Accounting and Finance

These sessions familiarize employees with RIT accounting and budget practices, procedures and protocols, as well as with basic terminology used at the university.

Series

Oracle is the University's financial and human resource platform for all transactions and databases. This series of three classes is very important to new faculty and staff who have budget development/operations and/or purchasing responsibility.

The following classes are designed for new Oracle users or those who need a refresher course for basic applications in the general ledger and purchasing.  Seats in these sessions are limited to those who use Oracle within their current position.

This series is designed to familiarize employees with RIT accounting and budget practices, procedures and protocol, as well as with basic accounting terminology used at RIT.

The Sponsored Programs Accounting & Regulatory Certification (SPARC) training program is specifically designed for department administrators and other staff who provide direct post award fiscal and administrative support of sponsored projects to Principal Investigators.

The series is comprised of five workshops and each of the workshops in the series will be conducted throughout the academic year. They will be presented by our subject matter experts from the Sponsored Programs Accounting Office.

Courses

All RIT employees need to be aware of the business risks in their area of responsibility. To help mitigate those business risks, each division, college, and department is responsible for establishing and maintaining effective business practices and internal controls. To assist the University in achieving its objectives, it is vital that a strong internal control environment exists in all aspects of the RIT Community.

One result of weak or broken internal controls is Fraud. Occupational fraud can be found in any workplace. Whether an organization is a non-profit entity such as a university, or a large for-profit corporation, fraud has occurred and continues to occur. This combined topic class will provide you with the knowledge to understand how good internal controls can help prevent fraud from occurring in your area of responsibility.

During this class, the importance of, components of, and the responsibility for establishing and maintaining effective internal controls will be discussed. Various examples of what can happen when controls are non-existent or broken (i.e., fraud) will be shared throughout the class.

By attending this class you will learn:

  • What are internal controls?
  • Why should we care about internal controls?
  • What aspects comprise a good internal control structure?
  • Who is responsible for internal controls?
  • What are some examples of internal controls?
  • Why you should be concerned about fraud.
  • Who typically commits fraud, and why.
  • Common fraud myths.
  • Methods typically used by individuals committing fraud.
  • How you can reduce the risk of fraud in your area of responsibility.
  • How to report suspected fraudulent activity.
  • About real fraud cases investigated by the instructor.
  • What to look for to detect potential fraud.

Who should attend?

Any RIT employee with an interest in learning about internal controls and how to help protect their area of responsibility from potential fraudulent activity.

* Completion of this course is required to obtain your Accounting Series Certificate of Completion. All officers and managers in the university are required to attend.

Participant Comments

“This session brought to light ethics in the work environment on an everyday basis.”

“Great class, very informative, a worthwhile use of my time.”

"Very well done - the discussion of actual fraud documentation was interesting and frightening. I would like to see this class required for everyone."

  1. Tuesday, January 13, 2015 - 1:30pm to 4:00pm
  2. Tuesday, April 21, 2015 - 9:00am to 11:30am
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In this class, users are introduced to the Oracle applications and they will learn how to "navigate" through the various forms and functions. In addition, users will become familiar with basic Oracle terminology, selecting a responsibility, menus, and keyboard short cuts. Once users understand the basics of navigation, they will learn how to place a requisition for items and services purchased from outside suppliers. Users will also learn how to forward a requisition to an approver for reservation and approval of funds. Users will be taught how to view summary screens, view reports, set up preferences and customize data. This class should be attended by anyone who places requisitions for their department. 

This session will also include a brief overview of navigating the Oracle program.

Seats in this session are reserved for those employees that currently have access to Oracle Purchasing responsibility, or that need to acquire it for their current position.  For those that are new to Oracle Purchasing, access to this function will not be granted until this session is successfully completed.

Prerequisite: None

  1. Tuesday, November 11, 2014 - 10:00am to 11:30am
  2. Tuesday, January 13, 2015 - 10:00am to 11:30am
  3. Tuesday, February 17, 2015 - 10:00am to 11:30am
  4. Tuesday, March 17, 2015 - 10:00am to 11:30am
  5. Tuesday, April 14, 2015 - 10:00am to 11:30am
  6. Tuesday, May 12, 2015 - 10:00am to 11:30am
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Basic Oracle navigation concepts will be reviewed in this class including Oracle terminology, forms, functions, menus and keyboard short cuts. Then users will learn how to create on-line journal batches, prepare new journal entries, check and reserve funds, and find and review existing journal entries. Everyone who prepares journal entries to make account number corrections or prepares interdepartmental chargebacks should attend this class.

Seats in this session are reserved for those employees that currently have access to Oracle Journal Entry responsibility, or that need to acquire it for their current position.  For those that are new to Oracle Journal Entry, access to this function will not be granted until this session is successfully completed.

Prerequisite: None, though it is recommended that all users attend Accounting Practices, Procedures and Protocol-Introduction to Accounting workshop prior to attending Oracle general ledger training.

  1. Tuesday, November 11, 2014 - 12:15pm to 2:00pm
  2. Tuesday, January 13, 2015 - 12:15pm to 2:00pm
  3. Tuesday, February 17, 2015 - 12:15pm to 2:00pm
  4. Tuesday, March 17, 2015 - 12:15pm to 2:00pm
  5. Tuesday, April 14, 2015 - 12:15pm to 2:00pm
  6. Tuesday, May 12, 2015 - 12:15pm to 2:00pm
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Basic Oracle navigation concepts will be reviewed in this class including Oracle terminology, forms, functions, menus and keyboard short cuts. Then users will learn how to perform on-line account inquires and drill down to transaction detail. Then they will learn how to request and print selected standard Oracle & custom (FSG) reports. This class was designed for employees who reconcile department and project statements. In addition, department managers who have budget responsibility or grant and contract principal investigators should attend.

Duration: Approximately 2 hours 
Prerequisite: None, though it is recommended that all users attend Accounting Practices, Procedures and Protocol-Introduction to Accounting workshop prior to attending Oracle general ledger training.

  1. Thursday, November 13, 2014 - 10:00am to 12:00pm
  2. Thursday, January 15, 2015 - 10:00am to 12:00pm
  3. Thursday, February 19, 2015 - 10:00am to 12:00pm
  4. Thursday, March 19, 2015 - 10:00am to 12:00pm
  5. Thursday, April 16, 2015 - 10:00am to 12:00pm
  6. Thursday, May 14, 2015 - 10:00am to 12:00pm
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In order to maintain the SPARC, employees will be required to attend an annual update/refresher workshop. Topics will include: 1) emerging trends in the world of sponsored programs; 2) RIT process and procedure changes that impact the fiscal administration of grants and contracts; and, 3) current developments and other compliance and regulatory issues of interest to grant administrators. This session is a round-table discussion where participants will be encouraged to ask questions and share information and experiences regarding sponsored project administration with others.

  1. Wednesday, May 13, 2015 - 9:00am to 12:00pm
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Note: This course will soon be available online.
This introductory workshop in the SPARC program is designed to provide Principal Investigators and staff responsible for grant and contract administration with an understanding of RIT and sponsor policies and procedures related to the management of externally funded projects. We will cover the following topics:

  • processes and procedures for recording transactions on projects
  • the most useful Oracle reports to assist with monitoring expenses
  • sponsor compliance requirements
  • accounting for cost share commitments
  • an overview of indirect costs and facilities and administrative charges
  • a review of who is responsible for various post award tasks.

Attendees will gain the knowledge necessary to begin to manage sponsored projects as well as where to obtain assistance when questions arise.
Prerequisite: It is recommended that employees attend Accounting Practices, Procedures & Protocol Workshop I: Introduction to Accounting. To obtain the SPARC, employees must also complete the required workshops in Track I - Accounting Practices, Procedures and Protocol series.

 

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This second workshop in the SPARC series has been developed to provide attendees with information about direct costs (other than labor) most commonly charged to sponsored projects. Topics covered in the workshop will include:

  • how to distinguish between subcontractors and independent contractors and then, what paperwork is required
  • understanding what participant support costs are
  • how to process payments to human subjects
  • how to track capital equipment purchases and fabricated equipment parts
  • processing travel reimbursement including what's allowable and what's not

Upon completion, attendees will have an understanding of the types of costs that can be directly charged to sponsored projects and the procedures that are in place to process these expenditures including which forms to use and signatory/approval requirements.

Prerequisite: It is recommended that employees attend Accounting Practices, Procedures & Protocol Workshop I: Introduction to Accounting and Workshop 4: Accounts Payable Processes. To obtain the SPARC, employees must first complete the required workshops in Track I - Accounting Practices, Procedures and Protocol series and attend Workshop I: Introduction to Accounting for Grants and Contracts in the SPARC series.

Due to limited seating, registration is restricted to participants who are currently working with a grant or contract.

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In this workshop attendees will learn which labor costs are allowable on grants and contracts and how to complete the required paperwork to properly record these charges. Topics covered in the workshop will include:

  • completing and approving Employee Action Forms (EAF) for labor costs charged to sponsored projects
  • calculating allowable summer salary expenses
  • calculating and certifying percent of effort
  • how to compensate student workers including graduate assistants

Examples and exercises will provide participants with hands-on experience about how to calculate effort and how to complete the required forms appropriately. Frequently asked questions and emerging issues regarding sponsor regulations and compliance related to effort will be discussed.

Prerequisite: It is recommended that employees attend Accounting Practices, Procedures & Protocol Workshop I: Introduction to Accounting and Workshop VI: Payroll Processes. To obtain the SPARC, employees must first complete the required workshops in Track I - Accounting Practices, Procedures and Protocol series and attend Workshop I: Introduction to Accounting for Grants and Contracts and Workshop II: Other Direct Costs in the SPARC series.

  1. Wednesday, November 19, 2014 - 9:00am to 12:00pm
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In the Accounting for Cost Share Commitments workshop, the attendees will obtain information about:

  • what a cost sharing commitment is
  • what can be counted as a cost share expense
  • how cost share expenses are recorded on the grant project
  • how cost share expenses are funded
  • how to determine an appropriate spending rate.

Actual examples will be used throughout the workshop to illustrate the concept of cost share commitments.

Prerequisite: It is recommended that employees attend Accounting Practices, Procedures & Protocol Workshop I: Introduction to Accounting. To obtain the SPARC, employees must first complete the required workshops in Track I - Accounting Practices, Procedures and Protocol series and attend Workshop I: Introduction to Accounting for Grants and Contracts, Workshop II: Other Direct Costs and Workshop III: Compensation and Effort Reporting in the SPARC series.

Due to limited seating, registration is restricted to participants who are currently working with a grant or contract.

  1. Wednesday, January 21, 2015 - 9:00am to 11:30am
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The last workshop of the SPARC series will provide attendees with a general understanding of the internal and external compliance and regulatory environment. The workshop will cover the practices and procedures participants should follow to ensure compliance with regulatory and sponsor requirements. In order for participants to gain an understanding of how to protect the University from audit and compliance risk, presenters will provide information to answer the ultimate question "what are auditors looking for." Federal circulars, the cornerstones for the administration of federal projects, will be explained and relevant examples will be provided to assist participants with their interpretation.

Prerequisite: None; however, to obtain the SPARC, employees must first complete the required workshops in Track I - Accounting Practices, Procedures and Protocol series and the first four workshops in the SPARC series.

Due to limited seating, registration is restricted to participants who are currently working with a grant or contract.

  1. Wednesday, March 18, 2015 - 9:00am to 11:00am
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The Summer Salary course is a “hands-on” workshop to help staff process Summer Salary on-line payments.

  1. Wednesday, April 22, 2015 - 9:00am to 10:00am
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 Note: This course is currently available in online and can be accessed at any time.

Introduction to Accounting, the first workshop in the RIT Accounting Practices, Procedures & Protocol series, is designed to familiarize attendees with the overall course content. Attendees will gain knowledge of the role and structure of the RIT Controller's Office and the Office of Budget & Financial Planning Services. The main focus of the class will be an in-depth review of the RIT chart of account structure, including information about what each segment represents, how to decipher 24-digit combinations, how combinations are created, cross validation rules, and account segment descriptions. Employees who perform financial functions including budgets, purchasing, travel, p-card administration, etc, should attend this class. In addition to providing a foundation for the Accounting Practices, Procedures & Protocol course, the workshop is a prerequisite for Oracle training classes. All course materials will be distributed during the first workshop. Course materials are also located on the Controller's Office web page at: http://www.rit.edu/fa/controller/content/training

Prerequisite: None.

* Completion of this course is required to obtain your Accounting Series Certificate of Completion.

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The Budget Process at RIT, the second workshop in the RIT Accounting Practices, Procedures & Protocol series, will introduce attendees to RIT's annual budget process. In addition, attendees will become familiar with budget terminology as well as the process for funding benefit expenses and ITS chargebacks. Information will also be provided about processing budget entries and the difference between budget and journal entries. Employees who prepare budget worksheets will benefit from information presented in this class. In addition, employees who reconcile department statements and prepare budget journals should attend. Note: this workshop is designed for employees who work in RIT departments. Due to the unique aspects of NTID's federal funding, there is a separate workshop for the NTID budget process (see Workshop II (a)).

Prerequisite: None, though it is recommended that employees attend Accounting Practices, Procedures & Protocol Workshop I: Introduction to Accounting.

* Completion of this course or The Budget Process at NTID is required to obtain your Accounting Series Certificate of Completion.

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The Budget Process at NTID is designed specifically for employees who work in NTID departments. Attendees will be introduced to the annual budget process, the NTID planning and budgeting cycle, and other important topics such as budget reallocations.

Prerequisite: None, though it is recommended that employees attend Accounting Practices, Procedures & Protocol Workshop I: Introduction to Accounting.

* Completion of this course or The Budget Process at RIT is required to obtain your Accounting Series Certificate of Completion.

  1. Thursday, May 7, 2015 - 10:00am to 12:00pm
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Understanding Journal Entries, the third workshop in the RIT Accounting Practices, Procedures & Protocol series, will provide attendees with information about what journal entries are and what they are used for. Attendees will learn the difference between a debit and a credit, the required elements of a journal entry, Oracle system generated journal entries, journal entry documentation requirements, as well as what Accounting looks for prior to posting journal entries to the ledger. In addition, transfer journals and chargebacks will be discussed. This class is designed to compliment, not replace, the Oracle Journal Entry Course that teaches users how to prepare on-line journal entries in the Oracle General Ledger application. Employees who reconcile department and project statements and who are required to make corrections to transactions on the general ledger should attend this class.

Prerequisite: Accounting Practices, Procedures & Protocol Workshop I: Introduction to Accounting.

* Completion of this course is required to obtain your Accounting Series Certificate of Completion.

  1. Tuesday, November 18, 2014 - 10:00am to 12:00pm
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Accounts Payable Processes, the fourth workshop in the Accounting Practices, Procedures & Protocol series, will provide attendees with an overview of all accounts payable processes. Topics covered in the workshop will include processing payments for items purchased using a purchase order, requesting payments for other (non-purchase order) items, payments to independent contractors, employee reimbursements and procurement card processes. Employees who process all types of payment requests and track department budgets should attend this class.

Prerequisite: None, though it is recommended that employees attend Accounting Practices, Procedures & Protocol Workshop I: Introduction to Accounting.

* Completion of this course is required to obtain your Accounting Series Certificate of Completion.

  1. Thursday, December 11, 2014 - 10:00am to 12:00pm
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In the Fixed Assets and Capital Projects workshop, attendees will be introduced to important information they need to know to purchase and track their department's capital equipment (items with a unit cost of $1,500 or more). Attendees will learn about the correct account numbers to use when ordering capital equipment, how donations of capital equipment are accounted for, how capital items are added to RIT's inventory system, the annual physical inventory process, and how to dispose of surplus equipment. Attendees will also learn about how to fund capital equipment purchases and how to request their department's capital equipment statements. In addition, useful information will be provided about how to track and account for other capital improvement projects. Employees who are responsible for purchasing and tracking their department's fixed assets and capital projects should attend this workshop.

Prerequisite: None, though it is recommended that employees attend Accounting Practices, Procedures & Protocol Workshop I: Introduction to Accounting.

* Completion of this course is required to obtain your Accounting Series Certificate of Completion.

  1. Thursday, January 22, 2015 - 10:00am to 12:00pm
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Payroll processes, the sixth workshop in the Accounting Practices, Procedures & Protocol series, will provide attendees with an overview of all payroll processes. Topics covered in the workshop will include processing paperwork for new employees, the difference between the bi-weekly and semi-monthly payrolls, the Kronos Time & Attendance system, processing additional payments, how fringe benefit expenses are calculated, requesting payroll reports and how to complete various payroll forms. Employees who track department budgets and process payroll forms should attend this class.

Prerequisite: None, though it is recommended that employees attend Accounting Practices, Procedures & Protocol Workshop I: Introduction to Accounting.

* Completion of this course is required to obtain your Accounting Series Certificate of Completion.

  1. Thursday, November 20, 2014 - 10:00am to 12:00pm
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In the Oracle Reports training course, attendees learn how to request various Oracle FSG and Standard reports. This seventh workshop in the Accounting Practices, Procedures & Protocol series is designed to compliment Oracle Reports training where attendees learned how to request and print reports. In this workshop, attendees will learn how to use Oracle reports to track their department or project budget. In addition, attendees will learn how to read several Oracle reports and then use them to reconcile financial activity for their departments. Employees who request and analyze Oracle financial reports in order to track department and project budgets should attend this class.

Prerequisite: None, though it is recommended that employees attend Accounting Practices, Procedures & Protocol Workshop I: Introduction to Accounting and Oracle General Ledger Reports training prior to attending this class.

* Completion of this course is required to obtain your Accounting Series Certificate of Completion.

  1. Thursday, March 26, 2015 - 10:00am to 12:00pm
See Session Registration

Note: This course will soon be available online.

This introductory workshop in the SPARC program is designed to provide Principal Investigators and staff responsible for grant and contract administration with an understanding of RIT and sponsor policies and procedures related to the management of externally funded projects. We will cover the following topics:

  • processes and procedures for recording transactions on projects
  • the most useful Oracle reports to assist with monitoring expenses
  • sponsor compliance requirements
  • accounting for cost share commitments
  • an overview of indirect costs and facilities and administrative charges
  • a review of who is responsible for various post award tasks.

Attendees will gain the knowledge necessary to begin to manage sponsored projects as well as where to obtain assistance when questions arise.

Prerequisite: It is recommended that employees attend Accounting Practices, Procedures & Protocol Workshop I: Introduction to Accounting. To obtain the SPARC, employees must also complete the required workshops in Track I - Accounting Practices, Procedures and Protocol series.

See Session Registration

Would you like to know how to correctly account for gifts for scholarships and gifts to be used for other purposes? Have you ever wondered what an endowment earnings account is or what a "release from restriction" is? This ninth workshop in the Accounting Practices, Procedures & Protocol series is designed to familiarize attendees with the gift process from both a Development Office and a financial perspective. In addition, attendees will learn about special projects and designated fund projects. Employees who work in departments that receive gifts, or who have endowment earning accounts (e.g., scholarships, professorships) or other project accounts (e.g., special projects, designated funds) should plan to attend this class.

Prerequisite: None, though it is recommended that employees attend Accounting Practices, Procedures & Protocol Workshop I: Introduction to Accounting.

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In the Purchasing Processes and Procedures workshop, attendees will learn about the role of the central Purchasing department at RIT, how the Purchasing staff can help departments make good buying decisions, what employees need to know before committing Institute funds, as well as important tips about how to interact with suppliers.

Prerequisite: None, though it is recommended that employees attend Accounting Practices, Procedures & Protocol Workshop I: Introduction to Accounting and Oracle Requisition training.

*Completion of this course is required to obtain your Accounting Series Certificate of Completion.

  1. Tuesday, October 28, 2014 - 10:00am to 12:00pm
  2. Tuesday, January 27, 2015 - 10:00am to 12:00pm
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This workshop will provide travelers and department administrations with the essentials of the RIT travel policies and procedures. Topics covered in the workshop will include the use of designated travel agencies, sales tax exempt forms, and JPMorgan Chase and Citibank corporate travel cards. In addition to presenting a comprehensive review of all RIT travel processes, attendees will be given tips for completing Travel Expense Reports that will speed up the reimbursement process, as well as the correct forms to use for all types of travel reimbursements. Employees who travel on RIT business or who are responsible for completing forms for travelers, and who approve travel related expenditures should find the information presented in this class to be useful.

Prerequisite: None.

* Completion of this course is required to obtain your Accounting Series Certificate of Completion.

  1. Thursday, October 30, 2014 - 10:00am to 12:00pm
  2. Thursday, April 9, 2015 - 10:00am to 12:00pm
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If you have an RIT procurement card, or if you administer the procurement card process in your department, this workshop is designed for you. There will be a review of procurement card policies and procedures including documentation requirements and monthly credit and transactions limits. In addition, there will be an on-line demonstration of PaymentNet - the Internet system cardholders have access to change default account numbers and run various ad hoc reports. Employees who have a procurement card, as well as employees who are responsible for departmental procurement card administration, should attend this workshop.

Prerequisite: None.

* Completion of this course is required to obtain your Accounting Series Certificate of Completion.

  1. Tuesday, December 16, 2014 - 10:00am to 12:00pm
  2. Tuesday, February 24, 2015 - 10:00am to 12:00pm
  3. Thursday, April 23, 2015 - 10:00am to 12:00pm
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Have you ever struggled trying to decide whether to use a Petty Cash Form or an Invoice Payment Form to process an employee reimbursement? Or, have you wondered why Accounts Payable requires a Form W-9 before they are able to process a payment for services? The Accounting and Payroll Forms workshop will provide answers to these questions as well as the information you need to efficiently process many types of transactions including deposits, petty cash, non-purchase order payments to suppliers, employee reimbursements, additional payments and payroll changes. Employees who have attended other workshops in the Accounting series will find this class to be a helpful review of accounting and payroll processes. Employees who have not attended other workshops should attend to obtain answers to the most commonly asked questions regarding accounting and payroll forms.

Prerequisite: None, though it is recommended that employees attend Accounting Practices, Procedures & Protocol Workshop I: Introduction to Accounting.

* Completion of this course is required to obtain your Accounting Series Certificate of Completion.

See Session Registration

This workshop is designed to assist employees who are responsible for preparing balance sheet account reconciliations for their department.

The RIT accounting staff will provide hands on training that covers why reconciliations are required, which Oracle report to use, what form to complete, how to resolve discrepancies, and why the reconciliation has to be "certified".

  1. Thursday, March 12, 2015 - 10:00am to 12:00pm
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