Accounting and financial services ppt

Accounting and Financial Services
207 Howell-McDowell Administration Building

Chelsa Hamilton:
Penny Hamilton:
Shana Savard-Hogge





(606) 783-9049
(606) 783-9524
(606) 783-2132


What do you mean by the
term “restricted”?
-External funding which is limited in
usage.
-A separate account must be
maintained in MSU’s financial
system.
-Financial reports must be made to
outside organizations.


What does the Office of
Accounting and Financial
Services do?
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Establishing new restricted grants/contracts accounts.
Reviewing proposal budgets for financial accuracy and
compliance with University policies.
Enforcing policies and procedures consistent with federal, state,
sponsor, and university regulations.
Approving financial transactions and making deposits for
restricted funds.
Preparing and submitting financial reports and invoices.
Providing assistance to project director’s and their personnel
Closing out restricted projects.


What does the Project
Director do?
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Ensure that all expenditures and any adjustment to expenditures, are reasonable,
allowable, allocable, timely and non-personal;
Submit adequate documentation with all requests for payment, including
reimbursements to the home or other departments;
Ensure compliance with required cost sharing commitments, and provide timely
documentation of all cost-sharing;
Monitor and maintain the committed level of effort on behalf of the restricted
project;
Control the project’s budget, prevent any overdrafts and initiate any necessary
transfers;
Perform periodic review of charges to the project, as reflected on WebAdvisor, and
notify the Office of Accounting & Financial Services of any discrepancies;
Prepare all progress and narrative reports as required by the sponsor, and submit
such according to the time schedule outlined;
Provide assistance to the accounting staff as needed and requested; and prevent
conflict of interest and/or conflict of commitment.

Delegating any duties related to the restricted project to other
personnel does not relieve the PI of his/her
responsibilities.


When and how do I get account
numbers to begin spending?
-Research and Sponsored Programs sends
out award packets.
-The Office of Accounting and Financial

Services sends out an email to the Project
Director and to the Dean that includes the
name and the account number of the grant.
-The account cannot be established before
the start date of the award.


Your Account Number
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The account number assigned to a specific
grant/contract is unique.

XX-XXXXXXXX-XXXXXXX
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First set of numbers are the FUND.
Second set of numbers are the UNIT.
Third set of numbers are the OBJECT CODE.


How do I see my account?
How do I see my account?
-In order to get access to view your
account you must:
Complete the online FERPA workshop.
Complete the online Purchase Requisition
and Budget Viewing workshop.

-Available on Administrative Computer
Applications website.
-Contact ACA for support 606-783-2009.
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What am I seeing on
WebAdvisor?
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Budget
Requisitions
Encumbrances
Actuals (Expenses)
Balance
WebAdvisor will show what is being spent from
each object code, how much money is
remaining, encumbrances that are remaining, etc.


How do I pay for things?
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Personnel Action Request (PAR)
Procurement Credit Card “Pro-Card”
Purchase Requisition
On-Campus Transaction
Travel Request
Check Requests


How do I pay salaries?
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Personnel Action Request (PAR)
If an employee/employer relationship can be
established.
Personal Services Contract (PSC)
For individuals who are non-employees,
consultants, or professional service (catering,
speakers, entertainment, etc.
Check Request
MUST have subcontract on file!


How do I get a work-study?
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All work-study awards are made in
conjunction with the Financial Aid Office.
– Do NOT work students before they have been
approved by Financial Aid Department, the
Office of Accounting and Financial Services,
and Payroll.
– Student Employee Supervisor handbook.


How do I buy materials, supplies
from external sources?
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Procurement Credit Card
-Limited to $500 per day per vendor.
-Limited to a maximum of 80% of current
budget.
Purchase Requisition
-On-line


How do I buy items from MSU’s
bookstore, printing office, testing
center, etc.?
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On-Campus Transaction form

Bring the form to the Office of Accounting &
Financial Services.
– We encumber the funds and send the request
to the bookstore, printing, etc.
– After the purchase is complete that
department will send the completed order to
the Office of Accounting & Financial
Services and the expense will be charged to
your restricted project.


How do I pay for travel?
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Complete a “Travel Request” before you
travel.
Complete a “Travel Expense Voucher”
after the trip is complete.
-Forms are available on the Office of
Accounting and Financial Services
Website.
-MSU’s travel manual is also available.
Includes mileage rate link.


What do Check Requests pay
for?
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Membership fees (5141100)
External Postage (5171200)
Stipends (5145500)
Professional Dues (5145400)
Advertisements (5171390 or 5171400)
Certain Reimbursements to Individuals


May I purchase items with
personal funds then get
reimbursed?
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Yes, but it is strongly discouraged and
should be kept to a minimum.
To get a reimbursement, prepare a “Check
Request” payable to yourself and attach all
original receipts.


When will I get my check for
travel or personal
reimbursement?

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The A/P department prints checks twice a
week – on Tuesday and Friday.


What are basic spending
guidelines?
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All expenses must be ALLOWABLE
– reasonable
– necessary
– timely
– non-personal


What are basic spending
guidelines? (cont.)
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All expenses must have been:
– incurred between the beginning and ending
date of the project.
– services must have been performed between the
beginning and ending date of the project.
– and goods must have been received between the
beginning and ending date of the project.

DO NOT WAIT UNTIL TWO WEEKS

BEFORE YOUR GRANT ENDS TO
SPEND FUNDS!!!


I tried to purchase an item but
was told I did not have enough
money.
It is against university policy to have "red“ or negative
accounts.
 All transfers must be allowed by the funding agency.
 All transfers must be within the same FUND.
 Transfers cannot credit or decrease a line item more than
what remains.
Credit the object code you are taking money FROM.
Debit the object code the money is going TO.
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Use On-Campus Transaction form PLEASE MARK
BUDGET ADJUSTMENT!


I need to travel but I do not see
that object code in WebAdvisor.
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You are strongly encouraged to budget and code
your expenses within these categories at the
proposal stage so each specific purpose can be

tracked throughout the life of your project.
If you decide after the grant award has been
approved that you need to make changes to your
budget work with Research and Sponsored
programs.


My department paid for supplies
for my grant—what do I do to
pay them?
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This is referred to as a Cost Transfer.

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Initiate an "On-Campus Transaction" form, debiting the account
number which should be paying for the expense and crediting the
account number that was originally charged.

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PLEASE MARK “GENERAL LEDGER”

Enter a description including the vendor name and voucher
number. Attach documentation.

Explain why your department purchased items instead of the
restricted account.
MUST BE DONE WITHIN 90 DAYS OF TRANSACTION!!!!


My project crosses fiscal years.
How soon after July 1st will my
funds be available for spending?
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To bring remaining budgeted funds forward is a
time-consuming manual process.
Funds cannot be brought forward until after MSU's
official cut-off for old year transactions

In anticipation of this delay, please try to
order sufficient supplies or materials prior
to MSU's fiscal year to cover your needs
for several weeks.


I did not spend all of my
budgeted funds. Will the money
be carried forward?
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No. All allowable costs must have been
incurred between the beginning and

ending date of the project.
-Exceptions
-Funding Agency written approval.
-Projects that have a life span of more
than a year.


The paperwork I received from
R&SP has cost-share. What is
that? Does it matter?
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Yes!!!
Federal regulations require all costs
associated with a particular externally
funded grant/contract must be properly
documented.
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without regard to which entity is paying for
them (MSU or the agency).