DOWNLOAD PDF UNDERSTANDING THE REPORTING PROCESS

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1 Chapter 1 : How To Prepare A Work-in-Process (WIP) Schedule Step Action; This flowchart illustrates the tax reporting functionality in the JD Edwards EnterpriseOne Accounts Payable system: The system calculates transactions and, during the post, it updates the information to the Taxes table (F). These are the ones that should almost always be used for requisitions, PCard, and vouchers. Budget Reference â The budget reference chartfield is designed to identify the components of the state appropriations budget. There are two values: All financial transactions will require a budget reference value. Program Code â A program code provides for the functional classification of a transaction. Source of Funds â Source of funds is used to track both revenue and expenditures as they relate to a specific outside funding source. A list of Source of Fund Values is available. Dept Flex â The dept flex field is an optional user-defined field in PeopleSoft can be required on some types of transactions. It is a ten-digit field used by departments to further classify transactions. A list of Dept Flex Values is available. Project â The project chartfield is used to identify project related activity for the construction fund group and the contracts and grants fund group. It allows for the segregation and tracking of project and grant activity at differing levels of budgetary control. CRIS â Required field for IFAS departments and designed to meet the unique federal reporting requirements for units that cross funds, departments and projects. In addition to these, the University requires other specific chartfields depending on the fund. Details on required chartfields for each fund are available. As you might imagine, changing everything HR, purchase orders, Pcards, etc. Completed forms should be ed to: Requests for additional accounts should be directed to General Accounting and Financial Reporting at Reporting There are two types of reports used to facilitate the reconciliation process, delivered reports and prompted reports. Delivered reports are run monthly once the GL and sub-systems have closed, approximately the 10th business day of the month. Prompted reports can be run at any time but are limited to only the current and prior period data. Cash Summary â lists the fiscal activity for a cash-based departmental budgetary cost center summarized at an account code level so departments understand the associated available spending authority and all related components that impact that calculation. Open Encumbrance â lists the amount for each encumbrance for a departmental budgetary cost center subtotaled at an account code level so departments understand what funds are remaining for any open encumbrance. Payroll Cost Distribution â lists individual employee payroll costs for a budgetary cost center with all applicable deductions for a given departmental budgetary cost center so departments understand the personnel expense attributed to their payroll costs paid. KK to GL Summary Comparison â lists the monthly expenditure totals in the commitment control KK ledger and the general ledger in a departmental budgetary cost center subtotaled at an account grouping level so departments understand any expenditure variances between KK and GL. Fiscal Responsibility Internal Controls â Internal controls are a process designed to provide reasonable assurance regarding the achievement of objectives in the following categories: Through effective controls, a department can safeguard assets and also detect and correct errors and irregularities. Basic Internal Controls There should be an audit trail for each financial transaction. Documentation can be in either electronic or paper form. Accounting data must be checked to ensure that it is accurate and reliable. All financial data must be checked against departmental source documents. For financial data to be validated, it must be reconciled. During the reconciliation process, departments must ensure that only expenses related to their budgetary cost center are recorded in that budgetary cost center. The department must follow up on all inaccurate charges. Reconciliation is a critical step in ensuring that the university properly manages its resources. Segregation of Duties for Reconciliation Segregation of duties is critical. Segregation deters fraud and detects errors. Appropriate authorizations must be in place. Authorization of expenditures and recording of expenditures should be segregated duties. Reconciliation of financial transactions and the recording of those transactions should be segregated duties. If a department is too small to have two or more employees who can segregate duties, then the department administrator must frequently review departmental transactions. Required documentation is not the same for all transactions. For example, an adjustment to an expense between account codes within a department is not as critical from the perspective of internal controls and risk as processing Page 1

2 additional pay in the human resources system. Documentation must be aligned with internal controls and level of risk, therefore, required documentation for transactions depends closely on the level of risk associated with the transaction. Documenting general ledger entries are based on the following considerations: Minimal documentation is required when: There are system controls that minimize errors. Examples are transactions that have workflow associated with them. These transactions are reviewed and approved by someone other than the initiator before it posts to the general ledger. The transactions can be fully documented in the system itself. Comments describing the transaction and its purpose as well as the operator ID of the person who initiated the transaction are available in the on-line system. The transaction can be audited from the system itself. Increased documentation is required when the transaction: Reconciliation Ledger summaries and supporting detail ledgers are provided to departments on a monthly basis and can be run more frequently through the FIT cube. These ledgers provide the department with information regarding their financial operations and conditions. They also are used by department fiscal staff to verify or check to ensure that the information they contain is accurate and reliable. This process must be performed at least monthly after the ledgers are received. Since department size and complexity varies significantly, there is not one set of specific fiscal procedures that fits all departments. However, there are certain important fiscal requirements that all departments are required to meet. These requirements help ensure that management is properly informed of their fiscal operations and condition, but that proper controls are in place to ensure that revenues are maximized, prudently spent, that University funds are properly safeguarded, and that proper accountability is maintained. Contracts and Grants funds need reconciliation at a more detailed level. The reconciliation process is accomplished by tracing summary ledger information to detail transaction ledger from myufl information and then to appropriate supporting documentation to ensure the accuracy of the financial information contained in the ledgers. Departments must ensure that all financial data on their ledgers is traced or checked back to the source documentation ex: Departments must ensure that only appropriate transactions are charged or recorded against their budgetary cost center and that adequate documentation to support all transactions is maintained in the department. Department Business Administrators are responsible for identifying financial problems and resolving errors before the following month end. It is critical the Department Business Administrators understand the transaction information contained in their ledgers. Appropriate documentation must be retained to support the reconciliation process has been performed and an audit trail maintained. All reconciliation documentation must be kept for the current and two prior fiscal years. Page 2

3 Chapter 2 : Understanding the Claims Process Understanding the Time Reporting Process Approved time is managed by resolving exceptions, modifying the time, or adjusting time that has been reported or paid. You can use system security to determine which pages display for different types of users. Understanding the Accounts Payable Tax Reporting Process Concept The system enables you to track tax information for reporting purposes. When you set up tax information, the system: The system allocates tax amounts to the taxable general ledger accounts that were used to distribute voucher and invoice transactions, as well as any journal entries entered with value-added tax VAT. Procedure In this topic, you will review the AP tax reporting process. The system calculates transactions and, during the post, it updates the information to the Taxes table F This table provides the information needed to report on taxes. The Update Tax Reconciliation Repository program allocates tax amounts to the taxable general ledger account that was used to distribute voucher entries. The system stores this information in the Tax Reconciliation Repository table FR for reporting purposes. This diagram shows the system setup required to calculate and record tax information. You must set up tax authorities for tracking and reporting purposes to comply with government tax regulations. You must set up an address book record for each authority to which you remit taxes. You must define tax rates and effective dates for the taxing authorities that assess taxes. You can set up the system for special situations such as: Tax explanation codes are UDCs that control how a tax amount is calculated. They also indicate whether a general ledger account is used to record tax information. You set up tax rules by company and by system. These rules identify how the system should calculate taxes: You must set up AAIs so that tax amounts are applied to the correct general ledger accounts. The system uses either PT or PTxxxx, depending on which tax explanation code it uses. In addition to setting up tax components, you also must set up the General Ledger Post program so that when you post voucher transactions, the system updates the Taxes table F automatically. This diagram shows records contained in the tax file. During the post, the system creates a record in the Taxes table for each voucher pay item that has taxes. Many countries require that auditors validate the relationship between taxes and general ledger accounts to certify compliance with government regulations. You have reviewed the AP tax reporting process. Large experience in high-end servers from Dell and HP, having the following certifications: Technical Specialist â Storage and Backup Solutions,. Page 3

4 Chapter 3 : The Comprehensive Guide to Understanding GAAP blog.quintoapp.com The reporting extract process can be rerun as often as you require. When the data in the flat file is correct, you can archive the report extract tables. Finally, all government elements are defined by element class and mapping classes. Return to Navigation Understanding the Canadian Government Reporting Process All postsecondary schools in Canada are required to report specific information to the federal and provincial governments. The PeopleSoft Canadian Government Reporting feature enables users to generate files in formats specified by the government. Using the PeopleSoft Canadian Government Reporting feature, you can extract reports in the following file formats: You must complete a series of setup steps for each of the reports. Some of the steps include setting up very basic data for example, country codes, and the system provides the data for you. Other steps are user defined, and you must closely follow the setup steps to ensure that your system is ready for reporting. After you complete the setup steps, you can populate a table with students who are eligible for reporting. The flat file generation process is a separate step that you can initiate after you run the extract program. You are then responsible for running the flat file through the government edits. If you find any errors and would like to make edits, you can do so without overwriting source data. In addition, you can freeze a reporting period so that the system does not add students or modify them as of a specified date. The reporting extract process can be rerun as often as you require. When the data in the flat file is correct, you can archive the report extract tables. Finally, all government elements are defined by element class and mapping classes. The element class determines what type of calculation or conversion needs to take place in order for the system to report the information in a code the government specifies. The five element classifications are listed in the following table: Element Classification Type Description Classification Mapping CM Use when there is a direct mapping of the data, but you would only report this element in certain circumstances. Note that the selection criteria field must be on the same record as the mapped field. Direct Mapping DM Use when there is a direct mapping of the data. Conversion from application values to government code is not required. The application record and field names are entered in the Direct Mapping table for these elements. Master Mapping MM Use when there is a direct mapping of the data, but you must convert the application value to the Government Reporting Value. You must enter conversion codes in the Master Mapping Table in order for the system to report the government values. The application provides a separate conversion table that holds the converted values. Cannot be derived directly from the database. Require a separate mapping for each government code value. Require complex institution-specific calculations. All rules based elements are identified by report type with a unique procedure number. The reports extract program uses this number to execute the associated logic. Each report type procedure number starts at 1, except MET reporting, which starts at You cannot duplicate procedure numbers within a report type. Any changes to the rule based mapping procedure values require a modification of the reports. If you decide that a mapping change is required, you must ensure that the key structure of the new table allows the retrieval of a unique record. If a key field is required, then you must provide the field name and value for every student on the Student List page. Page 4

5 Chapter 4 : Understanding your consumer data reporting requirements - Experian Insights Office of Research and Information Technology Understanding Your Data Quality Reporting Process CVSA Annual Workshop Information Systems Users Workshop. Generally accepted accounting principles, or GAAP, are a set of rules that encompass the details, complexities, and legalities of business and corporate accounting. GAAP-compliant accountants strictly adhere to established rules and regulations. Consistent standards are applied throughout the financial reporting process. GAAP-compliant accountants are committed to accuracy and impartiality. Principle of permanence of methods: Consistent procedures are used in the preparation of all financial reports. Speculation does not influence the reporting of financial data. Reporting of revenues is divided by standard accounting time periods, such as fiscal quarters or fiscal years. Principle of utmost good faith: All involved parties are assumed to be acting honestly. GAAP compliance makes the financial reporting process transparent and standardizes assumptions, terminology, definitions, and methods. External parties can easily compare financial statements issued by GAAP-compliant entities and safely assume consistency, which allows for quick and accurate cross-company comparisons. Because GAAP standards deliver transparency and continuity, they enable investors and stakeholders to make sound, evidence-based decisions. The consistency of GAAP compliance also allows companies to more easily evaluate strategic business options. What are the Basic Principles of Accounting? Beyond the 10 principles, GAAP compliance is built on three rules that eliminate misleading accounting and financial reporting practices. These three rules are: Basic accounting principles and guidelines: They also draw on established best practices governing cost, disclosure, going concern, matching, revenue recognition, professional judgment, and conservatism. The compendium includes standards based on the best practices previously established by the APB. These organizations are rooted in historic regulations governing financial reporting, which were implemented by the federal government following the stock market crash that triggered the Great Depression. Generally accepted industry practices: There is no universal GAAP model followed by all organizations across every industry. Rather, particular businesses follow industry-specific best practices designed to reflect the nuances and complexities of different areas of business. For example, banks operate using a different set of accounting and financial reporting methods than those used by retail businesses. History of GAAP Without regulatory standards, companies would be free to present financial information in whichever format best suits their needs. The Great Depression in, a financial catastrophe which caused years of hardship for millions of Americans, was primarily attributed to faulty and manipulative reporting practices among businesses. In response, the federal government, along with professional accounting groups, set out to create standards for the ethical and accurate reporting of financial information. Today, all 50 state governments prepare their financial reports according to GAAP. While a little less than half of U. While the federal government requires public companies to file financial reports in compliance with GAAP, they are not responsible for its creation or maintenance. Instead, a few independent boards serve as authorities on these principles, continually updating them to accommodate changing business practices and evolving organizations. For example, goodwill and interest rate swap standards are among several recent changes to provide alternatives for private companies. Below, we have created an overview of the boards that oversee GAAP pronouncements. The FAF is responsible for appointing board members and ensuring that these boards operate in a fair and transparent manner. Members of the public are invited to attend FAF organization meetings in person or through live webcasts. Accounting for goodwill impairment The calculation of goodwill impairment losses, which cover financial technicalities regarding business acquisitions of subsidiary entities, are being modified from a two-step process to a simplified, quantitative one-step process. Determining the customer of the operation services in a service concession arrangement In some cases, government organizations control when, to whom, and at what price infrastructure-related operating entities must provide services. This update establishes accounting practices for such situations. Many different parties rely on government financial statements, including constituents and lawmakers. Fairness and transparency are a priority of the GASB, and their own processes and communications are available for public review. The Page 5

6 GASB Standards-Setting Process 1Create an independent task force 2Conduct research on the subject of the new standard 3Engage the public through published commentary 4Create an Exposure Draft of planned standard 5Host public hearings before a standard is finalized Major Projects in Financial reporting model This project will improve the effectiveness and reliability of the financial reporting models used by state and local governments in their decision-making processes. Revenue and expense recognition This initiative will create a comprehensive framework for tracking and reporting revenue- and expense-related transactions that are not otherwise covered by existing models. Capitalization of interest cost This project will define standards for a new approach to calculating the capitalization of interest costs, which will simplify the financial reporting process. Equity interest ownership issues In some cases, stakeholders report their equity ownership interests in a business through separate entities. This project will improve the measurement of equity ownership positions when they are presented as units in separate entities. The table below represents the total revenues, net income, and diluted earnings per share for the and fiscal years of Pegasystems Incorporated. Chapter 5 : Accounting and Reporting » Finance and Accounting » University of Florida to From Excellence Quality Introduction Processes are the fundamental building blocks of all organisations, and both process understanding and process improvement form the lifeblood of total quality organisations. Chapter 6 : Understanding the Report Process and Research Methods - blog.quintoapp.com Whatever framework or frameworks you choose to use, the CSR Reporting Solution powered by Wdesk will streamline and optimize the CSR report creation, production, and publishing process in several languages. Chapter 7 : Understanding the Time Reporting Process The report: Is intended to provide internal management with concise and timely feedback on areas requiring improvement. Includes an executive summary ( pages) and a detail Appendix. Is prioritized to include more significant issues "up front". Chapter 8 : Auditing Standard No. 5 when obtaining an understanding of the respective process. 1 As this Guide has been designed for use by management, the use of terms such as "you" or "your" refer to employees or other individuals within the entity responsible for internal control over financial reporting. Chapter 9 : Understanding the Canadian Government Reporting Process A rigorous audit process will also, almost invariably, identify areas where management may improve their controls or processes, further adding value to the company by enhancing the quality of its business processes. Page 6