reporting for finance users susan mcdonough change management analyst
TRANSCRIPT
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Reporting for Finance Users
Susan McDonoughChange Management Analyst
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Organizational Change for InfoPorte
• With great thanks to Scott Jackson for leading the Enterprise Reporting and Departmental Systems (ERDS) team through:– The transition from a system serving a few schools to a system serving
the entire campus– Building all the dataloads to populate the Data Warehouse with
ConnectCarolina structures and data – Building screens and reports to provide access to Financial, Human
Resources and Student Administration data– Tirelessly reaching out to campus to identify and resolve problems
• Enterprise Reporting and Departmental Systems are now part of the ITS Enterprise Applications Organization – Maribel Carrion, Senior Director, Application Support for Student
Administrative Systems, will be Interim Director of ERDS– Reporting to Fran Dykstra
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Our Focus For the Next Few Months
Short-term Goals
1) On-time dataloads2) Accurate Validated
Data3) Completion of Key
Reports
The Customers
The Team The Strategy
A Structured Process
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• Cash vs. accrual accounting
• Ledgers
• Budget balance reports
• InfoPorte Ledger Rollup
• ConnectCarolina Budgets Overview
• Payment inquiries
• Fund and Cash balance reports
• GL Fund Balance report
• Comprehensive Financial Summary Report
Presentation topics
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Cash vs. Accrual Accounting
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Cash vs. Accrual Accounting
• FRS used cash based accounting – this means revenue and expenses were recorded when cash was received or paid
— For example, payments to vendors
• ConnectCarolina uses accrual based accounting, which means revenue and expenses are recorded at the time of the transaction
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Ledgers
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Ledgers
• There are two main ledgers in an accrual based accounting system
Commitment Control ledgers
GL Actuals ledgers
ConnectCarolina
• Shows daily balances against a budget• The balance reflects all stages of
commitment: pre-encumbrance, encumbrance, and expense
• Not the official book of record for external reporting purposes
• The official book of record for external reporting purposes
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Ledgers
• All finance transactions go through the same basic steps
Create Edit Budget Check
Approve Post1 2 3 4 5
Commitment Control ledgers
GL Actuals ledger
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Ledgers
• Throughout an open month, the Commitment Control and GL Actuals ledgers are not equal because:• Approval and posting may not have yet occurred.
• Transactions might change. For example, amounts may change or they might be deleted.
• When a month is closed, the Commitment Control and GL Actuals ledgers are equal at that point in time only.
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Vendor Payments
Create Edit Budget Check
Approve Post1 2 3 4 5
Commitment Control ledgers
GL Actuals ledger
• In ConnectCarolina, payment is a separate, subsequent step from posting
Payment
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Ledgers
So what?
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Ledgers, payments, and the so what
For this task: Keep this in mind:Monitor day-to-day balances for all fund types
The budget balance reflects all transactions that have passed budget checking.
Reconcile transactions Only reconcile transactions when they have posted.
Reconcile month-end balances Only reconcile month-end balances when the month has closed.
Manage payments to vendors Payment happens after posting. They don’t impact your balance.
For trust and some OSR funds, manage fund and cash balances
Fund and cash balances are not the same as a budget balance. Business managers have reports for this.
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Budget Balances
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Budget Balances
• Two reports for budget balances
• Both are based on Commitment Control ledgers! Always!
1. InfoPorte Ledger Rollups > Main Ledgers or OSR Ledger
• One day behind ConnectCarolina
• Ability to see balances with or without personnel projections
2. ConnectCarolina Budgets Overview
• Realtime
• Does not include personnel encumbrances
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Budget Balances
• InfoPorte Ledger Rollup > Main Ledgers tab shows budget balances for:– Trust– State– F&A
• InfoPorte Ledger Rollup > OSR Ledger tab shows budget balances for:– OSR
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Budget Balances - filters
For this Ledger:
To see balances for this year:
Select this Fiscal Year:
Select this Budget Period:
State 2015 2015 20152016 2015 and 2016 20162017 2016 and 2017 2017
F&A 2015 2015 20152016 2015 and 2016 20162017 2016 and 2017 2017
• To find accurate balances, make sure you enter the right filters! Fiscal Year and Budget Period…
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Budget Balances – chartfield filters
Chartfield filters by fund groupLedger Dept ID Source Account Program Bus Unit Fund Project
State State Yes -- -- -- -- -- --
Trust Trust Use if source is shared
across depts
Yes -- -- Use fndtn BU when
applicable
Use to see only the income
portion of an endowment
--
F&A F&A Yes 14101 -- -- -- -- --
OSR OSR -- Enter to exclude
cost share
-- -- -- -- Yes
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Budget Balances
• Results display by chartfield string and account• Budget – Pre-Encumbered – Encumbered = Available Balance
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Budget Balances
• When the month has closed, you can reconcile to this balance because all expenses for the month have posted
• Note: If you have an open encumbrance, when that encumbrance is expensed in a future month, it causes the encumbrance from the prior month to liquidate and the available balance from the prior month to increase.
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Reconciling transactions
• When a transaction is posted, the Recon Ready? field shows a “Y”.
• Posted transactions are ready to be reconciled
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Budget Balances
For 2016, we added account as a budget chartfield for these ledgers:
F&A Child ExpenseTrust 1
Since 7/1/2015, there are subtotals for 510000 and 500100 on F&A and Trust expense, and
400100 on Trust revenue.
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Budget Balances
• The Show Projections field projects personnel expense for the rest of the fiscal year, regardless of the funding end date.
• Recalculates each pay period
• Based on current funding grid
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ConnectCarolina Budgets Overview
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Budget Balances
• Realtime• No personnel costs• Use the same filters
as the InfoPorte Ledger Rollup!
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Budget Balances
Results
Compared to InfoPorte
1
2 3
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Vendor Payments
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Vendor Payments
InfoPorte Transactions tabIf the voucher has been paid, the Reference 1 field contains the payment ref# and the payment date if the voucher has
been paidIf the voucher has not been paid, the Reference 1 field will be
blank
1
Reference 1 field: payment
ref#_payment date
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Vendor Payments
Voucher Inquiry
Main Menu > Finance Menu > Accounts Payable > Review Accounts Payable Info > Vouchers
2
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Vendor Payments
Queries:
NC_CPS_VCHR_PMNT_INFO_UNCCH1
Shows all vouchers that have been paid or partially paid. If no lines on a voucher have been paid, the voucher will not show in this query.
• NC_CPS_VCHR_NOT_PAID_UNCCH1
Shows vouchers that either have no lines paid, or only partial lines paid.
• For definitions of all the query fields, go here:
3
https://ccinfo.unc.edu/files/2015/06/Preparing-for-Year-End-Close-Reviewing-Open-Transactions.pdf
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Fund and Cash Balances
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Budget, Fund, and Cash balances
• In FRS, there was really just one balance
• In ConnectCarolina:
• For State, F&A, and many OSR funds, the budget balance is the only relevant balance
• For Trust and certain OSR funds, there are three balances that represent different things:
– Budget balance
– Fund balance
– Cash balance
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Fund and Cash balances
• Fund balances (for trust and some OSR funds):
Are the life-to-date net worth of a trust fund or project
Are not based on a budget
Pull from the GL Actuals ledger
Are driven by the posting process
• Cash balances:
Reflects difference between posting and payment
Shows the total in cash accounts
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Fund balance
Two reports that show fund balance:
– Comprehensive Financial Summary Report
– GL Fund Balance Report
The information in these reports are similar, but the primary view is from a different chartfield (source vs.
fund)
Both are SAS reports
SAS reports are based on security
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Fund Balance report navigation
Comprehensive Financial Summary ReportMenu path: Finance > Financial Reporting > Cash/Bal
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Comprehensive Financial Summary – filter guidelines
Be sure to enter a
business unit and fiscal year.
Select “0” to see a YTD balance.
Common searches:• Source only • Project only• Combinations of fund group, fund,
and department
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Comprehensive Financial Summary – filter guidelines
A recent enhancement – the Fund Group filter now lists the full fund code for foundations funds, such as 29910,
29920, etc., rather than just 299
This gives you the option of searching by a combination of a foundation fund group and a single other fund code,
such as 291 or 292
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Comprehensive Financial Summary Report
There are three tabs on the report:
Shows fund balance by source
Shows account details that comprise the
summary
Shows cash and investment balances by themselves.
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Comprehensive Financial Summary – summary view
Shows results by source
Shows beginning and ending balances, revenues and expenses
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Comprehensive Financial Summary – account view
Detail account viewShows the account totals from the summary tab
Follow the same filter guidelinesUse the rectangle icon to expand the view
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Comprehensive Financial Summary – cash and investment view
Cash and Investment Totals
This tab is a slice of the summary tab
• FRS had one general Claim on Cash account – 1100
• ConnectCarolina has multiple cash accounts that equate to the FRS 1100 Claim on Cash account. The range is 111001 – 111305, plus 111999.
• The range of Other Cash accounts is 111801 - 121104
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GL Fund Balance – filter guidelines
Be sure to enter a
business unit and fiscal year.
Select “0” to see a YTD balance.
Common searches:• Source only • Project only• Combinations of fund group, fund,
and department
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GL Fund Balance report
Shows fund balance by fund
Shows fund balance with account details
Shows balances with asset and liability
accounts
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GL Fund Balance report
Shows beginning and ending balances, revenues and expensesShows results by fund
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GL Fund Balance report
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GL Fund Balance report
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GL Fund Balance report
Shows results by department then fund
Shows asset and liability accounts only
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Comprehensive Financial Summary vs. GL Fund Balance Reports
Comprehensive Financial Summary Report
GL Fund Balance Report
Shows fund balance
• Shows cash balance in one lump sum (by source)
• Shows cash accounts by department
• Shows asset and liability accounts separately
• Displays results by source • Displays results by fund• One tab on the report shows
results by department
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• ConnectCarolina is based on accrual accounting
• Budget balances reflect day-to-day activity for all fund types
• Budget balances are the same as GL Actuals at the point in time the month closes
• Payment is separate from posting
• Fund and Cash balances pertain only to trust funds and some OSR projects
Summary
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Useful References
Reference link
Finding Budget Balances Guide https://ccinfo.unc.edu/files/2015/08/Finding-Budget-Balances-Guide.pdf
Reconciling in InfoPorte https://ccinfo.unc.edu/files/2015/07/Financial_Concepts_Reconciliation_print.pdf
Queries for finding payments https://ccinfo.unc.edu/files/2015/06/Preparing-for-Year-End-Close-Reviewing-Open-Transactions.pdf
Why do my balances go up and down throughout the month?
https://ccinfo.unc.edu/files/2015/03/Fin-Concepts-4-Balances.pdf
The Steps Transactions Go Through https://ccinfo.unc.edu/files/2015/02/Fin-Concepts-1-The-Process-Transactions-Go-Through.pdf
Finding Fund Balances Guide https://ccinfo.unc.edu/files/2015/10/Finding-Fund-Balances-91815.pdf
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Find slides, parking lot questions and other materials on ccinfo.unc.edu
For After the Conference
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Thank you!