Section 1 Our System at USF by welcomegong


									                   The USF Financial System
                     FAST Financials (Oracle/PeopleSoft)

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              Departmental and Central Staff
                  Accountants
                  Office Managers
                  Business Managers
                  Program Assistants

              The University of South Florida System is composed of two separately
              accredited institutions. USF consists of the main research campus in Tampa,
              which includes USF Health, and two regional campuses – USF Sarasota-
              Manatee and USF Polytechnic in Lakeland. USF St. Petersburg is a separately
              accredited institution.

              USF uses a complex combination of software and systems that manages and
              controls all financial transactions in the university. Some of these software and
              systems are integrated; some operate independently. USF uses comprehensive
              accounting software (Oracle/PeopleSoft Financials) to consolidate and report all
              of its financial operations. Within the university the financial system is referred to
              as FAST. FAST is composed of individual modules designed for managing
              specific activities. These modules serve as subsidiary ledgers. The modules
              currently used by USF are Asset Management, Accounts Payable, Accounts
              Receivable, Billing, Budget, Contracts, General Ledger, Grants Management,
              Commitment Control, Project Costing, Purchasing (and Pcard), Security, and
              Travel. All transactions are summarized and posted to the general ledger; all
              transactions also pass through commitment control for budget validation. In
              addition, financial data from other stand-alone systems is imported electronically
              and recorded in the General Ledger.

              To better understand and use the data in FAST Financials it is necessary to have
              a sound understanding of the structure and its components. This course will
              deliver basic knowledge of:

                         o   The university structure and funding sources
                         o   The software applications
                         o   The relationship and integration of all applications
                         o   What application is best suited for your needs
              This course should serve as a foundation and pre-requisite for the General
              Ledger course, the Finance Mart Reporting course, and the Reconciliation

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              Discussions in this section will include:

                         o   The USF structure and funding sources         Pg. 3
                         o   The modules and functions                     Pg. 4
                         o   The concept of a general ledger               Pg. 6
                         o   The general flow of data                      Pg. 7
                         o   Basic building blocks of FAST                 Pg. 8
                         o   What are chart fields                         Pg. 10
                         o   Accounting Periods                            Pg. 14
                         o   How do I get started                          Pg. 14
                         o   Security                                      Pg. 17
                         o   Glossary of terms                             Pg. 18


              Similar to most universities, USF has three primary missions; instruction,
              research, and innovation. These missions define the university as a non-profit
              educational organization. USF practices fund accounting because our revenue is
              generated from many diverse sources. Each source may have different
              restrictions on the use of the funding and often have different reporting

              Funding sources include:
                           State of Florida
                                   (often referred to as E&G or general revenue)
                           Research/Grant funding
                                   (Federal, state, or private agencies)
                           Auxiliary funding
                                   (generated from approved business activity)
                           Tuition and Fees
                           Student Loan funding
                           Construction funding from State of Florida
                           Bonding of buildings
                           Federal Stimulus funding
                           Transfers from a DSO

              As a recognized non-profit educational organization, USF is obligated to operate
              only within the defined mission of the university as described above. There are
              however other activities, financial and non-financial, that are desirable for USF to
              conduct but which fall outside of the defined mission. To address these needs,
              USF has created direct support organizations. A Direct Support Organization
              (DSO) is a separate, not-for-profit corporation organized and operated
              exclusively to assist the University to achieve excellence by providing
              supplemental resources from private gifts and bequests, and valuable
              educational support services. These organizations are authorized by Florida
              Statute to receive, hold, invest and administer property and to make
              expenditures to or for the benefit of the University. An independent certified
              public accountant conducts an annual audit of each organization’s financial
              statements and the annual audit report is submitted to the Board of Trustees, the
              Board of Governor’s Office and the Auditor General.

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              Currently, the DSOs of USF are:
                             USF Foundation
                                    (raises, accepts, invests and distributes gifts to USF)
                             USF Research Foundation
                                    (supports technology research for economic development)
                             University Medical Service Association (UMSA)
                                    (supports research and medical activities)
                             Medical Services Support Corporation (MSSC)
                                    (supports research and medical activities)
                             Health Professions Conferencing Corporation
                                    (sponsors activities and events for health professionals)
                             USF Financing Corporation
                                    (receives, holds, and administers property for USF)
                             USF Property Corporation
                                    (supports acquisition and construction of facilities)
                                    (conducts activities, events and entertainment)
                             Alumni Association
                                    (maintains a beneficial relationship with USF alumni)


              There are three primary enterprise business systems (EBS) at USF. All are
              coordinated by the Business Systems Re-engineering (BSR) department. The
              three EBS systems are
                                   FAST (the primary financial application)
                                   GEMS (the HR/Employment application)
                                   OASIS (the student academic and financial application)

              The FAST and GEMS applications are both Oracle/PeopleSoft software. OASIS
              is SCT/SunGard/Banner software.

              FAST (PeopleSoft) is modular in design; each module is designed to operate
              either independently or in coordination with other PeopleSoft modules.


              PeopleSoft is a financial software package composed of individual modules
              designed to perform specific business functions. These modules may be used
              individually or in various combinations as a component package.

              Purchasing: This module is used by USF departments for buying products and
              services from vendors.

              P-card: This module is used by USF departments for buying products and
              services from vendors using a USF corporate credit card (P-card).

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              Travel: This is a part of the Accounts Payable module used to process all travel
              requests and to account for travel related expenditures.

              Asset Management: This module is used to track fixed assets that exceed the
              state capitalization level ($1,000). Assets include tangible property, buildings,
              building improvements, art, books, and vehicles.

              Accounts Payable: This module is used to automate voucher processing to pay
              vendors in a timely manner for goods and services purchased by USF.

              Billing: this module is used to create billings for things USF sells to outside
              customers. Outside customers include private businesses, private individuals,
              other universities, state government, Moffitt, Sun Dome, UMSA, the USF
              Foundation, and the USF Research Foundation.

              Accounts Receivable: This module is used to record all money due from USF
              customers. It is also used to record payments received (through Cashiering) and
              to provide information to management.

              Contracts: This module is related to the Grants module and is used to set up
              sponsored projects.

              Grants Management: This module is used to manage the sponsored grants
              that are awarded to USF faculty. This module helps control the grant funds and
              provides the information and reporting required by grant sponsors.

              Project Costing: This module is used to record cash flow and expenses for
              USF construction projects.

              Budget: This module is used to manage your spending authority and to
              manage your money.

              Commitment Control: This module supports the Budget module to help
              departments manage their spending authority and money.

              General Ledger: This module is used to support the accounting operations and
              to provide information to end users and management.

              Security: Access to the FAST system is granted to individuals based on specific
              duties performed. Find the request forms on the FAST web site under
              Forms/Forms Alphabetical.


              Although FAST is the primary financial application of the university, other
              subsidiary systems continue to exist to perform specific functions that can not be
              performed in FAST. For instance, student related transactions (recording of
              charges and payments) are created in Banner (OASIS) and automatically
              uploaded to FAST GL each evening. All payroll related transactions are created
              in GEMS (also an Oracle/PeopleSoft product) and then automatically uploaded

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              to FAST GL each evening. Other stand-alone systems exist that feed data to the
              General Ledger serving the needs of Information Technology, Physical Plant,
              and Post Office. These subsidiary systems employ functionality that does not
              exist in FAST and would be very difficult to replicate in FAST. For instance,
              Information Technology has software named TAS designed to track telephone
              usage including the telephone numbers, locations of the telephones, calls
              placed, length of time of the calls, cost, etc. FAST was not designed for this
              functionality. USF chose to retain TAS and feed the telephone charges to the
              FAST general ledger rather than modify the PeopleSoft software to replicate this

              Data from these stand-alone systems is posted to the FAST general ledger in
              summary. To find detail of the transactions, it is necessary to either search the
              stand-alone systems or search the data warehouse. There is no drilldown
              capability from FAST to GEMS, FAST to OASIS, or FAST to any of the stand-
              alone systems.

              In addition, some transactions are created on-line by import of spreadsheets
              directly to general ledger. An example is the recording of inter-departmental
              sales. When one department sells a service or a product to another department,
              that sale and the corresponding expense are recorded on an Excel spreadsheet
              to be imported to general ledger. The template of this Excel spreadsheet may be
              found on the FAST web site


              The general ledger captures and consolidates all of the financial information from
              all aspects of a business operation. The heart of a general ledger is a table of
              balanced entries summarizing the transactions that appear in the various sub-
              ledgers. General ledger is not designed to capture detail but rather the final

              A general ledger contains four account types; assets, liabilities, revenue and
              expenses. Assets are things the university owns such as cash in bank accounts,
              accounts receivable, and equipment. Liabilities represent debts of the university
              such as what we owe to vendors for things we have purchased. Revenue
              represents sales that USF departments have made to customers. Expenses of
              course recognize our cost of operating. For reporting purposes in Finance Mart,
              the assets and liabilities appear on the Balance Sheet; revenue and expenses
              appear on the Financial Reporting Summary.

              The following graph maps the flow of data from originating source to the
              reporting tools. Data from GEMS, OASIS, IT and Physical Plant is transferred to
              GL by electronic interface on a daily basis. The on-line entries are presented on
              spreadsheets that are uploaded to GL on demand. The entries created in the
              various modules are posted to GL by a series of PeopleSoft jobs that are run
              daily. All entries are processed and validated by GL and by Commitment Control.
              That data is transferred to the Data Warehouse from which reports are formatted
              for viewing via the Finance Mart.

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The Flow of Purchasing Actions

              In addition to financial actions that involve an exchange of money like payments
              made to vendors or deposits of cash, specific purchasing actions are recorded in
              the financial system. These actions have an impact on a department’s budget
              and they reflect the status of a purchasing action.

              The general flow is:

                     A requisition is prepared and submitted to Purchasing

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                     The requisition is validated
                     A purchase order is issued
                     Occasional changes to the purchase order may be needed
                     A voucher is created
                     Expense and accounts payable entries are created
                     Finally the vendor is paid

              Budget is affected through this purchasing flow. When the requisition is created
              budget is reserved in the amount of the requisition; this action decreases the
              amount of RSA (remaining spending authority) to prevent overspending by the
              department. When the purchase order is created, the budget amount reserved
              by the requisition is reversed and budget is then reserved for the encumbrance
              (purchase order). When the voucher is created, expense is recognized. Budget
              reserved for the purchase will be reversed and then RSA will be decreased in the
              amount of the expense. The example below illustrates the effect of a $500
              purchase from a total budget of $1,000.


              So what are the basic building blocks?

              SET ID
              A SetID is used to connect multiple business units to commonly used data
              tables. USF uses just one SetID: USFSI. Purchasing uses five business units but
              all five use the same vendor table under the SetID USFSI. Billing uses two
              business units to separate grants activity from commercial activity but both
              business units use the same customer file under SetID USFSI.

              BUSINESS UNITS
              The university is a separate legal entity maintaining its own set of books of
              financial activity. The General Ledger uses the Business Unit USF01 to capture
              all of the transactions for the university. The other modules (subsidiary ledgers)
              in FAST use business units to group transactions for specific areas of the
              university. For instance Purchasing uses multiple business units to separate
              transactions by campus (Tampa, St. Petersburg, Lakeland, Sarasota, USF
              Health, and Physical Plant).

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              CHART OF ACCOUNTS
              A chart of accounts is a listing of all accounts used in the general ledger
              including a description and a corresponding number. The accounts are
              categorized in groups. See page 12 for a description of the grouping logic used
              by USF.

              A ledger consists of posted balances that represent a set of books for a business
              unit. Ledgers store the posted activity for a set of chart field values by accounting
              period and by fiscal year. Because a ledger supports a single chart of accounts,
              separate ledgers are defined for business units having a unique chart of
              accounts. Ledgers are maintained primarily through journal entries, and can
              store actual, budget, forecast, statistical, or other types of data at many levels.

              The “Actuals” ledger contains actual expenditure and revenue transactions
              (things you bought, things you sold, and money you deposited). Use the Actuals
              ledger for searching the general ledger for transaction information.

              Ledgers may also be combined into ledger groups. A ledger group can have one
              primary ledger and up to nine subsidiary ledger. Ledger groups provide
              information associated with the category of budget. There are four primary
              ledger groups tha are used to search the commitment control module of FAST.

              The ledger group named “CC ORG” contains budget transactions that are not
              grant related. Typical transactions are the release of budget and any budget
              transfers. In this ledger you will also see encumbrances and expenses which
              consume the budget. The remaining budget after expenses are paid and after
              purchase orders have been created is referred to as “RSA” or residual spending
              authority. The CC ORG ledger is used during searches in the Commitment
              Control menu options.

              There is a related ledger group, CC_ORG_REV which contains only revenue
              related transactions. Use this to search for auxiliary revenue.

              Grants transactions are found in other ledger groups. They are

              There are other ledger groups but these four, CC_ORG, CC_ORG_REV,
              CC_PROJECT_CHILD and CC_PROJECT_PARENT are the four most
              commonly used ledger groups.

              To recap, ledgers in FAST contain accounting entries defined by chart fields and
              dollar values. All of the accounting entries for the university are combined as a
              set of balanced books under business unit USF01. All of the business units of
              the various subsidiary modules in FAST use common data tables that all carry
              the SetID USFSI.

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              A chart field value is a combination of either numbers or letters that will help
              identify the characteristics of an accounting transaction. Chart fields identify the
              source and purpose of a transaction and help drive how and where it is reported.
              Seven basic chart fields are combined to form a chart field string. The account
              chart field satisfies accounting needs. The other six fields (Operating Unit, Fund,
              Department ID, Product, Initiative, and Project ID) exist for organizational
              purposes. Chart fields and chart field strings may be used to search for
              information in both FAST and Finance Mart.

Operating Unit: This is a breakdown within one company to show different segments of the
              company. Here at USF, we use the operating unit chart field to identify
              campuses and large individual segments such as USF Health. The operating
              units ID is 3 characters long and only letters. We have seven operating units.

              FPR            Florida Institute for Phosphate Research
              HSC            Health Sciences Center
              LKL            Lakeland Campus
              SAR            Sarasota Campus
              STP            St. Petersburg Campus
              TPA            Tampa Campus
              UNV            University Wide

Fund ID:      As a university, we are required to separate our funds into specific categories for
              reporting purposes. In addition, specific funds will have specific restrictions on
              how they may be used. For instance, the use of federal research funds (fund ID
              20000) must comply with federal regulations. General revenue funding from the
              State of Florida (fund ID 10000) must be used in compliance with state

              The fund codes are 5 numbers in length with the first number indicating the
              broad category to which the fund belongs. There are 9 categories each of which
              refer to the source of the funding and the type of restrictions on those funds.

              In general funds beginning with:

              0       are    Auxiliary (unrestricted) identifying a particular EBA activity
              1       are    State funding (E&G) and federal stimulus funds
              2       are    Restricted (targeted purpose) including sponsored research funds
              3       are    Loan Funds (student loans)
              5       are    Capital Project funds (construction)
              6       are    Renewal & Replacement (reserve)
              7       are    Debt Service (debt payments)
              8       are    Capital Asset (property)
              9       are    Agency (not USF’s money)

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              More specifically, the fund ID’s are:

GL Account

              The GL Account chartfield collects accounting data and identifies the nature of
              the transaction. Accounts, commonly referred to as a chart of accounts, are
              grouped into five types; the type determines where the transaction will appear in
              official reports. The five types are listed below with their appropriate report and a
              definition of the type.

              Acct Type      Appears On               Description
              Assets         Balance Sheet            What USF owns (cash, buildings)
              Liabilities    Balance Sheet            What USF owes (invoices payable, bonds)
              Fund Balance   Balance Sheet            The difference between assets and
              Revenue        Income Statement         Inflow of resources (student tuition, sales)
              Expenses       Income Statement         Outflow of resources (salaries, supplies)

              Account codes are always five characters and always numbers.

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Department: This field is used to define a cost center; one with a budget for its area, such as a
             college department. There are 6 characters, all numbers, in the department ID.
             The numbering scheme, using the first number of the department ID, often
             points to a college or a VP area.

Product:       Within a department, this may be used to keep track of the accounting for a
               single activity. For example, Educational Outreach uses product codes to track
               the revenue and expenses of each individual course that they offer, no matter
               what fund ID or department ID is used. There are 6 characters in the product
               field. They may be a combination of numbers and/or letters. We say this field is
               optional but it must be populated with a value. An example of an Educational
               Outreach product field is XLIC27 representing Polk County Government. But
               departments that do not choose to use product codes enter the value 000000 in
               the chart field. Products may be used to capture expense and revenue amounts.

Initiative:    At USF an initiative is used for tracking each P I.’s share of a grant, or to track
               internally funded awards. Initiatives are always 7 characters long and may be a

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               combination of numbers and letters. Initiatives are also considered an “optional”
               field but must have a value in the field. Departments not using initiatives populate
               the field with 0000000.

Projects:      This field is used to track both sponsored research grants (10 characters – all
               numbers) and construction projects (all begin with P followed by a second letter
               and 12 digits). For grants this field identifies a specific award. It is a
               combination of campus, department, funding source, NACUBO code, sequence
               number and sub-account number. For capital projects this field identifies a
               specific construction project reference.

Typical chart field strings might look like this:

 Oper Fund         Account    Dept     Product      Initiative   Project      Description
 Unit  ID           Code       ID       Code

TPA    03600        54000    042700      000000      0000000                    auxiliary expense

TPA    03700        44201    460601     XCAR11       0000000                    auxiliary revenue

TPA    10000        50022    471000     FIO001       0000000                    salary expense

SAR    06001         44426    520300    000000       0000000                    Sarasota revenue

SAR    06001         12010                                                      Sarasota AR

STP    20000         53600    122400 000000         0000000 2132101101          Grant expense

Appropriate Combinations of Chart Fields:

               Notice that the fifth chart field string example above contains only three chart
               fields. In general,a chart field string will have values in all six primary fields ;
               grant related transactions will have values in seven fields including the project
               ID. However when a transaction is built involving an asset or a liability GL
               account code that starts with a 1 or a 2 (also called balancing chart fields), the
               department, product, and initiative fields are not populated. Those fields must be
               left blank.

               When a sponsored research fund (20000, 21000, 22000, etc) is used, it should
               be accompanied by a project ID.

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Examples of Inappropriate Combinations of Chart Fields:

              * Revenue codes (beginning with a 4) should never be used with a state fund ID
              (fund 10000 or fund 10009)

              * A chart field string containing an operating unit, and fund ID, and a GL account
              code beginning with either “1” or “2” must not have any values in the department,
              product and initiative fields.

              * When a project ID is used in a chart field string, it must also be accompanied
              by a PC Business Unit, and Activity ID, and a Budget Reference.


              The USF accounting/fiscal year is July 1 through June 30. Fiscal years are
              commonly referred to by the year when they end. For example the fiscal year
              2007 runs from July 1, 2006 to June 30, 2007.

              Each fiscal year has twelve periods. July is period 1. August is period 2. June is
              period 12. Accounting periods are used when conduction searches in the
              General Ledger and when building reports in Finance Mart.


              There are five primary applications in the USF financial system. They are:

                     Data Warehouse (Finance Mart)

              All five exist under the guidance of the Enterprise Business Systems (EBS)
              department. Note: the EBS web site may be found at
              Individual web sites exist for each application. The web sites contain good
              foundation knowledge about the application, frequently asked questions, links to
              training opportunities, forms used by the applications, and links to other good
              informational sites. The url addresses are:

                     eUSF          (includes Finance Mart)

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              You have now taken of the first steps. Once you have an understanding of the
              financial system structure you will know what systems you need to learn and
              what kind of access you need. This is driven mainly by your job responsibilities.

              Many of the financial system components require specific security access
              tailored to your job responsibilities and secured by a user ID and a unique
              password. Once you have access to components of the financial system, use
              particular applications for specific tasks.

              For example to create requisitions, pay bills, invoice customers, deposit funds or
              to track the progress of any of these actions, use the modules of FAST. To
              manage, review, or report on payroll activities use GEMS. To manage, review or
              report on student activities use OASIS.

              To reconcile any of the activities above, start with Finance Mart using FAST,
              GEMS, or OASIS to identify detail information of the transactions or to initiate
              correcting actions.

              Training is recommended and in some cases required prior to being granted
              access to the financial system. Training workshops are offered for both the
              functional use of the various applications and for general knowledge in
              accounting and reconciliation. The current training workshops include:

                     Purchasing/Hands On Requisition

                             Purchasing Hands-On Requisition Training is for new FAST users
                             or users that need a refresher. This is an 8-hour training
                             conducted over two half-day sessions in a computer lab. During
                             this training, participants will learn how to create different types of
                             requisitions, send them through workflow, and how to receive the
                             goods after the requisition becomes a Purchase Order.

                     Pcard Reconciliation

                             P-Card reconcilers, with existing FAST access, will learn how to
                             process P-Card charges in FAST in a classroom setting. In this
                             four-hour training session, participants will learn how to view P-
                             Card charges, how to enter chart field information and
                             descriptions, and how to approve charges. A FAST User ID is a
                             requirement to take this class.

                     Billing and Accounts Receivable

                             For those who have never used the FAST billing module or who
                             would like a refresher, this program addresses the USF billing
                             system for commercial business conducted with outside

                     General Ledger and Commitment Control

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                          In this computer lab training, participants will learn how to use
                          General Ledger to track expenses and to use Commitment
                          Control to track budget and remaining spending authority (RSA).
                          Training will include a description of account codes, chart fields
                          and basic accounting terms such as debits and credits and cash
                          basis vs. accrual basis accounting. Participants will also learn how
                          to reconcile their departmental accounts each month.

                   USF Financial System

                          The University of South Florida has a complex combination of
                          software and systems that operates and controls all financial
                          transactions in the university. Discussion will include what these
                          components are, how they integrate, and how to best use them.

                   Making Cents Of Accounting

                          This program provides basic accounting information to support the
                          use and understanding of the USF financial system. This is
                          designed for non-accountants who want to learn basic terminology
                          and structure of accounting.

                   Cash Collections Training

                          All cash handlers must attend the required Cash Collection
                          Certification class. All employees involved in cash handling
                          including those who supervise cash handlers, those who reconcile
                          cash, those with access to areas where cash is held, and cashiers
                          must complete the training. Following the training, they must pass
                          the on-line certification test.

                   Payment Card Industry (PCI)

                          You will find all the information you need on this site to become
                          PCI certified for USF. PCI Certification is required for all
                          employees that handle credit card payment transactions at USF.

                   Finance Mart

                          Learn how to build financial reports and interpret the information
                          in the Finance Mart. These are the new official financial reports
                          for USF, replacing Go FAST. In addition to being able to access
                          current month detailed reports, with drill down capabilities, you
                          can also access all of the previous FAST official monthly reports.


                          Multiple courses are offered. Please review the Talent
                          Management web site or the GEMS web site for details.

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                             Multiple courses are offered. Please review the Talent
                             Management web site or the OASIS web site for details.

              Training registration is managed by Talent Management. Find links to
              registration on the FAST web site, Compass, and Talent Management web site.
              For specific questions call Theresa Scott at 974.9116.

              It is also recommended that you enroll in all appropriate list serves. To register
              for the FAST list serve, either navigate to, then click “How Do
              I”, then click “Register For The List Serve” and follow the instructions or simply
              send an email to Mark DeVore (


              Access to all of the EBS systems is restricted to USF employees and is further
              restricted based on a need for access. Specific security roles have been
              designed to allow limited access to the modules of FAST, GEMS, and OASIS.
              Access is granted based on the individual’s job responsibilities and is designed
              to address any conflicts related to separation of duties.

              FAST security may be requested (either new access or a change to access) by
              completing the FAST Access Request form found at A
              GEMS employee ID is required. If you need Purchasing workflow assignments,
              complete the FAST Workflow Request form also found at the web site above.
              Both require the signature and approval of your Accountable Officer.

              FAST security requests must pass through several review steps and may take
              several days for review and updating. Reviews are conducted by Purchasing,
              University Controller’s Office, and finally IT Security.

              FAST workflow requests may be submitted on paper or by email to FAST!!
              Security. Please be aware that if you change jobs within the university, your
              FAST access will be temporarily locked at the time you vacate your current job.
              You must then submit a FAST Access Request to request new security roles that
              are appropriate to your new job and job responsibilities.

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 Periods             Each month represents a specific accounting period. Since USF operates
                     on a fiscal year of July through June, July is accounting period 1, August
                     is accounting period 2, September is accounting period 3 and so on to
                     June which is accounting period 12. Accounting period 998 represents
                     the time during which USF reviews and adjusts financial data during
                     preparation of the annual financial statement; the time frame is July 1
                     through September 15.

 Period 0            This is a unique accounting period that represents the period of time,
                     immediately following the last period of a fiscal year (June) during which
                     adjusting entries and final closing entries are made to the USF financial

Accrual Accounting   Accrual accounting systems use a different timing for recognition of
                     revenue and expenses. Revenue is recorded when the invoice is sent to
                     the customer. Expenses are recognized when the voucher is created.

Assets               Things that the university owns. Examples are cash, land, equipment,
                     buildings, and accounts receivable.

Balance Sheet        A financial report stating the condition of the business. Balance sheets
                     report assets, liabilities, and total equity (fund balance). On a Balance
                     Sheet, total assets minus total liabilities must equal equity (fund balance).

Budget Check         The budget checking process ensures that a pending expenditure or
                     revenue transaction is covered by budgeted funds. If the amount left
                     unspent (RSA) in a budget account is less than the pending expenditure,
                     the transaction will fail budget checking. If the remaining amount of a
                     revenue budget account is less than the pending billing amount, the
                     transaction will fail budget checking. Budget checking is performed on
                     requisitions, purchase orders, vouchers, journal entries, and customer

Chartfield           A value identifying a characteristic of a financial transaction such as the
                     unit originating the transaction or type of funding being used. Chart fields
                     currently being used in FAST are Business Unit, Operating Unit, Fund ID,
                     GL account, Department ID, Product, Initiative, and Project ID.

Chartfield String    A group of chartfields forming the accounting information of a transaction.
                     Non-grant transactions typically require operating unit, fund ID, GL
                     account code, department ID, product ID, and initiative.

Updated 2/8/2011                                                                    Page 18 of 20
Chart of Accounts   A logical grouping of all account codes used by the university. The
                    account values categorize transactions to meet accounting standards and
                    direct accounting lines to appropriate reports. For example:
                            Accounts beginning with       1       Assets
                                                          2       Liabilities
                                                          3       Equity
                                                          4       Revenue
                                                          5       Operating expenses
                                                          6       Non-operating expenses
                                                          7       Interdepartmental transfers
                                                          8       Budgeting

Commitment          The reserving of a portion of a department’s budget for an expected
                    purchase. Two types of commitment are pre-encumbrance and
 Control            The name of the module and menu section in FAST that contains budget
                    Information and validates that sufficient budget exists to pass a

Credit              The negative side of an accounting entry. Credits decrease assets and
                    expenses. Credits increase liabilities and revenue.

Debit               The positive side of an accounting entry. Debits increase assets and
                    expenses. Debits decrease liabilities and revenue.

EBA activity        An Educational Business Activity (EBA) is a revenue-raising activity that
                    supports the overall mission of USF. Educational business activities are
                    established and carried on only when approved by the University in
                    accordance with operating procedures. An (EBA) may be either a one-
                    time activity with specific beginning and ending dates or be on-going.

Encumbrance         An encumbrance is a way of reserving a portion of a department’s budget
                    to pay for an expected purchase. Encumbrances are the result of a
                    purchase order.

EFT                 A method of payment; payment is made electronically.

 Interface          Some of the university’s information is created in stand-alone systems
                    outside FAST; the data is then automatically loaded to the General
                    Ledger with no manual data entry.

Fund Balance        This is also referred to as equity. It is the difference between assets and
                    liabilities. Fund balance is hopefully a negative amount. Assets (normally
                    a positive value) should be greater than Liabilities (normally a negative

Updated 2/8/2011                                                                  Page 19 of 20
General Ledger       The primary ledger that summarizes and consolidates all accounting
                     transactions from all subsidiary ledgers in a business organization.

Journal              This is how accounting transactions are posted to the General Ledger.
                     A journal is a batch of similar accounting entries either entered on-line
                     or by electronic interface to the General Ledger.

Liabilities          Money that the university owes to others. Examples are amounts USF
                     owes to vendors and sales tax collections owed to the state.

Pre-encumbrance      An alternative name for a requisition.

Purchase Order       A purchase order is written authorization for a supplies (vendor) to ship
                     products at a specified price which becomes a legally binding contract
                     once the supplier accepts it. In addition to price, other specific conditions
                     may be agreed upon by the supplier and the buyer. Purchase orders are
                     identified by a unique system assigned sequential ten digit number.

Requisition          A requisition is an online request used by the requesting department
                     when ordering products and services from external vendors, as well as
                     travel reimbursement requests, certain payment authorizations,
                     reimbursements other than travel, subscriptions, registrations and others.
                     Requisitions are identified by a unique system assigned sequential ten
                     digit number.

RSA                  Remaining spending authority. This is the result of Budget minus pre-
                     encumbrances minus encumbrances minus expenses

Subsidiary Ledgers   These ledgers contain detail transactions (debits and credits) based on
                     the nature of the transaction. For example there is an accounts payable
                     subsidiary ledger for all vendor payments and an accounts receivable
                     subsidiary ledger for all customer receivables.

Voucher              A written record of expenditure, disbursement, or completed transaction.
                     A voucher is required before a payment to a vendor may be created.
                     Vouchers are identified by a unique system assigned sequential eight
                     digit number.

For a more comprehensive glossary, go to the MetaMart at the following url.

Updated 2/8/2011                                                                    Page 20 of 20

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