revised may 2015 - university of virginia - current funds - unrestricted: tuition and fees (state...
TRANSCRIPT
at the University of VirginiaRevised MAY 2015
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GL String
GA PTAEO
one
to
one
one
to
one
Many
awards
to one
fund
source
Many expend
types to
one object code
Many awards to one entity
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‘Entity’ Segment Values
State Agency Agency Code Local State Outside
UVA 207 10 20 80
MED CTR 209 15 25 85
UVA WISE 246 16 26 86
SWVA 948 17 27 87
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Agencies ‘outside’ UVA include:
•Health Services Foundation
•Darden Foundation
•Law School Foundation
•Non-UVA groups or organizations whose money is held
by UVA (for scholarships or other similar purposes):
•Seven Society
•Colonnade Club
•ROTC Scholarships
•VA Museum of Natural History
• 1005 - Current Funds - Unrestricted: Tuition and Fees (State 0300)
− Example: Admission and student fee deposits
• 1110 - CF-Unrest: Sales & Services of Educat Activities (State 0300)
− Example: Awards beginning with ‘SS’
• 1115 - CF-Unrest: Sales & Services of Educat Activities (Local)
− Example: Awards beginning with ‘LS’
• 1120 - Current Funds - Unrestricted: Sales & Services of Auxiliary Enterprises (0306)
− Example: State Auxiliaries
• 1125 - Current Funds - Unrestricted: Sales & Services of Auxiliary Enterprises (Local)
− Example: Local Auxiliaries
• 1165 - CF-Unrest: Other Sources (Local)
− Example: Local Awards
• 8005 – Agency Funds (Local)
− Example: Awards beginning with ‘YY’
• 8010 – Affiliated Foundations (Local)
− Example: Awards beginning with ‘YY’6
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Add: GL: project-to-date revenues
Ending cash balance
Add/Subtract: GL: Transfers in or out
Add/Subtract: GL: Changes in assets and/or l iabilit ies
Beginning cash balance at conversion (Jul -01)
Subtract: GA: project-to-date expenses
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Central Units
SG, SR, SE
LG, EI, DI
G_
Departments
DR, DU
ER, EU
SS, LS
SA, LA
FA, IP
YY
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Award Prefix Cash Budget
SG/SR State funds No Yes
LG/LC
EI/DI
Institutional funds
No Yes
G_ Grants and contracts
No Yes
DU/DR Gifts Yes Yes
SA/LA
SS/LS
Sales and services Yes Yes
FA/IP/YY/LO Various Yes Yes
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Cash vs. Budget
A project becomes a REVENUE project when it is named on the award
Look at the Award in the IS
Run a report:
Revenue Project Relationships
Award Common Attributes report
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Award
DR00099
135987
Expenditure
Project
135987
Revenue
Project
135987
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Award
DR01219105446
Expenditure
Project
105446
Revenue
Project
105446
Descriptive Flex Field
(DFF)Revenue Project
example
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example
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Discoverer Report
Workbook = GL Reference Reports
Worksheet = Revenue Project
Relationships
example
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A combination of Revenue Projects that has a project number beginning with the characters “RP” in the integrated system
Used for reporting
Revenue is not deposited to the RP
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GL
GA
Revenue
Expenditures
AT-State Rev Award
AT-State Revenue
AT-Suite LeaseAT-Ticket Sales AT-Concessions
ASA00001
P100256 P100262 P100264P100257 P100272
AT-Football AT-Men’s
Basketball
AT-Women’s
Basketball
AT-Men’s &
Woman’s
Track
AT-Men’s &
Women’s
Swimming
P100254 P100248 P100245
RP0028
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GL
GA
Revenue
Expenditures
AT-
Women’s
Basketball
P100256 P100262P100286 P100257 P100272
AT-Football AT-Men’s
Basketball
AT-Men’s &
Women’s
Track
AT-
Women’s
Rowing
Ticket Sales Concessions Suite Lease
AT-State Rev Award
AT-State Revenue
ASA00001
P100254 P100248 P100245
RP0028
ADR00127
P100309
Restricted
General Gifts
AT-General Gifts
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It is very important for departments to enter their deposits accurately as they are taken to the bank or transmitted to the credit card clearing house. If recorded correctly, the monthly reconciliation process can identify the following:
• Bank deposits that have not been recorded to IS
• IS transactions that are not recorded to the bank
• Discrepancies between IS bookings and bank recording
The Cash Management module has the ability to match cash/check bank deposits automatically with the bank transactions if the following items match:
• Deposit Control Number
• Amount
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All other deposits must be manually matched. The following criteria assist in accurate and timely reconciling of departmental deposits:
• Deposit Control Number
• Amount
• Category
• Deposit Date
• Recorder (Who did the deposit and journal entry)
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Deposit to the Bank
Bank records to University Account
Accounting Services credits department clearing account
Department records deposit in GL
Department debits clearing account and credits appropriate revenue project
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Run the Cash balance Report to find the amount of cash in the revenue project
DISCOVERER REPORTWorkbook = GL Revenue Reconciliation Reports
Worksheet = Cash Balance by Project
Cash balance is calculated for the project-to-date All activity since IS go-live (July 1, 2001) and any conversion balance
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Discoverer Report
Workbook = GL Revenue Reconciliation Reports
Worksheet = Cash Balance by Project
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Discoverer Report
Workbook = GL Revenue Reconciliation Reports
Worksheet = Cash Balance by Project
Revenue deposited to a non-revenue project
GL journal with a GM only object code
Payment voucher with GL string
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Discoverer Report
Workbook = GL Revenue Reconciliation Reports
Worksheet = GL Only Project Activity Detail
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There are three major categories of reports that are useful for reviewing account balances:
• General Ledger Reports: The General Ledger report lists the beginning and ending account balances and all journal lines affecting each account balance in your functional currency.
• Account Analysis Reports: The Account Analysis reports show the accumulated balances of a range of accounts and all journal entry lines that affect that range.
• Trial Balance Reports: Account balances and activity for actuals, averages, and budgets
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•Account Analysis: Lists the accumulated balances of a range of accounts and all journal entry lines that affect that range
• Chart of Accounts: Provides information about the accounts in your chart of accounts, including segment values, rollup ranges, and suspense accounts
• Journals: Provides journal information in functional and foreign currencies, including posted, unposted, and error journals. You can also review journal activity for particular periods and balancing segments.
• General Ledger: Lists beginning and ending account balances, and all journal entry lines affecting each account balance in your functional and foreign currencies
• Trial Balance: Lists account balances and activity for functional and foreign currencies, budgets, encumbrances, and actuals
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Reconciliation:
A systematic review of accounts
against source documents to verify
that all charges are accurate and
appropriate, and to identify expected
charges that have not yet occurred.
Complete reconciliation by the 15th
day of the month
PREPARED & APPROVED
Remember: reconciled does not mean that all the problems have been resolved. It means the reports have been reviewed, and any issues have been identified and documented
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Preparer
The Project Reviewer (the Preparer) is responsible for reviewing each transaction (deposit or transfer journal entry) posted to a GL account string in the University's Integrated System to ensure its accuracy, and to ensure that sufficient source documentation is available.
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Approver
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The Project Manager (the Approver) is responsible
for verifying the legitimacy, appropriateness and
necessity of transactions recorded in the GL module
of the University's Integrated System.
If a revenue project has a cash balance less than
zero that will not be resolved by the end of the
current accounting quarter, the Project Manager (the
Approver) should notify the appropriate Dean or
department head, and the Office of Treasury
Management with a plan to resolve the deficit.
oPrior month reconciliations and notes
oDepartment records/documents related to deposits or transfers for this GL project combination
owhat to look for on any project
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MUST PRINT BOTH
GL_Only Project Activity Detail
(workbook: GL_Revenue Reconciliation Reports)
Shows only transactions that originated in GL
This is the report to be signed and dated
Cash Balance by Project(workbook: GL_Revenue Reconciliation Reports)
Provides cash balance position of revenue projects
(Revenue – Expense)
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GM Expense-Budget vs Actual(workbook: BU_Budget Reconciliation Reports)
Shows budgets to actual by revenue project for revenue budgeted in GL & expenditures budgeted in GA
(Sales & Service awards)
AP Transactions Without PTAEO
(workbook: AP_Central Reports)Shows AP transactions that were directly distributed to a GL account without a PTAEO
for a specified date range
(example: payment vouchers with GL string)
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Revenue vs Installment vs Funding
(workbook: GA Analysis Reports)
Provides an overall view how revenue is allocated as award installments & how those are allocated to projects as funding, what portion of the funding has been budgeted, and the amount each project has expended and encumbered
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Revenue vs. Installment vs. Funding
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Discoverer Report
Workbook = GA Analysis Reports
Worksheet = Revenue vs. Installment vs. Funding
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01/12 43
01/12 44
01/12 45
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oTake needed actions:
• Seek missing documents
• Track down transaction discrepancies
• Make correcting entries, or get the appropriate central office to make them for you
• Expenditure Credits
• RECONCILE YOUR CLEARING ACCOUNTS!
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Initiate deposits
Monitor cash balance and GL activity
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Request and/or verify installments
ICOM (Installment Creation or Modification) request form
Installment Modification report (GA_Project Reconciliation Reports workbook)
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Cash Balances
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Additionally, University Policy FIN – 033: Monitoring Cash
Balances and Resolving Deficits in Revenue Projects
requires departments to monitor revenue project balances to
ensure that the cash balance is zero or greater before
commitments. A deficit cash balance in a revenue project or
parent is expressly prohibited unless the deficit is properly
authorized.
Monthly
Monitor Cash Balance reports for deficits
GL Activity Detail report Check for erroneous transactions Check for expected gifts & transfers
Use the Versus reports to monitor funding & budgeting Check for un-installed amounts Check for un-funded & un-budgeted amounts
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FI-Outreach & Compliance
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Payment Card Process
Coordinator