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Business Object’s Departmental Reconciliation
By Dalana Moore
2007
AGENDA Why use the BO Departmental Reconciler Query? Documents it accesses
Statement of Activity Voucher Detail Report – SUB, PO, NonPO, PCard Gross Pay Register Organization Budget Status – Flint Gen Fund Only
Statement Reconciliation (Hands On Example) Source Documents Verification File Retention
Tips Errors Don’t Forget! Resources
Why use the BO Departmental Reconciler Query?
It combines pertinent information from multiple reports.
It is electronic. Can be saved, printed, or copied to Excel
It is EASY and SAVES TIME!Campus Goal: No more hard copy reports
from Accounting except the Org Budget Status Report.
Report Relationship Diagram
Gross Pay Register
Detail: Salary & Fringe
Benefits (limited)
Org Budget Status ReportDetail: Budget
Totals
Voucher Detail Report
Detail: PO, SUB, NonPO, PCard
Statement Of
ActivityDetail: JE & CR
ATTRIBUTES
•Hard Copy Reports
•Not Electronic
•Many Pages
•Difficult to Reconcile
•Difficult to Cross Reference
•They Get Lost!
•Print When you Want
•Mailed Late!
BO Departmental Query Diagram
Flint GF Departmental
Reconciler Query
Gross Pay Register•Person•Salary•Fringe Benefits•Shortcode Assigned
Voucher Detail Report•SUB Vendor•PCard Holder•Voucher#•Merchant Info•Item Detail
Org Budget Status Rpt•Program Totals•Budget Transfers
ATTRIBUTES
•Electronic
•Easy to see all “relevant” info at one time
•Payroll Summary with Salary & Fringe Benefits
•Print, Save, transfer to Excel
•Won’t Get Lost!
•Run when you want even prior FY!
Statement of Activity•Journal Entry Detail
Additional Reports from Query
Payroll Summary Report Summarizes all salary and fringe benefits by person for
the current month
SUB Detail Report Detail information that was processed through the
Service Unit Billing Process for the Current Month. Examples: Printing and ITCom Charges
FY Summary of Activity Revenue & Expense Account Group totals Year-to-Date
Statement Reconciliation
Run CMB Flint GF Departmental Reconciler Query for Example Account End Date – 12/31/2006 Accounting Period – 6 (December 06) DeptID#956400 – Fin Services & Budget Fiscal Year – 2007 Fund – 10000 – General Fund Program - % (=all programs) or #12774 - Accounting
Reconcile Sources to Activity Timesheets to GPR
Name, Appointment Data, Salary Amount, Overtime Monthly PCard Reconciliation Report Non PO, PO (if invoices have been received), & SUB Journal Entries & Cash Receipts Other
Expense Transfers Corrections Journals
TIPS
Start reconciliation after email from Flint Accounting Office (Rick). Validate “Tick Off” the Activity
TAKE CREDIT FOR YOUR WORK – write on the statements and sign/date when completed. This can be done manually or electronically.
Create a “Cheat Sheet” For Payroll, create a list all employees and expected monthly salary
amounts and update as needed (more often with Professors & Adjuncts).
For PCards, create a list of PCard holders. For Telephones, create a list of department phone numbers. Project Grant List, create a list of Project Grants that are associated to
your DeptID and Programs Valid Account List
A list of all valid Revenue & Expense by Fund. This list provides the account title, long description, account group.
You can open the list (Excel) from the web from the Financial Operations home page.
www.umich.edu/~finops/ Under “General Information” button, under “Valid Account Listing”.
Errors
Payroll Errors For all Regular Facility/Staff have to be corrected through HR.
HR will create a correction journal. You have 120 days after a yearend close to fix payroll errors (until Oct. 30th).
For Temporary employees, all corrections are done on a journal entry.
Journal Entry, Cash Receipt, PO, PCard, SUB, NonPO Errors should be corrected by a journal entry.
Chartfield Errors All corrections need to be corrected by a journal entry if the
Fund, DeptID, Program, Class, Project-Grant, or Account is wrong.
DON’T FORGET!
To Reconcile all Fund/DeptID(s) and Project/Grants that you are responsible for! For Flint General Fund:
Fund: 10000 CMB Flint GF Departmental Reconciler Query
For Flint Non-General Fund: Funds: 30000,40000,5xxxx,90000,20000,25000,8xxxx
CMB Departmental Reconciler Query For All Project Grants:
Funds: All Funds
CMB Project/Grant Departmental Reconciler Query
Resources: File Retention
SPG 604.1http://spg.umich.edu/pdf/604.1.pdf Sponsored Programs / Gifts & Endowment – 7 years General, Designated and Auxiliary Funds – Current
year plus 2 years Rebilling Units – 7 years Sales Tax Documentation – 6 years Unrelated Business Income Tax Documentation – 6
years Tax Returns – 7 years
Resources: Contacts
Flint Accounting & Budgethttp://vca.umflint.edu/fs/
Financial Operationshttp://www.finops.umich.edu/index_js.htm
Procurementhttp://www.umich.edu/~purch/AP/
Flint HRhttp://vca.umflint.edu/hr/
ITComhttp://www.itcom.itd.umich.edu/