1. Auxiliary Financial Statement Training Session For Year End 2014 Presented by: Finance and Accounting General Accounting

2. Agenda

3. 3 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

4. 4 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/#financialwww.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.

5. Preparing Financial Statements: Process Overview

6. 6 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.

7. Adjusting Entries - Accruals

8. 8 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.

9. 9 Adjusting Entries – Journal Mask Use the appropriate journal mask (3 letters) followed by AJ, year, month and 1 thru 9: UPFAJ14061 UPFAJ14062

10. 10 Adjusting Entries – Debits and Credits Account Type To IncreaseTo Decrease AssetDebit (+)Credit (-) LiabilityCredit (-)Debit (+) RevenueCredit (-)Debit (+) ExpenseDebit (+)Credit (-)

11. 11 Possible Adjusting Entries Debit (+)Credit (-) Accrued Accounts Receivable 132200440400/440500 Accrued Accounts Payable 719300/729200/731100 742200/799900 211000 Unearned Revenue (Deferred) 440500262000 Prepaid Expense170000 719300/729200/731100 742200/799900 Accrued Interest134100521000 Inventory151000 /152000731100 Allowance for Doubtful Accounts 870000139100 Compensated Absences Liability 699000291000 Note: Adjusting entries should not include or generate any cash lines.

12. 12 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.

13. 13 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.

14. Accrued Accounts Receivable 14

15. 15 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.

16. Accrued Accounts Payable 16

17. Accrued Accounts Payable 17 If no record is available the following query can be used: FR_AP_QTR_ACCRUAL

18. 18 Adjusting Entries Compensated 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.

19. 19 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 11 th.

20. 20 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.

21. 21 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. ACCOUNTFINANCIAL STATEMENT CODE ACTUALS BALANCE UF_AUX_ADJ BALANCE ADJUSTED BALANCE 781100Other Operating Expenses19,503.00(19,503.00)0.00 788000Depreciation7,500.00 TOTAL 19,503.00(12,003.00)7,500.00

22. 22 Adjusting Entries – Posting Please notify UAS-Auxiliary@admin.ufl.edu when your journals are ready to be posted.UAS-Auxiliary@admin.ufl.edu 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.

23. nVision Report

24. In MyUFL,navigate to People Soft and Financials PeopleTools. In the new window, navigate to Reporting Tools / PS/nVision / Define Report Request. 24

25. nVision Report On the Report Request page, search for report ID “AUX_REP” 25 On the nVision Report Request page, select the appropriate date: 06/30/2014 for year-end. Click on Scope and Delivery Templates.

26. nVision Report Search for Report Scope starting with AUX. 26 Each auxiliary has its own scope. Select the appropriate scope and click OK to return to prior page.

27. nVision Report Click Run Report on the nVision Report Request page. Click OK on the Process Scheduler page. 27

28. 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 28

29. nVision Report Navigate to Report Manager either through the nVision Report Request page or the top menu. 29 On the Report Manager page click on Administration tab and retrieve the report.

30. 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 30

31. Trial Balance – ACTUALS + UF_AUX_ADJ

32. 32 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.

33. 33 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

34. 34 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

35. Variance Analysis of SNP and SRECNP

36. Variance Analysis 36 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.

37. Available Queries

38. 38 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 Balanc e 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

39. 39 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.

40. 40 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.

41. 41 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.

42. 42 Quarterly Information – Variance Analysis Report Provide a brief explanation for any significant variations

43. Any Questions?

44. 44 Contacts We are happy to assist you! Jeremiah Carlson  jccarlson@ufl.edu jccarlson@ufl.edu  294-7261 Ricabuena Gagné  bea1127@ufl.edu bea1127@ufl.edu  294-7275