Funds Deposit for 4-2XXXX Accounts Ray Garvey, Accounting Specialist NEWARK GRANTS OFFICE Phone Number : (973) 353-1533.

Slides:

Advertisements

Similar presentations

Roles, Responsibilities and Tasks

Advertisements

General Ledger and Journals. Financial Services - GL and Journals presentation What are journals? A journal [document] is used to record accounting.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-1 Preparing a Chart of Accounts.

Chapter 7 Customer Order and Account Management Business Processes

Lesson 1-4 POSTING TO A GENERAL LEDGER

Daily Financial Practices

LOUISIANA GFOA 31 ST ANNUAL FALL CONFERENCE.  Currency  Coin  Checks  Debit Cards  Credit Cards.

Journal Entry Guidelines. Common Definitions Journal Entry Guidelines Journal Entry Preparation Documentation OBJECTIVES.

Chapter 8 Adjusting and Closing Entries

ORS Brown Bag Sessions Journal Entry – G&C Cost Transfers.

Cost Transfers Division of Financial Services – Sponsored Programs March 2014.

Chapter 11 THE REVENUE CYCLE. Introduction Revenue cycle: 1. Respond to customer inquiries 2. Develop agreements with customers to provide goods and services.

Why Use Proper Subcodes? Rochelle Williams, Accounting Specialist Phone:

Accounting Is Fun! List The Steps In The Accounting Cycle 1.Analyze source documents & record business transactions in a journal 2.Post journal entries.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 4-1 Preparing a Chart of Accounts.

Recording Transactions in a General Journal

Harman Expense Reimbursement Procedure Workflow - SSC Ⅰ. Paid by Corporate Card Ⅱ.Paid by Individual Cash.

Office of Grants & Contracts Accounting (OGCA) Financial Status Reporting (FSR) & Final Invoices using the Award Reconciliation & Review Tool (ARRT) 1.

Department Administrator Session #5 – June 19 th 2012.

Audits and Bank Reconciliation. Yesterday: We discussed the different ways a business ensures the safety of their cash and inventory 1.Separation of Duties.

Invoicing, Cash Receipts and Revenue Recognition

“Establishing Internal Financial Controls” Presented by: Fred Thomas, Bureau Chief of Administration.

Financial Statements Accounting Cycle Ethics Transactions Source Documents

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-1 Preparing a Chart of Accounts.

A Model of Accounting Information System Data Information Database Data processing software Management Environment Input physical resources Output physical.

The closing of the General Ledger

LESSON 8-1 Recording Adjusting Entries. TERMS Accounting Cycle: the series of accounting activities included in recording financial information for a.

Finance Tasha Robinson Director of Finance (803)

Beginning The Accounting cycle. Accounting Cycle:

Chapter Five 7 Words.

Chapter 8 Fraud, Internal Control, Cash. Fraud What contributes to fraud? – Opportunity – Financial Pressure – Rationalization.

1 Pre-Audit Requisition Auditing Receive Requisitions from Dean’s Office Begin OK? Verify Class Code is Appropriate for Item Verify Description Is Complete.

INTERNAL CONTROL AND CASH Quiz on Thursday Nov 13 CHAPTER 7.

Internal Control 7. Management Issues Related to Internal Control OBJECTIVE 1: Identify the management issues related to internal control.

9–19–1 1-1 McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.

9–1 1-1 © 2012 The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin.

Surfrider Foundation Florida Conference Chapter Network Finances Ryan Johnson, April 16 th, 2011.

Posting to a General Ledger

Fraud, Internal Control, Cash

List of Words for Chapter 6 Checking account Endorsement Blank endorsement Special endorsement Restrictive endorsement Postdated check Bank statement.

Hawaii Wing Process and Procedures October Processing of Maint. Bills/Invoices Part ordered by Maintenance and copy of PO sent to Wing Administration.

Introduction Guy Narine Manager, Newark Grants Office Phone: (973) Fax: (973) –

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-1 Why do we post from the journal to a general ledger? Preparing a Chart of Accounts.

Year-End 2012 Last Updated: May 11, Year End This session will: –Provide important information designed to educate departments on year end processes.

Student Accounts Best Practices Presented by: Dee Bowling East Carolina University Fayetteville Fort Bragg.

Audit of the Sales and Collection Cycle. Identify the accounts and the classes of transactions in the sales and collection cycle. Describe the business.

Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.

Accounting Cycle.

Post-Award Grant Administration Presented by: Sponsored Program Accounting Updated: Fiscal Year 2014.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 4-1 Preparing a Chart of Accounts.

The Treasurer’s Workshop

Award Management Post Award By Ana Ayala College of Engineering Director of Finance.

McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.

Lesson 1-4 Preparing a Chart of Accounts

Presented by Internal Audit Department

University of South Florida Credit Card Presentation

Completed Accounting Forms and Making Correcting Entries

Post-Award Grant Administration

The Trial Balance To set up our ledger, we use information from the balance sheet. Changes caused by transactions are recorded in the ledger. (T Accounts)

Posting to a General Ledger

Year-End Closing of the Books FY 2018.

Posting to a General Ledger

Chapter 5 – Posting to a General Ledger

LESSON 11-3 Posting from Journals to a General Ledger

Values/Attributes assigned to 5-FUNDs used to Identify Billing and Revenue Recognition

LESSON 11-3 Posting from Journals to a General Ledger

LESSON 11-3 Posting from Journals to a General Ledger

Post-Award Grant Administration

Journalizing Transactions

HARLINGEN CISD Business Office

Presentation transcript:

Funds Deposit for 4-2XXXX Accounts Ray Garvey, Accounting Specialist NEWARK GRANTS OFFICE Phone Number : (973) Fax Number : (973) Date: 12/08/2005 Time: 8:45AM

Funds Deposit Funds Receipts – Funds receipts consist of two types: Checks received when agreements are signed and checks received through the mail as payment on accounts receivable. The Departments/Units should notify the Newark Grants Office of all funds received for 4-2 accounts.

Funds Deposit 1. Newark Grants Office prepares invoices based on the signed agreement between the sponsor and Rutgers University; 2. Upon receipt of funds, we update accounting records; 3. Make copies of check and supporting documents; 4. Offset accounts receivable by depositing funds

Funds Deposit Example: XYZ Co. awards $30, for Hanover project, Account # 4-2AAAA, XYZ Co. billing agreement states Monthly cost reimbursement. 1 st month activities incur expenses of $1, Accounting Specialist prepares the invoice # 001for $1, and mails it to sponsor. The following updating of accounting records are done at the Grants Office: (1) Adds 4-2AAAA-001 invoice, & amt. to Access Database; (2) Assigns sub-code 4280 in Access Database (3) reviews, accepts, & approves these updates.

Funds Deposit (4) Transfer of this data occurs when Access Database interfaces with Online Financial Information System (OFIS); (5) OFIS accepts the data and updates the General Ledger showing a debit to account 0-2AAAA-1450 $1,500.00

FUNDS DEPOSIT (6) When the funds are received from XYZ Co. for invoice #001, the Accounting Specialist offsets the invoice in Access Database, reviews, accepts, and approves the entry, makes copy of the check and supporting documents then prepares cash transmittal sheet to deposit the funds.

Funds Deposit (6) Access Database uploads OFIS with this information posting it to the General Ledger as a credit entry (7) If the Newark Grants Office does not know that funds have been received at the Department, Unit, PIs, or Foundation, there is no way for us to indicate this on the system which causes the monthly reports to be wrong. (overstates accounts receivable)

Funds Deposit Remember, adequate documentation leaves a good audit trail and also ensures awards are used for intended purpose.