


Financial reporting training

Reports Inventory: Variance AnalysisThe AS report

Variance Categories:

Perm. SalariesOPS OCOOOE Total Expenses Revenue

Office of the Controller


Financial reporting training

Reports Inventory: Variance AnalysisThe XA report

Office of the Controller


Financial reporting training

Reports Inventory: Variance AnalysisThe DI report

Office of the Controller


Financial reporting training

Reports Inventory: Available Balance

Aggregate level

Audience

Report

Fund

DS Report

CFO

E&G and Non E&G: DS Report

Fund Exec Area

OFP

Fund College/Unit

E&G and Non E&G: DS Report

EABM

Budget OverviewBudget Status Report

DeptID

ABM

Office of the Controller


Financial reporting training

Reports Inventory: Available BalanceDS Report

Office of the Controller


Financial reporting training

Reports Inventory: Available BalanceDS Report Budget Reconciliation

Office of the Controller


Financial reporting training

Reports Inventory: Available BalanceES Report

Office of the Controller


Financial reporting training

nVision Financial Reports

Office of the Controller


Objective5

Objective

  • Accounting Review

  • What is a Budget and General Budget Concepts

  • Budget Inquiries & Budget Status Report

  • Overview of some useful Queries

  • nVision Financial Reports:

    • Define nVision

    • Variance Analysis

    • Available Budget

  • Demo

Office of the Controller


Financial reporting training

Reports Inventory: The DT report Using nVision

Office of the Controller


Financial reporting training

Reports Inventory: The DT report

Office of the Controller


Financial reporting training

Reports Inventory: The DT report

You can choose either a Department Area or Activity Number for this report. Whichever you choose, your report will reflect all selections for the report.

Office of the Controller


Financial reporting training

Reports Inventory: The DT report

Office of the Controller


Financial reporting training

Reports Inventory: The DT report

Be sure to “ENABLE” the Macros for you to adjust and retrieve the item details from PantherSoft.

Office of the Controller


Financial reporting training

Reports Inventory: The DT report

Office of the Controller


Questions

Questions ?

Office of the Controller


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