Making Financial Inquiries in CU's Finance System FINANCE WELCOME This course is part of a suite of courses required for Financial System access at CU. It complements the online Skill Soft course, Financial-Inquiry, but also offers trainees: the opportunity to run financial reports in a practice database the ability to ask questions specific to individual department environments key
policy overview and additional resources You'll be able to view it online any time you need a refresher; you need not be at a campus computer. Course Overview There's a lot to learn about CU's Financial System...don't worry about retaining all the information we go over today (see the chart below for a subject matter overview); just make sure you remember what documents and help resources are available for you...like this training course, which will always be in its most current status on the web! FISCAL CULTURE DATA STRUCTURE NAVIGATION Chartfields Driving Forces
Policy Hierarchy Security and Confidentiality FOPPS and Speedtypes REPORTING Report Generation Practice Database Report Types Step-by-Step Guides
Report Parameters Dictionary Fund Groups Account Codes RESOURCES Tutorials Links Fiscal Culture CU's operations are organized into Organizational Units that develop and execute plans to carry out the University's mission and achieve its objectives. These units obtain and utilize resources, the financial impact of
which is accumulated and summarized in the University's financial records. Key elements of CU's fiscal culture are: Public, tax-exempt institution - creates greater public scrutiny subject to more laws and regulations subject to legislative oversight subject to State budget process Elected governing board -- direction subject to political process. Decentralized accounting structure -- relies on many people with diverse educational and experiential backgrounds for financial statement accuracy. Federally funded research -- subjects CU to federal regulations. Confidentiality of sensitive personal information, including protected patient data. Driving Forces:
Policy Hierarchy The University has implemented policies at various levels to ensure compliance and accountability. Following are key elements of the policy structure. Policy sear ch page Driving Forces: CU Regents and External Forces The Regents of the University of Colorado sit atop our policy hierarchy, and create laws and policies that lower level policies, like APS, PPS, and campus-specific policies strive to support: Laws of the Regents Policies of the Regents The Sarbanes-Oxley Act of 2002, which defines best-practices in fiscal management (after the accounting and auditing misconduct that took place at the turn of the century - Enron, WorldCom, etc.) is the driving force behind many of CU's Administrative Policy Statements:
Fiscal Roles and Responsibilities Fiscal Code of Ethics Fiscal Certification Officer Disclosure of Interests Driving Forces: Transparency and Accountability Other factors, like the need for transparency and accountability in fiscal management, have impacted Administrative Policy Statements and PSC Procedural Statements: Propriety of Expenses Sensitive Expenses Alcohol Purchase and Provision Campus Alcohol Policy Event with Alcohol Form CU Foundation Transfers
Recognition and Training Driving Forces: Sponsor and Campus Policies CU's sponsors, who provide much of our funding, have their own policies, such as: NSF Proposal and Award Policies and Procedures Guide NIH Grants Policy Statement It's not necessary for you to become an expert at interpreting sponsor policies - for UCD integrates them into our own campus policies in order to ensure compliance and consistency: UCD Fiscal Policies
Driving Forces: Security and Confidentiality The University has implemented policies concerning the acceptable use of university IT resources, and the security and confidentiality of CU data: Acceptable Use Use only authorized access Do no harm Limit personal use Comply with statutes, regulations, and policies Access is conditional upon agreement Data Security and Confidentiality Practice Requirements Use university data only for university business Protect personal data Maintain security of University data Protect HIPAA data
Driving Forces: Internal Controls Separation of duties Three jobs Handling money Billing and booking Reconciling Split among at least two people Approval Knowledgeable Authority to challenge Review of financial reports monthly
By person not handling money or entering transactions Detail and overview Correct errors Suspicious transactions. Fraud Hotline Data Structure: Chartfields Cu's financial data coding structure uses chartfields", which consist of ten blocks (database fields) of information that tell the system precisely how to record a transaction. Some values are defaulted, some are optional, and the others are required to be entered by the system user: Business Unit - Defaults to UCOLO. Fund - Identifies the source of the money being received and spent. You'll learn much more about funds as we go... Organization - Identifies the campus/department/school/reporting division spending or receiving the funds. Program - Identifies a fiscal-year based University activity. OR Project - Identifies a non-fiscal-year-based University activity. Sub-Classification - Optional - Allows financial tracking of related activities under a main activity.
Account - Describes the asset, liability, revenue, expense or transfer in a transaction. This is another important term that we'll discuss quite a bit later in this course. Budget Year - Defaults to the current fiscal year. You'll learn more details about CU's fiscal year later in Data Structure: FOPPS & Speedtypes The unique combination of the chart fields "fund + organization + program or project + subclass" (which you may recall is optional) describes a specific university entity, and is referred to as a FOPPS. Each FOPPS, which could have up to 19 digits, has a shortcut for data entry, called a "speedtype". Speedtypes are 8 digit smart-numbers, that start with the campus code in the first digit position, followed by the fund in digit positions 2 and 3, followed by an auto generated five-digit number. This diagram shows the relationship between a FOPP and a speedtype: You'll recognize which campus a speedtype belongs to by its campus code (the first of the 8 speedtype digits): CAMPUS Boulder Colorado Springs System Administration Denver and Anschutz
CODE 1 4 5 6 So, speedtype "13055555" is a Boulder speedtype in fund 30 (sponsored projects fund); speedtype "63412345" is a UC Denver speedtype in fund 34 (gift fund). To learn more about the specific speedtypes you'll be working with, have your supervisor help you fill out "My Speedtypes - Sponsored Projects forms, and the Programs version. Data Structure: Balance Sheet 61099999 FINANCE OFFICE OPER MCMULLIN, SHAUN
99999 FINANCE OFFICE 99999 FINANCE OFFICE OPER An asset is what you own; tangible or intangible property like cash, inventory, accounts receivable, etc. A liability is what you owe, like payroll due or loan payments due Net assets (AKA equity) are the difference between what you own and what you owe The accounting equation (AKA the balance sheet equation states: Assets = Liabilities + Net Assets Net assets (along with assets and/or liabilities) change as revenue is earned and as Data Structure: Income Statement 61099999 FINANCE OFFICE
OPER 10 UNRESTRICTED GEN OPER 99999 FINANCE OFFICE 99999 FINANCE OFFICE OPER NO SUBCLASS MCMULLIN, SHAUN MCMULLIN, SHAUN Revenue results from the sale of goods or the rendering of services, and is recorded (and so increases net assets) when earned, not necessarily when payment is received. An expenditure is a cost incurred in order to provide the goods or services an organization provides, and is recorded (and decreases net assets) at the time the cost is incurred, regardless of when payment is made. Data Structure: Income Statement 61099999 FINANCE OFFICE
OPER 10 UNRESTRICTED GEN OPER 99999 FINANCE OFFICE 99999 FINANCE OFFICE OPER NO SUBCLASS Budget ledgers: a planned amount of MCMULLIN, revenue or expenditure. Some speedtypes SHAUN MCMULLIN, dont have budgets so this column would SHAUN contain zeros. Actual ledgers: a realized amount of revenue or expenditure. If no actual revenues or expenditures have occurred, the actuals column would contain zeros.
Encumbrance ledgers: a planned expenditure that commits University dollars but has not been realized yet. Examples of expenses that are encumbered are employees future salaries and benefits and purchase orders that have not been received. Data Structure: Financial Statements The balance sheet shows what an organization owns (assets) and what it owes (liabilities), and the difference (net assets) at a fixed point in time. The balance sheet changes as revenue and expenses are incurred. The income statement shows how much money an organization made (revenue) and spent (expenditures) over a period of time. For the same reasons that we balance our checkbooks each month to ensure that the bank recorded our banking transactions correctly, it is
imperative that financial managers at all levels review the financial statements related to their departmental activity, at least monthly, to ensure that transactions are recorded accurately and completely. Data Structure: Journal Entries 0000999999 To move Finance Office unearned revenue to A/R for July 2011 DEBIT 1 2 61099999 Finance Office July Unearned Rev Finance Office Oper 61099999 Finance Office July Unearned Rev Finance Office Oper
10 99999 99999 10 99999 99999 Journal entries are used to record financial transactions in the general ledger the repository of the debits and credits that is used to create financial statements. Some journal entries are performed manually by individual Finance System users, while other are uploaded through automated processes from subsystems. Proper accounting practices seek to maintain the accounting equation in other words, to balance the books. Each transaction has an equal amount of debits (recorded as positive numbers) and credits (recorded as negative numbers.) This convention is known as double-entry accounting, which helps prevent errors and ensures that each transaction keeps the organizations accounting equation in balance.
CREDI T Data Structure: Fiscal Years and Periods A fiscal year is a one-year period in which financial activity occurs, is recorded in the general ledger, and is summarized on financial statements. It does not necessarily follow the calendar year. CUs fiscal year begins July 1st and ends June 30th. An accounting period refers to a single month in the fiscal year. Since CUs fiscal year begins in July, July is known as accounting period 1, August is accounting period 2, and so on. Data Structure:
Fund Groups Data Structure: Account Codes Account codes describe the type of transaction being recorded: revenue, expense, etc. CU has over 5000 account codes! You can search for account codes in the Finance system too; you'll learn how in the next section, "Navigation". Reporting: Report Generation Reports are created from the data in reporting databases, after the financial transactions in production databases are copied into them overnight. Reporting: On Demand Reports Can
be run by authorized Finance System users and anyone in a fiscal role at any time once logged in to the system through the portal Can be run for one or more speedtypes within a single report; by speedtype, project, program, org/org node, subclass, or FOPPS Can be run in a variety of formats: .html, .pdf, .xls, .csv, depending on your preference Can be run for a variety of date ranges. For example, detail reports can now be run for more than a 12 month
period Reporting: CU Data To learn how to navigate in the Reporting System, we'll log in through the portal. CU Denver/Anschutz Access Portal There are step-by-step videos available on the University Controller's website: CU Data Training Videos M-Fin Blog: Resource for updates and changes. http://www.cu.edu/blog/m-fin Navigation: Logging In to View Reports Use your regular campus logon. Portal
Navigation: Logging In Step #2 Step #1 Step #4 Step #3 Step #5 Navigation: Viewing On Demand Reports Youll be taken to Home section. Click Team content then Finance to view report listing. Once you click the Finance link, youll see a list of reports, arranged alphabetically, that you can run using a variety of parameters:
Navigation: Viewing On Demand Reports SAMPLE: TRIAL BALANCE SUMMARY Reporting: Report Parameters Once youve decided on the report you want to run, youll need to decide on your report parameters. For detail reports, youll select a fiscal year, a from and a to period, depending on the information you want to see. For summary reports,ToyoullThrough choose the fiscal year and the through period value. From Summary Reports Detail
Reports Fiscal Year Accountin Accountin Accountin g Period g Period g Period Single FY only 1 Single FY only 1 Single FY only 998 Single FY 1 through only 12
Single FY only, starting in period 0 Single FY only, starting in period 0 Single FY only, starting in period 0 1 1 through 12 Results for Program/Project Month 1 transactions only for specified year
All transactions in a specified fiscal year up to a selected period number All year-end transactions in a specified fiscal year posted to period 998 All transactions in a specified fiscal year between selected period numbers, including 998 998 998 Prior year roll forward balances as actuals this month and as actuals to date column Prior year roll forward balances (included in actuals to date column) plus all account code balances in specified fiscal year in period 1 (shown in actuals this month column and included in actuals to date 1 column) Prior year roll forward balances (included in actuals to date column) plus all account code balances in specified fiscal year up to selected 1 through period number (included in actuals to date column.) Actuals this
12 month include only actuals during the period chosen. 0 Key Reports Trial Balance Speedtype Summary Operating Summary Financial Detail Speedtype One-Liner Project Financial Status Payments Received BAE by Month Summary reports versus Total reports
Tracing Expenses Marketplace transactions on financial r eports Concur transactions on financial report s Resources UCD Finance Office (this site's homepage) Procurement Service Center Office of University Controller Finance FAQs Reporting Fraud Policies Signature Authority Policy Contract Signature Matrix Presenters: [email protected] 303-724-2276; [email protected] 303-315-2286 Help:
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