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Fund Accounting Basics: Using the GL

Fund Accounting Basics: Using the GL

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Fund Accounting Basics: Using the GL

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  1. Fund Accounting Basics:Using the GL Presented by Accounting Services Training and Outreachand UHR Office of Learning and Development May 12, 2008

  2. Objectives • Explain basic concepts of Fund Accounting • Enter and reverse GL journals • Define and generate recurring GL journals • Query existing journal entries and account balances • Run reports

  3. Why use the GL? Record revenue Approve pending journals Analyze transactions Analyze assets, liabilities, and fund balance (net assets)

  4. What is Fund Accounting? A method of segregating resources (i.e., funds) into categories to identify both the source of funds and the use of funds

  5. Why Fund Accounting? • Resources are from a variety of sources • Must be used appropriately and not co-mingled • Requires unique identification and reporting

  6. Sources of Funds Patient Services Tuition and Fees Investment Income Grants Gifts Sales and Services Commonwealth of Virginia


  8. Fund Groups • Current Funds • Restricted current funds • Unrestricted current funds • Non-current Funds • Agency Funds • Custodial

  9. We are HERE INSTITUTIONALREPORTS Transaction Flow Accounts Receivable Budgets Deposits (cash, checks, credit cards) Accounts Payable Summarize PTAEO to GL String Purchasing Grants Accounting General Ledger Labor Distribution Recharge Centers ISIS / SSP

  10. 3 Basic Types of Projects • Revenue Revenue projects contain funds necessary to back up award installments. • Expenditure Expenditure projects are used for spending. They are linked to and funded by an award. • Revenue & Expenditure These projects contain funds that back up the award installments that fund the SAME project for spending.

  11. Revenue Project Revenue Projects and Awards Award Award Award

  12. Project #3 Project #1 Project #1 Award Project #2 Project #2 Projects Budgets are established when projects have been funded

  13. Determining your GL String IF your expenditure project is also designated as a revenue project, you can use your PTAEO to translate using the Discoverer report IS.FM_Award Common Attributes Award Purpose Code

  14. How can I find my GL string? General Ledger: GL String Entity Project Fund Source Object Code Org Future many exp types to one object code many awards to one fund source one to one one to one Project Task Award Exp Type Org Grants Accounting: PTAEO Many awards to one entity – Award Purpose Code

  15. IS.FM_Award Common Attributes

  16. Why use the GL? Record Revenue Analyze assets, liabilities, and fund balance Approve Pending Journals Analyze Transactions

  17. Entity (2 digit code) Project Fund Source Object Code Org Future GL String: Entity Indicates the agency to whom the funds belong • Academic Division • Medical Center • UVa College at Wise • Agency (Foundation or custodial funds)

  18. Entity Matrix

  19. GL String: Project Entity Project (6 digit code) Fund Source Object Code Org Future Project must be designated as a REVENUE project to receive funds

  20. Entity Project Fund Source (4 digit code) Object Code Org Future GL String: Fund Source Indicates current or non-current, restricted or unrestricted funds

  21. Fund Sources Often Used With Deposits

  22. Entity Project Fund Source Object Code (4 digit code) Org Future Indicates type of funds deposited (income, gifts, etc.) GL String: Object Code

  23. Object Codes Often Used With Deposits

  24. GL String: Org Entity Project Fund Source Object Code Org (5 digit code) Future Org is the organizational unit receiving funds

  25. GL String: Future Entity Project Fund Source Object Code Org Future Reserved for future use

  26. Oracle Standard Reports Discoverer - Inquiry on Account - Pre-Defined Reports - Find / Query - User-Defined Reports Data Storage and Reporting Integrated Systems Data (tables) ODS = Operational Data Store (views) Data copied nightly

  27. Resources Integrated System Web Pages Finance Links How do I? Processing Funds Discoverer reports IS.GL_Revenue Project Relationships IS.FM_Award Common Attributes

  28. Hints and Reminders There is no cash in your PTAEO, only authority to spend. Don’t forget your GL Revenue Projects at reconciliation time. Use your departments alias’ for deposits...less chance for keystroke error. Know your approver. Negative values on your cash balance report are good! Switch your hat before running inquiries or standard reports.

  29. Contact Info ISDS Help Desk: 243-7550 Accounting Services: Lynne H. 924-8916 Lynn G. 924-6157