Accrual Adjustments - Fiscal year end accrual adjustments post unrecorded June transactions. These generally represent revenue earned (i.e. good or service has been provided) but not received as of June 30th and expenses incurred (i.e. good or service has been received) but not paid as of June 30th. The most common accrual adjustments include accounts payable invoices, travel reimbursements, biweekly payroll and faculty salaries for those faculty with 9-month contracts paid over 12 months.
Auxiliary Funds - Auxiliary funds are supplementary to the primary educational function of the University and include such activities as the residence halls, food service, intercollegiate athletics, the student union, and the computer store. Auxiliary cost centers begin with 53.
Biennium - A biennium represents a budget cycle that covers two fiscal years. For example, the current budget biennium spans the period of July 1, 2011 to June 30, 2013.
Budget Transfer - A budget transfer moves expenditure authority from one cost center, WBS element and/or G/L account to another. Budget transfers must always remain within the same fund type – i.e. budget from one state aided non-revolving cost center can only be transferred to another state aided non-revolving cost center. In other words, budget can only be transferred from a cost center that begins with 51 to another cost center that begins with 51; budget can only be transferred from a cost center that begins with 52 to another cost center that begins with 52, etc.
Commitments - Commitments are contractual or scheduled commitments which are not yet reflected in actual expenditures but will lead to actual expenditures in the future. They can include salary commitments, purchase order commitments or manual department commitments. When departments follow predefined procedures, budget can be committed at the end of a biennium and carried forward to the next fiscal year.
Cost Centers - Cost Centers are used to plan, gather, and track costs for a University unit or department for state aided non-revolving funds (cost centers that begin 51), state aided revolving funds (cost centers that begin 52) and auxiliary funds (cost centers that begin 53). Cost centers are 10 digit numbers. Within a department, multiple cost centers may be set up to further break down expenses by project or activity.
Cost Element - An SAP term for G/L account. See G/L account.
Cost Objects - Cost objects are used to plan, gather, and track revenues and costs. There are two types of cost objects, the cost center and the WBS element.
Document Numbers - Document numbers are system assigned keys that uniquely identify documents within each SAP module.
Document Type – Document type is an identifier in the document header that characterizes the type of financial transaction being performed. For example, a cash receipt has a document type of CR and a journal entry has a document type of JE.
Encumbrance - See commitment.
Fiscal Year - The 12-month period for which budgetary authority is granted and for which external financial statements are prepared. The University of Nebraska operates on the same fiscal year as the State of Nebraska: July 1 through June 30.
GL Account - The G/L account is a six-digit number that identifies the nature of revenue/expense transactions (e.g. tuition, printing, office supplies) or balance sheet items (e.g. cash, deferred income, etc.). The group of G/L accounts defined for the University as a whole is referred to as the University Chart of Accounts. G/L account numbers that begin with a 4 are used to record revenues from various sources. G/L account numbers that begin with a 5 are used to record disbursements for the procurement of goods or services.
Journal Entry - A journal entry is used to move revenue or expense that was coded to an incorrect cost center, WBS element and/or G/L account to the correct cost center, WBS element and/or G/L account.
Non-Revolving State Aided Funds - Non-revolving state aided funds represent annually budgeted funds supported primarily by tax appropriations and tuition and fee revenue. Non-revolving state aided cost centers begin with 51.
Plan - An SAP term for budget.
Posting Period - Generally, each calendar month represents a separate posting period within SAP. For example, period 1 would be July; period 2 would be August, and so on. However, the month of June is broken down into multiple posting periods.
Revolving State Aided Funds - Revolving state aided funds represent self-supporting activities where the balances roll forward from year to year such as lab fees and clinic/workshop revenues. Revolving state aided cost centers begin with 52.
State Aided Funds - State aided funds are those that are under the control and discretion of the University to use in achieving its educational purposes. There are two types of state aided funds, non-revolving state aided funds and revolving state aided funds.
Variance - On a SAP report, variance generally represents the amount of budget remaining after actual expenditures and commitments have been subtracted. Generally, a balance in the variance column that has a negative sign behind it is a deficit and a balance with no sign behind it is a surplus.
WBS Elements - WBS elements are used to plan, gather, and track costs for a grant or contract, agency or plant project. A Project can have one or many WBS elements depending on the degree of segregation or breakdown desired. WBS elements are 13 digit numbers and begin with 54, 55, 56, 57 or 59.