Base Budget Input/Correction

Transcription

1 Base Budget Input/Correction Overview: This custom-designed panel is used when building the new fiscal year base budget file to input or edit the base budget for a position. These panels are initially populated through a fiscal year roll process which copies the prior fiscal year base budget to the new fiscal year. Once the budget build process has been completed, this panel should no longer be used. Although all positions, including positions funded with grant monies, will exist on the System, only base budgets and permanent and temporary budget transfers for the following Fund Codes will interface with the General Ledger: 00 - Unrestricted 03 - Auxiliary 12 - Unrestricted MAFES/CE 22 - Restricted MAFES/CE 23 - Restricted Annual Appropriations (MEIF & other special appropriations) Navigation: University of Maine System > HRMS > Position Budget Base Add a New Value 1. Input the criteria to search for an existing position and budget. If the position does not have a budget, select Add a New Value. Revised July 2011 Page 1 of 10

2 2. To add a budget, input the position number and select Add. 3. Input Base Budget - The Base Funding tab shows the combination code, description and base amount of the selected position. The user must input the combination code and base budget for the position. If the position is funded by multiple combination codes, add a line for each respective combination code and budget amount by clicking. Revised July 2011 Page 2 of 10

3 4. Fringe Funding - After the combination code and base amount have been input, the corresponding benefit budget will be automatically calculated and visible on the Fringe Funding Tab. The rate is calculated based on the corresponding combination codes, project number (if applicable), and percentages that are maintained on the Fringe Benefit Rate Table. 5. Chart Fields - Displays the account chart string. Revised July 2011 Page 3 of 10

4 6. Fringe Chart Fields - Displays the fringe account chart string. 7. Date/User/GL - Displays the date of the transaction, who input the data, and initially indicates that the budget entry has not been transferred to the General Ledger. Since the Position Base Budget Input screen is used primarily to build the new year base budget in conjunction with the prior year fiscal roll procedure, these transactions will not be sent to the General Ledger until the feed process is run. N = Not fed to G/L Y = Fed to G/L Revised July 2011 Page 4 of 10

5 8. Comment character field for comments. This is not a required field. Revised July 2011 Page 5 of 10

6 Basic Correction for New Fiscal Year In the below example, the FY10 base funding of $50,000 for position has been rolled to FY11. During the roll process, the new fringe budget has been calculated based on the FY11 Regular Fringe rate of 51.9%. At this point, corrections may be made directly to the Base Amount and/or the Combination Code fields (See Making a Budget Correction BEFORE it s been fed to FUTURE Budget). Revised July 2011 Page 6 of 10

7 Making a Budget Correction BEFORE it s been fed to FUTURE BUDGET: To make a correction to the Position Budget, enter the ACTUAL position budget in the Base Amt field. The Combination Code field can also be updated if necessary. In this example, we re changing the Base Amount from $50,000 to $55,000; using the same combination code. The fringe rate will be automatically recalculated based on the FY11 Fringe Rate table. In this example, The Fringe Rate automatically changed from $25,950 ($50,000 x 51.9%) to $28,545 ($55,000 x 51.9%). Revised July 2011 Page 7 of 10

8 Making a Budget Change AFTER it s been fed to FUTURE BUDGET: Once a position budget has been fed to the PeopleSoft General Ledger Future Budget ledger, an indicator will be set to Y which indicates that the move is complete. Once the indicator has been set to Y, the combination code field will be grayed out; only the base budget amount is changeable. To adjust a budget once this indicator has been set to Y, input the NEW AMOUNT in the Base Amount field. Once the amount is changed, the system will automatically change the indicator to an N. The next time this budget is fed to FUTURE budget, the system will automatically calculate the difference between the ORIGINAL AMOUNT and the NEW AMOUNT and a transaction will be generated for the difference. In the above example, the system will generate the following transactions which will result in a base salary amount of $60,000 and $31,140 fringe for position # : ORIGINAL AMOUNT Transaction (1 st Feed to FUTBUD): Amount Ledger Position Dept Fund Account +50,000 FUTBUD Salary ,950 FUTBUD Fringe TRANSACTION ADJUSTMENT based on NEW AMOUNT (2 nd Feed to FUTBUD): Amount Ledger Position Dept Fund Account +10,000 FUTBUD Salary ,190 FUTBUD Fringe Original Base Amount was $50,000; Base Amount was later changed to $60,000 Revised July 2011 Page 8 of 10

9 To change a combination code and amount for a base budget that has been fed to the FUTURE Budget ledger: 1. Enter 0 on the line that has the combination code grayed out. This will automatically generate a transaction that will reverse the previous transaction. 2. Add a new line by hitting the. 3. Enter the new combination Code and Base Budget Amount The fringe rate will be automatically recalculated based on the FY11 Fringe Rate table. In the above example; the system will automatically generate the following transactions which will result in a base amount of $60,000 salary and $31,140 fringe for position # changing the combo code from to : ORIGINAL AMOUNT Transaction (1 st Feed to FUTBUD): Amount Ledger Position Dept Fund Account +50,000 FUTBUD Salary ,950 FUTBUD Fringe TRANSACTION ADJUSTMENT based on NEW AMOUNT (2 nd Feed to FUTBUD): Amount Ledger Position Dept Fund Account -50,000 FUTBUD Salary ,950 FUTBUD Fringe ,000 FUTBUD Salary ,140 FUTBUD Fringe Revised July 2011 Page 9 of 10

10 Reviewing Budgets Initially Loaded to General Ledger The amount showing in the Base Amt is the original base budget for the position at the beginning of the fiscal year. If you have done any transfers during the fiscal year, this field will NOT reflect those transfers. In the example above, the base budget at the beginning of FY11 was $50,000. Transfers from this position during FY11 totaled $5,000. When this position is rolled to FY12, the base budget will be $45,000 ($50,000 - $5,000). Therefore, to view budgets AFTER the fiscal year budgets have been built and fed to the Base and Current ledgers in G/L, the Position Budget Summary panel should be used to view budgets. POSITION BUDGET SUMMARY PANEL: These balances reflect the $5,000 transfer. Revised July 2011 Page 10 of 10