NUFinancials Budget Adjustments

Transcription

1 NUFinancials Budget Adjustments This training guide depicts and describes the procedures for adjusting base budgets with a budget journal. Before each new budget period (fiscal year), your chart strings base budgets are uploaded into NUFinancials. The base budget contains expense amounts and revenue targets, if applicable, at the account level. As the year progresses, you can adjust your base budgets up or down, at the account level. There are several reasons you may need to use the budget journal: (1) formally recognize a change in plans, (2) introduce changes into the historical record, and/or (3) enable actual transactions to proceed that would otherwise be prevented by budgetary controls in NUFinancials. Contents This guide addresses the following tasks and topics: Navigate to the budget journals Create budget journals Purpose of budget journals Workflow for budget journals Scenario 1: Adjust an expense budget Scenario 2: Adjust a revenue budget Scenario 3: Adjust both revenue and expense budgets Definitions of features Journal Status and Workflow Status Definitions Security Access The security role General Ledger Access, Budget Journal Entry, is required to create budget journals. Find security access forms at Training and Help Resources Find training for the budget journals on the Café website at For help, contact NUIT Support Center at 1-HELP option 2 ( ), or consultant@northwestern.edu. Budget Policy For policy related to budget adjustments, refer to the Office of Budget and Planning at 1 of 10

2 Navigate to the are accessible from the NUPortal at nuportal.northwestern.edu. From the NUPortal click Financial > Budgeting. Result: the budgeting page appears with two sections: Budget Journal Selection and Budget Journal Creation. (In the picture below, Budget Journal Search is collapsed, and Budget Journal Creation is expanded.) Options Budget Period Budget Period equates to fiscal year. The period can be forward-dated if next year s period is open. Budget Entry Type Recurring a change considered permanent Non-Recurring a change considered one-time What are you adjusting? Revenue a revenue budget (an estimate of anticipated revenue for the fiscal year) Expense the expense budget (an estimate of spending for the fiscal year) Both Revenue and Expense increase or decrease the total budget 2 of 10

3 Create Scenario 1: Adjust an Expense Budget The Dean s Office in the Weinberg College of Arts and Sciences (WCAS) wants to support a faculty member s purchase of computer equipment (77570 Computers Capital). The Dean s Office ( ) creates an expense budget journal that moves $10,000 from the Dean s office expense budget to the faculty member s designated project expense budget. Step 1: Create the journal. The Budget Period defaults as the current fiscal year. 1. Select Non-recurring. 2. Select Expense. 3. Click Next. About Expense Adjustments Only expense account codes and transfer account codes that are for expenses may be used. Account codes must start with 6, 7, or 8. An expense budget confers spending authority to your chart string within NUFinancials. 3 of 10

4 Step 2: Enter Description and Lines. 1. Enter a description. 2. Enter chart strings and amounts. Positive amounts increase. Negative amounts decrease. a. Enter the first chart string and amount in line 1. b. Click Insert Line. c. Enter the second chart string and amount in line 2. d. Verify total debits equal total credits. 3. Click Save & Edit. Results: The Journal ID is assigned. The Status appears. o If valid, proceed to step 4. o If not valid, correct errors and repeat step 3. Refer to the troubleshooting guide for assistance, if necessary. 4. Click Save & Submit. Results: Workflow Status is Pending Approval and the journal is routed to approver(s). 4 of 10

5 Scenario 2: Adjust a Revenue Budget $2500 for copier reimbursement (40722) was mistakenly added to the Anthropology revenue budget instead of to the History department revenue budget. To correct this budget error, Dean s Office in the Weinberg College of Arts and Sciences (WCAS) decreases the amount budgeted for Anthropology ( ) and increases the amount budgeted for History ( ). Step 1: Create the journal. The Budget Period defaults as the current fiscal year. 1. Select Non-recurring. 2. Select Revenue. 3. Click Next. About Revenue Adjustments Revenue budget journals may only use revenue account codes (starting with 4 or 5) and transfer account codes (starting with 8) that are for revenue. 5 of 10

6 Step 2: Enter Description and Lines. 1. Enter a description. 2. Enter chart strings and amounts. Positive amounts increase the budget. Negative amounts decrease the budget. a. Enter a chart string and amount in line 1. b. Click Insert Line. c. Enter a chart string and amount in line 2. e. Verify total debits equal total credits. 3. Click Save & Edit. Results: The Journal ID is assigned. The Status appears. a. If valid, proceed to step 4. b. If not valid, correct errors and repeat. Refer to the troubleshooting guide for assistance, if necessary. 4. Click Save & Submit. Results: Workflow Status is Pending Approval, and the journal is routed to approver(s). 6 of 10

7 Scenario 3: Adjust a Revenue & Expense Budget Over the last three years, Kellogg Merchandising ( ) has steadily increased its recharge revenue. Management decides to adjust the budget to provide a more realistic picture of the increased activity. A budget journal increases the revenue budget for RDX Misc Sales & Services (50699) and increases the expense budget for Merchandise Resale (78610). Step 1: Create the journal. The Budget Period defaults as the current fiscal year. 1. Select Recurring. 2. Select Both Revenue and Expense. 3. Click Next. About Revenue & Expense Adjustments Use this journal when you want to increase or decrease the budget total. The fund number must match for all revenue and expense journal lines. You cannot move an amount between two different gift or endowment projects. Instead, use the actuals transfer journal to move amounts between different fund numbers. 7 of 10

8 Step 2: Enter Description and Lines. Enter a description (not shown). 1. Enter Revenue chart strings and amounts. Normally, there is only one Revenue chart string. However, you may use Insert Line to enter multiples. 2. Enter expense chart strings and amounts. a. Enter chart string and amount in line 1. b. Click Insert Line, if applicable. c. Enter chart string and amount in line 2. d. Enter additional lines, if applicable. 3. Verify Journal Total equals zero (0.000). 4. Click Save & Edit. Results: The Journal ID is assigned. The Status appears. If valid, proceed to step 4. If not valid, correct errors and repeat step 3. Refer to the troubleshooting guide for assistance, if necessary. 5. Click Save & Submit. Results: Workflow Status is Pending Approval. The journal is routed to approver(s). 8 of 10

9 Summary Step 1: Create the budget journal Step 2: Enter a description and lines Use Insert Line to add a line for each additional chart string. After entering amounts, verify that net is zero (Total Debits = Total Credits). Click Save & Edit first to validate the journal. Click Save & Submit to send the journal into workflow. Definitions The Description that you provide identifies the transaction for approvers, researchers, and readers of Cognos reports. The first 30 characters of the description appear on the GL008 Revenue and Expense Activity Report. Click Close to exit the journal without saving. You will lose your work. Click Save to save the journal and exit without validating. You may continue your work later. Use Select checkboxes to delete lines. Related Learning Visit the Café training website for related learning, including: Search for Troubleshoot Modify/Copy/Delete Workflow for Business Rules for 9 of 10

10 Appendix: Journal Statuses and Workflow Statuses Journal Status Incomplete Edit Error Valid In Workflow Waiting to Post Posted Description Saved but not edited or submitted to workflow Saved and edited. NUFinancials found an error explained for you in message text. Successfully edited and ready for workflow Submitted to workflow Approved and is queued to post The journal posted to a budget ledger. Results appear in Cognos reports the next business day. Workflow Status Not Submitted Pending Approval Approved to Post On Hold Pending Deletion Sent Back Description Not submitted to workflow Submitted to workflow but waiting for approvals All approvers approved and the journal is queued to post An approver placed the journal on hold An approver requested journal deletion An approver sent the journal back to the journal creator for correction 10 of 10