Managing department budgets is a key responsibility for an administrator. This section describes the types of budgets used at the University (which is usually determined by the source of the funds), the financial systems utilized, how to run various financial reports, and best practices in oversight and reconciliation.
Financial Accounting System (FAS): is the University's core accounting system. It performs many different accounting functions, including processing all accounting transactions, updating files, and producing management reports. The system is updated nightly.Transactions processed by 4:00pm PST will be visible in FIN the following day.
Applications within FAS:
Financial Index Network (FIN):
FIN, a component of FAS, is a set of on-line Financial Accounting screens that allows users to view financial accounting information that originates in FAS and Financial Indexes that are an integral part of FAS processing. This provides read-only access to revenue and expenditure transactions, index of budget numbers and links to data on encumbrances, financial coding and payroll load rates.
Administrative offices also use special FIN screens to add or change Financial Indexes, including budget number, account code, organization code, and miscellaneous code indexes.
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What is the difference between FAS and FIN?
FAS is the core accounting system or "operating system". FIN, a component or "application" of FAS, is a set of online Financial Accounting screens that allow users to view financial accounting information that originates in FAS and Financial Indexes that are an integral part of FAS Processing. Read more....
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BGT Training: If you are new to the BGT system or if you need specialized training, please contact the Planning and Budgeting office.
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Learn more: http://myfd.washington.edu/help
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MyFD Training: MyFD offers classroom and departmental training as well as e-Learning opportunities
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BUDGET TYPES
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OPTIONS FOR RUNNING REPORTS
MyFinancial.desktop (MyFD) can be used to generate fiscal reports, monitor budget balances, transfer posted expenditures, forecast revenue/expenditures and reconcile transactions. Learn more: http://myfd.washington.edu/help.
- About Access to MyFD: Check authorizations, obtain, grant, remove and expand access
- About MyFD Reports : Provides access to online financial reports including the Budget Summary and Transaction Summary Reports as well as Transaction Detail, Current Encumbrances and Budget Lists.
- About Transactions: Transfer posted salary and non-salary expenditures. Allowable transfers include Retroactive Salary Transfers (RST's), Request Transfer Expenditures (RTE's) and Journal Vouchers (JV's). Some transfers are not allowed in MyFD including deficit, lump sum, revenue transfers and fabrications. More information is available for Grant & Contract Accounting Budgets and State/Self-Sustaining Budgets.
- About Queries : MyFD can create and run ad-hoc reports from the Transaction Detail Report using the Query Tool with user specified criteria and budget numbers.
Decision Support Reporting Tools
- Requesting Access
- Organization-wide reports available through Decision Support including forecasting templates
Web based reports drawing data from the PAS Data Warehouse and JP Morgan Chase PaymentNet.
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BIENNIUM CLOSE / FISCAL YEAR END CLOSE
- "Biennium": two year budgeting period beginning July 1 in odd-numbered years and ending June 30th of odd number years.
- More information about Biennium Close and Fiscal Year End
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DEPARTMENTAL BUDGET TOPICS
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MAKING ADJUSTMENTS / CORRECTIONS TO BUDGETS AND BUDGET ACTIVITY
Correct transaction errors:
- Transfer expenditures in MyFinancial.desktop (MyFD). Allowable transfers include RTE's, RST's, and JV's .
- Transfers not allowed in MyFD include deficit, lump sum, revenue transfers and fabrications.
- More information about Grant & Contract Accounting Deficit Procedures
- More information about State / Self Sustaining Budgets
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To reallocate in budgets within your org code, see your College Administrator.
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To correct budgeted amounts or rebudget a contract or grant, contact GCA through Grant Tracker
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You can view transactions through the Budget Driver. (Access to the BGT and training is required)
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GIFT BUDGETS
- About Gift Processing: how gifts are processed
- How to Establish a Discretionary Budget
- Gift Processing Guidelines
- Staff Contacts
- Gift and Pledge Batch Gift Controls: a breakdown of processing times
- Life of a Gift Chart: from arrival to reporting and receipting
- Online Forms: gift and pledge transmittals, budget and appeal code request forms
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ENDOWMENTS & DISTRIBUTION
- Advance Database (must have training before you can use)
- Coordinate with unit’s Advancement personnel for local stewardship history and process
Consolidated Endowment Fund
The Treasury office is responsible for the investment and administration of the Consolidated Endorsement Fund (CEF). Programs supported by the endowment distributions include scholarships, fellowships, professorships, chairs and research activities. Endowment principal budgets begin with 99-xxxx and are not open to expenditures, although they remain open to additional investment.
Link to report of your gift budgets (Data Warehouse)- this will tell you what the budget is for.
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TAX ISSUES
See overview and contacts for tax compliance
The University of Washington is not a 501c3 organization, but contributions to the University of Washington Foundation are tax exempt.
Key Facts:
- Federal Tax ID (EIN): 91-6001537
- State Tax ID (UBI): 178-19-988 (For information reporting only - all business license matters MUST go through the Tax Office)
- Dunn and Bradstreet Number: 042803536
Transaction Coding: Coding a transaction in the system is critical for proper Washington State sales tax application:
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RECONCILIATION
See further guidance
- Facilities
- UWIT (long distance, tech services, and equipment)
- Fleet Services
- Mailing Services Postage