Harmonizing Accounts Your All-Access Pass to How our Account Numbers Work
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1 2017 Financial Forum November 21, 2017 Harmonizing Accounts Your All-Access Pass to How our Account Numbers Work
2 Harmonizing Accounts
3 Agenda Your Presenters Help? What s the Big Deal? Anatomy of a Journal Entry Revenues & Expenses Recoveries Capital Assets Transfers Salary accounts 3
4 Your Presenters Lou Mitton, CPA, CMA, MBA Director, Budgeting Services or x Dennis Tavares, CPA, CA Senior Accountant, Financial Services or x
5 Need Help? Accounts Payable Accounts Receivable Workflow Financial Services General Inquiries Labour Distribution - sylvest@mcmaster.ca Research Project Statement assadaf@mcmaster.ca Hyperion - morronep@mcmaster.ca HST Related Inquiries hst@mcmaster.ca 5
6 Need Help? 6
7 What s the Big Deal? Statistics May 1, 2016 to April 30, 2017 Journal Entries 581 unique users with entries 32,856 journal entries 902,643 total lines $19,550,626,932 of journal entries Vouchers 804 unique users 135,099 vouchers entered 238,832 total lines It is up to each user to ensure that the most appropriate account number is used. 7
8 Journal Entries What is a Journal Entry? A way to record a transaction in the records or books of an organization Consists of: A description A date Amounts recorded as Debits (Dr.) or Credits (Cr.) At least two lines of parameters (i.e. Chartfield) 8
9 Journal Entries Policy and Guidelines Policy link: Guideline link: 9
10 Journal Entries Line Parameters, a.k.a. The Chartfield Consists a combination of the following: Business Unit (BU) Fund Account Department *Project Costing (PC) BU *Analysis Type *Activity *Resource Type Program Project* 10
11 Journal Entries Account Number The account number in a Chartfield: Brings meaning or substance to the transaction, and Provides a way to store, categorize, structure and segregate transactional data for internal and external reporting 11
12 Journal Entries Account Number: Example Does this have any meaning? BU FUND DEPT. PROGRAM DR. CR. MAC $10,000 MAC $10,000 How about this? BU FUND ACCT. DEPT. PROGRAM DR. CR. MAC $10,000 MAC $10,000 12
13 Journal Entries Chartfield Categories Ownership / Responsibility: Business Unit (BU) Fund Department Program Tracking Within Projects: *Project Costing (PC) BU *Analysis Type *Activity *Resource Type Project* Substance of Transaction: Account 13
14 The Mosaic Account Tree Summary View Our focus today! 14
15 The Mosaic Account Tree Revenues & Expenses 15
16 Recoveries Overview Types of Recoveries: Internal: To another department within McMaster (MAC01). External: To an external entity*. * We have inter-company accounts with external entities (e.g. # MSU). As such, a recovery via a journal entry does not guarantee it is an internal recovery. 16
17 Recoveries Internal Recoveries Internal Recoveries should use account numbers within the same Parent Node and where possible the same account number should be used. For example, salary recoveries should use salary accounts for both the debits and credits of the journal entry. This minimizes allocation misstatements. Dr. # FT Academic Salaries $10,000 Cr. # Recovery Academic FT $10,000 This keeps the overall wage expense for the University untouched. Dr. # INT Recoveries $10,000 Cr. # Recovery Academic FT $10,000 This would show that we spent $10,000 less on salaries. 17
18 Recoveries External Recoveries External Recoveries should use account numbers in the # to # range. 18
19 Capital Asset Accounts Overview Used to capture expenditures that have a useful life of greater than 1 year. In accordance with Capital Assets Policy: 19
20 Capital Asset Accounts Common Categories Equipment, Furniture & Vehicles > $5,000 # Equipment Major # Office Furniture & Fixtures # Vehicle Purchases 20
21 Capital Asset Accounts Common Categories, Continued Computer Equipment > $2,000 # Equipment Computer Computer Software & Systems* > $5,000 # Computer Software * Does not include periodic licenses (i.e. annual subscriptions) 21
22 Capital Asset Accounts Considerations When considering the cost of an asset: Include: Net HST Freight & delivery charges Set-up costs Foreign exchange Exclude: Warranties or maintenance agreements Training 22
23 Transfer Accounts Overview The movement of funds between internal departments, budget envelopes, or funds within McMaster University with no impact on consolidated financial results. e.g. Provost support of Faculties, Operating matching funds to Capital or Research Transfers should disappear when consolidated 23
24 Transfer account decision tree DO use transfer accounts on journal entries DO use the same transfer account on both sides of the entry DO use the accounts in black below DON T use on deposits, vouchers, purchase requisitions, etc. DON T use the accounts in gray below (reserved for the offices as shown) Transfer between MAC01 & other business units NO Transfer within the same fund NO Transfer between different funds YES Don t use transfer accounts Other business units (e.g. DIV01, EXHAH, EXHAP, etc.) are external entities. Use revenue or expense accounts. YES 20 to 20 Within the same envelope / General Operating allocation Appropriations Between envelopes General UF allocation (Provost) Exam fees (Registrar) YES Miscellaneous Any inter-fund transfer not listed Research (Between all funds & 50/55/80/85) Internal research awards Subgrants between FHS & MRF (FHS debit /credit ) Research to Capital (Facility Services) Residuals (MRF/FHS Research) 30 to 30 or 45 to to 50 or 55 to 55 Within the same envelope / General Appropriations Between envelopes General Subgrants Debit & credit Trust (Between all funds & 70/75/77) General Matching funds to trust Investment income (Financial Affairs) Income allocation (Financial Affairs) Administration (Financial Affairs) Capital (Between all funds & 60) All transfers (Facility Services) Research Royalties Revenue distribution (MILO) 80 to 80 or 85 to 85 Subgrants Debit Credit Ancillary (Between 20 & 30) Internal rent (Financial Affairs) Operating contribution (Financial Affairs)
25 Transfer Accounts Example #1 Department A bought supplies worth $1,000 on account and is splitting the 50% of the cost with Department B, which is in the same envelope. Incorrect: Dept B Dr Materials & Supplies $500 Dept A Cr Int Rev Trnsfr-within FUND $500 Preferred: Dept B Dr Materials & Supplies $500 Dept A Cr Materials & Supplies $500 25
26 Transfer Accounts Example #1 (continued) Department A bought supplies worth $1,000 on account and is splitting the 50% of the cost with Department B, which is in the same envelope. Incorrect: Dept B Dr Materials & Supplies $500 Dept A Cr Int Rev Trnsfr-within FUND $500 Also correct: Dept B Dr Int Rev Trnsfr-within FUND $500 Dept A Cr Int Rev Trnsfr-within FUND $500 Also correct: Dept B Dr Int Rev Trnsfr-within ENVELOPE $500 Dept A Cr Int Rev Trnsfr-within ENVELOPE $500 26
27 Transfer Accounts Example #2 Operating Department A shares $10,000 of revenue from student fees with Ancillary Department B Incorrect: Dept A Dr Int Rev Trnsfr-within FUND $10,000 Dept B Cr Int Rev Trnsfr-within FUND $10,000 Correct: Dept A Dr Int Rev Trnsfr-BETWEEN FUNDS $10,000 Dept B Cr Int Rev Trnsfr-BETWEEN FUNDS $10,000 27
28 Transfer Accounts Example #3 Divinity College reimburses McMaster for credit card fees of $100 Incorrect: Dr. DIV Int Rev Trnsfr-BETWEEN FUNDS $100 Cr. MAC Int Rev Trnsfr-BETWEEN FUNDS $100 Correct: Dr. DIV Bank Charges $100 Cr. MAC Bank Charges $100 28
29 Transfer Accounts Complete Account Matrix 29
30 Salary Accounts Overview Salary accounts are used to track payments by type of employee. The account should reflect the compensation group and type of appointment. e.g. Full-time (permanent) faculty, part-time (contract) staff, hourly 30
31 Salary Accounts Account by Union Group 31
32 Salary Accounts Considerations When determining the salary account, remember: 1. Don t use System-generated when account is missing 2. Use for CUPE sessional faculty All other sessional part-time teaching including overload should use Full-time means permanent, part-time means contract Contract staff working 35 hours should use Questions? Chris Sylvester x sylvest@mcmaster.ca 32
33 Questions? 33
34 Lou Mitton Director, Budgeting Services Dennis Tavares Senior Accountant, Financial Services
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