Department Head Financial Statement & BA3 Training 1/24/2017

Transcription

1 Department Head Financial Statement & BA3 Training 1/24/2017

2 BA3 Overview Accounting/Financial Shadow System PeopleSoft is the bank and BA3 is the checkbook Helps identify charges that come through PeopleSoft incorrectly Allows us to encumber any type of expense (many encumbrances are auto-uploaded in BA3 with no/little manual entry) Provides review of all open encumbrances allowing for follow-up of non-posted items Allows for project accounting to track expenditures and encumbrances (using in pilot program currently)

3 BA3 Overview Provides a projection of where the program will end as of June 30 th (balance or deficit) Provides a more realistic/accurate view of available funds Many reports available to meet all needs

4 Identifying Errors Every time funds are expended*, an encumbrance is made in BA3 (*electronically or manually) BA3 receives a feed of expenses* every night from PeopleSoft (*for select expense types) When reconciliation is done, the encumbrances are matched against the expenditures by BA3 automatically Any expenditures that do not match up to their encumbrances remain to be investigated by the reconciler

5 Encumbrances Two types of Encumbrances: *Beginning of Year (based on prior FY data) *Entries Set Up Throughout the Year Encumbrances uploaded to BA3 via the following methods: BA forms (JV, travel, payment requests and encumbrances) Procard log sheet uploads Excel spreadsheet Manual entry Salary and benefits are encumbered for the entire year All recurring expenses are encumbered for the full year Can enter an encumbrance in BA3 as early as the department knows about it (*note about amount)

6 Reconciliation Encumbrances and expenses are reconciled together Discrepancies are reviewed and corrected During the monthly closeout process, the activity in BA3 is compared to the activity in PeopleSoft (University Reports) Discrepancies are reviewed and corrected The monthly closeout is done and the speedtype is reconciled for the month Reports are generated by CBS staff for distribution to the department heads

7 Reconciliation Monthly financial reports are stored electronically by CBS for retention and audit purposes Reporting can be generated to show the name of the person that reconciled the speedtype, the date and time it was reconciled and the total number of speedtypes they are responsible for reconciling every month

8 Reporting Things to Review on the Financial Statements: 1. Projected Balance as of June 30th 2. Salary Encumbrances (is everyone included, do the amounts seem correct, has anyone terminated?) 3. Other Open Encumbrances (are they still valid, are the amounts still reasonable, does anything need to be added?) 4. Current Period Expenses (do they look familiar, are they appropriate, do they have a business purpose?)

9 Reporting Other things to consider: If an expense does not look familiar or reasonable, please request a copy of the backup documentation from CBS. If you would like expenses moved to a different program or budget funds transferred to a different budget pool (i.e. operating expense to salaries, etc.), please contact your accountant/reconciler. For general fund programs, we remove fringe benefit data from all reporting so that it doesn t skew available balance Deficits must be resolved prior to June 30 th!

10 BA3 Reports Financial Statement

11 BA3 Reports - Sections Header of Report

12 BA3 Reports Fund Summary Budget Expenditures Current Expenditures YTD Projected Balance

13 BA3 Reports Open Encumbrances Payroll-Related & Miscellaneous Expenses Example: Sam Smith s annual salary is $49, So, far $4, has paid. The remaining encumbrance is $44,

14 BA3 Reports Current Expenditures Actual Charges that Have Posted in Financials for the Period Payroll Salaries, Fringe Benefits Operating Expenses

15 University Reports Official University reporting for all financial transactional activity Provides actuals data Does not allow for encumbrances and projections We should always reconcile back to these official records Difference between available balance in University reports and BA3 should always be Open Encumbrances

16 Example:

17 Accountant/Reconciler List: Listing of Staff and Their Area of Responsibility: LeAnn Taylor, Budget & Recon Sr. Business Manager Tonja Craig, Budget & Recon Business Manager Libby Kinberger, Budget & Recon Business Manager Heather Thomas, Budget & Recon Business Manager Patti Williams, Budget & Recon Business Manager Manager of All Budget & Recon Activity Provost s Office, Metro College, Women s Center, Muhammad Ali Inst. Delphi Center, OAPA, Sustainability, Planning & Budget, Diversity UGA, McConnell Center, SIGS Enrollment Mgmt, Admissions, Registrar, Cultural Center, Intl. Center