Basic Accounting 1

Basic Accounting
Course Package
To complement the
Lyryx Interactive Financial Accounting course
Offered by Instructional Services and Application Support
Version 2.0
February 2009
Instructional Services and Application Support
Table of Contents
1. Getting Started ................................................................................................ 3
How to Register ................................................................................................. 3

Confirmation....................................................................................................... 4
Logging In .......................................................................................................... 4
Accessing the Content ....................................................................................... 5
Study Timeline ................................................................................................... 5
2. What to Study .................................................................................................. 6
Objectives .......................................................................................................... 6
What to Study .................................................................................................... 6
Study Hints and Examples of Completed Exercises .......................................... 7
Instructions...................................................................................................... 7
Feedback ........................................................................................................ 9
3. Financial Statements .................................................................................... 12

Complements Chapter 2, Units 2.1 and 2.5
Income statements and balance sheets ........................................................... 12

Trial balances................................................................................................... 12
4. University of Calgary ChartFields ............................................................... 13

Complements Chapter 3, Unit 3.2
5. Debits and Credits ........................................................................................ 14

Complements Chapter 3, Unit 3.2
6. Journals ......................................................................................................... 15
7. Accounting Information Systems ................................................................ 17
8. Support .......................................................................................................... 17
*Remember: This course is not designed to train you on how to enter

a transaction into PeopleSoft. Please look at our General Ledger
course offerings for system step training.
Basic Accounting (v2.0 – February 2009) 2

1. Getting Started
How to Register
1. Go to
https://login.lyryx.com
2. Click on the Students

Registration button.
3. Fill in all of the

information.
For Student Number,

use your UCID.
For Educational
Institution, select
University of
Calgary.
Remember the
Username &
Password you create!
4. Click the Next button.

5. Specify the course you are

registering for by selecting the
following…
Session: Anytime
Course: Basic Accounting for

U of C Staff
Section: U of C
6. Please ask the instructor for

the PIN Code.
7. Click the Next button
8. On the next page, click the Register button.
9. On the next page, click the Close button.
Confirmation
Along with the instant registration confirmation, you will also receive a confirmation email like this:
Logging In
1. Go back to https://login.lyryx.com.
2. Enter your username and password.
3. Click Log in.

Accessing the Content
Once you have logged in, click on the course title under ‘Current Courses’ to access the course
content.
Study Timeline
Your course will run for 6 weeks. The course content is delivered through the Lyryx online tool
and study is self-paced. There will be 3 in-person lab sessions during the 6 weeks: one at the
beginning of the course, one in the middle and one session at the end of the course. You can
work through the material at your own pace; however, we recommend that you keep to this
schedule:
Week 1: Chapter 1
Weeks 2 & 3: Chapter 2
Weeks 4 & 5: Chapter 3
Week 6: Chapter 8 (Unit 8.1 only)

2. What to Study
Objectives
The objective is to deliver a flexible learning option to assist U of C staff to develop accounting
skills appropriate to their university assigned role or tasks.
Through completing this course, you should gain or confirm basic accounting knowledge. This
knowledge should assist in understanding transactions you perform within PeopleSoft.
This course package is designed to provide you with the basics of using the Lyryx Interactive
Financial Accounting learning tool as well as provide the U of C equivalencies to the information
delivered through this course.
What to Study
You should study:
Chapter 1
Chapter 2
Chapter 3
And
Chapter 8, Unit 8.1 ONLY
**There are 20 chapters available to study. This course will ask you to study only the first 3
chapters, plus the first unit in chapter 8.
Study
Chapters 1,
2, and 3
Study
Chapter 8,
Unit 8.1

Study Hints and Examples of Completed Exercises
Instructions
The course will provide exercises (‘Exploration’), Labs, and Quizzes to perform within or at the
end of each unit or chapter. It is important to read the instructions for the Exploration, Lab or
Quiz.
Exploration: Can be done as many times as you wish

Lab: Can be done as many times as you wish
Quiz: Can be done ONLY 1 TIME and is OPTIONAL
Where to find Explorations, Labs and Quizzes
Exploration and Lab
Exploration
and
Lab
Quizzes:
Take a quiz if you wish a further challenge
Quizzes are
at the
bottom of
the chapter
list.

In an Exploration, the instructions can be found at the top right hand of the page:
In Labs and Quizzes, the instructions come before the activity:

Instructions
Activity
Submit button
These exercises and activities can be challenging because they require

a high attention to detail.
Read the instructions carefully.
If you are struggling to complete the exercise and do not know what to enter, submit the
exercise, review the feedback and answer, then try again. The system will automatically
generate a new problem with new data.

Feedback
The system provides feedback, ranging from the simple to the detailed.
In an Exploration, as you fill in fields, you will get Correct or Incorrect messages:
In a Lab or a Quiz, you need to click the Submit button before the system will check your
answers.
**You cannot click Submit, check your answers and progress on the problem so far, and then
continue with the same problem. You can try the Lab again, but the system will generate a new
problem for you. Remember, you can only try a Quiz one time; once you click submit you cannot
try again!
The system provides detailed feedback once you submit your answers.
Review the screenshots on the next page to see what type of feedback you might receive.

Solution and Feedback:


3. Financial Statements
Income statements and balance sheets
Income statements and balance sheets can be produced through the Ledger Inquiry feature in
the General Ledger PeopleSoft module.
As you create the ledger inquiry, select the appropriate search criteria and ChartFields for the
financial statement type you wish to produce. For example, for an income statement, select
revenue and expense accounts; for a balance sheet, select prepaid expenses and equipment
accounts.
All accounts can be looked up on a list

contained within PeopleSoft. The list
provides the account number and
description. Review the Chart of
Accounts (next page) for information on
how the accounts are numbered for
assets, liabilities, etc.
Trial balances
Trial balances are prepared by Financial

Reporting and delivered in an Excel
spreadsheet format.

4. University of Calgary ChartFields
(BUSINESS) UNIT FUND DEPT ACCOUNT PROGRAM INTERNAL PROJECT
aaaaa xx xxxxx xxxxx xxxxx aaaxxxxxx aaxxxxxx

*where a=letter, x=number
ChartField Format Description

Designates a separate legal entity
Options:
o ARCTC = Arctic Institute of North America
(Business) Unit 5 characters (all letters) o FHOBO = Funds Held on Behalf of Others
o UCALG = University of Calgary
o UCFND = U of C Foundation
o UTECH = University Technologies Inc
Segregate financial information to reflect the nature
and restrictions of funding
Options:
o 10 = Central Operating
Fund o 20 = Other Operating
2 characters (all numbers)
o 30 = Carryover Reserves
o 40 = Board Approved Reserves
o 50 = Capital
o 60 = Research
o 70 = Other Restricted
Dept 5 characters (all numbers) Designates a department
Designates balance sheet or income statement
account
Options (according to the UofC Chart of Accounts):
o 1xxxx = Asset
Account o 2xxxx = Liability
5 characters (all numbers)
o 3xxxx = Net Assets (Equity)
o 4xxxx = Revenue
o 5xxxx = Salary & Benefit Expenses
o 6xxxx = Non-Salary Expenses
o 7xxxx = Internal Transfers
Activity across faculties or departments such as a
Program 5 characters (all numbers)
building, initiative, or academic session
9 characters (3 letters Activity specific to one faculty or department
Internal
followed by 6 numbers)
8 characters (2 letters Designates a research & trust project (RT , PP or OP)
Project
followed by 6 numbers) or a PER (EX) project

5. Debits and Credits
Remember: Debits and Credits can mean an increase or decrease, depending on the type
of account you are using in the transaction.
Blue (no underlining) = Increase
Red (and underlined) = Decrease
1xxxx = Asset 2xxxx = Liability
Debit for Increase Debit for Decrease

Credit for Decrease Credit for Increase
3xxxx = Net Assets (Equity) 4xxxx = Revenue
Debit for Decrease Debit for Decrease

Credit for Increase Credit for Increase
5xxxx = Salary and Benefit Expenses 6xxxx = Non-Salary Expenses
Debit for Increase Debit for Increase

Credit for Decrease Credit for Decrease
7xxxx = Internal Transfers
You can use debit/credit interchangeably with an Internal Transfer account, depending on
the type of account you are using for the other side of the transaction.
This account and any transactions using this account must always balance to 0 (zero).
* In PeopleSoft, a Credit is identified by a minus sign ( – ), regardless if the credit means

increase or decrease.

6. Journals
Here are 4 screenshots to illustrate a journal at the University of Calgary.
As you create a journal, the Journal ID defaults to ‘NEXT’. The system will pull the next ID, in
numerical order, from the database once you save or edit the journal.
Complete the basic information about the journal on the Header page and then enter the
transaction lines on the Lines page.

Here is an example of a journal that has been entered, submitted, approved and posted. Notice
you can not modify this journal; the fields are greyed out.
This journal has two lines.
The debit was entered first; the credit, second.
Debits and credits balance.

7. Management & Accounting Information Systems

PeopleSoft
The University of Calgary uses PeopleSoft as its main administrative system which includes
accounting functionality. There are three suites that make up PeopleSoft at the University of
Calgary: FSCM (Finance and Supply Chain Management); HR/Payroll; and Student
Administration.
This is a high level look at PeopleSoft data flow at the university and how it relates to the General
Ledger (GL). The dark lines indicate data flowing to and from the GL and the lighter lines data
transactions between other modules.
Project Student
Billing HCM
Costing Administration
Accounts Project
Receivable Costing
General General
Ledger Ledger
Project
Expense
Costing
General
Ledger
Accounts
eProcurement
Payable
Purchasing Commitments
Asset
Management

8. Support
If you have any problems with the technology or questions about the content you are learning,
please contact the Basic Accounting trainer through one of the following methods:
Call the PeopleSoft Support Centre at 220-5555, option #2

Email pssccom@ucalgary.ca
Your instructor will provide you with dates, times and location of lab sessions where you can ask
questions and spend some quiet time working through the material.
Also, you may find this course package as well as other materials on the PeopleSoft Support
website:
www.ucalgary.ca/ps, then…
> click on the Finance tab > click on Support Documents/Tools (left-hand side) > click
on Basic Accounting and voila!

Basic Accounting 1

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Basic Accounting

Offered by Instructional Services and Application Support

1. Getting Started ................................................................................................ 3

How to Register ................................................................................................. 3

2. What to Study .................................................................................................. 6

3. Financial Statements .................................................................................... 12

Income statements and balance sheets ........................................................... 12

4. University of Calgary ChartFields ............................................................... 13

5. Debits and Credits ........................................................................................ 14

7. Accounting Information Systems ................................................................ 17

*Remember: This course is not designed to train you on how to enter

Basic Accounting (v2.0 – February 2009) 2

2. Click on the Students

3. Fill in all of the

For Student Number,

4. Click the Next button.

Basic Accounting (v2.0 – February 2009) 3

5. Specify the course you are

Course: Basic Accounting for

6. Please ask the instructor for

7. Click the Next button

8. On the next page, click the Register button.

9. On the next page, click the Close button.

2. Enter your username and password.

3. Click Log in.

Basic Accounting (v2.0 – February 2009) 4

Accessing the Content

Basic Accounting (v2.0 – February 2009) 5

You should study:

Basic Accounting (v2.0 – February 2009) 6

Study Hints and Examples of Completed Exercises

Exploration: Can be done as many times as you wish

Where to find Explorations, Labs and Quizzes

Exploration and Lab

Basic Accounting (v2.0 – February 2009) 7

In Labs and Quizzes, the instructions come before the activity:

These exercises and activities can be challenging because they require

Read the instructions carefully.

Basic Accounting (v2.0 – February 2009) 8

Basic Accounting (v2.0 – February 2009) 9

Solution and Feedback:

Basic Accounting (v2.0 – February 2009) 10

Basic Accounting (v2.0 – February 2009) 11

Income statements and balance sheets

All accounts can be looked up on a list

Trial balances are prepared by Financial

Basic Accounting (v2.0 – February 2009) 12

4. University of Calgary ChartFields

(BUSINESS) UNIT FUND DEPT ACCOUNT PROGRAM INTERNAL PROJECT

aaaaa xx xxxxx xxxxx xxxxx aaaxxxxxx aaxxxxxx

ChartField Format Description

Basic Accounting (v2.0 – February 2009) 13

5. Debits and Credits

Blue (no underlining) = Increase

Red (and underlined) = Decrease

1xxxx = Asset 2xxxx = Liability

Debit for Increase Debit for Decrease

3xxxx = Net Assets (Equity) 4xxxx = Revenue

Debit for Decrease Debit for Decrease

5xxxx = Salary and Benefit Expenses 6xxxx = Non-Salary Expenses

Debit for Increase Debit for Increase

7xxxx = Internal Transfers