Advanced General Ledger - PowerPoint PPT Presentation

About This Presentation
Title:

Advanced General Ledger

Description:

Advanced General Ledger Reporting and Using Optional Chartfields OMNI GL 3000 – PowerPoint PPT presentation

Number of Views:173
Avg rating:3.0/5.0
Slides: 19
Provided by: Donna505
Category:

less

Transcript and Presenter's Notes

Title: 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


3
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 .


5
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
6
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

7
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

8
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)

9
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.

10
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.

11
REPORTING TOOLSUsing Ledger Inquiry
  • Do Exercise 1-a

12
REPORTING TOOLSUsing Query Viewer
  • Reporting ToolsgtQuerygtQuery
  • Viewer
  • Query for Trial Balance
  • FSU_DPT_TRIAL_BALANCE or
  • FSU_DPT_LEDGER_SUM_W_CF

13
REPORTING TOOLSUsing Query Viewer
  • Do Exercise 1-b.

14
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).

15
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.

16
GENERAL LEDGER REPORTS
  • Do exercise 2
  • Do exercise 3
  • Do exercises 4a and b

17
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

18
OPTIONAL CHARTFIELDS
  • Do exercises 5a through 7
Write a Comment
User Comments (0)
About PowerShow.com