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Advanced General Ledger—Reporting and Using Optional Chartfields OMNI GL 3000.

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Presentation on theme: "Advanced General Ledger—Reporting and Using Optional Chartfields OMNI GL 3000."— Presentation transcript:

1 Advanced General Ledger—Reporting and Using Optional Chartfields OMNI GL 3000

2 Objectives Introduction: Accounting Basics GL2000Review-- OMNI Reporting Tools Using General Ledger reports Using Optional Chartfields

3 Accounting - Basic Accounting Basic Terms and Concepts General Ledger vs. Budgetary Ledgers  Budgetary Ledgers track anticipated expenses (encumbrances) plus actual expenses against a budget (spending authority) to prevent over-spending.  The General Ledger tracks actual expenses only (hence the Ledger name “Actuals”) and is used to prepare the University’s Financial Statements (annual reports required by law which disclose how the University obtained and utilized its financial resources during the preceding fiscal period i.e., financial year).

4 Accounting - Basic Accounting Basic Terms and Concepts What is a Trial Balance? A listing of the accounts for your dept or project (or the entire University) General Ledger and their balances as of a specified date (actual financial transactions—not budgetary). Debits and Credits These are the backbone of any accounting system. Every accounting entry in the general ledger contains both a debit and a credit. Further, all debits must equal all credits.

5 Accounting - Basic Accounting Basic Terms and Concepts Figure 1 Debits and Credits vs. Account Types Account Type Debit Credit Assets (1 or 2xxxxx) Increases Decreases Liabilities (3 or 4xxxxx) Decreases Increases Income (Revenue) (6xxxxx) Decreases Increases Expenses (7xxxxx) Increases Decreases INCREASEDECREASE INCREASEDECREASE DEBITASSETLIABILITYDEBITEXPENSEREVENUE CREDITLIABILITYASSETCREDITREVENUEEXPENSE

6 Accounting - Basic Accounting Basic Terms and Concepts Sample Accounting Entries: Purchase of office supplies on a vendor account: –Step 1: Record the purchase (invoice posting): Expense (Office Supplies) 741101 $1,000.00 Accounts Payable 311000 -$1,.000.00 S tep 2: Record the payment( cut check): Accounts Payable 311000 $1,000.00 Cash 112000 -$1,000.00

7 See how accounts payable is back to zero? The net result is the same as if the transaction was conducted in cash: Cash 112000 -$1,000.00 Office Supplies Expense 74110 $1,000.00 Accounting - Basic Accounting Basic Terms and Concepts

8 Other Examples of Typical entries: –Interdepartmental Requisition: Debit (charge)(+) expense account (7xxxxx) and credit(-) revenue account (6xxxxx). –Expenditure Transfer: Debit (charge)(+) expense (7xxxxx) for one dept./fund/proj./account and credit(-) expense (7xxxxx) for another dept/fund/proj./account. – These entries automatically generate entries to move the “cash” from one department/fund/project to the other (Account 112000). –Revenue Deposited through the Cashier’s Office: Debit (+) Cash (112000); credit (-) Revenue (6XXXXX )

9 Accounting - Basic Accounting Basic Terms and Concepts Assets: Things of value your dept./project owns. Liabilities: Things owed to another (debts) Equity: The difference between the Assets and Liabilities. Net difference between revenues and expenses from prior years. Revenue and Expense accounts keep track of where the income comes from and where it goes. At the end of the fiscal (accounting) year, all the income and expense accounts go to zero—we begin the new year with a clean slate. Assets and Liabilities do not get zeroed out—the balances roll into the next year.

10 REPORTING TOOLS—Using Ledger Inquiry Ledger Inquiries through General Ledger> (good for viewing data; real-time data) –Review Financial Information>Ledger>Find or Add Search Name. Note: need to set up new search the first time. –Ledger – mark “Show YTD Balance” to get YTD totals through identified period as well as period totals. –Can view journals by clicking on “Activity” hyperlink. Then can drill down on the Journal ID for more detail. Marking “Show Transaction Detail” will bring Journals up without having to drill down on Activity, but can also slow the search process.

11 REPORTING TOOLS—Using Ledger Inquiry Do Exercise 1-a

12 REPORTING TOOLS—Using Query Viewer Reporting Tools>Query>Query Viewer Query for Trial Balance: FSU_DPT_TRIAL_BALANCE or FSU_DPT_LEDGER_SUM_W_CF

13 REPORTING TOOLS—Using Query Viewer Do Exercise 1-b.

14 REPORTING TOOLS—Using Report Search Page Through Monthly Reports - Reporting Tools >Report Search Page - Departmental Summary (DLS) provides monthly and cumulative totals by account number (Excel based). - Detail reports are University wide. Use “Search” feature to get specific department or project (PDF Reports).

15 GENERAL LEDGER REPORTS Reports available through the GL module: Trial Balance—account balances for specified period Ledger Summary Report—detailed journal activity Ledger Activity Report—contains elements of both of the above.

16 GENERAL LEDGER REPORTS Do exercise 2 Do exercise 3 Do exercises 4a and b

17 OPTIONAL CHARTFIELDS Allows for cost accounting at a more detailed level Defined by department, added by General Accounting. Chartfield name– maximum 10 characters Long Description—should begin with first three digits of department number—cannot exceed 30 characters Short Description—Maximum of 10 characters

18 OPTIONAL CHARTFIELDS Do exercises 5a through 7

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