1. Presented by Accounting Services Training and Outreach and UHR Office of Learning and Development May 12, 2008 Fund Accounting Basics: Using the GL

2. Objectives Explain basic concepts of Fund Accounting Enter and reverse GL journals Define and generate recurring GL journals Query existing journal entries and account balances Run reports

3. Why use the GL? Record revenue Approve pending journals Analyze transactions Analyze assets, liabilities, and fund balance (net assets)

4. What is Fund Accounting? A method of segregating resources (i.e., funds) into categories to identify both the source of funds and the use of funds

5. Why Fund Accounting? Resources are from a variety of sources Must be used appropriately and not co- mingled Requires unique identification and reporting

6. Sources of Funds Sales and Services Gifts Tuition and Fees Commonwealth of Virginia Investment Income GrantsPatient Services

7. Uses of Funds THE UNIVERSITY MISSION

8. Fund Groups Current Funds –Restricted current funds –Unrestricted current funds Non-current Funds Agency Funds –Custodial

9. Transaction Flow INSTITUTIONAL REPORTS Grants Accounting Deposits (cash, checks, credit cards) Accounts Receivable Recharge Centers Labor Distribution Purchasing Accounts Payable General Ledger ISIS / SSP We are HERE Summarize PTAEO to GL String Budgets

10. Revenue Revenue projects contain funds necessary to back up award installments. Expenditure Expenditure projects are used for spending. They are linked to and funded by an award. Revenue & Expenditure These projects contain funds that back up the award installments that fund the SAME project for spending. 3 Basic Types of Projects

11. Revenue Project Revenue Projects and Awards Award

12. Project #3Project #2Project #1 Projects Budgets are established when projects have been funded Project #2 Award

13. Determining your GL String IF your expenditure project is also designated as a revenue project, you can use your PTAEO to translate using the Discoverer report IS.FM_Award Common Attributes Award Purpose Code

14. How can I find my GL string? TaskOrg Exp Type AwardProject EntityFutureProjectOrg Object Code Fund Source General Ledger: GL String one to one to one many awards to one fund source many exp types to one object code Grants Accounting: PTAEO Many awards to one entity – Award Purpose Code

15. IS.FM_Award Common Attributes

16. Why use the GL? Record Revenue Analyze Transactions Approve Pending Journals Analyze assets, liabilities, and fund balance

17. GL String: Entity Entity (2 digit code) ProjectFutureOrg Object Code Fund Source Indicates the agency to whom the funds belong Academic Division Medical Center UVa College at Wise Agency (Foundation or custodial funds)

18. Entity Matrix LocalStateAgency Academic Division102080 Medical Center152585 UVa’s College At Wise 162686 Southwest Virginia Regional Center 172787

19. GL String: Project Entity Project (6 digit code) FutureOrg Object Code Fund Source Project must be designated as a REVENUE project to receive funds

20. GL String: Fund Source EntityProjectFutureOrg Object Code Fund Source (4 digit code) Indicates current or non-current, restricted or unrestricted funds

21. Fund Sources Often Used With Deposits 1100Current Funds-Unrestricted: Private Gifts (Local) 1110Current Funds-Unrestricted: Sales & Services of Educational Activities (State) 1115Current Funds-Unrestricted: Sales & Services of Educational Activities (Local) 1120Current Funds-Unrestricted: Sales & Services of Auxiliary Enterprises (State) 1125Current Funds-Unrestricted: Sales & Services of Auxiliary Enterprises (Local) 1130Current Funds-Unrestricted: Other Sources (State) 1140Current Funds-Unrestricted: Other Sources Auxiliary (State) 1165Current Funds-Unrestricted: Other Sources (Local) 2075Current Funds-Restricted: Private Gifts (Local) 2090Current Funds-Restricted: Endowment Income (Local)

22. GL String: Object Code EntityProjectFutureOrg Object Code (4 digit code) Fund Source Indicates type of funds deposited (income, gifts, etc.)

23. Object Codes Often Used With Deposits 4505Gifts-Via Affiliated Foundations 4510Gifts-All Other 4705Sales & Services, Educational Activities 4710Conference Income 4750Other Sales & Services 4805Ticket Income 4810Royalty Income 4820Other Income 4825Subscription Income

24. GL String: Org EntityProjectFuture Org (5 digit code) Object Code Fund Source Org is the organizational unit receiving funds

25. GL String: Future EntityProject Future Org Object Code Fund Source Reserved for future use

26. Integrated Systems Data (tables) ODS = Operational Data Store (views) Data copied nightly Data Storage and Reporting - Pre-Defined Reports - User-Defined - User-Defined Reports Discoverer - Find / Query - Inquiry on Account Oracle Standard Reports

27. Integrated System Web Pages Finance Links http://www.virginia.edu/integratedsystem/financeLinks/index.html http://www.virginia.edu/integratedsystem/financeLinks/index.html How do I? http://www.virginia.edu/integratedsystem/howdoi/index.html# http://www.virginia.edu/integratedsystem/howdoi/index.html# Processing Funds http://www.virginia.edu/finance/funds/Fr_RevenueProcess.htm http://www.virginia.edu/finance/funds/Fr_RevenueProcess.htm Discoverer reports IS.GL_Revenue Project Relationships IS.FM_Award Common Attributes Resources

28. There is no cash in your PTAEO, only authority to spend. Don’t forget your GL Revenue Projects at reconciliation time. Use your departments alias’ for deposits...less chance for keystroke error. Know your approver. Negative values on your cash balance report are good! Switch your hat before running inquiries or standard reports. Hints and Reminders

29. ISDS Help Desk:243-7550 Accounting Services: training4finance@virginia.edu Lynne H.924-8916 Lynn G.924-6157 Contact Info