MSU Accounting in EBS. Applying Accounting Concepts to Transactions in the Finance System

Transcription

1 MSU Accounting in EBS Applying Accounting Concepts to Transactions in the Finance System 1

2 Agenda Basic Accounting Concepts Applying Accounting Concepts in the Finance System Account Review Internal Controls 2

3 Basic Accounting Concepts 3

4 Debits and Credits Balance Sheet and Income Statement Why debits and credits matter Relationship to Object Codes Tools for understanding T accounts 4

5 Object Code Ranges Basic Accounting Category Object Name Type Object Type Code Numeric Ranges Asset Assets AS Liability Liabilities LI Fund Balance Fund Balance FB Income Expense Income Cash IN Transfer In Expense Expenditure EX (7000 s are expense budget) Transfer Out

6 Concepts of Fund Accounting Why MSU uses fund accounting Funds, sub-funds, business rules Restricted vs Unrestricted funds 8

7 Fund Group Chart Fund Group Code Fund Group Name Restricted Status AF AGENCY FUND unrestricted GF GENERAL FUND unrestricted DF DESIGNATED FUND unrestricted XF AUXILIARY FUND unrestricted RF EXPENDABLE RESTRICTED FUND restricted NF ENDOWMENT FUND restricted LF STUDENT LOAN FUND restricted TF RETIREMENT AND INSURANCE restricted PF PLANT FUND unrestricted/ restricted 9

8 Applying Accounting Concepts in the Finance System 10

9 Accounting Line Components of the Accounting Line Best practices for reporting 11

10 Object Codes Why are they important Categories and relationships How they classify transactions Object Codes and Business Rules Sub-Object Codes 12

11 Object Consolidation and Level Codes Each level of detail rolls up to the one above it. Optional sub-objects roll up to object codes, the required level of detail on a financial transaction. Object codes in turn roll up to object levels, which then roll up to consolidation codes. The number of categories decreases as you decrease the level of detail. There are over 600 object codes, but less than 30 consolidation codes. Consolidation Code Object Level Object Code Sub Object 13

12 Other Accounting Line Elements Sub accounts Project Codes Org Ref ID field Line Description 14

13 Transactions Document workflow Vendors and Disbursement Vouchers Moving Funds One-sided Transactions 15

14 Basic Routing 16

15 Organization Review Routing 17

16 18

17 Detailed Document Search To locate pending entries (reporting and closing an account): Select Type: KFST Select Status: Pending Statuses 19

18 Internal Controls Separation of Duties Checks and Balances 20

19 Vendors Disbursement Voucher (DV) Vendors used for the purchase of goods or services. Requires a Tax ID. Special Payment (SP) Vendors used for research participant payments ($150 or less), refunds, or non-employee reimbursements. Does not require a Tax ID. Purchase Order (PO) Vendors can be used on a DV. When using a PO vendor on a DV, the document will automatically route to Purchasing as an additional workflow step. Should only be created by Purchasing. 21

20 Transaction E-Docs Disbursement Voucher (DV) Budget Reallocation (BA) Transfer of Funds (TF) Distribution of Income and Expense (DI) General Error Correction (GEC) Intra Account Adjustment (IAA) Internal Billing (IB) 22

21 Disbursement Voucher (DV) 23

22 Payee Lookup/Payment Reason Codes 24

23 Transfer of Funds (TF) 25

24 Budget Reallocation (BA) 26

25 Distribution of Income and Expense (DI) 27

26 General Error Correction (GEC) 28

27 Reference Origin Code Use the code listed on the Operating Statement. KFS transactions all have the code of 01. Service Billers may use other Origin Codes. The reference number is the transaction e-doc or document number (also listed on the Operating Statement). 29

28 Error Correction Button 30

29 Internal Billing (IB) 37

30 Service Billing (SB) 38

31 Intra Account Adjustment (IAA) 39

32 One-Sided Transactions Doc

33 Account Review Monthly Account Review Finance System Lookups Business Intelligence Reports 47

34 KFS Lookups Benefits: Quick balance information Many are drillable (can get to transaction detail). 48

35 Current Account Balance Lookup Chart Code is Required Search by Account, Sub- Account, Org Code or Fiscal Officer. Consolidation gives information at the Account level, Detail gives information at the Sub-Account level. 49

36 Current Account Balance Results 50

37 General Ledger Balance Lookup 51

38 General Ledger Balance Results 52

39 Balances By Consolidation Lookup 53

40 Balances By Consolidation Results 54

41 Open Encumbrances Lookup To include all encumbrances, remove the Balance Type EX. 55

42 Open Encumbrance Results 56

43 Business Intelligence Reports Access to folders depend on roles in BI. 57

44 Accounts Payable Chart of Accounts 58

45 Contracts and Grants Capital Asset Management 59

46 General Ledger 60

47 Purchasing Materiel Management (Stores) 61

48 Expense Line from the Operating Statement (FIN049) Stores Order Statement FIN085 (Click the order # above) 62

49 Thank you for attending! 63