Advanced General Ledger

1
Advanced General LedgerReporting and Using
Optional Chartfields

• OMNI GL 3000

2
Objectives

• Introduction Accounting Basics
• GL2000Review-- OMNI Reporting Tools
• Using General Ledger reports
• Using Optional Chartfields

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Accounting - Basic AccountingBasic Terms and
Concepts

• General Ledger vs. Budgetary Ledgers
• Budgetary Ledgers track anticipated expenses
  (encumbrances) plus actual expenses against a
  budget (spending authority) to prevent
  over-spending.
• The General Ledger tracks actual expenses only
  (hence the Ledger name Actuals) and is used to
  prepare the Universitys Financial Statements
  (annual reports required by law which disclose
  how the University obtained and utilized its
  financial resources during the preceding fiscal
  period i.e., financial year).

4
Accounting - Basic AccountingBasic Terms and
Concepts

• What is a Trial Balance? A listing of the
  accounts for your dept or project (or the entire
  University) General Ledger and their balances as
  of a specified date (actual financial
  transactionsnot budgetary).
• Debits and CreditsThese are the backbone of any
  accounting system. Every accounting entry in the
  general ledger contains both a debit and a
  credit. Further, all debits must equal all
  credits .

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Accounting - Basic AccountingBasic Terms and
Concepts
Figure 1 Debits and Credits vs. Account Types
Account          Type Debit         
CreditAssets (1 or 2xxxxx)           Increases
         DecreasesLiabilities (3 or
4xxxxx)         Decreases         IncreasesIncome
(Revenue) (6xxxxx)     Decreases
        IncreasesExpenses (7xxxxx)
         Increases          Decreases
  INCREASE DECREASE   INCREASE DECREASE
DEBIT ASSET LIABILITY DEBIT EXPENSE REVENUE
CREDIT LIABILITY ASSET CREDIT REVENUE EXPENSE
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Accounting - Basic AccountingBasic Terms and
Concepts

• Sample Accounting Entries
• Purchase of office supplies on a vendor account
• Step 1 Record the purchase (invoice posting)
• Expense (Office Supplies) 741101 1,000.00
• Accounts Payable 311000
  -1,.000.00
• Step 2 Record the payment( cut check)
• Accounts Payable 311000
  1,000.00
• Cash 112000
  -1,000.00

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Accounting - Basic AccountingBasic Terms and
Concepts

• See how accounts payable is back to zero? The
  net result is the same as if the transaction was
  conducted in cash
• Cash 112000
  -1,000.00
• Office Supplies Expense 74110 1,000.00

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Accounting - Basic AccountingBasic Terms and
Concepts

• Other Examples of Typical entries
• Interdepartmental Requisition Debit (charge)()
  expense account (7xxxxx) and credit(-) revenue
  account (6xxxxx).
• Expenditure Transfer Debit (charge)() expense
  (7xxxxx) for one dept./fund/proj./account and
  credit(-) expense (7xxxxx) for another
  dept/fund/proj./account.
• These entries automatically generate entries to
  move the cash from one department/fund/project
  to the other (Account 112000).
• Revenue Deposited through the Cashiers Office
  Debit () Cash (112000) credit (-) Revenue
  (6XXXXX)

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Accounting - Basic AccountingBasic Terms and
Concepts

• Assets Things of value your dept./project owns.
• Liabilities Things owed to another (debts)
• Equity The difference between the Assets and
  Liabilities. Net difference between revenues and
  expenses from prior years.
• Revenue and Expense accounts keep track of where
  the income comes from and where it goes.
• At the end of the fiscal (accounting) year, all
  the income and expense accounts go to zerowe
  begin the new year with a clean slate.
• Assets and Liabilities do not get zeroed
  outthe balances roll into the next year.

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REPORTING TOOLSUsing Ledger Inquiry

• Ledger Inquiries through General Ledgergt (good
  for viewing data real-time data)
• Review Financial InformationgtLedgergtFind or Add
  Search Name. Note need to set up new search
  the first time.
• Ledger mark Show YTD Balance to get YTD
  totals through identified period as well as
  period totals.
• Can view journals by clicking on Activity
  hyperlink. Then can drill down on the Journal ID
  for more detail. Marking Show Transaction
  Detail will bring Journals up without having to
  drill down on Activity, but can also slow the
  search process.

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REPORTING TOOLSUsing Ledger Inquiry

• Do Exercise 1-a

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REPORTING TOOLSUsing Query Viewer

• Reporting ToolsgtQuerygtQuery
• Viewer
• Query for Trial Balance
• FSU_DPT_TRIAL_BALANCE or
• FSU_DPT_LEDGER_SUM_W_CF

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REPORTING TOOLSUsing Query Viewer

• Do Exercise 1-b.

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REPORTING TOOLSUsing Report Search Page

• Through Monthly Reports
• - Reporting Tools gtReport Search Page
• - Departmental Summary (DLS) provides monthly
  and cumulative totals by account number (Excel
  based).
• - Detail reports are University wide. Use
  Search feature to get specific department or
  project (PDF Reports).

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GENERAL LEDGER REPORTS

• Reports available through the GL module
• Trial Balanceaccount balances for specified
  period
• Ledger Summary Reportdetailed journal activity
• Ledger Activity Reportcontains elements of both
  of the above.

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GENERAL LEDGER REPORTS

• Do exercise 2
• Do exercise 3
• Do exercises 4a and b

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OPTIONAL CHARTFIELDS

• Allows for cost accounting at a more detailed
  level
• Defined by department, added by General
  Accounting.
• Chartfield name maximum 10 characters
• Long Descriptionshould begin with first three
  digits of department numbercannot exceed 30
  characters
• Short DescriptionMaximum of 10 characters

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OPTIONAL CHARTFIELDS

• Do exercises 5a through 7