Auxiliary Financial
Statement
Training Session
For Fiscal Year 2010-2011
Presented by:
Finance and Accounting
General Accounting
Agenda
Agenda

Discuss the detailed steps required for preparing
and submitting financial statements for auxiliaries,
including:
accrual information – Adjusting Entries
 nVision Reports
 Adjusted Trial Balance
 Notes to SNA and SRECNA
 The
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Reporting Criteria

Only auxiliaries with annual revenues greater
than one million dollars are required to submit
quarterly and annual (year-end) financial
statements to General Accounting.
4
Auxiliary Financial Statements vs.
UF Fund Level Financial Statements
UF Fund Level Financial Statements consolidate
an entire fund:
 Does not include assets (Funds 801-802)
 Accruals related to ID Sales are not
recorded
 Inventory and Compensated Absences are
often posted in a generic DeptID
 Substantial supporting documentation is
required
5
Auxiliary Financial Statements vs.
UF Fund Level Financial Statements
Auxiliary Financial Statements:
Auxiliary considered as a self-standing entity
 Includes assets
 Accruals related to ID Sales are recorded
 Inventory and Compensated Absences are
posted in specific auxiliary DeptID
 Use as reference for preparation of UF
Fund Level Financial Statements and for
Auxiliary Enterprise Committee meeting
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Preparing Financial
Statements:
Process Overview
Process Overview







Collect accrual information
Prepare adjusting entries
Submit adjusting journals to General Accounting
Run nVision and copy report in the workbook
Run Trial Balance query and format TB
Provide details for the Accounts Receivable and
Accounts Payable
Explain any significant variations on the SNA and
SRECNA in comparison to prior period.
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PROCESS
→ Adjusting Entries Accruals
Adjusting Entries – Journal template
 All
adjusting entries must be prepared on a journal
template using PeopleSoft chartfield values to be posted
to the adjustment ledger.
Note: The journal template has been changed following MyUFL upgrade.
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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
719300/729200/731100
742200/799900
211000
Deferred Revenue
440500
263000
Prepaid Expense
170000
719300/729200/731100
742200/799900
Accrued Interest
134100
521000
Inventory
151000 /152000
731100
Compensated Absences
Liability
699000
291000
Allowance for Doubtful
Accounts
870000
139100
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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 except the
Compensated Absences Liability and the year-end
Capital Assets reconciliation.

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Adjusting Entries
Compensated Absences Liability
$190,000.00
The
entire amount of the liability must be adjusted since the prior
year amount will be reversed by General Accounting. This
adjustment is only required at year end and the same balance will
be carried over until next fiscal year.
 Enter on a separate journal. The entry will not be reversed as of
07/01/2011.
Note: Please refer to separate instructions on how to retrieve the report.
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Adjusting Entries - Capital Asset Reconciliation

Complete the
Capital Assets tab
in the workbook
(yellow highlighted
cells):
CAPITAL
ASSETS
Ending Capital Assets on YE 2010 FS
(+) Capital Assets Expenses 2011 - 78xxxxx Balances
(-) Accrued AP 2010
(+) Accrued AP 2011
Total Capital Assets per Financial
Statements
217,795.39
6,335.94
Capital Assets per Depreciation Report
222,000.00
Variance to adjust to account
183000/541100
224,131.33
(2,131.33)
ACCUMULATED DEPRECIATION ( all negative
figures)
Accumulated Depreciation on YE 2010 FS
(-) Depreciation Expenses FY 2011 per Depreciation
Report
Total Depreciation per financial
statements
(159,293.33)
Accumulated Depreciation per Depreciation Report
(163,000.00)
Variance to adjust to 193000/541100
(6,500.00)
(165,793.33)
2,793.33
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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
on a separate journal.
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Adjusting Entries - Capital Asset Reconciliation

The entry will not be reversed as of
07/01/2011.

After adjustment for capital assets all
78xxxx accounts on the Adjusted Balance
column should be zero except for
Depreciation Expense:
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Adjusting Entries – Journal Mask

Use the appropriate
journal mask (3
letters) followed by
AJ, year, month and
1 thru 9:
JRUAJ11061
JRUAJ11062
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Adjusting Entries – Posting



Submit your journal templates to UASAuxiliary@admin.ufl.edu
General Accounting will post them and notify
you.
Once all your adjusting entries are posted, you
can run the nVision report.
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PROCESS
→ 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

On the nVision
Report Request
page, select the
appropriate date:
06/30/2011 for
year-end.

Click on Scope and
Delivery Templates.
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nVision Report

Search for Report Scope
starting with AUX.


Each auxiliary has its
own scope.
Select the appropriate
scope and click OK to
return to prior page.
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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.
On the Report
Manager page
click on
Administration
tab and
retrieve the
report.
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nVision Report – Copy to workbook

Copy the SNA and the
SRECNA for both years
To do so:


Copy separately each
of the 4 blocks: SNA
current and prior
period, SRECNA
current and prior
period.
Paste each in the
appropriate area of the
workbook
(SNA&SRECNA tab)
using paste special
value
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PROCESS
→ Trial Balance –
ACTUALS + UF_AUX_ADJ
Trial Balance – ACTUAL and UF_AUX_ADJ

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 ledgers.
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Trial Balance – ACTUAL and UF_AUX_ADJ
1
Save
the file.
 Format
using
Excel
pivot table
tool.
 Remove
any
subtotals
from the
Pivot
Table.
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:

Pivot
Table
Workbook
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PROCESS
→ Accounts
Receivable Detail
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.
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Accounts Receivable
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PROCESS
→ Accounts Payables
Detail
Reconciliation – Recap of Accrued AP


Accrued accounts payable should be listed by vendors
and categorized by age.
Provide the status of any payables over 60 days.
36
Accrued Accounts Payable
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Accrued Accounts Payable

If no record is available the following query can be used:
FR_VOUCHER_LOOKUP2
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PROCESS
→ Notes to SNA and
SRECNA
Notes to SNA and SRECNA

Provide a brief explanation for any significant variations
on the SNA and SRECNA 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.
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Available Queries
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
42
Financial Statement Due Date
Submit your completed
workbook to UASAuxiliary@admin.ufl.edu no
later than:
August 5, 2011
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Any Questions?
Contacts
We are happy to assist you!

Patrice Lecomte



Jennifer Lu



plecomte@ufl.edu
392-1326 ext. 303
jennifer.lu@ufl.edu
392-1326 ext. 403
Sheela Moudgil


moudgils@ufl.edu
392-1326 ext. 410
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