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University of Colorado Denver | Anschutz Medical Campus

University of Colorado Denver
 

Financial Dictionary


 
 Word / Phrase Definition / Description 
Acccount / Account Code specifically describes the asset, liability, revenue, expense or transfer in a financial transaction. 
Accounting Equation (aka the balance sheet equation) states that “Assets = Liabilities + Net Assets”.  Proper accounting practices seek to maintain the accounting equation through the use of double-entry accounting.
Accounting Period refers to each single month in the fiscal year. Since CU's fiscal year begins in July, July is known as "accounting period 1", August is "accounting period 2" and so on.
Actual an actual amount of revenue or expenditure that has already occurred.
Amount Available the amount your university financial activity has left to spend. Amount available is calculated differently depending on which fund the activity is in.
Asset is what you own; tangible or intangible property like cash, inventory, accounts receivable, etc.
Balance Sheet shows what an organization owns (assets), what it owes (liabilities), and the difference (net assets) at a fixed point in time. The balance sheet changes as revenue and expenses are incurred. 
Balance Sheet Summary lists the balances in balance sheet accounts (assets, liabilities, and net assets) at a fixed point in time. It is burst monthly to the portals of fiscal role-holders and can be run on-demand in the reporting system.
Balance Sheet Detail lists the debits, credits, and totals in balance sheet accounts (assets, liabilities, and net assets) over a period of time. It is burst monthly to the portals of fiscal role-holders and can be run on-demand in the reporting system.
Budget a planned amount of revenue or expenditure. 
Chartfield CU's financial data coding structure uses "Chartfields", which consist of ten blocks (database fields) of information that tell the system precisely how to record a transaction.
Credit a financial transaction recorded as a negative number - e.g. ($15,000.00). In double-entry accounting, credits increase revenues, liabilities, and net assets, and decrease expenses and assets.
Debit a financial transaction recorded as a positive number - e.g. $15,000.00. In double-entry accounting,  debits decrease revenues, liabilities, and net assets, and increase expenses and assets.
Double-entry Accounting an accounting convention using a matching amount of debits and credits for recording each financial transaction; it helps prevent errors and ensures that each transaction keeps the organization's accounting equation in balance.
Encumbrance a financial commitment that commits university dollars but has not become an actual expense yet. Encumbrances are listed on the revenue and Expense Statement Summary and Detail. Examples of encumbrances are employees' future salaries and benefits, and purchase orders that have not been received.
Expenditure aka expense - is a cost incurred in order to provide the goods or services an organization provides, and is recorded (and decreases net assets) at the time the cost is incurred, regardless of when payment is made.
Financial Statement show where an organization’s money came from, where it went, and where it is now. Two universal financial statements are the balance sheet and the income statement.
Financial Summary Report (FSR) a high-level report that is burst monthly to the portals of fiscal role-holders at the ORG level and is available in the reporting system. It summarizes financial status at the org node level and offers drill-down to detail.
Fiscal Year a one-year period in which financial activity occurs, is recorded in the general ledger, and is summarized on financial statements, and it does not necessarily follow the calendar year. CU's fiscal year begins July 1st and ends June 30th.
FOPPS the unique combination of the chartfields "Fund + Organization + Program or Project + Subclass" (which you may recall is optional) describes a specific University entity, and is referred to as a FOPPS.
Fund the source of the money being received and spent.
General Ledger the repository of the debits and credits that is used to create financial statements.
Income Statement shows how much money an organization made (revenue) and spent (expenditures) over a period of time. For the same reasons that we balance our checkbooks each month to ensure that the bank recorded our banking transactions correctly, it is imperative that financial managers at all levels review the financial statements related to their departmental activity, at least monthly, to ensure that transactions are recorded accurately and completely.
Journal Entry the repository of the debits and credits that is used to create financial statements. Some journal entries are performed manually by individual Finance System users, while others are uploaded through automated processes from subsystems.
Liability what you owe, like payroll due or loan payments due.
Net Assets (aka equity) are the difference between what you own and what you owe. Along with assets and/or liabilities, net assets change as revenue is earned and as expenses are incurred.
Organization the campus/ department/ school/ reporting division spending or receiving the funds.
Outstanding Encumbrances Report lists remaining pre-encumbrance and encumbrance amounts per university speedtype. It is burst monthly to the portals of fiscal role-holders and can be run on-demand in the reporting system.
Program a fiscal-year based University activity.
Project a non fiscal-year based University activity which has a sponsor and requires additional oversight.
Revenue results from the sale of goods or the rendering of services, and is recorded (and so increases net assets) when earned, not necessarily when payment is received. 
Revenue and Expense Statement Summary CU's income statement. This report offers summary information about the revenues received and the expenses charged to a university activity over a period of time.
Revenue and Expense Statement Detail provides the transactional detail (like  a checking account statement) necessary to ensure that all transactions are properly reflected in the right speedtype and accounting period. It is burst monthly to the portals of fiscal role-holders and can be run on-demand in the reporting system.
Speedtype a shortcut for data entry, related to a single university FOPPS. Speedtypes are 8 digit smart numbers beginning with a one-digit campus code, followed by a 2 digit fund code.
Subclass an optional field in the Finance System that allows financial tracking of related activities under a main activity.
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