Auxiliary Financial StatementTraining Session

For Year End 2014Presented by:Finance and AccountingGeneral Accounting

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.

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.

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.

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.

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 UAS-Auxiliary@admin.ufl.edu 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.

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: 06/30/2014 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 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

Variance Analysis of SNP and SRECNP

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.

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

UAS-Auxiliary@admin.ufl.edu

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

Any Questions?

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ContactsWe are happy to assist you!

Jeremiah Carlson jccarlson@ufl.edu

294-7261

Ricabuena Gagné bea1127@ufl.edu 294-7275