Financial Reporting & Reconciliation March 14, 2018
Training Overview Discuss Reconciliation Process and After the Fact Review Run reports in BUworks Business Warehouse Three types of reports Unrestricted Budget to Actual Designated / Restricted Balance & Activity Transaction Detail Open and analyze reports in Excel using Pivot Tables View the workflow and attachment of a Journal Entry
Reconciliation What does reconciliation mean and entail? Reviewing transactions on a monthly basis Evaluating expenses and revenues versus budget Ensuring transactions are accurate and complete Correcting errant transactions Documenting the reconciliation process for auditing purposes
Reconciliation Six Objectives of Reconciliation Are your transactions? 1. Appropriate and allowable 4. Reasonable 2. Recognizable and approved 5. Closed out 3. Supported with documentation 6. Resolved
After the Fact Review
After the Fact Review Tracking Sheet Accounts* Account Name Reconcile By: Period Reviewed Date Open Issues 1234567890 Any Department 1 Roger Smith 5/1/2016 - 6/15/2016 No 1245678901 Any Department 2 5/31/2016 1256789012 Any Department 3 9091234567 Dr. Jones' Designated Account Sandra Johnson 5/1/2016 - 6/15/2016 No 9098901234 Dr. Rogers' Designated Account 5/31/2016 If you have a tracking mechanism that works that contains the key data recorded in this After-The-Fact Review Tracking sheet, continue to use your tracking mechanism. Retain your After-The-Fact Review tracking sheets (or your equivalent tracking mechanism) in your records for 7 years. This can be in paper or electronic form.
BUworks – Accepted Browsers
Monthly Reports - BUworks Navigate to bu.edu/buworks Enter Kerberos password Choose “Reporting” tab
Monthly Reports - BUworks
Account Hierarchy (244) Funds Management (FM) Module Grants Management (GM) Module
Monthly Reports - BUworks Click the triangle next to “Funds Management”
Monthly Reports - BUworks The three reports covered in the training are highlighted on the left
Monthly Reports Unrestricted Budget to Actual by FC – GL/CI Detail Displays a summary view of unrestricted accounts for one or more Fund Centers. It provides a snapshot of the budget, income/expense actuals, and commitments. Designated/Restricted Balance & Activity – GL/CI Detail Displays a summary view of designated and non-grant restricted accounts for one or more Fund Centers. Transaction Detail Provides detailed information of each individual transaction and allows the user to view Actual postings as well as Committed Funds for the account.
Account Hierarchy (244) Funds Management (FM) Module Grants Management (GM) Module
Unrestricted Budget to Actual by FC – GL/CI Detail Select “Unrestricted Budget to Actual by FC – GL/CI Detail” from the menu
Unrestricted Budget to Actual by FC – GL/CI Detail
Unrestricted Report Detail FY 2018 FY 2018 FY 2018 FY 2018 FY 2018 FY 2018 FY 2018 Budget Actuals Commitments Total Unexpended Unexpended % Budget Per. 01-08 Per. 01-08 Per. 01-08 (Actual + Budget w/ Budget w/o Expended w/ Commitment) Commitments Commitments Commitments Funds Center Revenue/Expense GL/Commitment item $ $ $ $ $ $ % 2440450000 SPH FINANCE & ADMINISTRATION Expense 500210 Prof Staff FT 750,260 475,129.76 475,129.76 275,129.76 275,129.76 (35.7) 2440450000 SPH FINANCE & ADMINISTRATION Expense 510010 SUPPLIES 1,504.00 0.00 1,504.00 (1,504.00) 1,504.00 - 2440450000 SPH FINANCE & ADMINISTRATION Expense 510020 CONS SUPPL-CFF/WTR 154.35 0 154.35 (154.35) (154.35) - 2440450000 SPH FINANCE & ADMINISTRATION Expense 510030 CONS SUPPL-OFFICE 1,308.35 438.70 1,747.05 (1,747.05) (1,308.35) - 2440450000 SPH FINANCE & ADMINISTRATION Expense 511500 TELECOMM EQUIPMENT 0.00 0.00 0.00 0.00 - 2440450000 SPH FINANCE & ADMINISTRATION Expense 511510 TELECOM USAGE 0.00 0.00 0.00 - 2440450000 SPH FINANCE & ADMINISTRATION Expense 513000 REPRDCTN & PRTG 239.25 0 239.25 (239.25) (239.25) - 2440450000 SPH FINANCE & ADMINISTRATION Expense 513400 NON-LIB-BKS & PRDCLS 10.93 10.93 (10.93) (10.93) - 2440450000 SPH FINANCE & ADMINISTRATION Expense 513500 TRAVEL - DOMESTIC 3,160.96 506.2 3,667.16 (3,667.16) (3,160.96) - 2440450000 SPH FINANCE & ADMINISTRATION Expense 513510 TRAVEL-DOMES-UNALLW 77.78 77.78 (77.78) (77.78) - 2440450000 SPH FINANCE & ADMINISTRATION Expense 513900 CONF FEES PAID 760.00 760.00 (760.00) (760.00) - 2440450000 SPH FINANCE & ADMINISTRATION Expense 513910 MTG EXP-STF/BUS MTGS 1,230.46 1,230.46 (1,230.46) (1,230.46) - 2440450000 SPH FINANCE & ADMINISTRATION Expense 513920 MTG EXP-UNALLW 1,115.33 0 1,115.33 (1,115.33) (1,115.33) - 2440450000 SPH FINANCE & ADMINISTRATION Expense 513940 DUES & MEMBERSHIP 628.80 628.80 (628.80) (628.80) - 2440450000 SPH FINANCE & ADMINISTRATION Expense 516010 ADV/PR-UNALLW 234.83 234.83 (234.83) (234.83) - FLOWERS- 2440450000 SPH FINANCE & ADMINISTRATION Expense 516080 58.42 58.42 (58.42) (58.42) - UNALLOWABLE 2440450000 SPH FINANCE & ADMINISTRATION Expense 516200 SOFTWARE LICENSE 0.00 0.00 0.00 - 2440450000 SPH FINANCE & ADMINISTRATION Expense 518020 CATERING SERVICES 338.50 338.50 (338.50) (338.50) - 2440450000 SPH FINANCE & ADMINISTRATION Expense 519999 UNCLASSIFIED EXPENSE 15,000 15,000.00 15,000.00 - 2440450000 SPH FINANCE & ADMINISTRATION Expense 860201 FRINGE ALLOC INTERNL 150,052 93,032.18 93,032.18 57,019.72 57,019.72 62.0 2440450000 SPH FINANCE & ADMINISTRATION Expense Result 915,311 578,984 945 579,929 335,383 339,336 0.63 Overall Result 915,311 578,984 945 579,929 335,383 339,336 0.63
Unrestricted Report Detail Results Row FY 2018 FY 2018 FY 2018 FY 2018 FY 2018 Budget Actuals Commitments Total Unexpended Per. 01-08 Per. 01-08 Per. 01-08 (Actual + Budget w/ Commitment) Commitments SPH FINANCE & 2440450000 Expense Result ADMINISTRATION 915,311 578,984 945 579,929 335,383 Overall Result 915,311 578,984 945 579,929 335,383 A right click in a data cell pulls up an action menu “Goto” allows users to “drilldown” and see transaction detail for Actual or Commitment expenses
Unrestricted Report Detail FY 2018 FY 2018 FY 2018 FY 2018 Add and Remove Result Line Budget Actuals Commitments Total Per. 01-08 Per. 01-08 Per. 01-08 (Actual + Commitment) Funds Center Revenue/Expense GL/Commitment item $ $ $ $ 2440450000 SPH FINANCE & ADMINISTRATION Expense 500210 Prof Staff FT 750,260 475,129.76 475,129.76 2440450000 SPH FINANCE & ADMINISTRATION Expense 510010 SUPPLIES 1,504.00 0.00 1,504.00 2440450000 SPH FINANCE & ADMINISTRATION Expense 510020 CONS SUPPL-CFF/WTR 154.35 0 154.35 2440450000 SPH FINANCE & ADMINISTRATION Expense 510030 CONS SUPPL-OFFICE 1,308.35 438.70 1,747.05 2440450000 SPH FINANCE & ADMINISTRATION Expense 511500 TELECOMM EQUIPMENT 0.00 0.00 2440450000 SPH FINANCE & ADMINISTRATION Expense 511510 TELECOM USAGE 0.00 2440450000 SPH FINANCE & ADMINISTRATION Expense 513000 REPRDCTN & PRTG 239.25 0 239.25 2440450000 SPH FINANCE & ADMINISTRATION Expense 513400 NON-LIB-BKS & PRDCLS 10.93 10.93 2440450000 SPH FINANCE & ADMINISTRATION Expense 513500 TRAVEL - DOMESTIC 3,160.96 506.2 3,667.16 2440450000 SPH FINANCE & ADMINISTRATION Expense 513510 TRAVEL-DOMES-UNALLW 77.78 77.78 2440450000 SPH FINANCE & ADMINISTRATION Expense 513900 CONF FEES PAID 760.00 760.00 2440450000 SPH FINANCE & ADMINISTRATION Expense 513910 MTG EXP-STF/BUS MTGS 1,230.46 1,230.46 2440450000 SPH FINANCE & ADMINISTRATION Expense 513920 MTG EXP-UNALLW 1,115.33 0 1,115.33 2440450000 SPH FINANCE & ADMINISTRATION Expense 513940 DUES & MEMBERSHIP 628.80 628.80 2440450000 SPH FINANCE & ADMINISTRATION Expense 516010 ADV/PR-UNALLW 234.83 234.83 2440450000 SPH FINANCE & ADMINISTRATION Expense 516080 FLOWERS- UNALLOWABLE 58.42 58.42 2440450000 SPH FINANCE & ADMINISTRATION Expense 516200 SOFTWARE LICENSE 0.00 2440450000 SPH FINANCE & ADMINISTRATION Expense 518020 CATERING SERVICES 338.50 338.50 2440450000 SPH FINANCE & ADMINISTRATION Expense 519999 UNCLASSIFIED EXPENSE 15,000 2440450000 SPH FINANCE & ADMINISTRATION Expense 860201 FRINGE ALLOC INTERNL 150,052 93,032.18 93,032.18 2440450000 SPH FINANCE & ADMINISTRATION Expense Result 915,311 578,984 945 579,929 Overall Result 915,311 578,984 945 579,929
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