BudgetPak: Phase II Budget Reallocation

BudgetPak: Phase II Budget Reallocation

Session Objectives for 2019 Operating Budget 1 Planning and Creating the Operating Budget 2 Benefits of Running BudgetPak Reports 3 4 Reallocating the Operating Budget Sign Off the Operating Budget

1. Planning and Creating the Operating Budget

Formulating the Planning Process Identify and Integrate University, College or Department Strategic Plan(s) + Identify Budget Variances by Account for the Previous 2-3 Years Identify Anticipated Expenditures for the New Fiscal Year. + + Identify Expenditure Trends by Accounts for the Previous 2-3 Years = 2019 Operating Budget Reminders: 1. Open communication among all areas affected. 2. Gather information via reports, team members (including Dean or Department Head), etc. 3. Communicate planning process with all teams affected, (including Dean or Department Head),etc.

Using the BudgetPak Toolbox Trend Analysis Reports Consolidated (Rollup) Reports By Org/Unit Reports Budget vs Actual Reports Across the Board Reallocations Multi-Year Comparison (up to 4 versions) Reports Status Menu Suppress Rows with Zero

2. Benefits of Running BudgetPak Reports

Budget vs Actual Reports Budget vs Actual Report: the method of evaluating activity by comparing the Adopted Budget to actual financial activity. Benefit & Recommended Action(s): Identify Budget Variances by Account for the Previous 2-3 Years

Budget vs Actual Reports From the Status Bar, select Reports

Budget vs Actual Reports Click View under Advanced reporting

Budget vs Actual Reports Select the following parameters: 3 4 2 1 5 6 7 9 8 New Feature!! 1. Select Year-to-date 2. Select the desired month 3. Select 2018 Actuals from the dropdown menu 4. Select 2018 Adopted Budget from the drop-down menu 5. Click Change Unit Selections and select your unit(s) 6. Select By default subtotals 7. Select Report Options -Select Display detail and summary rows -Select Standard report detail only -Select Suppress rows with all zeros -Select Local company chart of accounts -Select Yes to include account notes 8. Select USD ($) for the currency 9. Click View the report

Budget vs Actual Reports Exporting the file: - or - - or - 1 1 1 1. Select Send to PDF, Send to Excel, or Send to Excel (data only) 2. Select Open or Save 2 2 - or -

Year Over Year Reports Year Over Year Report: the method of evaluating activity by comparing the financial information from an entire fiscal year with a prior (or multiple) fiscal years. Benefit & Recommended Action(s): Identify Expenditure Trends by Accounts for the Previous 2-3 Years

Year Over Year Reports Select the following parameters: 1 5 6 4 2 7 3 3 New Feature!! 8 1. Select Year-to-date 2. Select 2018 Adopted Budget from the drop-down menu 3. Select 2017 Actuals and 2016 Actuals from the drop-down menus 4. Click Change Unit Selections and select your unit(s) 5. Select By default subtotals 6. Select Report Options -Select Display detail and summary rows -Select Standard report detail only -Select Suppress rows with all zeros -Select Local company chart of accounts -Select Yes to include account notes 7. Select USD ($) for the currency 8. Click View the report

Year Over Year Reports Exporting the file: 1 - or - - or - 1 1 1. Select Send to PDF, Send to Excel, or Send to Excel (data only) 2. Select Open or Save 2 2 - or -

3. Reallocating Operating Budget

Reallocating Budgeted Funds 1. Click Status 1. Click This version 2. Select 2019 Operating Budget from the drop-down menu 3. Click Update the view with these selections

Reallocating Budgeted Funds 1. Click Show unit code and description 2. Check Name of budget holder 3. Check Last modified date 4. Check Unit total: Total for which line items? 5. Select Expense line items from the drop-drown 6. Click in local currency 7. Check Status 8. Check Version Description

Reallocating Budgeted Funds 1. Highlight the Org 2. Click Edit 1. Click Across the board (all line items)

Reallocating Budgeted Funds 1. Click Expense line items 2. Click Change the line items individually 3. Hover Show/hide columns 4. Check Show account number 5. Check Show account number

Reallocating Budgeted Funds 1. Click the account to reallocate 2. Enter the reallocation % or amount 3. Click Recalc 4. Click Save

Reallocating Budgeted Funds 1. 1. Enter notes in the Account note 2. 2. Click Save

4. Sign Off Operating Budget

Operating Budget Sign Off 1. Click Status 1. Highlight the Org 2. Click Edit

Operating Budget Sign Off 1. Hover Actions 2. Click Mark all sections reviewed 3. Click Ok 4. Click Close

Operating Budget Sign Off 1. Click Status 2. Click Unit (Org) 3. Click Sign off 4. Repeat for all Units (Orgs) The Status will update from Completed to Sign Off

Operating Budget Sign Off 1. Click Approve The Status will update from Sign off to Approved

Deadline Reminder Monday, April 16 th Budget Development Phase II Reallocation of 2019 Operating Budget 2019 Salary Worksheets 2019 Faculty Contracts

Questions