finanical systems user group meeting june 24, 2014

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Finanical Systems User Group Meeting June 24, 2014

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Page 1: Finanical Systems User Group Meeting June 24, 2014

Finanical Systems

User Group Meeting

June 24, 2014

Page 2: Finanical Systems User Group Meeting June 24, 2014

• Markview Upgrade – the new viewer• Staples Advantage – Update• Permanent Delegation – what you need to know• Questions????

Agenda

Page 3: Finanical Systems User Group Meeting June 24, 2014

• Why are we upgradingo Take advantage of a newer viewer

• Easier to view images• Save documents to PDF

o Ability to pull an invoice that has been sent to a user in error

Markview 8

Page 4: Finanical Systems User Group Meeting June 24, 2014

• When o Upgrade is currently scheduled for the weekend of July 18th

• How will this impact me?o System will be unavailable from July 18 @ 4pm until July 21st @ 8amo After the upgrade all users will view images using the ‘new viewer’

Markview 8

Page 5: Finanical Systems User Group Meeting June 24, 2014

• Markview Home: WebInbox> AP INVOICES:

Markview 8

Page 6: Finanical Systems User Group Meeting June 24, 2014

Markview 8

Let’s take a look-

Page 7: Finanical Systems User Group Meeting June 24, 2014

Delegation of Financial Signing Authority

Page 8: Finanical Systems User Group Meeting June 24, 2014

:Delegation of Financial Signing Authority

Related Policies

• Purchasing Policy: ensures ethical, efficient and accountable practices are used for procuring goods

and services, emphasizes sound business processes for competitive bids and procurement

transactions demonstrating open, fair and transparent methodologies.

• Execution of Contracts Policy: specifies the signing authorities required for Contracts entered into on behalf of

the University.

• Approval Authority Schedule Policy: specifies the signing authorities required for various types of purchases and

expense reimbursements.

Page 9: Finanical Systems User Group Meeting June 24, 2014

Delegation of Financial Signing Authority

Ryerson is committed to

“effective and efficient management of University’s finances”.

Only those employees with appropriate approval authority are authorized to approve financial transactions.

The Delegation of Financial Signing Authority policy: facilitates efficient decision-making by allowing the authority & responsibility to

approve financial transactions to be assigned,

ensures that decisions & actions are taken by appropriate approval levels,

maintains fiscal integrity and creates a sound internal control environment; and

Page 10: Finanical Systems User Group Meeting June 24, 2014

Policy: Purpose & Scope

Purpose: establishes principles that govern the delegation of financial signing authority; supports the accountability of financial transactions; supports the open, fair and transparent management of financial activities.

Scope: Applies to all faculty & staff who wish to delegate their financial signing

authority to another employee. Does not apply to, or include, financial signing authority for Human

Resources activities (e.g. hiring and compensation).

Page 11: Finanical Systems User Group Meeting June 24, 2014

2 Types of Delegated Financial Signing

Authority

Page 12: Finanical Systems User Group Meeting June 24, 2014

Temporary Delegation• Temporary absences (vacation or leave) of an employee with permanent authority. • approval of your supervisor is not required.• Delegation is for a specific period - has a Start & End date, • delegated individual receives all of the authority and limits of the delegator.• delegation process is electronic – no forms to complete• Generally not for a period >3 months, could be longer; should not exceed 1 year.

• You can temporarily delegate your financial approval authority to another employee (peer, one level down OR up any number of levels, per Policy) if you will be away for vacation or leave and unable to respond to requests for the approval of financial documents.

• To delegate, follow the ‘Vacation Rules’ steps available at any one of the following forms to delegate signing authority for purchase requisitions and/or expense reimbursement approvals,o OGF GL: Other / Notificationso OGF: iProcurement, Requisitions, Notifications, oro OGF: iExpense Approvals

• Step-by-step screenshot instructions are available at http://www.ryerson.ca/content/dam/financialservices/about/systems/documents/Vacation%20Rules%20To%20Transfer%20Notifications.pdf

Page 13: Finanical Systems User Group Meeting June 24, 2014

Temporary Delegation

Markview Accounts Payable Invoice Approvals, o To delegate financial signing authority, use the Alternate User Assignment option within

Markview. Note: This action moves the delegator’s Markview INBOX to the individual receiving the delegation for the indicated period of time.

o The delegator will not have access to those documents during the period the INBOX is assigned.

• Step-by-step screenshot instructions are available from: http://www.ryerson.ca/content/dam/financialservices/about/systems/documents/AlternateUserAssignment.pdf

You can o extended or rescinded the delegation your return occurs earlier or later than originally

expected.o To rescind temporarily-delegated signing authority, the delegator should use the same

process as was used to assign it.

Page 14: Finanical Systems User Group Meeting June 24, 2014

Permanent Delegation

• Can permanently delegate some/all of their financial signing authority to another employee,• approval of the Delegator’s supervisor is required,• delegated for an indeterminate time frame - has a START date and but generally no END date,• An official Delegation of Financial Signing Authority Form must be completed.

• Term Contracts: Although permanent if Delegator or the one being delegated to has a term contract - it may be advantageous to set a defined END date for a delegation. Indicate the end date and who (if anybody) will be replacing that person at the contract end date.

Page 15: Finanical Systems User Group Meeting June 24, 2014

Permanent Delegation

• All requests for permanent delegation of financial signing authority must be submitted to the Manager, Systems & Training (Financial Services) via a completed Permanent Delegation of Financial Signing Authority FORM, see link - 3 working days is required for implementation.

• http://www.ryerson.ca/financialservices/about/services/forms/index.html

• Form requires the approval signature of the person delegating the signing authority on the cost centre/accounts to be charged, staff member accepting the delegation of financial signing authority and delegator’s supervisor.

• Delegators can rescind a permanent delegation by providing the Manager, Systems & Training (Financial Services) with written instructions on the change, including name of the employee, effective date of change and name of the person (if any) replacing this individual.

Page 16: Finanical Systems User Group Meeting June 24, 2014

Permanent Delegation of Financial Signing Authority

Appointed Approver Approach

• Senior Executives (VP and above) elects to use an Appointed Approver Approach, which permits an employee reporting to the approver to access the financial system under their own ID and password to approve specific transactions on their supervisor’s behalf.

• Delegator must specifically communicate this choice to the Manager, Systems & Training (Financial Services) as the approval level of the person delegating the responsibility must be changed, the transactions are recorded under the delegated person’s own ID and PASSWORD.

• For audit purposes, the individual to whom the online approval has been delegated must retain a copy of the transaction approval document (with the Approver’s original signature) for seven (7) years.

Page 17: Finanical Systems User Group Meeting June 24, 2014

Principles of Delegations of Financial Signing

Authority Original authority, accountability and responsibility is conferred upon employees by one of 4 ways

the Ryerson Act, Ryerson Bylaws, a resolution of the Board, or as a result of the budget process.

Authority & Responsibility can be delegated, Accountability cannot. Accountability for the results and manner in which responsibilities and authority are discharged remains with the individual to whom the responsibility and authority was originally conferred.

can only delegate financial signing authority to a University employee. Non-university personnel - consultants, visiting professors, etc. cannot be delegated NY approval authority.

The delegation of financial authority to an individual, also confers authority on that individual’s supervisor.

The use of signature stamps or pre-signed forms is not acceptable.

Page 18: Finanical Systems User Group Meeting June 24, 2014

Delegation of Financial Signing

AuthorityPolicy Principles

1 Financial signing authority “Approval” resides with a “position” not the “person”

Approval authority remains with a position even after personnel turnover unless the direct supervisor explicitly changes that.

2 All transactions >= $5,000 (purchase requisitions, expense reimbursements, P-Card transactions, etc.,) require a minimum of 2 signatures – Requestor & Approver.

A transaction cannot be split to circumvent approval requirements.

3 You can only delegate to the MAXIMUM of your limit AND for the Cost Centre(s) and/or Account(s) you have responsibility for.

Page 19: Finanical Systems User Group Meeting June 24, 2014

Delegation of Financial Signing

Authority

Policy Principles

5 An Approver can delegate 1 LEVEL DOWN, to a PEER or UP ANY NUMBER of LEVELS.

“1 LEVEL DOWN” is defined as a position that reports directly to you.

“UP ANY NUMBER of LEVELS” is defined as a position that you report directly to, or your supervisor reports to.

Peer – in academic areas, faculty & other chairs

6 To permanently delegate Authority “down” require the approval of their supervisor regardless of the limit being assigned.

7. Individuals on a term appointment can only delegate approval authority to the end of their appointment

Page 20: Finanical Systems User Group Meeting June 24, 2014

Delegation of Financial Signing

Authority

Policy Principles

8 Individuals choosing to temporarily delegate Authority “down” (for vacation or leaves of 8 weeks or less) do not require the approval of their supervisor.

Individuals on vacation or leave who must use the financial system supplied process to assign that responsibility – MarkView Alternate User Assignment, Oracle Notifications Vacation Rules AND Oracle iExpense Vacation Rule are the specific ways to do so.

Individuals using the “appointed approver approach” must either temporary delegate their authority electronically or seek FS assistance to do so

9 An approver retains the right to revoke or change a “delegated authority” at any time.

A person with accountability over a specific area or activity can revoke or change previously delegated financial signing authorities and limits at any time.

New incumbents to a position with signing authority, can change or re-assign previously delegated authorities and limits.

Page 21: Finanical Systems User Group Meeting June 24, 2014

Delegation of Financial Signing

Authority

Policy Principles

10

Appointed Approver Approach (AAA): “Approvers” who cannot electronically approve transactions can elect to utilize this approach. A person reporting to them accesses the financial system UNDER their own ID & PASSWORD and approves specific transactions based on the granted approval.

Only senior executives (VP and above) can choose this Approach, .

a copy of all transactional document with the original signature must be retained for 7 years.

Choice must be specifically communicate to the Manager, Systems & Training (Financial Services). The approval level of the person delegating the responsibility must be changed, as the transactions will need to be recorded under the delegated person’s ID and PASSWORD.

Approval Authority Schedule (AAS) requires that the Board Chair, Board Vice Chair and President approve documents greater than $1,000,000. FS will assume that the appointed approver approach will be used in the absence of a relevant board resolution.

University’s AAS references the title “DIRECTOR”, directors reporting directly to a Vice President are entitled to have a $100,000 approval limit.

Page 22: Finanical Systems User Group Meeting June 24, 2014

Delegation of Financial Signing

AuthorityPolicy Principles

11

Personal Benefit

Individuals with financial signing authority (including those delegated) cannot approve a transaction that personally benefits them, including their own reimbursement expense claim or the reimbursement expense claim of an individual to whom they report.

YOU cannot approve your own expenses, the expenses of an individual to whom you report, or to whom your supervisor(s) report.

You cannot delegate Financial signing authority to an individual, if in doing so, the delegated individual will personally benefit or it otherwise creates a conflict of interest.

12

Precedence of External Agencies Delegation Policies

When funding is received from external agencies, if their regulations for the delegation of signing authority are different than the University’s, their regulations take precedence.

Page 23: Finanical Systems User Group Meeting June 24, 2014

Responsibilities

Individuals are responsible for ensuring that:

System ID or passwords are not shared,

Purchase requisitions, P-Card transactions, supplier invoices and expense reimbursement are not split in order to circumvent approval limit requirements,

Invoice and reimbursement expense claims are for University purposes only and complies with all applicable university and/or external granting agency policies,

Documentation exists to substantiate a transaction - if original receipt is lost, a Supplemental Receipt form explaining the transaction and the reason for the missing documentation is provided before transaction approval is granted,

DO NOT approve your own expenses, the expenses of an individual to who you report or to whom your supervisor reports. Except where otherwise indicated, reimbursement expenses are to be approved by at least one administrative level higher than the person claiming the reimbursement.

Page 24: Finanical Systems User Group Meeting June 24, 2014

Responsibilities

Internal Audit Services is responsible for: conducting internal audit review reporting policy violations.

Page 25: Finanical Systems User Group Meeting June 24, 2014

Responsibilities

Financial Services is responsible for ensuring that the:

delegation of signing authority business process conforms to POLICY,

forms with the authorization of permanent delegation are retained for audit,

hierarchies and limits are properly recorded in the financial system,

appropriate training material is available.

Page 26: Finanical Systems User Group Meeting June 24, 2014

Responsibilities

Delegators are responsible for ensuring that:

accountability for the approval of financial transactions is maintained,

Delegation of Financial Signing Authority forms are properly completed,

where an Appointed Approver Approach has been chosen, the transaction approval files are retained and accessible for audit (7 years).

FS - Systems & Training is notified if they, or a delegated individual, terminates or transfers to a new position. Appropriate adjustments must be made in the financial system (approval hierarchy, terminating individual’s queue, etc.).

Persons they delegate to receive appropriate training and instruction as it regards reviewing expense transactions and receipts for appropriateness of expense, completeness, accuracy and transactions are only approved after determining that the goods and/or services have been received and/or completed to satisfaction.

Page 27: Finanical Systems User Group Meeting June 24, 2014

System Access

• All financial signing authority approvals require online access to the financial information systems, all delegated approver(s) must have their own Oracle IDs and Passwords and suitable training –

NO SHARING of IDs and PASSWORDS.

• For more information on training and access, visit http://www.ryerson.ca/financialservices/about/systems/index.html

• OR contact RUFIS Helpdesk at ext. 2688 or [email protected].

Page 28: Finanical Systems User Group Meeting June 24, 2014
Page 29: Finanical Systems User Group Meeting June 24, 2014

DefinitionsBoard: The Board of Governors of Ryerson University

To delegate: To assign the power to act, make decisions or allocate resources on one’s behalf

Delegator: The person who is delegating their financial authority

Delegated Individual: A University employee who has been delegated authority

Director: Pertains to the university’s Approval Authority Schedule (AAS). To be interpreted as individuals with the title of “Director” reporting directly to a Vice President, and with a maximum approval limit of $100,000.

Peer: An individual who shares similar title, grade and/or responsibilities. This can include another faculty member in a department. For Chairs/Directors, this can include a Chair/Director in another school within the same faculty.

Down 1 Level: A position that reports directly to the delegator.

Up a number of levels: Positions to which the delegator or their manager reports.

Appointed Approver Approach: A process whereby an employee reporting to an approver accesses the financial system under their own ID and password, and approves specific transactions as authorized by the approver.

Page 30: Finanical Systems User Group Meeting June 24, 2014

The END

QUESTIONS