FinOps AR
What are the four job types on our team?
FP1, FP2, Coordinators, and FP3 Supervisor
Where is the easiest place to find agendas?
Calendar appointments.
Every DEBIT must have one other?
CREDIT
This is the name/acronym of the little helpful guides TMO publishes.
TMOGs
What is required for a quality UMF description/justification?
Fund number, acceptable reason for fund usage, timeframe.
What "lanes" does FinOps have?
AR, Purchasing & AP, Accounting & Payroll Accounting
Who are the experts in our team?
ALL OF YOU!
What is the simplified Accounting Equation we use in our work?
Assets = Liabilities + (Revenue - Expenses)
With which states do we have to report on sales tax?
Minnesota, Washington, Wisconsin
Daily Double!
Approvals
Daily Double approvals edition.
If you have a question, where should you ask?
Zoom AR QUESTIONS chat
Daily Double!
COA
Daily Double COA edition.
Which two accounts are "hit" when we create a receivable?
Asset (receivable) and revenue.
If lodging is taxable, which identifier would you use?
ALWAYS TAXABLE
Which four chartstring fields are required in all non-sponsored transactions that don't use a balance sheet account?
FundID-DeptID-Program--Account
Who are our customers?
Our colleagues from all over the UMN!
If you find that something might be missing from a FOBI, it is up to you to suggest an addition or update.
Which two accounts are "hit" when you pay an invoice/receivable?
Cash (asset) and Receivable (asset).
When would lodging be considered non taxable?
When it is incidental to an educational or recreational program. Or if it's a lease agreement of 30+ days with a termination clause.
What's the difference between Policy and Best Practices?
Policy explicitly states acceptable actions and best practices are the unified way we approach policy and the gray areas. A FOBI is a great example of a best practice that has been vetted by a BPO.
Explain what a unified approach is and how it's different from how the University was doing all of this financial work before.
A unified approach gives guidance on the "how" part of a transaction. The outcomes are the same, but how we get there matter (using policy and best practices and the same approach for every request). Prior to FinOps units would have been doing things their own way and it would vary from unit to unit.
Show me the different ways you could search for something in the Knowledge Base.
Show the different options of how to find stuff in the KB.
To create a receivable I would [Dr/Cr] the Receivable asset and [Dr/Cr] the [Liability/Revenue/Asset]?
To create a receivable I would Dr the Receivable asset and Cr the Revenue?
T or F, we MUST have an ST3 from a tax exempt customer to apply an exemption.
False. 1) it may be another state's form, and 2) federal governments can use the IRS form.
Explain what a charge code is in detail and what it might do in EFS.
A number generated by ARS that is entered into a bill line and it can then populate fields automatically like funding, tax, and bill line details.