Audited Financial Statements
A Transfer Account Guide can be found on Mosaic in the Support and Documentation tile (then under How To Guides, in the General Ledger Accounts section.
Opening a program/department or updating a Chartfield. The procedure for opening a program/department can be found by using the Create/Update Chartfield Value form. If you are not certain that a new chartfield is required, please contact firstname.lastname@example.org for assistance.
Resources and information on accounts is available on Mosaic in the Support and Documentation tile (under How to Guides, in the General Ledger section).
rograms and departments cannot be closed entirely, but they can be deactivated so that they cannot be used for new activity. If you wish to deactivate an department or account, please contact email@example.com
Transfers are tracked in the budget to avoid double-counting. Correct recording of transfers helps central finance to correctly report expenses.
A recovery is the reimbursement of a cost with no possibility of gain or loss. It can be received from an internal or external source. A transfer is ‘moving around money already in the University’, therefore is always received from an internal source.
Revenue is a payment received when there is the possibility of a gain or loss. It can be received from an internal or external source. There are separate accounts to track internal and external revenue.
A listing of FAS Subcodes to PeopleSoft Account Map and a Transfer Account Guide can be found on Mosaic in the Support and Documentation tile (under How To Guides, in the General Ledger Accounts section.
Labour-Benefit Account Mapping An outline of Peoplesoft/Mosaic Labour-Benefit Account Mappings is available on Mosaic in the Support and Documentation tile (under How to Guides, in the General Ledger Accounts section).
For anything regarding the Mosaic application, the PC acronym stands for “Project Costing”.
McMaster University Ontario Corporation Number is 000089567.
McMaster University’s Non-Profit Registration Number is 11903 5988 RT0001.
McMaster’s Canada Revenue Agency (CRA) Number McMaster’s CRA number is 119035988.
For further inquiries related to this, please email firstname.lastname@example.org.
The legal name of the university is McMaster University.
McMaster’s business number McMaster’s business number is 119035988.
DUNS # 207510108
You can find the procedures for replenishing a petty cash float in the policy at: https://financial-affairs.mcmaster.ca/services/banking-ecommerce/pettycash Alternatively petty cash can be replenished via PeopleSoft through the Non PO Voucher process. A step-by-step user guide can be found in Mosaic in the Support and Documentation tile (then under How To Guides, in the Accounts Payable Section.)
Transfer Petty Cash A change of Imprest Holder Application and a Petty Cash Balancing Sheet must be completed and sent to Financial Services. These forms are available at: https://financial-affairs.mcmaster.ca/services/banking-ecommerce/pettycash
McMaster University’s HST number is 11903 5988 RT0001 HST
Info Page Visit our page for contact details and more information on charging HST: https://financial-affairs.mcmaster.ca/services/accounts-payable-reimbursements/what-you-need-to-know-about-hst
As a general rule of thumb the applicable tax follows the purchase. In other words if goods and services are purchased outside Ontario for use within Ontario they are subject to HST, therefore, the University is obligated to “self assess” all applicable taxes for these types of purchases and remit same to the government. This function is performed by Accounts Payable. If you have a questions concerning self assessment of taxes please contact a member of the Accounts Payable Team.
Charge HST on admissions if it is expected that 75% or more of the attendees are non-foreign attendees. For transactions relating to the period of December 2013 and onward: HST collected should be allocated using Soft Financials chart string field: MAC01, Fund 20, account 240000. For more detailed answers on when to charge HST, contact: email@example.com
Capital assets are definted as equiment or goods (including software) that are used to carry out the business of the university with a useful life of greater than one year and a value of grerater than $5,000 ($2,000 for Computer Equipment). For further details, please see the Capital Assets policy.
What is an accrual? Accrual based accounting reports income when earned and expenses (including salaries) when incurred. This method provides a more accurate picture of the University’s fiscal position. At year end it is imperative that supporting documentation for payments (i.e. invoice or packing slip) clearly indicates the date the goods were physically received or the date the services were completed. As invoices are received in Accounts Payable following the year end close, Accounts Payable determines the year the expense was incurred. If the purchase was received/delivered before the year end close (April 30) Accounts Payable will accrue the cost of the purchase to the applicable account number to ensure the expense is accurately reflected in the year in which it was incurred. Salary accruals are done in Budgeting Services. If there are working days at the end of April after the last pay has been expenses, an accrual is done to expense the extra days. For example, if the last pay posted to PeopleSoft paid up to Saturday, April 27, an accrual will be done to expense the 2 days Monday, April 29 and Tuesday, April 30. This accrual is reversed in the new fiscal year so that the first pay in May will expense the 8 remaining days in the pay period.
McMaster’s fiscal year runs from May 1 to April 30 annually. This means fiscal 2015 is the year ending in 2015 (i.e. May 1 2014 to April 30 2015). In Mosaic, each month is referred to as a “Period”, with period 1 = May and period 12 = April.