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This document is intended for use by University staff as a tool to understand Financial
terminology.
ACCRUED Added on or owing at the end of the financial period. Accrued items
for a University include (in expenditure) unpaid invoices, salaries and
rentals paid beyond the end of the period and value of goods
received but not paid.
ANNUAL REPORT Publicly available information on the operations and financial position
of an organisation provided each year to interested parties by the
management committee or Board. The Annual report includes
Statement from the Chancellor, Non-Financial information, Statistics,
Financial Performance and Auditor Generals Report.
ATTRACTIVE ITEMS Attractive Items are items which have all the attributes of an Asset
but whose value is more than $1,000 but less than $10,000.00.
These items are expensed at the time of purchase. These may be
recorded in the Oracle Fixed Assets Module.
BOOKBUD Original budget as per the Annual Budget Book at cost centre level.
BUDGET A summary of income and expenditure forecasts (plans and
expectations).
Cashflow budget is for planning and controlling the flow of cash.
Capital budget is for expenditure on physical assets, including
special projects and capital works programs for property purchase,
renovation and sales.
Operating budget is the income and expenditure on your
organisation's normal operations
Budget worksheet is the format used to calculate the budget
COST CENTRE A part of an organisation's operations for which you wish to record
and monitor income and expenditure separately to other areas of
your finances. For example, this could be recurrent funds
(Administration or Academic) with each area forming a cost centre, or
it could be related to specific projects undertaken within or across
programs (e.g. a restricted account for a particular purpose).
COST CODE An account from the Universitys Chart of Accounts. In elVIS referred
to as a charge account.
CREDITOR Someone you owe money to (for example, your stationery supplier
who has delivered an order to you on account). Creditors are also
referred to as Accounts Payable.
DEBTOR Someone who owes money to you (for example, a client who asked
you to undertake training work on their behalf and hasn't yet paid for
it). Debtors are also referred to as Accounts Receivable.
DELEGATION Financial authority over certain cost codes and types of business
transactions. Also referred to as coordinators.
DEPRECIATION The value assigned for the use of an asset over a period of time.
Does not affect actual funds availability in financial period. Method
used to gradually reduce value of an asset on estimated life
expectancy.
DISPOSAL OF ASSET Faculties can dispose of assets by transfer or sale, through the
Board of Survey (BOS). Lost and stolen assets require paperwork to
be processed through Board of Survey. Asset Officer must be
notified an any movement of assets.
DISTRIBUTION In elVIS the distribution is the area on the requisition form where you
type in the charge account (Cost Code).
EXTERNAL CLIENTS Persons or companies (Suppliers) that provide goods and services to
the University that operate independently from the control of the
University.
FINANCIAL Includes balance sheet, profit and loss statement, income and
ACCOUNTS expenditure statement and any other formal accounting report.
FIS Free into Store. A freight term used when buying goods advising
creditors and staff that the University is not liable to pay freight on
goods being purchased.
INCOME AND A periodical financial statement that summarises the income and
EXPENDITURE expenditure and shows the resulting surplus or deficit. (This is called
STATEMENT a profit and loss statement in a for profit business)
INDIRECT COST A general cost, or overhead, that cannot be directly related to any
particular program or activity of the organisation.
IN KIND Goods or services, which benefit your organisation but do not cost
you anything. For example, rent free premises or the donation of
legal services. GST is generally attractable on in-kind transactions if
they have a monetary value. Approval should be gained for an in-
kind transaction as University infrastructure and exchange of
services/goods is usually involved.
INTERNAL CLIENTS Staff, faculties, divisions, sections that operate as part of the
University.
(i.e.NFIH, The Shed Caf, Printery etc..)
JINITIATOR A small Java program required by the system to allow elVIS to work.
JOURNAL An internal process used to transfer funds from one cost code to
another cost code. Journals can be used to enable errors to be
fixed, reimbursement of expenses to/from other University schools,
faculties/divisions, the charging of internal services and the transfer
of funds between cost centres. Request for Journal form must be
completed in full.
NOTIFICATION Notifications can be received via email or from within elVIS. They
request Requisitioner, Requisition Approver, Buyer & Buyer
Approver to perform specific actions relating to the procure to pay
processing.
PETTY CASH Petty Cash Funds are cash advances granted to cost centres by the
University to facilitate payment of minor expenditures not exceeding
$100 each. These funds are approved, established,
increased/decreased and withdrawn by the Chief Accountant of the
University.
PURCHASE ORDER A Purchase Order (PO) is created from a Requisition and when
accepted by the supplier, becomes a contract. Purchase orders
appear on the ledger as an encumbrance obligation.
PRE-PAYMENT Payment made for something before the goods or service are
received. This generally includes payments required by a contractual
arrangement such as advance rental, service agreements,
subscription, memberships or for supply of goods where the
University does not have an account with a creditor. Prepayments
are accounted for each month with an accrual journal under cost
code using entity 60.
PRICE VARIANCE A price variance occurs when the invoice price is more or less than
the Purchase Order price.
PROCURE TO PAY The cycle used by the University to order, receive and pay for goods
PROCESS and services.
REIMBURSEMENTS Payment made to repay person/s who have used their own funds to
obtain goods/services on behalf of the University. Reimbursements
can be made via cash (from Petty Cash) or via EFT/Cheque from
Accounts Payable using the Universitys procure to pay process.
Generally original documents/receipts are required for
reimbursement claims.
RECEIPT A receipt is proof that you have received goods and services.
Suppliers issue receipts when you pay for goods using cash.
On elVIS, requisitioners or receivers are required to receipt purchase
orders when goods are delivered.
RECONCILIATION A checking process which ensures that the balances of two or more
related accounts are in agreement and accurate in value.
RESPONSIBILITY The name of the role that defines the functions you can perform and
the financial delegations you have in elVIS.
For all transactions over $1,000 the tax invoice must include the
following additional information:
Quantities of each item or extent of services supplied;
Customer name; and
Customer address or ABN if address not supplied.
VARIANCE The difference between a budgeted amount and the actual amount
for a given period. Significant variances should be explained and
corrective action taken if necessary.
WEB PORTAL Oracle Web Portal is a tool that provides a birds eye view of the
financial position of cost centres. Web Portal displays the value of
the transactions as at close of business the previous day. At the end
of month portal does not roll into the next month until two to three
days after Ledgers close off the month. An email is sent to all users
advising them that this will occur.
WORKFLOW Workflow Notifications can be received via email or from within elVIS.
NOTIFICATION They request Requisitioner, Requisition Approver, Buyer & Buyer
Approver to perform specific actions relating to the procure to pay
processing.