myFinance User Guide - Federation University Australia
Contents
1. reports will refer to GST as GST Item Type A shortcut link to General Ledger and GST distribution used in Billing in myFinance CRICOS Provider No 00103D L Finance TRAINING WebDocuments UserGuides 2_Introduction Terminology docx Page 2 of 22. Federation 3 UNIVERSITY AUSTRALIA myFinance User Guide Terminology This document introduces some common financial terms and their meanings that users will encounter within myFinance Learning Objectives Upon completion of this lesson learners will be able to e Understand the meaning of common myFinance terms Term What does it mean ChartFields Fields within the Accounting structure Account Department and Project Account Determines the accounting classification of the financial transaction For example is it an expense 5 income 4 asset 1 liability 2 or equity 3 Accounts have 4 characters and the first character of the Account ChartField indicates the high level accounting classification For example income accounts begin with 4 and expense accounts begin with ae Department The Department ChartField is the University area responsible for the financial transaction Departments have 5 characters The first two characters indicate the Funding source and the last three characters indicate the university area Portfolio School Section or Research Centre For example 10205 Commonwealth Operating School of ABC 20405 State Profile School of XYZ Services Project The Project Chartfield is a specific University activity externally and internally sourced with a significant financial turnover A Project may have accountability requirements such as acquittal or separate au
3. dit Note that a Project will not normally comprise of a number of minor activities e g small consultancy jobs This will be dealt with by the Department ChartField Projects have 6 characters The first two characters indicate the Funding source and the last four characters are allocated sequentially by the system CRICOS Provider No 00103D L Finance TRAINING WebDocuments UserGuides 2_Introduction Terminology docx Page 1 of 2 Federation 3 UNIVERSITY AUSTRALIA For example 115678 Project ABC is a commonwealth operating funded project 215678 Project XYZ is a state profile funded project Distribution Refers to the combination of ChartFields Account Department or Account Project selected to allocated financial transactions within the General Ledger The ChartField Distribution is made up of only 2 Chartfields Account 4 digits Department 5 digits OR Account 4 digits Project 6 digits Speed Type A shortcut link to General Ledger distribution used in Department Receipts in myStudent Centre Departmental Non invoiced receipt transaction e g cash sale which is receipted directly to a Receipting General Ledger Receipt This type of receipting is processed in myStudent Centre using a Speed Type VAT VAT stands for Value Added Tax In Australia this is GST Note that although myFinance refers to GST as VAT any output from the system invoices purchase orders receipts
Download Pdf Manuals
Related Search