Policy & Resources
Even though there are many email addresses out there, this is the address you use for all Finance/EFS questions, but not before bringing your question up with the group first.
controller@umn.edu
It's ultimately who we ask with tax questions we can't figure out. After asking the group of course.
taxhelp@umn.edu
These are the next RRCs coming into phase 3 as of now.
Cash is this type of account.
Asset
It's when a new UMN01 bill is processed in EFS and turned from RDY to INV.
Overnight
With information rooted in manuals and policies, these simplified documents are created by policy owners to help guide the preparation of transactions into EFS.
Job Aids. Use them!
These are the three main elements we consider with sales tax.
Customer status, sourcing (ship to/loc), and transaction taxability.
These are the four "lanes" of FinOps.
Accounting, Billing, Purchasing, and A/P
A receivable is this type of account.
Asset
It's what you do when you have a question or you feel even slightly unsure about something.
Ask the team!
It's the UMN site you should have memorized where you can find all up-to-date training and informational materials for financial transactions.
This type of sale is taxable unless the customer has an "ag exemption".
Cattle and livestocks sales.
It's the best way to show the units we serve and the University that FinOps "knows what they're doing".
Providing consistent, accurate, friendly, timely service by treating each request with care and giving it the holistic attention it needs.
It's what happens to an asset when you increase it.
Debit it.
It's the thing we say we all develop when we think something doesn't seem quite right.
Sixth sense / spidey sense
They're rooted in policy, but not always black-and-white, and they offer a practical and consistent approach to transactions.
Best practices
T/F: You have a taxable transaction but the customer is exempt. You should select the "000-NON_TAXABLE" identifier.
False. EFS needs to calculate tax for us. It's taxable but you select the tax exempt checkbox and the certificate.
While it also pauses the SLA timer, this type of status in a ticket is only used when directed by Gary.
Hold
It is acknowledged right away when the receivable is created (when the transaction occurs and not necessarily when the cash is received).
Revenue
This is a time when we might use an expense account when creating a bill.
Refunding a purchase
These are the various things you could see that would prompt you to think your request might be related to sponsored activity and would require some more consideration.
A chartstring with a fund beginning with a 3xxx, the word "sponsored", "project", "SFR", "grant", "cost share", etc.
Daily Double!: How would you handle this scenario?
Daily Double!
It's one of the benefits of having a shared services team that has your back, and it means you should be taking advantage of this.
Taking time off!
Daily Double! Try out this scenario.
Daily Double!
T/F: It's a no print so just make sure the invoice you create matches the amount, chartstring, and customer and you'll be all good.
False. You need to treat every request the same and scrutinize all of the information including customer details, transaction, tax, and funding. Just because the money was received doesn't mean it was correct.