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Chart of Accounts Overview. Chart of Accounts Ten chartfields (or segments) Records the financial effect of each transaction Provides flexibility to allow.

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Presentation on theme: "Chart of Accounts Overview. Chart of Accounts Ten chartfields (or segments) Records the financial effect of each transaction Provides flexibility to allow."— Presentation transcript:

1 Chart of Accounts Overview

2 Chart of Accounts Ten chartfields (or segments) Records the financial effect of each transaction Provides flexibility to allow for internal and external financial reporting Specific combination of chartfields brings meaning to transaction

3 Chart of Accounts Chartfield Name Account Operating Unit Dept.FundSourceFunctionProjectProgramPurposeProperty Field Length XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

4 Chart of Accounts Chartfield Name Account Operating Unit Dept.FundSourceFunctionProjectProgramPurposeProperty Field Length XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX Account 5 XXXXX Categorizes the nature of the transaction as a specific type of revenue, expense, asset, liability, or net asset Key chartfield for financial reporting

5 Assets10000 – Liabilities20000 – Net Assets30000 – Revenue40000 – Expense50000 – Asset – Ownership of value or a future economic benefit Liability – Obligation arising from a past transaction that will result in the transfer or use of assets Net Assets – Assets less Liabilities Revenue – Recognition of income for goods or services provided Expense – Recognition of costs for goods and services received

6 Chart of Accounts Chartfield Name Account Operating Unit Dept.FundSourceFunctionProjectProgramPurposeProperty Field Length XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX Operating Unit 2 XX UVM units that have a need for full financial reporting Includes Colleges, Auxiliary enterprises, and key service areas Represents a roll-up of departments

7 GENERAL UNIVERSITY 01General University 03Treasury Operations SCHOOLS AND COLLEGES 11College of Agriculture and Life Sciences 12College of Arts and Sciences 13College of Education and Social Services 14College of Engineering and Mathematics 15College of Medicine 16College of Nursing and Health Services 21School of Business Administration 22Rubenstein School of Environment and Natural Resources 31Continuing Education 32Extension 35Distance Education AUXILIARY 41Other Auxiliary 42Transportation and Parking 43Residential Life 44University Commons

8 Chart of Accounts Chartfield Name Account Operating Unit Dept.FundSourceFunctionProjectProgramPurposeProperty Field Length XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX Dept. 5 XXXXX Departments meet the following criteria: 1.Ongoing business purpose within UVM 2.Has an established budget 3.Has fiscal oversight by a responsible person 4.Has employees 5.Occupies space

9 Chart of Accounts Chartfield Name Account Operating Unit Dept.FundSourceFunctionProjectProgramPurposeProperty Field Length XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX Fund 3 XXX  Tracks spending restrictions and designations  Used to categorize UVM’s net assets for external reporting on the Statement of Net Assets

10 Net Asset ClassValueDescription Unrestricted 100General Fund 108Non-General Funds 110Loans 130SGA Student Fee Funds 131SGA Raised Funds 150Income and Expense 200Plant 210Quasi Endowment

11 Net Asset ClassValueDescription Restricted Expendable 300Sponsored Grants and Contracts 305Other Grants and Contracts 310Gifts 311Foundation Gifts 320Endowment Income 321Foundation Endowment Income 330Extension 340Federal Loans 342UVM Loans 350Quasi Endowment 352Term Endowment 354Reinvested Endowment 360Life Income 362Charitable Gift Annuities 364Charitable Remainder Annuity Trusts 366Charitable Remainder Unitrusts 370Plant 371Foundation Plant

12 Net Asset ClassValueDescription Restricted Non-Expendable400Permanent Endowment Invested in Capital Assets Net of Related Debt 500Capital Assets 501Sponsored Capital Assets Agency900Agency Funds

13 Chart of Accounts Chartfield Name Account Operating Unit Dept.FundSourceFunctionProjectProgramPurposeProperty Field Length XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX Source 6 XXXXXX Identifies revenue earned from educational and operating programs, sponsored projects, contributions from donors, and endowment income

14 General Institutional General Operating Funds General Operating Funds - Debt Sources General Operating Funds - Facility Management General Operating Funds - Reappropriation Income & Expense Operations Non-General Funds Commitment Funds Discretionary Funds Sponsor Funds Loan Funds Endowment and Similar Funds Expendable Gifts Plant Funds SGA Funds Agency Funds

15 Chart of Accounts Chartfield Name Account Operating Unit Dept.FundSourceFunctionProjectProgramPurposeProperty Field Length XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX Function 3 XXX Designates the purpose of the revenue or expense transactions as it applies to federal and other external reporting requirements Tells why revenue and expense was incurred Provides information to external parties such as donors, grantors, and creditors

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17 Functional Expense Classification Descriptions Instruction - Includes expenses for all activities that are part of an institution’s instruction program. ( ) Research - Includes all expenses for activities specifically organized to produce research, whether commissioned by an agency external to the institution or separately budgeted by an organizational unit within the institution. ( ) Public Service - Includes expenses for activities established primarily to provide non-instructional services for the benefit of individuals and groups that are external to the institution. ( ) Academic Support - Includes expenses incurred to provide support services for the institution’s primary programs of instruction, research, and public service. ( )

18 Functional Expense Classification Descriptions, continued Student Services - Includes expenses incurred for offices of admissions and the registrar and activities that, as their primary purpose, contribute to students’ emotional and physical well-being and intellectual, cultural, and social development outside the context of the formal instruction program. ( ) Institutional Support - Includes expenses for central, executive-level activities concerned with management and long-range planning for the entire institution. ( ) Scholarships and Fellowships - Includes expenses for scholarships and fellowships—from restricted or unrestricted funds—in the form of grants that neither require the student to perform service to the institution as consideration for the grant, nor require the student to repay the amount of the grant to the funding source. ( )

19 Functional Expense Classification Descriptions, continued Operations and Maintenance of Plant - Includes all expenses for the administration, supervision, operation, maintenance, preservation, and protection of the institution’s physical plant. ( ) Auxiliary Enterprises - Includes all expenses relating to the operation of auxiliary enterprises. An auxiliary enterprise exists to furnish goods or services to students, faculty, staff, other institutional departments, or incidentally to the general public, and charges a fee directly related to, although not necessarily equal to, the cost of the goods or services. The distinguishing characteristic of an auxiliary enterprise is that it is managed to operate as a self-supporting activity. ( )

20 Chart of Accounts Chartfield Name Account Operating Unit Dept.FundSourceFunctionProjectProgramPurposeProperty Field Length XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX Project 6 XXXXXX Identifies transactions associated with a specific sponsored project (grant) or non- sponsored project

21 PC Business Unit - GCA01 or PC001 Project list depends on PB Business Unit selection Activity field options setup at time of project setup Analysis Type used to populate various tables in PeopleSoft Chartfield Name PC Business Unit ProjectActivity Analysis Type Field Length 5643 AAMXXXXXXXXAAAAAAA Chart of Accounts

22 Chartfield Name Account Operating Unit Dept.FundSourceFunctionProjectProgramPurposeProperty Field Length XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX Program 4 XXXX Records transactions associated with formal or informal programs May be groups of activities conducted within or across departments or organizations

23 Chart of Accounts Chartfield Name Account Operating Unit Dept.FundSourceFunctionProjectProgramPurposeProperty Field Length XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX Purpose 4 XXXX Provides a way to track financial activity related to University-wide activities, as well as activities within and/or across departments, organizations, programs and funds such as faculty recruiting

24 Chart of Accounts Chartfield Name Account Operating Unit Dept.FundSourceFunctionProjectProgramPurposeProperty Field Length XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX Property 4 XXXX Used to track maintenance costs, and capital additions and deletions associated with University buildings

25 To look up valid values for a chartfield click on the lookup glass

26 This is the look up screen that will pop up

27 Another option for looking up valid values in PeopleSoft are these queries

28 Journal Approval Parameters  Fund Balance Transfers – offsetting accounts must be: – Account Internal Funding Transfer From must always use Function 994 Transfer – Account Internal Funding Transfer To use either Function 994 Transfer or other budgeted function – But never between fund 900 Agency funds to / from any other fund, nor on a grant Except: from account Agency Funding to account Agency Revenue

29 Journal Approval Parameters  For restricted expendable funds (3XX) it is best to transfer actual expenses rather than use the fund balance transfers.  No entries to salaries, wages and fringe benefits  Internal Charges – a.k.a. interdepartmental billing - Revenue account: 452XX Product Sales Internal Charges or 48XXX Internal Income - Expense account: 8XXXX Internal Charge Expense

30 Journal Tips  No acronyms – the approvers and auditors need to know what you mean when doing the journal.  Complete the long description on the header tab. Use full sentences. 254 characters.  Indicate the source of the original transaction (PurCard journal P , PO 45678, etc.), if the journal is for a correction.  Use the reference field on journal line. It will hold a voucher number, a PO number or a previous journal number.  A user can edit the journal line description to something other than the Account name default.

31 Chart of Accounts Additional Resources: Financial Operations Manual Chart Of Accounts Mini-Manual Chart Field Values - Excel Chart Field Values UVM Financial Statements

32 Chart of Accounts Questions?


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