auxiliary financial statement training session for fiscal year 2010-2011 presented by: finance and...
TRANSCRIPT
Auxiliary Financial StatementTraining Session
For Fiscal Year 2010-2011Presented by:Finance and AccountingGeneral Accounting
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Agenda
Discuss the detailed steps required for preparing and submitting financial statements for auxiliaries, including:
The accrual information – Adjusting Entries nVision Reports Adjusted Trial Balance Notes to SNA and SRECNA
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Reporting Criteria
Only auxiliaries with annual revenues greater than one million dollars are required to submit quarterly and annual (year-end) financial statements to General Accounting.
Auxiliary Financial Statements vs. UF Fund Level Financial Statements
UF Fund Level Financial Statements consolidate an entire fund:
Does not include assets (Funds 801-802) Accruals related to ID Sales are not
recorded Inventory and Compensated Absences are
often posted in a generic DeptID Substantial supporting documentation is
required5
Auxiliary Financial Statements vs. UF Fund Level Financial Statements
Auxiliary Financial Statements: Auxiliary considered as a self-standing entity
Includes assets Accruals related to ID Sales are recorded Inventory and Compensated Absences are
posted in specific auxiliary DeptID Use as reference for preparation of UF
Fund Level Financial Statements and for Auxiliary Enterprise Committee meeting
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Process Overview
Collect accrual information Prepare adjusting entries Submit adjusting journals to General Accounting Run nVision and copy report in the workbook Run Trial Balance query and format TB Provide details for the Accounts Receivable and
Accounts Payable Explain any significant variations on the SNA and
SRECNA in comparison to prior period.
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Adjusting Entries – Journal template All adjusting entries must be prepared on a journal
template using PeopleSoft chartfield values to be posted to the adjustment ledger.
Note: The journal template has been changed following MyUFL upgrade.
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Adjusting Entries – Debits and Credits
Account Type
To Increase To Decrease
Asset Debit (+) Credit (-)
Liability Credit (-) Debit (+)
Revenue Credit (-) Debit (+)
Expense Debit (+) Credit (-)
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Possible Adjusting Entries
Debit (+) Credit (-)
Accrued Accounts Receivable 132200 440400/440500
Accrued Accounts Payable
719300/729200/731100742200/799900
211000
Deferred Revenue 440500 263000
Prepaid Expense 170000719300/729200/731100
742200/799900
Accrued Interest 134100 521000
Inventory 151000 /152000 731100
Compensated Absences Liability 699000 291000
Allowance for Doubtful Accounts 870000 139100
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Adjusting Entries
All adjusting entries can be posted to one single department ID in your auxiliary range.
All adjusting entries will be automatically reversed on the first day of the following period except the Compensated Absences Liability and the year-end Capital Assets reconciliation.
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Adjusting EntriesCompensated Absences Liability
Note: Please refer to separate instructions on how to retrieve the report.
The entire amount of the liability must be adjusted since the prior year amount will be reversed by General Accounting. This adjustment is only required at year end and the same balance will be carried over until next fiscal year.
Enter on a separate journal. The entry will not be reversed as of 07/01/2011.
$190,000.00
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Adjusting Entries - Capital Asset Reconciliation
Complete the Capital Assets tab in the workbook (yellow highlighted cells):
CAPITAL ASSETS
Ending Capital Assets on YE 2010 FS 217,795.39
(+) Capital Assets Expenses 2011 - 78xxxxx Balances 6,335.94
(-) Accrued AP 2010
(+) Accrued AP 2011 Total Capital Assets per Financial Statements 224,131.33 Capital Assets per Depreciation Report 222,000.00 Variance to adjust to account 183000/541100 (2,131.33)
ACCUMULATED DEPRECIATION ( all negative figures)
Accumulated Depreciation on YE 2010 FS (159,293.33)(-) Depreciation Expenses FY 2011 per Depreciation Report (6,500.00)Total Depreciation per financial statements (165,793.33) Accumulated Depreciation per Depreciation Report (163,000.00) Variance to adjust to 193000/541100 2,793.33
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Adjusting Entries - Capital Asset Reconciliation
The tab includes a journal template that will be automatically populated:
Keep the Capital Assets reconciliation entries on a separate journal.
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Adjusting Entries - Capital Asset Reconciliation
After adjustment for capital assets all 78xxxx accounts on the Adjusted Balance column should be zero except for Depreciation Expense:
The entry will not be reversed as of 07/01/2011.
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Adjusting Entries – Journal Mask
Use the appropriate journal mask (3 letters) followed by AJ, year, month and 1 thru 9:
JRUAJ11061
JRUAJ11062
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Adjusting Entries – Posting
Submit your journal templates to [email protected]
General Accounting will post them and notify you.
Once all your adjusting entries are posted, you can run the nVision report.
nVision Report In MyUFL ,navigate to People
Soft and Financials PeopleTools.
In the new window, navigate to Reporting Tools / PS/nVision / Define Report Request.
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nVision Report On the Report Request page,
search for report ID AUX_REP
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On the nVision Report Request page, select the appropriate date: 06/30/2011 for year-end.
Click on Scope and Delivery Templates.
nVision Report
Search for Report Scope starting with AUX.
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Each auxiliary has its own scope.
Select the appropriate scope and click OK to return to prior page.
nVision Report Click Run Report on
the nVision Report Request page.
Click OK on the Process Scheduler page.
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nVision Report Click Process
Monitor on the nVision Report Request page.
On Process Request page, click refresh to update the status
Wait for Success and Posted
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nVision Report Navigate to
Report Manager either through the nVision Report Request page or the top menu.
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On the Report Manager page click on Administration tab and retrieve the report.
nVision Report – Copy to workbook
Copy the SNA and the SRECNA for both years
To do so: Copy separately each of
the 4 blocks: SNA current and prior period, SRECNA current and prior period.
Paste each in the appropriate area of the workbook (SNA&SRECNA tab) using paste special value
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Trial Balance – ACTUAL and UF_AUX_ADJ
Run trial balance query: UF_AUX_TB_FS with the
appropriate prompts:
Download in Excel:
Note: The same query is used to pull the balances from both ledgers.
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Trial Balance – ACTUAL and UF_AUX_ADJ
Save the file.
Format using Excel pivot table tool.
Remove any subtotals from the Pivot Table.
1 3
2
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Trial Balance – ACTUAL and UF_AUX_ADJ Copy the entire pivot table (excluding the headers) in
the workbook under tab - Adjusted Trial Balance:
Pivot Table
Workbook
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Accounts Receivable
Accrued accounts receivable should be categorized between interdepartmental sales (ID Sales) & Non UF Sales, then by age.
Provide the status of any receivables over 120 days.
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Reconciliation – Recap of Accrued AP
Accrued accounts payable should be listed by vendors and categorized by age.
Provide the status of any payables over 60 days.
Accrued Accounts Payable
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If no record is available the following query can be used:FR_VOUCHER_LOOKUP2
Notes to SNA and SRECNA
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Provide a brief explanation for any significant variations on the SNA and SRECNA in comparison to prior period.
Pay special attention to the following lines: Cash & Investments, Accounts Receivable, Operating Revenues, Employee Compensation and Benefits and Services & Supplies.
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Available Queries UF_AUX_TB_FS
Trial Balance for ACTUALS and UF_AUX_ADJ ledger UF_GL_TB_BY_FUND_DEPT_AUX_QRY
Trial Balance for ACTUALS ledger UF_GL_JOURNAL_DETAIL_QUERY2
Provides the entries making up the ACTUALS Trial Balance
UF_AUX_ADJ_JRNL_DETAIL Provides the entries making up the UF_AUX_ADJ Trial
Balance
FIT Cube
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Financial Statement Due Date
August 5, 2011
Submit your completed workbook to
[email protected] no later than:
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ContactsWe are happy to assist you!
Patrice Lecomte [email protected] 392-1326 ext. 303
Jennifer Lu [email protected] 392-1326 ext. 403
Sheela Moudgil [email protected] 392-1326 ext. 410