auxiliary financial statement training session for year end 2014 presented by: finance and...
TRANSCRIPT
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Auxiliary Financial StatementTraining Session
For Year End 2014Presented by:Finance and AccountingGeneral Accounting
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Agenda
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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 Variance Analysis for SNP and SRECNP
Discuss the information requested for quarters 1 through 3
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Reporting Requirement Annually: Auxiliaries with annual revenues greater than
one million dollars are required to submit annual (year-end) financial statements only: www.fa.ufl.edu/directives-and-procedures/auxiliaryeducational-business-accounting/#financial
Quarterly: These same auxiliaries must provide the detail of the outstanding accounts receivable and accounts payable.
Financial Reporting: The accrual information provided within the financial statements will still be included in the preparation of the University financial statements.
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Preparing Financial Statements:Process Overview
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Process Overview Run Trial Balance to review account balances. Collect accrual information. Run myAssets Depreciation reports and complete Capital
Assets reconciliation. Prepare adjusting entries. Enter adjusting journals to into myUFL, and email General
Accounting to review and post. Run nVision and copy report in the workbook. Run Trial Balance query and format, to copy into the workbook. Provide details for the Accounts Receivable and Accounts
Payable. Explain any significant variations on the SNP and SRECNP in
comparison to prior period.
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Adjusting Entries - Accruals
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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 on the adjustment ledger.
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Adjusting Entries – Journal Mask
Use the appropriate journal mask (3 letters) followed by AJ, year, month and 1 thru 9:
UPFAJ14061
UPFAJ14062
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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
Unearned Revenue (Deferred) 440500 262000
Prepaid Expense 170000719300/729200/731100
742200/799900
Accrued Interest 134100 521000
Inventory 151000 /152000 731100
Allowance for Doubtful Accounts 870000 139100
Compensated Absences Liability 699000 291000
Note: Adjusting entries should not include or generate any cash lines.
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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 (7/1/2014), except the year-end Capital Assets reconciliation entry.
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Adjusting Entries - 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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Accrued Accounts Receivable
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Adjusting Entries – Accounts Payable
Accrued Accounts Payable should be listed by vendors and categorized by age.
Provide the status of any payables over 60 days.
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Accrued Accounts Payable
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Accrued Accounts Payable
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If no record is available the following query can be used:FR_AP_QTR_ACCRUAL
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Adjusting EntriesCompensated Absences Liability
Note1: Due to an update in the report General Accounting will now be emailing the report out to the centers in excel format.
The entire amount of the liability must be adjusted since the prior year amount has been reversed automatically reversed on the first day of the following period (7/1/2014).
Note 2: Numbers reported in this presentation are for training purpose only and do not necessarily represent accurately the financial position of University Press of Florida.
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Adjusting Entries - Capital Asset Reconciliation Complete the Capital
Assets tab in the workbook (yellow highlighted cells):
Refer to your Prior Year (2013) Financial Statements for the beginning Capital Assets and Accumulated Depreciation.
Depreciation Reports will not be available until July 11th.
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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 as 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 capital asset entry will not be reversed.
ACCOUNT FINANCIAL STATEMENT CODE ACTUALS BALANCE UF_AUX_ADJ BALANCE ADJUSTED BALANCE 781100 Other Operating Expenses 19,503.00 (19,503.00) 0.00 788000 Depreciation 7,500.00 7,500.00
TOTAL 19,503.00 (12,003.00) 7,500.00
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Adjusting Entries – Posting
Please notify [email protected] when your journals are ready to be posted.
Please enter your adjusting entries at least two days prior to the August 1st deadline.
General Accounting will post them and notify you.
Once all your adjusting entries are posted, you can run the nVision report and the final adjusted trial balance.
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nVision Report
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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: 06/30/2014 for year-end.
Click on Scope and Delivery Templates.
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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.
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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.
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nVision Report – Copy to workbook
Copy the SNP and the SRECNP for both years
To do so: Copy separately each of
the 4 blocks: SNP current and prior period, SRECNP current and prior period.
Paste each in the appropriate area of the workbook (SNP&SRECNP tab) using paste special value
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Trial Balance – ACTUALS + UF_AUX_ADJ
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Trial Balance – ACTUAL and UF_AUX_ADJ Navigate in myUFL to: Main Menu / PeopleSoft/Financials PeopleTools In the new window navigate to: Main Menu / Reporting Tools / Query /
Query Viewer 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 Actuals and UF_AUX_ADJ 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 using paste special value:
Pivot Table
Workbook
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Variance Analysis of SNP and SRECNP
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Variance Analysis
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Provide a brief explanation for any significant variations on the SNP and SRECNP 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
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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
Main Menu / Enterprise Reporting / Access Reporting Public Folders / Financial Information / Financial Information Tool /
UFLOR / Financial Information Tool - UFLOR
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Financial Statement Due Date
Friday, August 1, 2014
Submit your completed workbook to
no later than:
Please enter your adjusting entries at least two days prior to the deadline.
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Quarterly Information - Accounts Receivable and Accounts Payable
Auxiliaries with annual revenues greater than one million dollars are required to report the accounts receivable and accounts payable at the end of each quarter.
This information is included in the quarterly report to the Board of Trustees and it is also reported to the Auxiliary Enterprise Committee.
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Quarterly Information – Variance Analysis Report
General Accounting will send a variance analysis report at the end of the second and the third quarter
This report is on a cash basis and groups GL accounts in just a few broad categories.
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Quarterly Information – Variance Analysis Report
Provide a brief explanation for any significant variations
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Any Questions?
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ContactsWe are happy to assist you!
Jeremiah Carlson [email protected]
294-7261
Ricabuena Gagné [email protected] 294-7275