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Basic Financial Workshop Available on Financial Services Website at http://finserve.byu.edu/files/archives/BasicFSWorkshop.ppt Basic Financial Workshop Douglas G. Belliston Director, Financial Accounting and Reporting Kevin L. Walker, Director, Financial Solutions

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basic financial workshop
Basic Financial Workshop

Available on Financial Services Website at

http://finserve.byu.edu/files/archives/BasicFSWorkshop.ppt

basic financial workshop2
Basic Financial Workshop

Douglas G. Belliston

Director, Financial Accounting and Reporting

Kevin L. Walker,

Director, Financial Solutions

slide3
The joint mission of all BYU Financial Employees:
  • Promote effective use of University’s resources
  • Protect the assets of BYU
  • Recognize our obligation to all University stakeholders who provide and use its resources
your role in internal control
Your Role in Internal Control

Control and protect university assets, and promote their effective use

why control
Why Control?

"Controls protect weak people from temptation, strong people from opportunity and innocent people from suspicion.“

(August1977 IIA magazine)

internal control basics
Internal Control Basics

Segregation of duties:

  • Separate the request, receipt, payment and review functions
  • Dual signatures on all documents
  • Knowledgeable approver, different from buyer or requestor
  • Financial statement review by knowledgeable managers
financial service web resources
Financial Service Web Resources

FS Web page: http://finserve.byu.edu/index.jsp

Navigation:

  • BYU homepage

Faculty & Staff, General Services Financial Services

  • Bookmark it!
financial services web page
Financial Services Web Page

Highlight Services Tab, Accounting sub-tab:

  • Controllers Desk Reference Questions
  • Funds

Resources ($ support) that are classified into funds according to specified activities or donor objectives

financial systems
Financial Systems
  • PeopleSoft - accounting software
    • General Ledger, HR, Payroll, Purchasing, Receiving, Asset Management, Accounts Payable
  • Business Objects (BOb) – reporting software
    • Flexible tool across multiple systems via the Web
  • Extensity – travel approval and reimbursement
  • Kronos – time management
financial systems cont
Financial Systems – cont.

Other limited use systems:

  • Folio – searchable archived financial statements
  • Imaging – imaged financial documents
  • UCA – University receivable and billing system
  • Cashnet – cash and credit card processing
  • Purchasing Card “P-card” – limited use credit card purchasing tool
fund accounting
Fund Accounting

Funds you will generally deal with:

  • 11 Budgeted—Support from Church
  • 13 Academic Related—Academic Businesses
  • 15 Auxiliary—Campus Business Operations
  • 19 Designated—Designated by Management
  • 23 Restricted—Restricted by Donors
  • 31 Endowment Income/Spending—

Earnings from Endowments to be spent

speedtypes accounts
Speedtype 11241000 Fund+Chem Engineering

Account 6100 Supplies Expense

Class (optional)FLSKS various classes may be used

Speedtypes identify activities to be accounted for,8 digit long codes:

2 digit Fund number + 6 digit Department number -or-

An 8 character Project number, beginning with a letter (accounting system ties project to the fund automatically)

Accounts identifythe nature of the item purchased or received

Classes are optional user-defined identifiers

Speedtypes & Accounts

Example Transaction: 11241000-6100-FLSKS

payroll and kronos
Payroll and Kronos

Hiring, the basics:

  • People may not work until formally HIRED
  • Employment must get notice of Terminations
  • Employee types:
    • Faculty and Administrative
    • Staff employees
    • Student hourly
    • Student assistant (contract)
payroll and kronos15
Payroll and Kronos
  • Staff Employees - must be paid for overtime over 40 hours per week
  • Student Hourly Employees - must be paid for hours worked, and OT if > 40 hrs/week
  • Kronos web based time entry and time clocks track hours worked
payroll and kronos16
Payroll and Kronos

Kronos System

  • Web based time entry:
    • Improved employee management and scheduling, identifies source of time recorded
    • Allows office-based students/staff to record time from their computers
    • Allows home-based workers to record time from home
  • Others will use Kronos clocks
payroll and kronos17
Payroll and Kronos

Management of Student time

  • Non-resident alien—limited to 20 hours per week by Federal regulation
  • U.S. resident students—limited to 20 hours per week by University policy
cash controls safety equipment for those handling cash
Cash Controls – Safety Equipmentfor Those Handling Cash

Proper Documentation

Segregation of Duties

Custodianship of Cash Funds

Reconciliation

Frequent Deposits

cash controls
Cash Controls

Safekeeping of Cash

  • Assigned cash custodian
    • Single custodian responsible for cash box
    • Ideally dual custodians to receive mailed cash/checks
  • Issuance of receipts, receipt logs
    • Provides proof to payee
    • Documents payments received—match to recorded cash
  • Independent cash counts
    • Periodic and unexpected counts by a non-custodian ensures controls are in place and working
cash controls23
Cash Controls

Timely Deposits

  • Frequent deposits
    • Smaller, more frequent deposits are preferred because….
    • Less cash is exposed to risk of loss
cash controls24
Cash Controls

Accurate Recording of Cash Transactions

  • Cash receipt and recording
    • Segregation of duties assures more than one person is involved in a transaction
  • Documentation
    • Proof of purpose, validity and accuracy of cash transactions
  • Reconciliation
    • Someone different than those that handle cash
  • For a Summary of Cash Controls see http://finserve.byu.edu/files/docs/Cash%20Controls.htm
purchasing
Purchasing
  • We seek to obtain the Best Net Value for the University:

-Quality -Service

-Price -Standardization

-Life-cycle costing -Local availability

-Warranty -P-card acceptance

-Discounts -Technical support

-Freight costs -Training

-Timely delivery -E-business ready

purchasing products and services
Purchasing Products and Services

Many Tools to Purchase Products & Services

  • Fast Track Check Request
  • Purchasing Card (P-card)
  • Convenience Checks
  • Purchase Orders (from Purchase Requisitions)
  • Extensity Reimbursements
  • Corporate Travel Card
  • Petty Cash
  • Agency Checks
  • Limited Purchase Draft (LPDs)
  • Campus Purchase Order (CPOs)
purchasing tools
Purchasing Tools

Fast Track Check Request

  • Initiated only by designated, trained Fast Track Buyers
  • Only used for specific categories of products or service (see Purchasing’s website)
  • Only for established Fast Track vendors
purchasing tools29
Purchasing Tools

Purchasing Card (P-card)

  • VERY flexible tool assigned to specific people to purchase many kinds of products (not for services)
  • $2,000 transaction limit ($20,000/mo.)
  • Not for travel (conference fees and first-night hotel are allowed)
  • Electronically approved by cardholder and supervisor
purchasing tools30
Purchasing Tools

Convenience Check

  • Same rules as Purchasing Card
  • May not be used where P-card is accepted
  • Penalty for misuse
purchasing tools31
Purchasing Tools

Purchase Orders (from Purchase Requisitions) Used for:

  • Requesting Purchasing to locate and negotiate with suppliers
  • Transactions larger than $2,000 where items not allowed by Fast Track process
  • Items not allowed by P-card (e.g. Hazardous materials)
purchasing tools32
Purchasing Tools

Purchase Requisitions:

purchasing tools33
Purchasing Tools

Extensity Reimbursements

  • System planned to go live during first quarter
  • Approved travel reimbursements
  • Approved reimbursement to employees for personal purchase of business supplies when other payment options are not feasible (use of Purchasing-card, Convenience Check recommended)
purchasing tools34
Purchasing Tools

Corporate Travel Card

  • Encouraged for business travelers
  • Automatic download of transactions to Extensity for reimbursement
  • Corporate liability so personal items should not be paid with this card
    • If inadvertently paid, may be excluded from Extensity reimbursement
purchasing tools35
Purchasing Tools

Petty Cash

  • Take money to purchase items where P-card cannot be used and return the receipt
  • Count of cash plus receipts always equal to total authorized Petty Cash amount

Change Funds are NOT petty cash and authorized balance must ALWAYS equal count of cash

purchasing tools36
Purchasing Tools

Agency Checks

  • Check stock controlled by campus clubs and certain other areas
  • Funds NOT owned by University
  • University provides accounting reports for transactions
  • Check steward must control check stock under lock and key
purchasing tools37
Purchasing Tools

Limited Purchase Drafts (LPDs)

  • Department controlled check that is being phased out during first quarter of 2004
  • Was used for low dollar transactions and to reimburse for personal purchases of business supplies
purchasing tools38
Purchasing Tools

Limited Purchase Drafts (LPDs)

purchasing tools39
Purchasing Tools

Campus Purchase Orders (CPOs)

  • Department initiated instrument to “sell” or “buy” items between two departments on Campus
  • Requires signature of both buying and selling departments
purchasing tools40
Purchasing Tools

Campus Purchase Orders (CPOs)

services
Services
  • Air, rental car, hotel booking for all campus personnel, students, and departments
  • Travel Accounting
  • Passport processing, photos, forms, etc.
  • Group travel support for Athletics, Travel Study, Study Abroad, Sports Tours, Performing Arts
  • Cliq Book – a travel self-booking/search tool
    • Searches all web reservations sites
travel system
Travel System

Extensity Travel System coming

  • Planned first quarter 2004
  • Electronic Travel application approval and travel reimbursement
  • Business reimbursement for authorized purchases on behalf of BYU
  • Direct deposit to employee bank account
  • But until system is live…..
web page support
Web Page Support

WWW.BYU.EDU/TRAVEL

frequent questions
Frequent Questions
  • How do I get my cash advance check?
  • Can I buy airline tickets on the internet?
  • Do I need to fill out a Travel Application?
  • How do I get reimbursed for expenses?
  • Can multiple travelers go on the same form?
  • What if I do not have a receipt for a claim?
  • Can a student get a cash advance?
  • Can students and employees use BYU Travel for personal travel?
basic financial workshop51
Basic Financial Workshop

Douglas G. Belliston

Director, Financial Accounting and Reporting

422-2734

Doug_belliston@byu.edu

Kevin L. Walker,

Director, Financial Solutions

422-6639

klw@byu.edu