12/5/2013 INTRODUCTION TO MYFINANCIAL.DESKTOP: THE BASICS. Contact Info: or Introduce yourself!

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1 INTRODUCTION TO MYFINANCIAL.DESKTOP: THE BASICS 1 Contact Info: myfdhelp@uw.edu or Introduce yourself! 2 Name? Why are you in the class? How long have you been working with budgets at UW? What are you hoping to take away from today s class? 1

2 Agenda 3 What is MyFinancial.desktop? How financial information is organized Access to MyFinancial.desktop Discover how to navigate Budget Summary, Budget Profile, Transaction Summary and Transaction detail Learn how to set up Budget Lists Navigate through the Reconciliation Report Demonstrate links to source documents Create awareness to other tools available in MyFD Resources FAS & MyFD- what are they? 4 Financial Accounting System, a.k.a FAS Created in 1975 Designed to arrange and summarize financial information All financial data flows through it (e.g. data rec d from HEPPS, SDB, BGT, PAS) MyFinancial.desktop (MyFD) Web interface for FAS Contains all transaction details from FAS Updates with FAS data nightly Reports & Queries were introduced in 2005, followed by Expense Transfers in 2008 and Online Reconciliation in Links to source documents were added in

3 What is FAS/FIN? Web-Based Financial/Administrative Tools 5 MyFinancial.desktop (MyFD) Financial Reporting Systems/Applications 3 1. PAS interacts with various systems that determine what is fed to FAS, including; ARIBA (eprocurement, etravel), Procard (PaymentNet), Invoice Logging, and other Campus AP PAS feeds. 2. Other Systems Reading Financial Tables; OASIS, Parking, Advancement, ASTRA, JD Edwards, Financial Web Service, COM, FacilityMax, TIME, and Campus Department Financial Systems. 3. UW Financial Reporting systems include Enterprise Data Warehouse(EDW), BAR/BSR, efecs, MyFD, ERGO, AFRS, 1099, FAST, MIS/OFIS High level financial structure 6 All budgets are grouped under an organization code Budget numbers are linked to an organization code Account codes group expenditure and revenue transaction activity Budget # 1 Acct Code 01 (salaries) Acct Code 04 (travel) Budget # 2 Acct Code 01 (salaries) Acct Code 04 (travel) 3

4 Budget Numbers 7 Budget numbers always contain six digits Example: A budget number is assigned to only one org code The first two digits indicate what type of budget (state, self-sustaining, grant or gift) Budget number prefix website Three Main Budget types 8 3 main Unique types of budgets Primary at UW Budget Type Characteristics Contact Office Funding Source Duration State Grant Self-Sustaining (Revenue generating) Budget Allotments Planning and Budgeting -Principal Investigator -Indirect Costs -Institutional overhead -No budgeted amount Grant and Contract Accounting Planning and Budgeting State Sponsoring agencies eg: National Institutes for Health Incoming revenue/internal Sales Documents (ISDs) 2 years (Biennium) Eg: July June 2013 Project period eg: May December 2019 On-going 4

5 Out-loud Activity! 9 Directions: Open a web browser. From the UW homepage, search for budget prefix. Answer the following questions based on the data found on the website. Budget number Question What type of budget is this? If you had questions about how the budget was set up, who would you contact? What is the description of this budget? What is the address you would use, if you had questions about this budget? What is an Account code? 10 Each budget has at least one account code Also known as Object code or Revenue codes Facilitates record keeping and budget planning Define expense types such as Salary, Contractual Services, Travel, Equipment, etc. Comprised of 6 digits Major Account code Sub-Account code Sub-Sub-Account Code 5

6 July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar Apr May June July Aug 12/5/2013 Reporting Periods 11 Fiscal month (used in MyFD) Calendar month (June, July, August) Accounting month (used in FIN/FAS) Number of an accounting period (month 1, month 2, month 3) Fiscal year Months 1 thru 12 of the Biennium encompass the 1 st fiscal year. Months encompass the 2 nd fiscal year. Months 13 and 25 encompass the additional accrual period) Biennium Two year periods running from July of an odd year through June of the next odd year (Ex. July 2011 June 2013) Activity to Date Time period from the start of the budget period to today Used primarily with Grant budgets Biennium Reporting Period 12 Biennium st fiscal year July 1, 2013-June 30, nd fiscal year July 1, 2014-June 30, 2015 Fiscal year 2012 Fiscal year and 25 2 Tip: In June of each year, check the Fiscal / Biennium Close Calendar for Recommended Cut-Off and Reconciliation Dates: nniumclose/cutoff During the month of July (the month in which biennium crossover occurs), two fiscal months are open. Month 1 captures expenses which will post to the NEW biennium. Month 25 exists to ensure transactions belonging to the prior biennium can be posted to June (prior biennium). 6

7 13 Using MyFinancial.desktop to navigate Budget Information Now you re ready for MyFinancial.desktop! 14 MyFinancial.desktop: Access Need ASTRA access to at least one budget, which is granted by department administrators View Transaction and Budget Summary, Transaction Detail, and Budget Profile Open Access To any budget Inquiry (Preparer) ASTRA: User/ Unit Staff/ Inquiry Expense Transfer (Submitter) ASTRA: User/ Unit Staff/ Expense Transfer Run Queries Create Budget Lists Reconcile budgets Prepare Transfers for local review within dept Prepare and Submit Transfers for FAS processing Budget Worksheet Source Documents Review Encumbrances 7

8 MyFinancial.desktop: Access Expense Transfer (Submitter) Inquiry (Preparer) Open Access Must have Inquiry access to at least one budget How Do I Get Access? 16 All ASTRA authorizations are managed within departments eprocurement Online Payroll Update System (OPUS) Online Work Leave System (OWLS) System to Administer Grants Electronically (SAGE) MyFinancial.desktop! All Mainframe system authorizations are managed via Admin App group Budget System (BGT) Financial Accounting System (FAS) Higher Education Payroll/Personnel System (HEPPS) Purchasing Accounting System (PAS) Student Database (SDB) adminapp@uw.edu 8

9 17 Overview & Navigation Real time messaging for reconciliation and system downtime Online help System set-up Glossary of terms Drop down menus for navigation Comments link allows users to report bugs or suggestions 18 Overview & Navigation Drop Down Menus Transactions Reports Queries More Systems My Worksheet Saved & Submitted Transaction Summary My Budget List Budget Summary Transaction Summary Current Encumbrances Budget Profile Budget Worksheet Reconciliation Reconciliation Status Create New My Saved Status & Results Budget Search Cost Share Decision Support Effort Reports Grant Tracker Procurement Reports Sage 9

10 19 MyFD Navigation Budget Number and Time Period (Fiscal Year or Activity to Date Depending on Budget Type) Click + to expand Extract or Print Blue text indicates activity in current reporting period Budget Summary Report 20 Online alternative to the paper-based Budget Status Report (BSR) Includes budgeted amounts, encumbrances, transaction totals and budget balances Viewable by month, fiscal year, biennium or activity to date 10

11 Budget Summary Report Overview 21 Account code and description Budgeted Amount Summary of prior period transactions Transactions for this reporting period Total Transactions (Total Prior Transactions + Reporting Period Transactions) Budget Balance Overview 22 Budget balances under the Remaining Budgeted Amount Column of the Budget Summary Found in different lines for state/grant versus revenue-generating budgets State and grant budgets Total Expenditures line Remaining Budgeted Amount = Budgeted Amount Remaining Encumbrances Total Transactions Revenue-generating budgets Cumulative Net (Income) or Loss line For interactive demos on budget balances, visit: 11

12 23 Finding your budget balance: State and Grant Budgets Budget balance for state and grant funded budgets is found in the expenditures line, under the Remaining Budgeted Amount column To learn more about Budget Summary & Budget Balance visit: Parenthesis indicates that the budgeted amount has been overspent 1 24 Finding your budget balance: Self-Sustaining Budgets 1 Self-Sustaining Budget 2 balance if your Budgeted Amount is $ To learn more about Budget Summary & Budget Balance visit: Parenthesis indicates that the budgeted amount has been overspent 12

13 25 System Demonstration: Budget Summary Report 26 Activity 1 Budget Summary Report: Locating budget balances 13

14 Budget Profile 27 Provides budget details No financial data here No access restrictions Shows Principle Investigator name Not queriable Budget # Budget Type Organization Code 28 Activity 2 Budget Profile Report: Locating organization codes 14

15 Transactions 29 A data record within FAS. A record of any business activity, including expenditures, revenue, or change in budget allotment or information. Transaction Summary Report 30 Online alternative to the Budget Activity Report (BAR) More transaction details can be seen by clicking on hyperlink Date the transaction posted to FAS Project Cost Accounting Codes appear here 15

16 Transaction Detail 31 Only accessible via transaction summary and reconciliation reports Values and descriptions vary for each transaction If the field exists on transaction detail report, it can be queried Shows all four reference fields (useful when looking for check, JV, encumbrance, work order or other type of reference number) Shows Reconciliation data for each transaction System Demonstration 32 16

17 33 Activity 3 Locate transactions using the Transaction Summary Creating Budget Lists 34 Three types of budget lists Static will not change unless you change it Dynamic updates automatically My Designee cannot change or be deleted, reflects individual budgets you ve been granted access to in Astra Click on Create/Edit link to work with your budget lists Remember! This is an Activity-to-Date Report 17

18 System Demonstration Activity 4 Create and edit Budget Lists 18

19 37 Using MyFD for Reconciliation How to reconcile using MyFinancial.desktop What is Reconciliation 38 What is reconciliation? Reconciliation is the process by which departments verify that their source documentation matches a fiscal report from the central accounting system. Further, reconciliation involves resolving any discrepancies that may have been discovered. The purpose of regular reconciliation of budget activity is to ensure: All charges are for the correct purpose and amount, and allowable Errors are detected, investigated and resolved All required documentation is maintained 19

20 Reconciliation Features 39 Check transactions as reconciled or flag for follow-up Record comments/notes on transactions Audit Trails for budget level, transactions, notes, and reconciliation status Sort Column Headings or Filter Fields Budget Revision amounts Transfer Expenses as you reconcile MUST have ASTRA access to that budget to view or update Report Read and Update View to manage reconciliation activities Share report with others by Electronically Sign Off on Budget Activity Link directly to Source Documents Reconciliation Overview 40 Budget Audit Trail Status Bar View Reconciliation activity 20

21 System Demonstration 41 Follow along with your handout! Links to Source Documents 42 Note: In some cases, Astra authorization may be required to a system other than MyFD to view the source documentation. Ex: UW IT documents 21

22 43 Activity 5 Perform reconciliation activities using the Reconciliation Report 44 Reconciliation Status Report MyFinancial.desktop 22

23 45 Reconciliation Status Report Learn more: 46 Activity 6 Review the Budget Status using the Reconciliation Status Report 23

24 Other Tools in MyFD 47 Queries Can be used as a search tool for budgets to which you have access Create custom reports using advanced reporting techniques Transferring posted expenditures (Transactions) Online system to transfer posted salary and non-salary expenditures The only way to transfer salaries at UW between budgets Budget Worksheet Tool that allows users to analyze and plan for future spending and/or income by replicating commitments historically done on the BSR, or via other tools, to see future budget impacts. Interested in learning more? Checkout the MyFD E-Learning Tutorials: Resources 48 Training Access Budget and Transaction Summary E-news 24

25 Reminders 49 Check Your Access Users must have ASTRA access to MyFD Review Internal Controls website Opt out of receiving paper BAR/BSR This request must be made by an administrator Sign up for the MyFD Newsletter In this course, we covered. 50 How information is organized and reported at UW Access to MyFinancial.desktop Overview of MyFD and how information is organized Navigating Budget Summary, Budget Profile, Transaction Summary, Transaction Detail and Budget Lists Using the Reconciliation Report in MyFD Create awareness to other tools available in MyFD 25

26 51 Thank you! You will receive a post-course survey by a member of our team. We ask kindly for your feedback to help enhance future trainings. 26