Aurora Finance 100Introduction to Aurora Finance

Objectives

At the end of this training session, you will be able to:

• Identify the elements of the new financial information system, including Banner, FAST, and the Chart of Accounts

• Use basic security rules• Use budget checking rules• Describe the main elements of the FAST

finance reporting tool

Agenda

1. Introduction

2. System Overview

3. Aurora Chart of Accounts - FOAP(AL)

4. Security Setup

5. Budget Checking

6. FAST Demonstration

Introto Auroraand FAST

JE’s IDC’s BA’s

A/R Invoicing

100

201

301

200Hands-OnFAST Reporting

Banner Navigation

202

Aurora Finance Training Courses

What is Aurora Finance?

The Aurora Finance project replaced the University’s previous mainframe accounting system (IMS) with a new financial information management system.

It includes: General Ledger Accounts Receivable and Billing System Purchasing/Payables Budget Striking and Maintenance (FAST) I.D. Charges Capital Equipment Inventory System

System Overview

BANNER

PostageTelephone

Libraries

VIP

FAST Budgeting

CORE

EITSExternal Suppliers

Special Functions

FAST Reporting

BookstorePurchasing

Accounts Receivable

Grants

Endowments

G/L

AccountsPayable

Capital Equipment Inventory

SIS

Raiser’s Edge

How are budget codes constructed?

Budget codes consist of six elements commonly referred to as a FOAP(AL). The acronym is broken down as follows:F Fund Required 6 digitsO Organization Required 6 digitsA Account Required 6 digitsP Program Required 4 digitsA Activity Optional 6 digitsL Location Optional 6 digits

Normally 22 characters long, up to a maximum of 34 Codes are no longer hard coded; every element is variable,

and can be used to create an infinite number of possibilities

FOAP: What is it?

Fund = SOURCE of income (Operating, Research, Grants, Endowment, etc.)

Organization = WHO spent the money (Faculty, Admin Unit, Dept., etc.)

Account = WHAT the money was spent on (expenditures: supplies, travel, etc.) **also for reporting income**

Program = PURPOSE of the expense or revenue (Academic, Administration, Research, Revenue, etc.)

FOAPAL Example

110000 – 312000 – 700101 – 1100

General Dean’s Office DomesticInstruction

Operating Agriculture Airfare

Fund Academic

Often transactions will use the same FOP elements, and various Accounts

Coding of TransactionsCoding of Transactions

F O A P A L

Account Identifies WHAT the money was spent on, the type of revenue, and also

used to define assets and liabilities. In the IMS system, this was typically the “Expense/Object Code”.

There are 8 Account types:10 Assets20 Liabilities30 Control Accounts (never used for data entry)40 Fund Balance50 Revenue60 Salaries, Benefits & Pay Levy70 Expenditures80 Fund Transfers

F O A P A L

The main Account types that you will generally use are:

Name Data Entry Prefix

Revenue 5Salaries & Benefits 6Non Salary Expenses 7

4 levels in the Account hierarchy Data entry level (salaries, benefits & pay levy Accounts only)

= 5 digits Data entry level (all other Aurora Accounts) = 6 digits

Helpful Hints

Funds Funds start with

Unrestricted operating funds 11xx Internally restricted funds 12xx Provisions funds and future revenue funds 19xx Restricted funds:

Trusts & Spending funds Special Purpose funds 2xx Staff Benefits Fund Research Fund 3xx

Endowment funds 6xx Pension funds 8xx Capital funds 91xx Bank fund 99x

Accounts Accounts start with

Assets 1xx These are balance sheet accounts Liabilities 2xx & Control accounts 3xx Must be used with a Fund only Fund Balance 4xx

Revenue 5xx

Salaries & Benefits 6xx Expenditure 7xx Must be used with FOAP Fund Transfers 8xx

Helpful Hints (continued)

Funds Default Program Comments

Unrestricted operating funds 11xx depends on Org E.g. Financial Services uses program 1300 (Administration). However, all faculties use Internally restricted funds 12xx depends on Org program 1100 (Instruction - General) Restricted Funds:

Trust & Spending fund 21xx 5000 or 7000 Trust & Endowment programs Special Purpose fund 28xx 2100 Special Purpose program Research fund 3xx 2000 Sponsored Research program

Endowment funds 6xx 7000 Endowment program Capital funds 91xx 6000 Capital program

Defaults Default Orgs and Programs have been set up for most Funds Default Funds and Programs have been set up for most Orgs

Aurora Finance Website

Security in Aurora Finance

Security is based on what forms and processes a user can access, as well as what Funds and Orgs they are responsible for. Each user will be authorized to access specific Funds or Organizations.

For example: a person who needs Dean’s Office Agriculture will have access to Fund 110000 (Operating Fund) and Org 312000 (Dean’s Office).

(continued)

A person can have both signing and posting capability or just query access.

FAST Budgeting and FAST Reporting use the same security setup as the Banner system.

Aurora does not provide security over the Account element. Hence any user can view and post to all Accounts (including salaries).

Security in Aurora Finance, continued

If a person in the Dean’s Office Agriculture needs view and posting access, they will get:Fund Org

View 110000 312000Posting 110000 312000

If the same person also needs the same access to a Grant in Food Science Agriculture, the following would be added:

Fund OrgView 302550 312500Posting 302550 312500

However, what they will end up with is the following:Fund Org

View/post 110000 312000302550 312500110000 312500

Because this person originally had view access to Fund 110000 (Operating), when they received access to Fund 302550 for the Research Fund, they also received access to the Operating Fund for Food Science (Org 312500).

Security Example

Budget checking occurs for the combined FOP.

“Account” is ignored, which allows you to be overspent in one Account (e.g. Printing) and under spent in another (e.g. Telephone, Equipment Rental) and still allow the transaction to be posted.

Only when the total FOP is overspent will a transaction be denied posting.

Budget Checking

MONTHLY OPERATING REPORT Month of: December 2005Fiscal Year 2005/2006 Fund 110000 General Operating Org xxxxxx Faculty X

Signing Authority John/Jane Doe Amount Remaining to be Spent $31,033.00

Budgets and Grants Contact Debbie Cerasani 474-6394

Account Account Type Level TwoType DescriptionLevel Two

Current Dec-05 O/S Total YTD YTD Fiscal $ BudgetMonth YTD Actual Commitments Activity and Budget Available

Commitments61 Academic Salaries Pool 0.00 50,939.00 92,500.00 143,439.00 144,876.00 1,437.00 65 Support Salaries & Wages 0.00 18,423.00 71,000.00 89,423.00 84,596.00 (4,827.00)66 Student Wages 0.00 0.00 0.00 0.00 0.00 0.00 6V Fellowships, Bursaries and Other 0.00 0.00 0.00 0.00 0.00 0.00 6W Fee for Service/Honariums 0.00 0.00 0.00 0.00 0.00 0.00 6Z Interface only Wages 0.00 0.00 0.00 0.00 0.00 0.00

Total Wages 0.00 69,362.00 163,500.00 232,862.00 229,472.00 (3,390.00)

6X Benefits 0.00 7,251.00 0.00 7,251.00 26,918.00 19,667.00 6Y Health and Education Levy 0.00 1,381.00 0.00 1,381.00 4,935.00 3,554.00

Total Benefits and Pay Levy 0.00 8,632.00 0.00 8,632.00 31,853.00 23,221.00

% of Total Wages 0.00% 12.44% 0.00% 3.71% 13.88%

Total Wages, Benefits and Pay Levy 0.00 77,994.00 163,500.00 241,494.00 261,325.00 19,831.00

Account Description

Budget Example

Current Dec-05 O/S Total YTD YTD Fiscal $ BudgetMonth YTD Actual Commitments Activity and Budget Available

Commitments7A Travel 0.00 0.00 0.00 0.00 6,450.00 6,450.00 7B Library Acquisitions 0.00 0.00 0.00 0.00 0.00 0.00 7C Subtotal Printing and Duplicating 629.00 3,781.00 0.00 3,781.00 3,216.00 (565.00)7D Subtotal Materials and Supplies 0.00 529.00 0.00 529.00 10,807.00 10,278.00 7E Subtotal Telecommunications 0.00 534.00 0.00 534.00 3,025.00 2,491.00 7F Other Operational Expenses 0.00 0.00 0.00 0.00 1,000.00 1,000.00 7G Utilities 0.00 0.00 0.00 0.00 0.00 0.00 7H Renovations and Alterations 0.00 0.00 0.00 0.00 0.00 0.00 7I Externally Contracted Services 0.00 0.00 0.00 0.00 0.00 0.00 7J Professional Fees 0.00 0.00 0.00 0.00 0.00 0.00 7K Cost of Goods Sold 0.00 0.00 0.00 0.00 0.00 0.00 7L Interest and Bank Charges 0.00 0.00 0.00 0.00 0.00 0.00 7M Capital Acquisitions 0.00 8,452.00 0.00 8,452.00 0.00 (8,452.00)7N Repairs and Maintenance 0.00 0.00 0.00 0.00 0.00 0.00 7O Amortization 0.00 0.00 0.00 0.00 0.00 0.00 7P Property Taxes 0.00 0.00 0.00 0.00 0.00 0.00 7Q Accountable Advances 0.00 0.00 0.00 0.00 0.00 0.00 7R Scholarships Bursaries and Awards 0.00 0.00 0.00 0.00 0.00 0.00 7S Foreign Exchange 0.00 0.00 0.00 0.00 0.00 0.00 7X Reserves Budget Only 0.00 0.00 0.00 0.00 0.00 0.00 7Y Budget Only Accounts 0.00 0.00 0.00 0.00 0.00 0.00 7Z Expenditures Interface Only 0.00 0.00 0.00 0.00 0.00 0.00

Total Non Payroll Expenses 629.00 13,296.00 0.00 13,296.00 24,498.00 11,202.00

Grand Total Expenses 629.00 91,290.00 163,500.00 254,790.00 285,823.00 31,033.00

81 Fund Transfers Out82 Fund Transfers In

Net 0.00 0.00 0.00 0.00 0.00 0.00

Grand Total Expenses and Fund Transfers $629.00 $91,290.00 $163,500.00 $254,790.00 $285,823.00 $31,033.00

Account Description

Note:Total Wages are overspent - A Budget Adjustment should be done to cover this. Although Account Type 7M is overspent, the transaction was allowed to continue as the total FOP is under spent.

Budget Example, continued

FAST - What is it? Key features How to access FAST FAST Functionality Demonstration of FAST

Introduction to FAST

F.A.S.T. = Financial Administration Support Tool (Millennium Computer Systems)

A dynamic, web-based budgeting and reporting tool

Downloads data from Banner, stores it in the FAST database, and presents financial information in an easy-to-read and understandable format

Replaces IMS screen FRGLA

FAST – What is it?

• Web based• Point and click navigation • Drill down to transaction level detail• Comparative and date range views of data• Filter on any combination of FOAPAL

elements• Report on any period or date range• Export to Microsoft Excel

Key Features of FAST

Demonstration of FAST

Support Resources

Aurora resources:• Training - sessions

- e-Learning• Website – online help• Help desk – 272-1555

Security – (John Dinoto – 9754)

Questions?