Auxiliary Financial
Statement
Training Session
For Year End 2014
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
 Variance Analysis for SNP and SRECNP
 The

Discuss the information requested for quarters 1
through 3
3
Reporting Requirement

Annually: Auxiliaries with annual revenues greater than
one million dollars are required to submit annual (yearend) financial statements only: www.fa.ufl.edu/directivesand-procedures/auxiliaryeducational-businessaccounting/#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.
4
Preparing Financial
Statements:
Process Overview
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.
6
Adjusting Entries Accruals
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.
8
Adjusting Entries – Journal Mask

Use the appropriate
journal mask (3
letters) followed by
AJ, year, month and
1 thru 9:
UPFAJ14061
UPFAJ14062
9
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
Unearned Revenue
(Deferred)
440500
262000
Prepaid Expense
170000
719300/729200/731100
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.
11
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.
13
Accrued Accounts Receivable
14
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.
15
Accrued Accounts Payable
16
Accrued Accounts Payable

If no record is available the following query can be used:
FR_AP_QTR_ACCRUAL
17
Adjusting Entries
Compensated Absences Liability
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).

Note1: Due to an update in the report General Accounting will now be emailing
the report out to the centers in excel format.
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.
18
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

The capital asset entry will not be
reversed.

After adjustment for capital assets all
78xxxx accounts on the Adjusted Balance
column should be zero except for
Depreciation Expense:
ACCOUNT
781100
788000
TOTAL
FINANCIAL STATEMENT CODE
Other Operating Expenses
Depreciation
ACTUALS BALANCE
19,503.00
19,503.00
UF_AUX_ADJ BALANCE
(19,503.00)
7,500.00
(12,003.00)
ADJUSTED BALANCE
0.00
7,500.00
7,500.00
21
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.
22
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:
06/30/2014 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
28
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.
29
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
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.
32
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
33
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
34
Variance Analysis of
SNP and SRECNP
Variance Analysis

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.
36
Available Queries
Available Queries

UF_AUX_TB_FS


UF_GL_TB_BY_FUND_DEPT_AUX_QRY


Provides the entries making up the ACTUALS Trial Balance
UF_AUX_ADJ_JRNL_DETAIL


Trial Balance for ACTUALS ledger
UF_GL_JOURNAL_DETAIL_QUERY2


Trial Balance for ACTUALS and UF_AUX_ADJ ledger
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
38
Financial Statement Due Date
Submit your completed workbook to
UAS-Auxiliary@admin.ufl.edu
no later than:
Friday, August 1, 2014
Please enter your adjusting entries at least
two days prior to the deadline.
39
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.
40
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.
41
Quarterly Information – Variance Analysis
Report

Provide a brief explanation for any
significant variations
42
Any Questions?
Contacts
We are happy to assist you!


Jeremiah Carlson

jccarlson@ufl.edu

294-7261
Ricabuena Gagné


bea1127@ufl.edu
294-7275
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