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List of Terms

Account Rollup

A method of combining accounts for reporting purposes to compare account actuals, budgets, and variances.

Accounting Date

The date financial activity is recorded in the general ledger.

Actuals

Reflects revenue generated and expense paid. Does not include budget or encumbrances.

Appropriated Budget

The allocation(s) of appropriated funding in a fiscal year (July 1 – June 30).

Appropriated Funding

State funding appropriated for a specific purpose.

Budget Deficit

The amount by which actual expenditures within an appropriated funding source/budget roll-up account (e.g. Regular Salary or Other Expenses) exceed the appropriated budget.

Calendar Year

January 1 – December 31

Debits/Credits

Activity that impacts fund balance or spending authority. For Budget: Debits increase spending authority; Credits decrease spending authority. For Actuals: Debits decrease fund balance; Credits increase fund balance.

Encumbrance

Funds that are reserved for a future expense to avoid budget overspending.

Expenditure Item Date

The date the project-related expense occurred.

Expenditure

An expense.

Fiscal year

A period used for accounting purposes and preparing financial statements. University fiscal year is July 1 – June 30.

Fund Balance

Represents a non-appropriated department ID’s available fund. Fund balance is like the cash balance associated with a bank account.

Funding Source (Segment String; FDCC)

A combination of segment values (fund, department, cost center, account, project, and supplemental codes) used to code transactions. Find a detailed description and most current list of all segment values here.

General Ledger

The official financial record used to create the University’s financial statements.

Invoice Date

The date of invoice as provided by the vendor, or actual date of service (or an approximation if no exact value is given).

Invoice

A document including the character, quantity, price, terms, nature of delivery, and other particulars of goods delivered or of services rendered.

Local Budget

An estimate of revenue and expenses for the fiscal year (July 1 – June 30).

Local Deficit

Negative fund balance.

Local Funding

Funds generated through revenue sources such as sales, services, user charges or class fees.

Non-Asset Goods

Any item with a unit cost of less than $2,000 is not an asset. Any item that has a unit cost of more than $2,000 but a useful life of less than a year is not an asset.

Operating Expense (OE)

Expenses used for operations excluding payroll expenses and capital.

Program Code

Designates the functionality of an expense by indicating the obligation or intended purpose of how the funds in the corresponding funding source must be used. Program codes include: Instruction, Research, Public Service, Academic Support, Libraries, Student Services, Institutional Support, Scholarships and Fellowships, Auxiliary Enterprises, Operation and Maintenance of Plant.

Project Budget

The amount awarded by a Sponsor.

Reconciliation

The process of comparing transactions and activity to supporting documentation.

Taggable Asset Goods

Any item with a unit cost of $2,000 or more and that has a useful life or service period of more than one year. In addition, any donated item that has a fair market value of $2,000 or more at the time of donation and a useful life or service period of more than one year must be tagged.

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