Aurora finance 100 introduction to aurora finance
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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

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Aurora Finance 100 Introduction to Aurora Finance

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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:

    FFundRequired 6 digits

    OOrganizationRequired 6 digits

    AAccountRequired 6 digits

    PProgramRequired 4 digits

    AActivityOptional6 digits

    LLocationOptional6 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 DomesticInstruction

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 Expenses7

  • 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


Helpful hints

Helpful Hints


Helpful hints continued

Helpful Hints (continued)


Aurora finance website

Aurora Finance Website


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:

FundOrg

View110000312000

Posting110000312000

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

FundOrg

View302550312500

Posting302550312500

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

FundOrg

View/post110000312000

302550312500

110000312500

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

Budget Example


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


Demonstration of fast

Demonstration of FAST


Support resources

Support Resources

  • Aurora resources:

    • Training - sessions

      - e-Learning

    • Website – online help

    • Help desk – 272-1555

  • Security – (John Dinoto – 9754)


Questions

Questions?


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