Aurora finance 100 introduction to aurora finance
Download
1 / 27

Aurora Finance 100 Introduction to Aurora Finance - PowerPoint PPT Presentation


  • 150 Views
  • Uploaded on

Aurora Finance 100 Introduction to Aurora Finance. Objectives. At the end of this training session, you will be able to: Identify the elements of the new financial information system, including Banner, FAST, and the Chart of Accounts Use basic security rules Use budget checking rules

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about ' Aurora Finance 100 Introduction to Aurora Finance' - nhu


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
Aurora finance 100 introduction to aurora finance

Aurora Finance 100Introduction to Aurora Finance


Objectives
Objectives

At the end of this training session, you will be able to:

  • Identify the elements of the new financial information system, including Banner, FAST, and the Chart of Accounts

  • Use basic security rules

  • Use budget checking rules

  • Describe the main elements of the FAST finance reporting tool


Agenda
Agenda

  • Introduction

  • System Overview

  • Aurora Chart of Accounts - FOAP(AL)

  • Security Setup

  • Budget Checking

  • FAST Demonstration


Aurora finance training courses

100

Introto Auroraand FAST

200

Hands-OnFAST Reporting

201

Banner Navigation

202

JE’s IDC’s BA’s

301

A/R Invoicing

Aurora Finance Training Courses


What is aurora finance
What is Aurora Finance?

The Aurora Finance project replaced the University’s previous mainframe accounting system (IMS) with a new financial information management system.

It includes:

  • General Ledger

  • Accounts Receivable and Billing System

  • Purchasing/Payables

  • Budget Striking and Maintenance (FAST)

  • I.D. Charges

  • Capital Equipment Inventory System


System overview
System Overview

Telephone

Postage

Libraries

Bookstore

Purchasing

SIS

Accounts

Payable

Accounts

Receivable

Raiser’s Edge

FAST

Reporting

FAST

Budgeting

BANNER

G/L

Grants

Capital

Equipment

Inventory

VIP

Endowments

Special

Functions

CORE

External

Suppliers

EITS


How are budget codes constructed
How are budget codes constructed?

  • Budget codes consist of six elements commonly referred to as a FOAP(AL). The acronym is broken down as follows:

    F Fund Required 6 digits

    O Organization Required 6 digits

    A Account Required 6 digits

    P Program Required 4 digits

    A Activity Optional6 digits

    L Location Optional6 digits

  • Normally 22 characters long, up to a maximum of 34

  • Codes are no longer hard coded; every element is variable, and can be used to create an infinite number of possibilities


Foap what is it
FOAP: What is it?

Fund= SOURCE of income (Operating, Research, Grants, Endowment, etc.)

Organization= WHO spent the money (Faculty, Admin Unit, Dept., etc.)

Account =WHAT the money was spent on (expenditures: supplies, travel, etc.) **also for reporting income**

Program =PURPOSE of the expense or revenue (Academic, Administration, Research, Revenue, etc.)


Foapal example
FOAPAL Example

110000 – 312000 – 700101 – 1100

General Dean’s Office Domestic Instruction

Operating Agriculture Airfare

Fund Academic


Coding of transactions
Coding of Transactions

Coding of Transactions

  • Often transactions will use the same FOP elements, and various Accounts


F o a p a l
F O A P A L

Account

  • Identifies WHAT the money was spent on, the type of revenue, and also used to define assets and liabilities. In the IMS system, this was typically the “Expense/Object Code”.

  • There are 8 Account types:

    • Assets

    • Liabilities

    • Control Accounts (never used for data entry)

    • Fund Balance

    • Revenue

    • Salaries, Benefits & Pay Levy

    • Expenditures

    • Fund Transfers


F o a p a l1
F O A P A L

The main Account types that you will generally use are:

NameData Entry Prefix

Revenue 5

Salaries & Benefits 6

Non Salary Expenses 7

  • 4 levels in the Account hierarchy

  • Data entry level (salaries, benefits & pay levy Accounts only)

    = 5 digits

  • Data entry level (all other Aurora Accounts) = 6 digits





Security in aurora finance
Security in Aurora Finance

  • Security is based on what forms and processes a user can access, as well as what Funds and Orgs they are responsible for. Each user will be authorized to access specific Funds or Organizations.

  • For example: a person who needs Dean’s Office Agriculture will have access to Fund 110000 (Operating Fund) and Org 312000 (Dean’s Office).

    (continued)


Security in aurora finance continued
Security in Aurora Finance, continued

  • A person can have both signing and posting capability or just query access.

  • FAST Budgeting and FAST Reporting use the same security setup as the Banner system.

  • Aurora does not provide security over the Account element. Hence any user can view and post to all Accounts (including salaries).


Security example
Security Example

If a person in the Dean’s Office Agriculture needs view and posting access, they will get:

Fund Org

View 110000 312000

Posting 110000 312000

If the same person also needs the same access to a Grant in Food Science Agriculture, the following would be added:

Fund Org

View 302550 312500

Posting 302550 312500

However, what they will end up with is the following:

Fund Org

View/post 110000 312000

302550 312500

110000 312500

Because this person originally had view access to Fund 110000 (Operating), when they received access to Fund 302550 for the Research Fund, they also received access to the Operating Fund for Food Science (Org 312500).


Budget checking
Budget Checking

  • Budget checking occurs for the combined FOP.

  • “Account” is ignored, which allows you to be overspent in one Account (e.g. Printing) and under spent in another (e.g. Telephone, Equipment Rental) and still allow the transaction to be posted.

  • Only when the total FOP is overspent will a transaction be denied posting.



Budget example continued
Budget Example, continued

Note:

Total Wages are overspent - A Budget Adjustment should be done to cover this. Although Account Type 7M is overspent, the transaction was allowed to continue as the total FOP is under spent.


Introduction to fast
Introduction to FAST

  • FAST - What is it?

  • Key features

  • How to access FAST

  • FAST Functionality

  • Demonstration of FAST


Fast what is it
FAST – What is it?

  • F.A.S.T. = Financial Administration Support Tool (Millennium Computer Systems)

  • A dynamic, web-based budgeting and reporting tool

  • Downloads data from Banner, stores it in the FAST database, and presents financial information in an easy-to-read and understandable format

  • Replaces IMS screen FRGLA


Key features of fast
Key Features of FAST

  • Web based

  • Point and click navigation

  • Drill down to transaction level detail

  • Comparative and date range views of data

  • Filter on any combination of FOAPAL elements

  • Report on any period or date range

  • Export to Microsoft Excel



Support resources
Support Resources

  • Aurora resources:

    • Training - sessions

      - e-Learning

    • Website – online help

    • Help desk – 272-1555

  • Security – (John Dinoto – 9754)



ad