Financial Services

Glossary

Further information

  • University finance manual
  • Handbook for Finance Officers
  • Acronyms, definitions and terms with specific meanings are described in this glossary.

    ABN
    Australian Business Number
    Account code
    A code that defines the accounting nature and type of activity underlying a transaction (income or expenditure asset, liability or equity).
    Each account code is made up of three characters. See the account rules for the list of account numbers.
    Accountable form
    Documents or forms pre-printed with sequential numbers and therefore able to be accounted for. Cheques are a common type of accountable form.
    Accounting period
    (a) In PeopleSoft, the accounting period refers to the financial activity within one month; for example accounting period 4 refers to financial activity for the month of April.
    (b) The period of accounting covered by a profit and loss statement or income and expenditure based activity statements.
    1. In the context of the University’s Annual Financial Statements the accounting period is the financial year from 1 January to 31 December.
    2. Much of the financial reporting within business units is also undertaken at the conclusion of monthly accounting periods.
    Accounting standards
    Statements issued by the Australian Society of Accountants and/or the Institute of Chartered Accountants, and which are applied to the University’s accounts. Where these standards have been modified by Treasurer’s instructions, the Treasurer’s instructions take precedence.
    Accounts payable
    The accounting and administrative activity dealing with the recording, payment and reporting of monies owing by the University.
    Accounts receivable
    The accounting and administrative activity dealing with the recording, collecting and reporting of monies owed to the University.
    Accrual accounting
    A form of accounting that enters items into the organisation’s accounting system as soon as they are earned or incurred, rather than waiting until the money is either received or paid. Items are included in financial statements for the accounting periods to which they relate rather than a later period when the payment is actually made or received. This accounting system relates the accounting records with when the work (resulting in income or expenditure, asset or liability) is actually undertaken. PeopleSoft makes use of accrual accounting. Accounting periods are an important aspect of accrual accounting and Financial Services brings to account accrual entries to ensure accurate reporting in the University’s profit and loss statement and balance sheet. Accrual accounting is also an essential element of the GST legislation.
    Accrued expense
    Expenditure that is entered in the accounts at the end of the financial period for items delivered or charges incurred but for which no payment has yet been made.
    Accumulated historical cost
    The original cost of an asset plus additions, less partial disposals.
    ACIAR
    Australian Centre for International Agricultural Research
    ACS
    Administrative Computing Services within the division of Information Services
    Actual expenditure
    The amount of outgoing incurred from a project/grant for the acquisition of a good or service.
    Actuals ledger
    Ledger in which debits and credits recorded refer to real cash or accrual amounts as opposed to budget amounts which are notional.
    Addition (to asset)
    The original cost of any 'add-on' which becomes an integral part of an existing asset, for example, plant and equipment. See also - Accumulated Historical Cost.
    Adjustment note
    This is issued by the supplier of a good or service when the amount of GST payable has changed from that of the original tax invoice.
    Adult and community education
    A course of study or instruction provided by UWA which is likely to add to the employment-related skills of people taking the course.
    Advances / advance payments
    Payments made in advance of goods or services being received or activities being undertaken.
    AFF
    Australian Flora Foundation Inc
    AGA
    Auditor General Act
    Aged debtors listing
    Report in debtors’ system indicating the balance of a debt according to the time it has been outstanding, for example 30 days, 60 days, 90 days or more than 90 days.
    AMIRA
    Australian Mineral Industries Research Association
    AMLRDC
    Australian Meat and Livestock Research and Development Corporation
    Amortisation
    The systematic write-off to expense of the cost of an intangible or non-current asset over the period of its economic usefulness. The amortisation of an intangible asset is a process parallel to the depreciation of a tangible asset.
    Ancillary activities
    Activities which are in addition to the main functions of the University but operate under the University’s administrative control. These activities or operations include the University Press, the Perth International Arts Festival, University Hall. Ancillary activities generate their own funds wholly or substantially from charges made for the facilities provided. For the purposes of the GST, these are considered internal to the University and hence outside the scope of the GST.
    AP
    Accounts Payable (see above)
    APA
    Australian Postgraduate Awards
    AP closures
    Description within PeopleSoft meaning cancelled cheque.
    Applications software
    A computer program used to do certain types of work, such as payroll processing or word processing.
    Appointment expenses
    Removal costs, fares, living allowances and medical expenses reimbursed by the University to or on behalf of new staff appointees. See the Human Resources Policies, agreements and guidelines.
    Approving officer
    An employee of the University who has formally delegated responsibility to authorise accountable forms.
    AR
    Accounts Receivable or Asset Register
    Arbitrage
    Trading in securities in different markets or maturities, to take advantage of different prices or conditions, e.g. bank bills. The buying and selling of stocks or bills of exchange to take advantage of varying prices in different markets.
    ARC
    Australian Research Council
    ARC Discovery Programs
    Research program that funds individual researchers and projects.
    ARC programs
    Research program that helps to broker partnerships between researcher/university and industry, government and community organisations, both within Australia and overseas.
    ARC Linkage Project Scheme
    ARC SPIRT funding.
    ARS
    Asset Register System
    Asset Register
    The official record of the University in which a full description of each non-current asset item and its financial details are recorded. The asset register does not include current assets, such as cash or consumables.
    Assets (non-current)(depreciable or fixed)
    Assets which are not current assets and are not consumed during the course of business but are used to provide goods and services (over a period of a year or more) such as property, plant and equipment.
    Associated entities
    These entities are associated with UWA but are not included under the UWA umbrella, such as the Lions Eye Institute; they have separate Australian Business Numbers.
    ATO
    Australian Tax Office
    Audit trail
    Provides a means of tracing from source documents through journals and ledgers to summary totals in the financial statements or other financial outputs and vice versa. Apart from aiding the audit of transaction processing systems, audit trails enable detected errors to be corrected, inquiries to be answered and processes to be reconstructed.
    Australian Competitive Grant (ACG)
    A research grant. ARC, NH and MRC are examples of grants in this category. Australian Competitive Grants (ACG) earn Research Infrastructure Block Grants.
    Authorisations
    See Financial Delegations.
    AWRAP
    Australian Wool Research and Promotion Organisation
    Balance of account
    The balance of a project/grant is the difference between all its current year debit amounts and all its credit amounts and includes any opening balance.
    Balance date
    The end of the accounting period to which financial statements relate.
    Balance sheet
    A summary of the financial position of an organisation at a point in time, showing the total assets, balanced by the total liabilities of the organisation and including the value of the owner's equity.
    Bank bill/bill of exchange
    A bill (bill of exchange) is an unconditional order in writing, addressed by the drawer to the drawee, requiring the drawee to pay a sum of money on demand or at a specified future time to the payee or to the bearer. A bill may be either accepted or endorsed by a bank.

    The bank has the primary liability to pay the amount due on the maturity of a bank accepted bill. Where the bank endorses a bill, i.e. the bank itself buys the bill on the market, the bill ranks as 'bank endorsed'. Investment option used by Financial Services to earn higher interest rates on large amounts of short term cash balances resulting from different inflow of income to outflow of expenditure patterns.

    Bank draft
    An unconditional order in writing from one bank to another bank, requiring the payee named in the draft to be paid on demand a sum in money. A secure and convenient means of making an overseas payment which Financial Services can arrange on request from a business unit.
    Base currency
    System generated currency rate for calculating foreign payments, in this case, the base currency is AUD (Australian dollars).
    Batch control
    Process of grouping together a common set of accounting transactions to control processing. Transactions are generally batched in lots of 30. A batch header (summary of transactions) is attached to each batch as final authorisation for processing the transactions. Batch controls provide pre-determined totals to check the completeness and accuracy of transactions entering computer files.
    Batchsys
    In Operator ID column of PeopleSoft reports, The Operator ID identifies the two ways transactions are entered into PeopleSoft, either by name of the data entry operator or by Batchsys for all overnight and month end batch mode data involving large volumes of like data.
    BCM
    Budget Checking Module
    Bequest
    A bequest is a gift to the University arising from the estate of a deceased person. It is not liable for GST as long as no significant economic benefit passes back to the estate of the donor.
    Bill of lading
    A document signed and delivered by a transportation company to a shipper of goods. It specifies the goods, the name of the ship or airways flight number, the port and destination, the consignee and the rate of freight.
    Budget
    A plan of operation expressed in monetary terms. A budget includes detailed forecasts of income and expenditure for a specific period. It is concerned with financial control, the allocation of resources and the achievement of objectives within an organisation. This can be:
    1. a plan expressed in financial terms, summarising planned financial receipts and
      expenditures over a period of time, or
    2. a list of authorised expenditures.
    Budget allocation
    The total funds specified and approved for expenditure in a particular period on a given activity or use. Budget allocations may be made, for example, for salaries and related expenditure, equipment, materials, running costs, travel.
    Budget estimate
    A forecast of the amount of funds required during a particular period for expenditure on an approved activity or use, or alternatively the amount of funds to be derived during a particular period from a given source.
    Budget Year (BY)
    A PeopleSoft chartfield identifying the relevant budget year. It is comprised of four characters. i.e. 2000 or 2001
    Budgeting (zero-based)
    The process of forecasting expenditure from a starting point of zero. This does not use historical data but bases estimates on costings of planned activities.
    Business Activity Statement (BAS)
    A form used to report UWA's tax entitlements and liabilities (including GST and Fringe Benefits Tax) to the Australian Tax Office on a monthly basis.
    Business Unit
    A 5 digit PeopleSoft chartfield numeric code which identifies a University faculty/department/cost centre and is unique to that BU.
    Capital
    Money invested in assets in order to earn income which is not intended to be reduced.
    Capital expenditure
    Expenditure on fixed assets, i.e. goods that have a long, useful life, e.g. machinery equipment. (see Capital)
    Capital reserve
    Surplus funds generated mainly from the University's investment portfolio. These funds are then used for specific purposes as approved by the Planning and Budget Committee and Senate.
    Capitalisation
    Accrual accounting process that converts items recorded by faculties/departments/cost centres as an income or expenditure item into balance sheet items (i.e. asset, liability or equity) in accordance with generally accepted accounting principles.
    Cashflow
    1. All planned receipts, projected disbursements and cash balances for a given period representing the flow of cash in and out of a business.
    2. The pattern of cash receipts and payments over a period.
    Cashflow statement
    An accounting statement based on all cash transactions with entities external to an organisation for a particular accounting period.
    Certifying officer
    Officers within the organisation with authority for undertaking certain signatory responsibilities. The signature of a certifying officer is required on most accountable forms.
    Chart of accounts
    A list of all accounts in the ledger, constructed in accordance with the classification system which has been adopted by the University. It serves as both an index to the ledger and as a description of the accounting system for a business unit.

    A chart of accounts allows financial transactions to be classified into various project grants. The chart of accounts presents data in a hierarchical structure to enable users to access and report information at various levels of summarisation. The detailed classified list of all the accounts, project grants in the University's ledger.

    Chartfield
    A data field contained within chart of accounts, e.g. the five digits devoted to business unit.
    Cheque
    An unconditional order in writing requiring a bank to pay on demand a certain sum in money.
    Chevron
    The name given to the symbol > on certain screens in PeopleSoft. (Double chevron = >>). Chevrons indicate the ability to scroll to additional information.
    Claim
    A generic term used for any request for payment. See also Invoice
    Class
    For departmental use. This is a PeopleSoft field that, if required and necessary, represents a further breakdown of account information.
    Clearing account
    A temporary resting place for a transaction, often an expenditure, awaiting allocation to the appropriate project grant.
    Clearing project/grant
    A temporary project grant used for allocation of transactions, often expenditure, awaiting identification to the appropriate project grant. Also used by Facilities Management charges.
    COGGO
    Council of Grain Growers Organisation
    Collaborative Grants
    Research grants with more than one funding source, e.g. ARC LINKAGE grants.
    Collection agency
    An organisation used by the University to recover debts.
    Commitment/encumbrance
    The cost of something (goods or services) entered in the financial accounting system before payment is actually made so that it is recorded that the money has been set aside for a particular purpose or purchase. A commitment is an entry in the accounting system which indicates an undertaking or intention to spend funds at a certain future time and therefore effectively prevents those funds being used for other purposes. The dollar value of a commitment is acquitted or cleared when the expenditure is actually made.
    Contingency
    See Reserves
    Contingent liability
    A potential financial liability that will arise if a given anticipated event occurs in the future. All contingent liabilities must be disclosed in the note of the annual financial statements of the university in accordance with legislative requirements.
    Contra
    An off-setting accounting entry equal to a previous entry.
    Contract
    An agreement, oral or written, which gives rise to obligations enforceable or recognised by law. Also see the UWA Legal Services website
    Control account
    Identifies a project/grant normally owned by Financial Services.
    Cost accounting
    The application of methods and techniques to systematically record costs incurred by a firm or by activities, process or departments and the analysis of variances to form a basis for control. Methods include job, process, batch, contract and operation costing.
    Cost centre
    A cost centre enables users to identify the responsibility for a cost with a particular area of responsibility.
    CMSS
    Centre for Medical and Surgical Skills
    CRC
    Cooperative Research Centre
    Credit
    1. The receipt of money into an account; the opposite to a debit (payment of money out of an account). A credit increases the balance available in an account.
    2. The power to obtain goods before payment being required (based on trust that payment will be forthcoming.)
    Creditor
    An organisation or individual to whom the University owes money.
    Creditor code
    A unique number used by UWA payment systems to store the name of a supplier, order address and payment address. Payroll numbers and student numbers are used as creditor codes for paying members of staff and students respectively.
    Credit note
    A document indicating that the organisation or individual to whom it is addressed is to be credited by the issuer with a certain amount. University credit note forms are accountable documents, subject to strict controls.
    Crystal Reporting
    A reporting tool used for the generation of reports from PeopleSoft.
    CSIRO
    Commonwealth Scientific and Industrial Research Organisation
    CTEC
    Commonwealth Tertiary Education Commission
    Currency effective date
    Date used when converting foreign currency.
    Current liabilities
    Obligations payable within the near future (usually the coming year or trading period) or restrictions on the use of assets which should be removed within the year, e.g. amounts owing to creditors, bank loans or proposed dividends.
    DAFFA
    Department of Agriculture, Fisheries and Forestry - Australia
    Debenture
    A type of fixed-interest security issued by a borrowing company/organisation in return for the long or medium-term investment of funds.
    Debit
    An item of expenditure charged to a project grant. A debit reduces the balance available in a project grant.
    Debtor
    An organisation or individual who owes the University money.
    Debtors Listing
    See Aged debtors listing.
    Decrement
    A decrease in the appropriate recorded value of an asset which must be accounted for in accordance with the Australian Accounting Standards.
    DEEWR
    Department of Education, Employment and Workplace Relations
    Delegation of authority
    For the purpose of the Financial Administration and Audit Act 1985, the Senate has the ultimate responsibility for the powers, duties and functions of the University. However, as the Senate must perform its functions through appointed officers, the Senate has the power to authorise and direct particular officers to perform specified functions and undertake specific responsibilities on their behalf.
    Departmental vote
    Recurrent operating funds allocated by the faculty from funds controlled by the Planning and Budget Committee.
    Depreciation
    A process of allocation whereby the accumulated historical cost of an asset is apportioned and expensed over its estimated useful life.
    Discounted cash flow
    A technique used to calculate the present value of a sequence of future cash flows, in order to determine the most profitable investment from several alternatives.
    Dishonoured cheque
    A cheque on which a bank will not make payment due to insufficient funds in the drawer's account to cover the amount on the face of the cheque.
    Disposal proceeds
    The total value of cash or equivalent received by the University in exchange for an asset which has been disposed.
    Documentary letter of credit
    A banking arrangement which provides security to a supplier on the future payment of an expected supply. The delivery of certain documents is evidence that the supply has been made and authorises the issuing bank to release payment.
    Donation
    A donation is defined as a gift of money to the University. Donations are outside GST on the condition that no significant economic benefit passes back to the donor.
    DRDC
    Dairy Research and Development Corporation
    Drilldown
    A term used to describe the facility in PeopleSoft to provide access to further levels of detailed information.
    Duty travel
    A term applied to a journey of a business or official nature undertaken by a member of staff. Synonymous with 'Travel on Official Business'
    ECEL
    Faculties of Economics and Commerce, Education and Law
    EFTSU
    Equivalent full-time student
    Electronic Funds Transfer (EFT)
    The transfer of money between banks by computer.
    Encumbrance
    See Commitment. In the University's accounting system the term encumbrance is synonymous with commitment.
    Endowments
    A conditional gift to the University for a specified purpose, generally with a notion of preserving the capital of the gift. May be established following significant donations or bequests. Some endowment funds are held in trust. As endowments may be subject to specific conditions and requirements, each case needs to be considered individually.
    Endowment lands
    Land endowed by the State Government to the University in the early 1900s and property subsequently purchased by the University from the proceeds of the sale of the endowment lands.
    Equity
    Amount by which the recorded value of an asset exceeds the debt owed on it. or in relation to the University as a whole, the sum of all recorded assets over sum of all recorded liabilities
    E T Form
    Electronic Web Entry System used to generate internal journal transactions (e-T Forms) between business units. Manual alternative is a T Form
    Expense
    A purchased item is regarded as an expense if:
    It costs less than $5000 (GST exclusive) and/or it is of a consumable nature (such as computing software, lab materials).
    FBT
    Fringe Benefits Tax
    FFM
    Faculty Funding Model
    Faculty
    Combination of a number of departments within the University devoted to a particular discipline, e.g. Anthropology is in the Faculty of Arts
    Fieldwork
    Work undertaken away from one's normal place of employment, often in remote areas, for the purpose of gathering or studying specimens or data 'in the field'.
    Finance Lease
    See Lease
    Financial delegations
    The exercise of financial delegations within the University is the delegation to certain offices approved by Academic Council who are given authority and responsibility for certain financial undertakings. Functions are exercised within limitations as to subject matter, amount and source of funds as the Vice-Chancellor may from time to time direct. Sets of approved authorisations are on issue to senior officers, business officers, senior accounting staff and the University's auditors.
    Financial year
    The University operates on a financial year running from 1 January to 31 December.
    Fixed assets
    Assets which are not current assets and not consumed during the course of business but are used to provide goods and services, over a period of a year or more, e.g. property, plant and equipment.
    FMA
    Financial Management Act
    FRDC
    Fisheries Research and Development Corporation
    Fringe Benefit Tax (FBT)
    A tax levied on non-cash benefits provided by UWA to its staff and relatives.
    FTE
    Full Time Equivalent
    Full disposal of an asset
    Where an asset is either sold or written off because it is no longer usable or no longer has any value.
    Fund/Fund ID
    A PeopleSoft chartfield of two numeric characters used to denote the source of funding a project grant.
    Funding source
    The source of funds or income to a project grant, classified in the University's financial system in these main areas:
    • DETYA Operating Grant (recurrent)
    • University Investment Funds
    • Research
    • Scholarships
    • General Income
    • Special Purpose Funds
    Funds statement
    An accounting statement based on movements in cash and other assets and liabilities arising from transactions with entities external to an organisation for a particular accounting period. For the purposes of the University's financial statements the Fund Statement has been replaced with a statement of cash flows in accordance with changes in the Australian Accounting Standards.
    General Ledger (GL)
    The main accounting ledger, providing a comprehensive and detailed recording system for all financial transactions of the entity. In PeopleSoft the general ledger is represented by the group of chartfields (project grants and accounts) in their entirety. This represents the Actuals Ledger and records all the accounting data necessary for the production of reports and records accounting transactions either directly or via feeds from subsidiary ledgers. See also Ledger, Subsidiary Ledger.
    Gifts
    A voluntary transference of property to the University without consideration. A gift may be money, chattels (materials, equipment, books, works of art and the like), investments, services or realty (land and/or buildings and rights attaching thereto).
    GO8
    Group of 8
    Goods or Services Received Advice, GRA/Delivery Slip/Docket
    An advice signed by a member of stores staff or a departmental requisition officer advising the receipt of goods or services. This is relayed into the stores and purchasing system as a necessary pre-condition for authorisation of payment. Confirms that the item(s) received or the service(s) performed is (are) satisfactory and consistent with the purchase orders.
    Government Gazette
    Monthly publication, detailing financial and other matters approved by the Governor.
    GRDC
    Grains Research and Development Corporation
    Grants (Special Purpose Funds)
    Funds received by the University from external sources to support specific research and teaching activities. Such grants are subject to formal agreements or contracts between the University and outside individuals and organisations.
    Group of 8
    The major eight Australian teaching and research universities, viz: University of Sydney, University of New South Wales, Australian National University, University of Queensland, University of Melbourne, Monash University, UWA and University of Adelaide.
    GSRC
    General Services Resources Committee
    GST exclusive value
    The price of a good/service before GST has been levied.
    GST free
    If a supply is GST Free, then:
    • no GST is levied on the price of the supply, and
    • input tax credits are able to be claimed for anything acquired or imported to make the supply.
    GST inclusive value
    The price of the good/service after GST has been levied - equates to the GST exclusive value plus 10%.
    GWRDC
    Grape and Wine Research and Development Corporation
    Header
    A document (hard copy or screen display) which documents a batch of data input
    HECS
    Higher Education Contribution Scheme
    HD
    Higher Degree
    HEFA
    Higher Education Funding Act
    HEIP
    Higher Education Innovation Program
    Higher Education Innovation Program (HEIF)
    Grants to promote and encourage innovation in the higher education sector in areas such as staff development, curriculum development and course delivery.
    HESA
    Higher Education Support Act 2003
    HERDC
    Higher Education Research Data Collection
    Historical cost convention
    Costs of accounting transactions are recorded at their original (actual) cost and are not revised to reflect changing money values or the current value of non-current assets.
    Honorarium
    A fee for the provision of professional expertise on an occasional basis that may attract a fee or honorarium, e.g. contributions to the press, radio or TV broadcasting, occasional lectures, exhibitions or performances, examination , examination of theses.
    HRDC
    Horticultural Research and Development Corporation
    ICARDA
    International Centre for Agricultural Research in Dry Areas
    ICHR
    Institute of Child Health Research
    IGS
    Institutional Grants Scheme
    Imprest
    A fixed amount of funds or other resources advanced for a particular use, and estimated to be sufficient for a given period. The total value of authorised outgoings from the 'advance' is reimbursed or recovered so that the full, original amount is periodically restored. Used in a number of different contexts, e.g. petty cash imprest, cash imprest, cash float, stores imprest.
    Income
    In addition to the Operating Grant from Department of Education, Training and Youth Affairs (DETYA), the University derives income from research grants, contract research and consulting services to industry, selling products, student fees, rendering services and disposing of resources, e.g. profit on sale of plant and equipment and from returns on its investments.
    Indigenous Researchers Development Scheme
    A targeted higher education research programme to support early career researchers and outstanding individual researchers.
    Infrastructure
    Plant, equipment and technical support employed in the undertaking of research - Also see Research Infrastructure Levy and University Infrastructure Levy.
    Infrastructure Levy
    See: University Infrastructure Levy
    Input Taxed

    If a supply is input taxed, then:

    1. no GST is levied on the price of the supply, and
    2. there is no entitlement to an input tax credit for anything acquired or imported to make the supply.
    Input Tax Credits
    These are the GST components included in the price charged to UWA by suppliers of goods/services that are able to be claimed back from the Australian Tax Office.
    Internal
    Within the University.
    Internal Control
    The methods and measures adopted within an organisation to safeguard assets, ensure the accuracy and reliability of accounting data, promote operational efficiency and encourage adherence to prescribed policies and procedures.
    Invoice
    A document requesting payment. An invoice provides details of goods or services supplied on credit, discounts if applicable, and the total amount due. To ensure all debtors are fully recognised in the University's accounting records, all University invoices must be raised through Financial Services.
    IRDS
    Indigenous Researchers Development Scheme
    ITC
    Input Tax Credits
    Joint Venture
    Where two or more parties have a legally binding agreement to undertake a specific business project in which the parties to the joint venture (venturers) meet the costs of the project and may receive a share of any resulting output.
    Journal entry/ journal
    An internal accounting transaction used to make a transfer, adjustment or an accrual accounting entry. The entry indicates the two aspects of the transaction, the debit and the credit and the chartfields to be charged. In PeopleSoft these are made as two individual entry lines, each of which is given its own line number for future identification.

    The total amount to be debited must equal the total amount to be credited. A journal entry must be accompanied by a brief, meaningful explanation of the entry and relevant supporting documentation. On-line departments are able to generate their own internal journal entries to transfer or correct data within the business unit.

    Journal ID
    The 10 digit number allocated by PeopleSoft to identify each journal entry created and posted within the system. A journal is fully identified by the BU number, the journal ID and the journal date.
    Journal line
    An individual journal entry comprising a minimum of two individual entry lines; one for the debit side and the other for the credit side of the transaction. PeopleSoft allocates a line number to each of these lines for identification and searching in the future.
    Journal status
    A PeopleSoft term which indicates whether the journal has passed the editing process to ensure all entered chartfields are correct.
    Lease
    Lease: An agreement conveying the right from a lessor to a lessee to use property for a stated period of time in return for a series of payments by the lessee to the lessor.
    Finance lease: A lease which effectively transfers from the lessor to the lessee substantially all the risks and benefits associated with the ownership of the leased property.
    Operating lease: A lease under which the lessor effectively retains substantially all the risks and benefits associated with ownership of the leased property.
    Non-cancellation lease: Provides that the lessee on cancellation, would incur a penalty of magnitude that, in normal circumstances, would be expected to discourage cancellation. It is a lease which
    • can only be cancelled with the permission of the lessor or if some unlikely event occurs
    • the lessee, on cancellation is committed to enter into a further lease for the same or similar property with the same lessor or a third party related to the lessor
    Ledger
    A formal record of the financial transactions of an entity which is often divided into a general ledger and supporting subsidiary ledgers
    Lessee
    Entity or person paying for the use of property.
    Lessor
    Entity or person owning property and leasing that property to another (the lessee).
    Liabilities
    Currently existing obligations which an organisation intends to meet at sometime in the future. Such obligations impose restrictions on the use of assets.
    Liabilities - long term
    Obligations payable beyond the coming year, or restrictions on the use of assets which will not be removed in the coming year, e.g. some creditors, loans and provisions.
    Linkage Infrastructure Equipment and Facilities (LIEF)
    A type of grant from the ARC for the purchase, development or manufacture of research infrastructure or facilities. LIEF grants do not attract research quantum funds.
    Long description
    A convention in PeopleSoft which limits descriptions to a length of 100 characters or less.
    LTP
    Long Term Pool
    LWRRDC
    Land and Water Research and Development Corporation
    MERIWA
    Mineral and Energy Research Institute of WA
    Mission statement
    A term used in the corporate planning process to denote an organisation's ultimate 'reason for being'.
    Module
    Sub-components of the PeopleSoft accounting package, e.g. AP module, General Ledger, Purchase Orders etc.
    Motor Vehicle Purchasing
    Purchases of motor vehicles include all motor vehicles and vans and others, such as trailers.
    N/Vision
    A facility within PeopleSoft which allows the drilldown feature to be used within Excel.
    N Form
    Carbon copy accountable form designed for payments not supported by invoices (creditors), e.g. subscriptions, cash advances, reimbursement of expenditure, reimbursement of petty cash float.
    Negative expenditure
    The credit offset of an item previously recorded as expenditure when the occurrence of subsequent knowledge or event nullifies the original expenditure item. Negative expenditure nullifies the previous expenditure items and differs from a conventional refund or external reimbursement.
    Negotiable certificate of deposit
    An investment option used by Financial Services to earn interest at a higher rate than on the operating bank account in times of large cash balances.
    Net
    Left over. Amount left when there is nothing else to be subtracted.
    NHMRC
    National Health and Medical Research Council
    Non-cancellation lease
    See Lease
    Offline department
    A business unit which is not yet using the purchasing and journal functions of PeopleSoft. Offline departments have access to the enquiry and reporting function of PeopleSoft.
    Oncost
    A salary-related charge to a business unit, like, superannuation.
    Online department
    A business unit which is able to use all available functions of PeopleSoft.
    Operating funds budget
    The budget distributed under a 10 fund code. The original source of the funds is the Department of Education, Training and Youth Affairs (DETYA).
    Operating grant
    University funding under the Higher Education Funding Act comprising of a base amount calculated on student enrolments, together with capital funding, Research Infrastructure Block Grants and other miscellaneous operating grants.
    OPP
    Operational Priorities Plan
    Operator ID
    Log-in name for the PeopleSoft system (also User ID)
    Other Teaching Appointments Account (OTA)
    The account in an operating budget, allocated by the budget division from funds controlled by the Planning and Budget Committee, to which the costs of sessional staff (for practical sessions and tutorials) are charged.
    Overhead
    An overhead is an indirect cost not directly attributable to any one item or project but is recoverable, e.g. electricity.
    PAYG
    Pay As You Go
    Panel
    Input screens within PeopleSoft
    Partial Disposal
    Where only a part (or portion) of an asset is sold or scrapped.
    Password
    Confidential code which enables the holder to access a system or systems to which they are entitled.
    PDF
    Post Doctoral Fellowship
    Peoplesoft
    PeopleSoft is the name of the software company that provides the University's financial accounting package.
    Per diem
    A Latin term meaning (so much) by the day or daily and used for allowances made to staff members during duty travel to cover meals and incidental expenditure.
    Performance indicators
    Information which enables users to assess the efficiency and effectiveness with which organisational objectives are pursued.
    Petty cash
    A small authorised holding of cash by a department/cost centre used to meet minor operating expenses and minor reimbursements. Cash holdings are subject to security requisitions and must be used in accordance with University policy guidance.
    Petty cash recoups
    Reimbursements from petty cash for expenditure incurred by University staff on miscellaneous items incurred on official business.
    PG
    Project/grant
    PGRS
    Postgraduate Research Studies
    PO
    Purchase Order
    POBU
    Purchase Order Business Unit
    Plant and Equipment
    Refers to equipment, computing systems, furniture, motor vehicles and works of art. Local use of the term makes it synonymous with non-current asset.
    Preferred Supplier
    Preferred and Approved Suppliers are status levels that identify a commercial arrangement is in existence, which provides enhanced benefits to the University. Preferred is a higher status level than Approved, but neither denotes exclusivity.
    PRDC
    Pig Research and Development Corporation
    Prepaid expenditure
    Prepaid expenditure is that portion of a payment relating to the value of services to be received in future accounting periods and which will gradually expire or be used up over time, e.g. subscriptions.
    Prepayments
    See Advances.
    Prescribed payments
    Prescribed payments legislation has been replaced with PAYG legislation from 01 July 2000.
    Process instance
    Sequential number which identifies a job within PeopleSoft.
    Profit and loss account / income statement
    A statement of income and expenses over a period of time.
    Project ID
    8 digit number within Peoplesoft to identify the project to the system. The project is the lowest level to capture incoming expenditure, capital, assets, liabilities etc.
    Project grant number
    The term used in PeopleSoft to designate what is commonly called an account. A project grant number may not be unique between business units. It will only be unique when it is used in combination with the Business Unit number. A project grant number is eight digits and can be made up of various project grant types within the eight digits to allow it to fall into a hierarchy.
    Project/grant type
    Levels in the hierarchy of a project grant number which summarise financial data within PeopleSoft The choice of type at project/grant creation stage will determine the degree of summarisation available in the future. The project grant type can be either project, segment, phase or activity.
    Promissory note
    An I owe you issued and signed by a borrower, who promises to pay the amount stated on the note to the note-holder at a specified time.
    Property
    Property is broadly defined by the University as buildings, site works and services and certain capital improvements.
    Property register
    The official, independent record of the University in which details of property items including costs of construction and/or acquisition are recorded.
    Provisions
    Amounts charged against revenue to meet specific future expenditure items, e.g. long service leave payments, doubtful debts.
    PS
    PeopleSoft
    Purchase Order
    A formal, accountable document addressed to a firm, organisation or individual outside the University requesting the supply of goods or services for the official use of the University. Purchase orders may be raised only in accordance with University:
    • Purchasing Policy and Procedures, and
    • Financial Delegations
    RCTI
    Recipient Created Tax Invoice
    Receipt
    A document acknowledging the receipt of money by the receiving entity. Receipts issued by the University show the name of the payer, reason for payment, date, GST exclusive amount, GST total, inclusive amount (with GST) and ledger chartfields (i.e. business unit, project grant, account code) to be credited. If a debt to the University is being paid, the receipt will show the debtor's number and the invoice number, but not the chartfields or GST exclusive or GST total amounts. Receipt forms are pre-numbered accountable documents.
    Recipient Created Tax Invoice
    Under normal circumstances, the supplier of a taxable supply provides the recipient with a tax invoice for the supply. However, where the value of the supply is determined by the recipient rather than the supplier, payments are made without tax invoices. In these circumstances GST legislation allows the recipient to create Recipient Created Tax Invoices (RCTIs) provided certain conditions are met.
    Reconciliation
    An accounting process which matches two separate sources of information in relation to an activity or source of information to the expected amount. A reconciliation incorporates all items of variance and explains the difference (if any) existing at a particular time between the balances shown by the two independent records.
    Recovery
    Refers to the recovery of costs as part of a cost-sharing arrangement. The payment received is credited to the expense account which bears the initial cost. A recovery is not considered income.
    Recovery of expenditure
    An internal charge placed by the 'supplying' department for goods or services provided to another department or administrative unit within the University, e.g. Office of Facilities Management charges funds earned by supplying services to other sections of the University is not treated as income.
    Recurrent funds
    Funds received by the University from government grants for general expenditure are attributable to a reporting or budget year - See Operating Grant
    Reducing value depreciation
    A method of allocating the cost of an asset in declining installments where the depreciation amount is calculated as a proportion of the written down or reduced value. This method recognises that the asset provides greater value when new with the asset's contribution reducing over time
    Rental property income
    Revenue derived from rental properties owned by the University's rental properties, e.g. houses, offices, shops, leasehold land and commercial properties.
    Report key
    For departmental use. A PeopleSoft chartfield used to link like project grants together for reporting purposes.
    Reporting tools
    An application which enables the extraction of data in a purposeful manner .Nvision and Crystal are the two reporting tools used to compile reports within PeopleSoft.
    Repurchase agreements
    A contract whereby a bank or authorised dealer agrees to purchase and resell government or semi-government securities for a defined duration at a predetermined rate. The consideration is by way of a percentage margin.
    Requisition
    An internal, accountable document raised on a University purchasing point or imprest store requesting the supply of goods (materials, stores, equipment, publications etc) or services. It is forbidden for anyone to commit the University to purchase without an appropriately authorised requisition. Requisitions may be raised only in accordance with the University’s:
    • Purchasing Policy and Procedures, and
    • Financial Delegations
    Research infrastructure
    Plant, equipment and technical support employed in the undertaking of research. Also see University Infrastructure Levy
    RIBG
    Research Infrastructure Block Grant
    Research Infrastructure (Block Grants) Scheme
    University funding received under the Higher Education Support Act 2003 to notionally support research activity in Australian Universities calculated by reference to the level of Australian Competitive Grants received by each University.
    Research Infrastructure Equipment and Facilities (RIEF)
    A type of grant from the ARC for the purchase, development or manufacture of research infrastructure or facilities. RIEF grants do not attract research quantum funds.
    Research Matching Fund
    An internal discretionary source of funds to which applicants, who are seeking external funds via a competitive grant application, may apply for matching funds assistance. This replaces the Strategic Matching Funds scheme.
    Reserves
    Amounts set aside from profits and other surpluses which are not designed to meet any liability, contingency, commitment, or diminution in the value of assets known to exist at the date of the balance sheet or the statement of assets and liabilities. The University has established reserves in which funds are retained for expenditure on specified items in future years or to provide a secure funding base for annual income generation.
    Residential Tenancy Act
    An Act regulating the relationship of owners and tenants under residential tenancy agreements, to consequentially amend certain Acts, and for associated purposes.
    Restricted funds
    University funds, provided by external or internal sources, which due to their nature or conditions of acceptance must be used for specific purposes and/or must satisfy certain requirements. (See also Unrestricted Funds)
    Retro adjustment
    Term normally applied to salary-related transactions for either back pay or change of salary charge details.
    Return on capital
    Indicates results achieved by a business by a ratio calculated by dividing the profit (before taxation) by the capital employed and then expressed as a percentage.
    Revaluation
    The act of re-establishing the value of non-current assets as at a particular date.
    Revaluation reserves
    Represent the increment in the stated value of an asset over its initial purchase price.
    Reversion
    The return of funds in which have not been spent at year-end. Funds are returned either to the faculty or directly to the source.
    Revenue
    Income
    RMF
    Research Matching Fund Replaces Strategic Matching Fund
    RIRDC
    Rural Industries Research and Development Corporation
    Roll-over
    Funds transferred from one financial year to another.
    Salary supplementation
    Additional funding approved by the Planning and Budget Committee to meet the cost of some salary increases.
    Scenario
    The Budget selected from the budget ledger for comparison with the actuals ledger
    Scholarship
    Financial aid provided for a student on the basis of academic or other merit.
    Selection criteria
    Combination of various chartfields such as the date or other parameters to extract reports or make enquiries within PeopleSoft.
    Semi-autonomous bodies
    University departments with special boards of management, which conduct activities outside the University's core business; for example, the Perth International Arts Festival and the Lions Eye Institute.
    Short name
    Refers to an abbreviated vendor name within PeopleSoft which is limited to 30 characters.
    Short term money market
    That part of the financial market which deals in borrowing and lending large amounts of cash (notably overnight and seven-day money) and other securities for usually less than six months. The market includes authorised dealers, banks, finance companies and other institutions.
    Sight draft
    A draft payable on demand. This method of payment is to be avoided.
    Sinking fund
    A fund accumulated out of an institution's earnings and invested to repay a long-term debt or meet a depreciation charge.
    Special bid, budget
    Request by a school or section for a one-off amount to fund an urgent need of an unforeseen nature, not provided for in the recurrent expenditure estimates approved by Committee. Requests for such funds may be made to the USF (University Strategic Fund) approved by USF Selection Committee or to the VCDF (Vice-Chancellor's Discretionary Fund) approved by Vice-Chancellor/Senior Deputy Vice-Chancellor. Also refer Research Matching Fund.
    SMF
    Strategic Matching Fund. Replaced by Research Matching Fund.
    Special Cheque
    An urgent cheque prepared in Financial Services for use in special circumstances where the timeframe of the standard cheque processing procedures are unsuitable.
    Special Purpose Funds
    These funds relate to grants and donations accepted by the University to finance research or teaching projects, scholarship awards and prizes, and also to funds received from sources such as endowments, consultancies and publications.
    Spending Authority
    Term used in the PeopleSoft accounting system to denote the balance of a project/grant.
    SQL
    Structured Query Language (computer language)
    SQR (Structured Query Reporter)
    Term used in the PeopleSoft accounting system to denote the balance of a Project/Grant.
    Statement of Account
    A document showing amounts owing, amounts paid or credited and net balance owing. For Aged Debtors, the balance will be dissected by the time the amounts have been outstanding.
    Stipend
    A living allowance paid directly to scholarship holders.
    Straight Line Depreciation
    A method of allocating the cost of the asset in regular installments over the estimated useful life of the asset
    Strategic Matching Fund (SMF)
    See Research Matching Fund
    Sustainable procurement
    A process whereby organisations meet their needs for goods, services, works and utilities in a way that achieves value for money on a whole life basis in terms of generating benefits not only to the organisation, but also to society and the economy, whilst minimising damage to the environment.
    STP
    Short Term Pool
    Studentship
    Financial aid in the form of living allowance, travel allowance, assistance in paying fees provided to a student on the basis of academic merit.
    Student contribution income
    A mechanism under which students enrolled in a Commonwealth supported place pay a fair and equitable amount towards the cost of their higher education. Contributions are payable either as an upfront amount or can be deferred and paid under a loan arrangement through the taxation system.
    Subclass
    PeopleSoft chartfield number to further categorise a project grant.
    Subsidiary ledger
    An addition formal record of financial transactions or data to support and provide additional information to the primary or General Ledger of an entities financial system. Each subsidiary ledger bears a name descriptive of the type of records it contains. Examples may be creditors ledger (Accounts Payable), debtors ledger (Accounts Receivable), asset register, stock registers, etc.

    The fund code are all within one ledger being the general ledger so this is not relevant to the subsidary part rather the general ledger part.

    T Form
    Form used to generate internal journal transactions both within and across business units.
    Table sets
    A series of tables in PeopleSoft used within each business unit to control the chart of accounts.
    TAC
    Transport Accident Commission
    Tax Invoice
    A tax invoice is an invoice issued in accordance with the requirements of the GST legislation and must contain:
    1. the words 'Tax Invoice'
    2. the name, address and ABN of the supplier
    3. the date, description and quantity of the supply
    4. the price of the supply and an indication that it includes GST
    5. the name and either address or ABN of the recipient if the supply is greater than $1,000
    Taxable Supply
    Supply of goods/services on which GST of 10% is levied and input tax credits are able to be claimed for anything acquired or imported to make the supply.
    Teaching Hospital Grants
    Government Grants under the Higher Education Funding Act for teaching hospitals associated with medical schools. They provide for maintenance and service charges for areas used by medical students and staff and for the purchase of books and journals.
    Travel diary
    A diary kept while travelling to assist individual members of staff in substantiating travel and travel costs. Subject to both Fringe Benefits Tax (FBT) and personal income tax.
    Travel expenses
    A term used within the University to cover expenses relating to staff travel and conference attendance, outside studies programs, appointment expenses, academic visitor programs. Considered as a major budgetary grouping.
    Tree
    Tree diagrams in PeopleSoft provide a graphic representation of a hierarchy or reporting structure.
    Trial balance
    A listing of the balance of every account in a ledger at a certain date.
    Trust
    A legal obligation enforceable in equity that rests upon a person (the trustee) as owner of some specific property to manage that property for the benefit of another person (the beneficiary).
    TT
    Telegraphic Transfer (of funds) - The term used prior to electronic funds transfer (EFT)
    University Infrastructure Levy
    A levy charged on external research grants, contracts, consultancies and all external income in recognition of the use placed on infrastructure provided by the University, i.e. light, power, telephones, laboratories, workshops, equipment, floor space. Full details of charges are outlined in the policy document titled 'Recovery of University Infrastructure Costs'.
    USF
    University Strategic Fund (formerly UIF)
    University Strategic Fund
    A discretionary source of funds administered by the Planning and Budget Committee to provide for flexibility, innovation and adjustment for the University within the context of its strategic plans. Note comments under Special Bid definition USF Sub Committee
    Unrestricted funds
    University funds from external or internal sources which due to their nature or conditions of acceptance can be used for any purpose at the discretion of the University. See Restricted funds
    Useful Life
    The estimated period over which a depreciable asset is expected to be used, or the benefits represented by the asset are expected to be derived.
    UWA Research Grants Scheme
    See Institutional Grants Scheme.
    UWA umbrella
    This refers to those departments/entities that are regarded by the Australian Tax Office as being part of the same taxable entity (GST group) under ABN number 37 882 817 280. Departments/entities that are under the UWA umbrella include:
    • those that have a business unit number in the PeopleSoft system
    • University Hall
    • Perth International Arts Festival
    • most 'Friends of the ......' organisations linked to UWA
    Variance
    Represents the unused budget allocation after subtracting the total actual income or expenditure and commitments from the total budget allocated.
    VCDF
    Vice-Chancellor’s Discretionary Fund
    Vendor
    Creditor - A supplier with whom the University contracts. See Creditor Code.
    Venture Capital
    Funds provided to a firm by outsiders on the basis that the providers will obtain a share in its profits. The term is often used for capital provided by specialist investment companies for the creation of new businesses.
    Verification
    Used in the context of Accounts Payable. Final confirmation that a payables transaction is valid, so that it may be posted to the ledger and a cheque can be drawn. A number of requirements have to be satisfied. A facility in the Accounts Payable system for the automatic verification of authorised claims and credit notes that meet certain criteria.
    Voucher
    A document supporting and substantiating a transaction. An invoice, a receipt, a goods received advice, a purchase order copy, a contract, a share certificate, a mortgage deed, are all examples of a voucher.
    WACETRF
    WA/China Economic and Technical Research Fund
    WAFIC
    WA Fishing Industry Council
    WAGRC
    WA Grains Research Council (also known as Grain Pool of WA)
    WAHRI
    WA Herbicide Resistance Initiative
    WEFTSU
    Weighted Equivalent Full Time Student Unit
    Weighted average unit cost
    An accounting method for determining the cost at which stock items are valued. Under this method when new stock is received and there has been a price increase, the old and new prices are averaged proportional to the number of units to arrive at the revised (weighted average) unit cost.
    Workflow administrator
    Software within PeopleSoft used to access, monitor and analyse workflow
    WRC
    Water and Rivers Commission
    WRDC
    Wool Research and Development Council
    Written down value
    Accumulated historical cost less accumulated depreciation of an asset.
    Written off/writing off
    When a debt or other asset is deemed to be irrecoverable or of nil value, the amount owing or the asset value is written-off to expenditure or against a provision for in the accounts. E.g. bad debts, stock write-off etc.