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/