Accounting at OSU. Contents. Accounting Basics Report Basics Chartfield Information. Business Office, Columbus

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1 Accounting at OSU Business Office, Columbus Contents Accounting Basics Report Basics Chartfield Information 8/5/2014 1

2 Accounting Summary Goal: To take various s and structure them into meaningful reports. OSU business s are entered into a ledger General Ledger using various codes Chartfield to create financial statements ereports Formal financial statements include a balance sheet (financial status of assets and liabilities at a point in time) and an income statement (revenue and expenditure records from period to period). OSU offers versions of each (standard monthly reports). Balance Sheet - Asset balances Income Statement Budgets and revenue and expense summary for month and year to date Income Statement Revenue and expense detail for the month Accounting Summary For every, there will be two entries into the general ledger (double-entry accounting): one for a debit, the other for a credit, to describe the movement of cash. A credit always has a (-) sign before the number. The University Chartfield has a logical numeric progression. Learning this logic will help you understand your financial s. 8/5/2014 2

3 Transaction Entries & Report Types Deposits Endowment Distributions Gifts Budgets Purchasing Payroll & Benefits Expense transfers Corrections Internal Orders Accounting System General Ledger College and Departmental Reports Year End Financial Reports University s Tax Returns Board of Regents Reports Indirect Cost studies Federal Government Reports Standard Monthly Reports Units that have accounts receivable s or those that have loans on the GL should also run the GLU006OS-91. Ex. State 4-H Balance Sheet GLU003OS-61 Cash Balance Report Income Statement GLU007OS-90 Budget Report Income Statement GLU004OS-91 Detail 8/5/2014 3

4 Fiscal Years County Year January to December University Year July to June HR Year September to August Federal Year October to September Chartfield Terminology GLBU ORG FUND ACCT PROJECT PROGRAM USER DEFINED Business Unit 3 Units for OSU UNIV Primary University funds OSUMC Medical Center OSURF Office of Sponsored Programs (OSP) 5 numeric digits Each unit has at least one org. Monthly reports are pulled by Org. This tells us WHO the is for. 6 numeric digits Where the cash is housed. Like a bank account. This tells us HOW the is funded. 5 numeric digits Revenue, Expenses, Assets and Liabilities are described by account numbers. This tells us WHAT you are paying for or receiving alpha numeric value Optional value to track s with a start and an end date. Required for OSURF GLBU. Must be set up in advance. 5 numeric digits Optional value to track ongoing s. Must be set up in advance. 6 alpha numeric value Optional value to track specific s Can be set up at the time of the. REQUIRED 8/5/2014 4

5 ORG and Account info ORG 08xxx - ATI Account 11xxx - Academic 41xxx VP Academic Affairs 55xxx Extension State & Academic 56xxx OARDC State & Academic 57xxx Extension County 8xxxx Univ Cash Control 1xxxx - Assets 2xxxx - Liabilities 3xxxx - Equity 4xxxx - Revenue 6xxxx - Expense Types of Funds 01XXXX General Funds: Used by UNIV for general operating funds. Used by OSP for transferring budgets, project overruns and project disallowed costs. Also used for work-study students. 06XXXX General Unrestricted Funds (Designated Fund): This fund series is to deposit funds originally deposited to or allowable in the Extension Local Checking Account. Ex. registration fees, publication sales and speaking. 1XXXXX Earnings and Conference Funds: This fund series is to be used for conferences or large scale sales of goods or services. The fund is charged an overhead fee of approximately 6% on deposits. 2XXXXX Endowment Income Fund: This fund series tracks interest from a corresponding endowment fund 6XXXXX. The money in this fund can be spent according to the purpose of the endowment. No deposits to this fund. 2913xx 4-H Foundation Funds: 4-H Foundation Grants will use a fund in this series. The money comes from the State 4-H Endowment and is transferred to this fund. 3XXXXX and 4XXXXX Development: Monetary gifts, separated for tax reporting purposes. Only gifts and gift-grants should be deposited in these funds. Doesn t show on the ereports for 180 Days. 8/5/2014 5

6 Types of Funds 50XXXX Private Grants and Contracts: This series tracks revenue and expenses for money received on privately funded grants and contracts and cost recovery. Ex. registration fees, publication sales, grants, contracts and speaking fees 5003XX and some 5004XX Commissioner and Levy Funds: This is a sub series of the private grants and contracts funds. This series of funds is used to track revenue and expenses for Ohio County Commissioners funds and Levy income. Only checks from these sources should be deposited here. 53XXXX and 55XXXX State Grants and Contracts: Tracks money received on state funded grants and contracts. Checks from the State of Ohio are deposited here. 56XXXX Federal Grants and Contracts: Tracks revenue and expenses for money received on federally funded grants and contracts. Checks from the Federal Government are deposited here. 59XXXX Office of Sponsored Programs Grants and Contracts: This fund series is used with OSP Project numbers. 6XXXXX Endowment Principal: Money donated for the purpose of an endowment. This fund earns interest which is deposited yearly into the corresponding endowment income fund (2XXXXX). Endowment principal must have a minimum of $50,000. Only gifts should go in this fund series. Chartfield Information Org Are assigned to each unit. Fund Are assigned as needed. Complete the Fund Request Form for a new fund. Numbers will not show on your reports until they have been used. A full list of the funds that you own is on your 3OS-61 report. You may also see some common fund numbers that you do not own on your financial statements ending in -91 and -90. Acct Are pre-assigned. You can access a list of these (short list and long) at the Business Office Website. Programs Are assigned as needed and can be shared between funds and between units. A commonly used value list is available. You can also request additional programs by ing a program name to buxton.65@osu.edu. Projects Are assigned as needed and can be shared between funds and units. OSP automatically assigns numbers to new projects, but you may also request UNIV project numbers by sending an to buxton.65@osu.edu with the name, start and end date of the project. User Defined Values are assigned as needed. Reference the needed user defined on s. Those with PeopleSoft access can add new user defined values. See the resources section at the end of the document to access job aids referenced 8/5/2014 6

7 Example (1) of Chartfield Use Only required fields Required Chartfield Sample Value Full Description What is it explaining GLBU UNIV University Chartfield Which Business Unit holds the money ORG Belmont County Extension Who is doing the FUND Misc Private Contracts What money is being used to pay for it ACCT Registration Fees What type of money is it (revenue) and what is it for (registration) PROJECT PROGRAM USER DEFINED Example (2) of Chartfield Use Required fields and User Defined Required Chartfield Sample Full Description What is it explaining Value GLBU UNIV University Chartfield Which Business Unit holds the money ORG CFAES Business Office Who is doing the FUND General Funds What money is being used to pay for it ACCT In State Employee Travel What type of money is it (Expense) and what is it for (Travel) PROJECT PROGRAM USER DEFINED RACB Review, Academic, Cindy Buxton Program, Specialty, Individual 8/5/2014 7

8 Example (3) of Chartfield Use Required fields, Program and User Defined Required Chartfield Sample Value Full Description What is it explaining GLBU UNIV University Chartfield Which Business Unit holds the money ORG OSU Leadership Center Who is doing the FUND Misc Support Fund What money is being used? Development - Donations ACCT Individual gifts What type of money is it (revenue) and what is it for (donations) PROJECT PROGRAM LEAP Program Program Name USER DEFINED 2014CB 2014, Cindy Buxton Class, Individual Example (4) of Chartfield Use Required fields, Project, Program and User Defined Chartfield Sample Value Full Description What is it explaining Required GLBU UNIV University Chartfield Which Business Unit holds the money ORG ACEL OARDC Support FUND State Support for OARDC ACCT Capitalized Equipment - Other Who is doing the What money is being used to pay for it What type of money is it (expense) and what is it for (equipment > $5,000) PROJECT 56-AAPBN AAPBN project OARDC - AAPBN project (9/1/ /31/2014) PROGRAM Leadership Program Area USER DEFINED CINDY Cindy Buxton Individual 8/5/2014 8

9 Summary General Ledger The place where all of the s end up Chartfield organizes the GL into meaningful data Standard Monthly Reports three reports for review. (61,91,90) Chartfield GLBU, Org, Fund, and Account are required Chartfield Project, Program, User Defined tell the rest of the story Resources Resources OSU Carmen GL 1 OSU Accounting Carmen Basics GL 1 Accounting Basics GL 7 Fund GL Accounting 7 Fund Accounting Business Office Policies and Procedures Business Office Policies and Procedures Fund Types Fund Types Development Development Funds Funds How To How To Business Office Financial Information Print these training slides: Business Office Financial Information Common and Full Account Number list Program Common Value List and Full Account Number list Program Value List Business Office Forms Business Office Forms Extension Fund Request Form Fund Request Form 8/5/2014 9