July 24, 2024

Fort Hays State University (FHSU) Fiscal Services provides comprehensive financial services to the university community, including budget preparation and execution, accounting, payroll, accounts payable, and financial reporting. The department also provides support to the university’s auxiliary services, such as the bookstore, food service, and housing.

FHSU Fiscal Services is committed to providing accurate and timely financial information to the university community. The department also strives to provide excellent customer service and to be a good steward of university resources.

The main article topics for FHSU Fiscal Services include:

  • Budget preparation and execution
  • Accounting
  • Payroll
  • Accounts payable
  • Financial reporting
  • Auxiliary services support

fhsu fiscal services

FHSU Fiscal Services is a vital part of the university’s financial operations. The department provides a wide range of services to the university community, including budget preparation and execution, accounting, payroll, accounts payable, and financial reporting. FHSU Fiscal Services is committed to providing accurate and timely financial information to the university community. The department also strives to provide excellent customer service and to be a good steward of university resources.

  • Budgeting
  • Accounting
  • Payroll
  • Accounts payable
  • Financial reporting
  • Customer service
  • Financial stewardship
  • Technology
  • Compliance

These key aspects are all essential to the effective functioning of FHSU Fiscal Services. The department’s budgeting process ensures that the university’s financial resources are allocated in a responsible manner. The accounting system provides accurate and timely financial information to the university community. The payroll system ensures that employees are paid accurately and on time. The accounts payable system ensures that the university’s bills are paid in a timely manner. The financial reporting system provides the university community with a clear picture of the university’s financial health. The customer service provided by FHSU Fiscal Services is excellent, and the department is always willing to go the extra mile to help the university community. FHSU Fiscal Services is committed to being a good steward of university resources, and the department is always looking for ways to improve efficiency and effectiveness.

Budgeting

Budgeting is the process of creating a plan for how to spend money. It involves estimating revenues and expenses over a specific period of time, and allocating funds to different categories. Budgeting is an important part of financial management for both individuals and organizations, including universities like FHSU.

  • Planning

    The first step in budgeting is to develop a plan for how you will spend your money. This involves identifying your financial goals, estimating your income and expenses, and allocating funds to different categories.

  • Tracking

    Once you have a budget, it is important to track your spending to ensure that you are staying on track. This involves recording all of your income and expenses, and comparing them to your budget.

  • Adjusting

    As your circumstances change, you may need to adjust your budget. This could involve increasing or decreasing your income or expenses, or reallocating funds to different categories.

Budgeting is an essential part of financial management for FHSU Fiscal Services. The department uses budgeting to plan for the university’s financial needs, track its spending, and make adjustments as needed. Budgeting helps FHSU Fiscal Services to ensure that the university has the resources it needs to meet its financial obligations and achieve its goals.

Accounting

Accounting is the process of recording, classifying, and summarizing financial transactions to provide information that is useful for decision-making. FHSU Fiscal Services uses accounting to track the university’s financial activity and to produce financial reports that are used by university administrators, faculty, staff, and students.

  • Recording Transactions

    The first step in accounting is to record financial transactions. This involves identifying the type of transaction, the amount of the transaction, and the date of the transaction. FHSU Fiscal Services uses a computerized accounting system to record all of the university’s financial transactions.

  • Classifying Transactions

    Once transactions have been recorded, they must be classified. This involves assigning each transaction to a specific account. FHSU Fiscal Services uses a chart of accounts to classify all of the university’s financial transactions.

  • Summarizing Transactions

    The final step in accounting is to summarize transactions. This involves creating financial reports that show the university’s financial activity over a period of time. FHSU Fiscal Services produces a variety of financial reports, including the balance sheet, the income statement, and the cash flow statement.

  • Decision-Making

    Financial reports are used by university administrators, faculty, staff, and students to make decisions about the university’s financial resources. For example, financial reports can be used to make decisions about tuition and fees, budgeting, and investments.

Accounting is an essential part of FHSU Fiscal Services. The department uses accounting to track the university’s financial activity and to produce financial reports that are used by university administrators, faculty, staff, and students to make decisions about the university’s financial resources.

Payroll

Payroll is the process of paying employees for their work. It involves calculating wages and salaries, withholding taxes and other deductions, and issuing paychecks. FHSU Fiscal Services is responsible for payroll for all FHSU employees.

Payroll is an important part of FHSU Fiscal Services because it ensures that employees are paid accurately and on time. Accurate payroll is essential for employee morale and productivity. On-time payroll is essential for employee financial security.

Payroll is a complex process that requires specialized knowledge and expertise. FHSU Fiscal Services has the experience and expertise to ensure that payroll is processed accurately and efficiently.

The practical significance of understanding the connection between payroll and FHSU Fiscal Services is that it helps to ensure that employees are paid accurately and on time. This is essential for employee morale, productivity, and financial security.

Accounts payable

Accounts payable is the process of recording and managing debts owed to suppliers and vendors. FHSU Fiscal Services is responsible for accounts payable for all FHSU departments.

  • Recording Transactions

    The first step in accounts payable is to record transactions. This involves creating a record of each invoice received from a supplier or vendor. The record includes the invoice number, the date of the invoice, the amount of the invoice, and the terms of payment.

  • Approving Invoices

    Once an invoice has been recorded, it must be approved by the appropriate FHSU employee. This ensures that the goods or services have been received and that the invoice is accurate.

  • Processing Payments

    Once an invoice has been approved, it is processed for payment. This involves generating a check or electronic payment and sending it to the supplier or vendor.

  • Reconciling Accounts

    FHSU Fiscal Services reconciles its accounts payable records with the university’s bank statements on a regular basis. This ensures that all payments have been recorded and that the university’s financial records are accurate.

Accounts payable is an important part of FHSU Fiscal Services because it ensures that the university pays its bills in a timely manner. Timely payment of bills is essential for maintaining good relationships with suppliers and vendors. It also helps to ensure that the university does not incur late payment penalties.

Financial reporting

Financial reporting is the process of providing financial information to users both within and outside an organization. This information is used to make informed decisions about the organization’s financial health and performance.

FHSU Fiscal Services is responsible for financial reporting for the university. The department prepares a variety of financial reports, including the balance sheet, the income statement, and the cash flow statement. These reports are used by university administrators, faculty, staff, students, and external stakeholders to make decisions about the university’s financial resources.

Financial reporting is an important component of FHSU Fiscal Services because it provides users with the information they need to make informed decisions about the university’s financial health and performance. This information is used to make decisions about tuition and fees, budgeting, and investments.

The practical significance of understanding the connection between financial reporting and FHSU Fiscal Services is that it helps users to make informed decisions about the university’s financial resources. This information is essential for the effective management of the university’s finances.

Customer service

Customer service is an important component of FHSU Fiscal Services. The department is committed to providing excellent customer service to all of its customers, both internal and external. Internal customers include university administrators, faculty, staff, and students. External customers include suppliers, vendors, and other stakeholders.

FHSU Fiscal Services provides excellent customer service by:

  • Responding to inquiries promptly and courteously
  • Providing accurate and timely information
  • Resolving problems quickly and efficiently
  • Going the extra mile to meet the needs of customers

The practical significance of understanding the connection between customer service and FHSU Fiscal Services is that it helps to ensure that customers are satisfied with the services that they receive. Satisfied customers are more likely to do business with FHSU Fiscal Services again and to recommend the department to others.

In addition, excellent customer service can help to build trust between FHSU Fiscal Services and its customers. Trust is essential for any business relationship, and it is especially important in the financial services industry. When customers trust FHSU Fiscal Services, they are more likely to do business with the department and to share their financial information with the department.

Financial stewardship

Financial stewardship is the responsible management of financial resources. It involves planning, budgeting, and investing in a way that maximizes the value of those resources. FHSU Fiscal Services is committed to financial stewardship and uses its resources to support the university’s mission and goals.

Financial stewardship is an important component of FHSU Fiscal Services because it ensures that the university’s financial resources are used in a responsible and efficient manner. This allows the university to provide a high-quality education to its students, conduct groundbreaking research, and contribute to the community.

For example, FHSU Fiscal Services has implemented a number of initiatives to improve the university’s financial stewardship. These initiatives include:

  • Developing a long-term financial plan
  • Creating a budget that aligns with the university’s strategic plan
  • Investing in new technologies to improve efficiency
  • Partnering with other universities to share resources

These initiatives have helped FHSU Fiscal Services to improve the university’s financial health and to provide a better return on investment for its stakeholders.

The practical significance of understanding the connection between financial stewardship and FHSU Fiscal Services is that it helps to ensure that the university’s financial resources are used in a responsible and efficient manner. This allows the university to provide a high-quality education to its students, conduct groundbreaking research, and contribute to the community.

Technology

Technology plays a vital role in the operations of FHSU Fiscal Services. The department uses a variety of technologies to improve efficiency, accuracy, and customer service.

One of the most important technologies used by FHSU Fiscal Services is the university’s financial management system. This system is used to track the university’s financial activity, including budgeting, accounting, payroll, and accounts payable. The system is also used to produce financial reports that are used by university administrators, faculty, staff, and students.

In addition to the financial management system, FHSU Fiscal Services also uses a variety of other technologies, including:

  • Electronic invoicing
  • Electronic payments
  • Document imaging
  • Data analytics

These technologies help FHSU Fiscal Services to improve efficiency and accuracy by automating tasks and reducing the need for manual processing. They also help the department to improve customer service by providing faster and more convenient ways for customers to interact with the department.

The practical significance of understanding the connection between technology and FHSU Fiscal Services is that it helps to ensure that the department is using the latest technologies to improve efficiency, accuracy, and customer service. This allows the department to provide the best possible service to the university community.

Compliance

Compliance plays a vital role in the operations of FHSU Fiscal Services. The department is responsible for ensuring that the university complies with all applicable laws and regulations. This includes federal and state laws, as well as university policies and procedures.

  • Internal Controls

    FHSU Fiscal Services has a comprehensive system of internal controls in place to ensure that the university’s financial resources are used in a responsible and efficient manner. These controls include policies and procedures for budgeting, accounting, payroll, and accounts payable. The department also conducts regular audits to ensure that its internal controls are functioning as intended.

  • External Audits

    FHSU Fiscal Services is subject to regular audits by external auditors. These audits are conducted to ensure that the university is complying with all applicable laws and regulations. The department also uses the results of these audits to identify areas for improvement.

  • Training and Education

    FHSU Fiscal Services provides training and education to university employees on a regular basis. This training covers a variety of topics, including financial management, internal controls, and compliance with laws and regulations. The department also provides resources to employees to help them stay up-to-date on the latest changes in the law.

  • Collaboration

    FHSU Fiscal Services collaborates with other departments across the university to ensure that the university is complying with all applicable laws and regulations. The department also works with external auditors and regulators to ensure that the university’s financial reporting is accurate and transparent.

Compliance is essential for FHSU Fiscal Services. The department’s compliance program helps to ensure that the university is using its financial resources in a responsible and efficient manner. It also helps to protect the university from financial liability and reputational damage.

FAQs for FHSU Fiscal Services

This section provides answers to frequently asked questions about FHSU Fiscal Services. These questions and answers are intended to provide a general overview of the services provided by FHSU Fiscal Services and to address some common concerns or misconceptions.

Question 1: What services does FHSU Fiscal Services provide?

FHSU Fiscal Services provides a wide range of financial services to the university community, including budget preparation and execution, accounting, payroll, accounts payable, and financial reporting. The department also provides support to the university’s auxiliary services, such as the bookstore, food service, and housing.

Question 2: How can I contact FHSU Fiscal Services?

FHSU Fiscal Services can be contacted by phone at (785) 628-4211 or by email at [email protected]. The department’s offices are located in the Memorial Union.

Question 3: What are the deadlines for submitting budget requests?

Budget requests for the upcoming fiscal year are due by March 1st. Late budget requests may not be considered.

Question 4: How do I get a copy of my W-2?

Employees can access their W-2s through the university’s employee self-service portal. W-2s are typically available in late January.

Question 5: What is the process for requesting a travel reimbursement?

Employees must submit a travel reimbursement request form along with original receipts to FHSU Fiscal Services within 30 days of completing their travel. Reimbursement requests are processed within 10 business days.

Question 6: How can I learn more about FHSU Fiscal Services?

More information about FHSU Fiscal Services can be found on the department’s website at www.fhsu.edu/fiscal-services. The website includes information about the department’s services, staff, and contact information.

Summary of key takeaways or final thought: FHSU Fiscal Services is a vital part of the university’s financial operations. The department provides a wide range of services to the university community, including budget preparation and execution, accounting, payroll, accounts payable, and financial reporting. FHSU Fiscal Services is committed to providing accurate and timely financial information to the university community. The department also strives to provide excellent customer service and to be a good steward of university resources.

Transition to the next article section: For more information about FHSU Fiscal Services, please visit the department’s website at www.fhsu.edu/fiscal-services.

FHSU Fiscal Services Tips

FHSU Fiscal Services provides a wide range of financial services to the university community. These services include budget preparation and execution, accounting, payroll, accounts payable, and financial reporting. By following these tips, you can make the most of the services offered by FHSU Fiscal Services.

Tip 1: Submit budget requests on time.

Budget requests for the upcoming fiscal year are due by March 1st. Late budget requests may not be considered. To ensure that your budget request is considered, submit it by the deadline.

Tip 2: Keep accurate records.

Accurate records are essential for effective financial management. Keep track of all financial transactions, including receipts, invoices, and bank statements. This will help you to stay organized and to make informed financial decisions.

Tip 3: Reconcile your accounts regularly.

Reconciling your accounts regularly will help you to identify and correct any errors. This will help you to maintain accurate financial records and to avoid financial problems.

Tip 4: Take advantage of FHSU Fiscal Services’ resources.

FHSU Fiscal Services offers a variety of resources to help you manage your finances. These resources include online training, workshops, and one-on-one consultations. Take advantage of these resources to improve your financial literacy and to make informed financial decisions.

Tip 5: Communicate with FHSU Fiscal Services regularly.

Communicating with FHSU Fiscal Services regularly will help you to stay informed about the department’s services and to get the help you need. Contact FHSU Fiscal Services if you have any questions or concerns about your finances.

Summary of key takeaways or benefits: By following these tips, you can improve your financial management skills and make the most of the services offered by FHSU Fiscal Services.

Transition to the article’s conclusion: For more information about FHSU Fiscal Services, please visit the department’s website at www.fhsu.edu/fiscal-services.

Conclusion

FHSU Fiscal Services provides a wide range of financial services to the university community. These services are essential for the effective management of the university’s financial resources. FHSU Fiscal Services is committed to providing accurate and timely financial information to the university community. The department also strives to provide excellent customer service and to be a good steward of university resources.

By understanding the importance of FHSU Fiscal Services, the university community can make informed decisions about the university’s financial resources. This will help to ensure that the university has the resources it needs to achieve its mission and goals.


Unveiling FHSU Fiscal Services: A Journey of Financial Empowerment