Florida International University EABM Meeting. April 20, 2012

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1 Florida International University EABM Meeting April 20, 2012

2 Agenda Chart of Account Redesign Project Questions & Answers

3 Chart of Account Redesign Goals To develop a financial structure which will identify, capture and report activities of the institution in the University s financial system accurately and in sufficient detail to be used independently or in conjunction with other systems and to provide senior management with information necessary for Financial and Management Reporting. This CoA structure should: Be driven by the analytical and reporting needs of the institution Be flexible enough to accommodate future growth Facilitate the consistent use of the chart by each operating unit across the institution Facilitate achieving fewer errors, more transparency, and consistency Minimize analysis efforts, coding errors, and training requirements for users

4 Chartfields Basic fields used to categorize transactions in PantherSoft: Business Unit Department Account (Alt Account) Fund Program Code Site Activity Number Budget Reference Project Panther ID Task

5 Definitions - Required Chartfields Name Business Unit Department Account Alt Account Identifies the legal entity within the University. Required Definition Identifies an organizational unit. To be considered a Department the unit must serve a distinct function or discipline, have a manager with subordinates, and have a budget. This is a common value across all PantherSoft systems (Campus Solutions, HR, Financials). Identifies transactions based on the object or nature of the event to which they relate. This Chartfield is used to classify transactions in the accounting system as Assets, Liabilities, Revenues, Expenses or Equity. This Chartfield further breaks down this classification by type such as rent revenue, fees, travel expenses, etc. Classifies the nature of a transaction utilizing the State standard General Ledger code. Each account Chartfield must be mapped to an alternate account. Used for statutory reporting only. Fund Program Code Site Activity Number Identifies major funding sources that the University must report on separately. Each fund has its own rules for spending and for receiving money. Identifies the primary mission or activity being reported such as instruction, research, public service, administrative support, plant operation and maintenance, financial aid, student activities, etc. Also known as the PCS code and is a required code for State reporting and financial statement preparation. Identifies the campus or location to which the transaction is identified, such as On-Line, Study Abroad and Medical locations. Tracks revenues and expenses for a specific activity using a distinct fund, program code, site and department (organization) string.

6 Definitions Optional Chartfields Name Budget Ref. Project Cost PID Task Optional Definition Identifies the aid year for financial aid awards. Also used by College of Medicine to identify the academic period. Tracks projects whereby the University is required to report fiscal activities on a life-to-date basis. Typically, the life of these projects crosses fiscal years. This Chartfield will be used for grants and construction projects. Tracks revenues and expenses for a specific Faculty allocation. Tracks expenses that have a similar purpose that are not identified in another existing Chartfield, for example, Critical Investments.

7 Summary By Chartfield Field Name Change New Field SUMMARY BY CHARTFIELD Usage Change Required Budget By Businesss Unit No No No Yes Yes Department ID No No Yes Yes Yes Account No No No Yes Yes ALT Account No No No Yes Yes Fund No No No Yes Yes Program Code No No No Yes Yes Site Class No Yes Yes Yes Activity Nbr New Chartfield Yes New Chartfield Yes Yes Budget Reference No No Yes No No Project No No No Grants E & G Cost Share Cost PID New Chartfield Yes New Chartfield No Optional Task New Chartfield Yes New Chartfield No No

8 Current Versus Future CURRENT CHARTFIELDS Required Fields Optional Fields Business Unit Dept ID Account ALT Account Fund Program Code Class Budget Reference 5 alphanum 9 digits 6 digits 5 digits 3 digits 2 digits 1 digit 4 digits Project Chartfields FINALIZED DESIGN Business Unit Dept ID Account ALT Account Fund Program Code Site Activity Number Budget Reference Project Chartfields Cost PID Task 5 alphanum 9 digits 6 digits 5 digits 3 digits 2 digits 2 digits 10 digits 4 digits 7 digits No Change Organization Department No Change No Change No Change No Change Expand to 2 digits 10 digits No Change No Change 7 Digits TBA Campuses Other Sites Hospitals 5 - Org ID 1 - Fund Type 4 Sequential To be used by FA for Aid Year & COM for Academic Period PCBU's to be added for Department Projects Use Empl ID Currently being setup for expenses with similar purpose, e.g. CI Optional for all funds

9 Examples of Current Vs. Future Required Fields Optional Fields Current Future Business Unit Department (Activity) Department (Organization) Account ALT Account Fund Program Code Example 1 Current FIU CPHSW Student & Alumni Affrs Permanent Salaries Comp & Empl Ben E&G General Revenue Student Service Administration Class Budget Project Ref Site ActivityNbr Cost PID Task MMC Campus Future FIU CPHSW - Dean's Office Permanent Salaries Comp & Empl Ben E&G General Revenue Student Service Administration Example 2 Current FIU Public Health Tuition Plus Permanent Salaries Comp & Empl Ben Auxiliary Continuing Education MMC CPHSW Student & Campus Alumni Affrs BBC Campus Future FIU CPHSW - Dean's Office Permanent Salaries Comp & Empl Ben Auxiliary Continuing Education Example 3 Current FIU Faculty Startup Furniture & Equipment Over $5,000 Furniture & Equipment E&G General Revenue Academic Administration BBC Public Health Tuition Campus Plus Future FIU CAS Deans Office Admin Furniture & Equipment Over $5,000 Furniture & Equipment E&G General Revenue Academic Administration MMC Campus MMC Rodriguez, Faculty Startup Campus Jorge L

10 Module Impacts Activity Number is a unique value used to identify the cost center attributes for financial transactions in the following modules: Requisitions, Purchasing and Accounts Payable Procurement Card Travel and Expense Budget Overview Asset Management Smart Billing Item Types in Campus Solutions

11 PantherSoft HR Impacts Payroll Transfers Payroll Detail Report eprf Contracts Department Budget Table Combo Codes Time and Labor (Task Profiles)

12 New Features Consistent use of departments across modules Continued use of a value that represents a specific chartfield string Budgeting/tracking by Panther ID, Task and Cost Sharing Enhanced reporting capabilities for department consolidations and new Chartfields

13 Next Steps Now: Inactivating Current Department IDs Change Department ID s for any recurring charges on Inactivated ID s to current Active Department ID s for the remainder of fiscal year 2012 Phone and copy card recurring charges will be moved centrally Meeting Earlier Year-End Deadlines April 30: Last day to request Organization Departments or Department IDs in current system June 15: Crosswalk of Active Department ID to New Activity Number and Inactivated Department IDs available on COA Project Website July 3: FY Year End Close July 4-8 FY Budget converted into new structure and available COA Redesign Go Live / System down on July 5-6 New Activity Number Request Form & Process available July 9: Full system available to all users

14 Training & Support Training Open Labs beginning July 9 (Times/Location TBA) UPK updated online trainings available by July 9 Support Call: Ext GLMaint@fiu.edu FIU CHAT

15 COA Redesign Project Website

Florida International University Finance Managers Meeting. February 15, 2013

Florida International University Finance Managers Meeting February 15, 2013 1 Florida International University Fiscal Year 2013-14 Budget Kick-Off February 15, 2013 2 FY 2013-14 BUDGET KICK-OFF AGENDA