general ledger (gl) versus commitment control (kk) ledger is like a checkbook where we record our...
TRANSCRIPT
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General Ledger (GL) Versus Commitment Control (KK)
October 18, 2018
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A Little Background Information
Chris Minter: Instructional Designer and Trainer for ConnectCarolina and InfoPorte
I’ve been creating and conducting training at the University since 2008
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Agenda
What’s a Ledger? What’s the GL Actuals Ledger? What are the Commitment Control (KK) ledgers? How do transactions flow through the ledgers? How does all this affect reports? Questions
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The Basics: What’s a Ledger?
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What’s a Ledger?
Definition: A ledger is the principal book or computer file for recording and totaling economic transactions measured in terms of a monetary unit of account by account type, with debits and credits in separate columns and a beginning monetary balance and ending monetary balance.
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No, Seriously, What’s a Ledger?
A ledger is like your checkbook…
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What’s a Ledger?
ConnectCarolina has several ledgers or “checkbooks” Why do we need more than one?
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Know Your Ledgers
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The GL Actuals Ledger
Actual posted expenses and revenue The official book of record for external reporting
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The Road to the GL Actuals Ledger
GL Actuals Ledger
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The Road to the GL Actuals Ledger
GL Actuals Ledger
KK Ledger
KK Ledger
KK Ledger
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KK Ledgers…Huh?
KK Ledgers?
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KK Ledgers
KK = Krispy Kreme
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KK Ledgers
KK = Krispy Kreme
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KK Ledgers
KK = Commitment Control
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KK Ledgers
The KK Ledgers Budget Ledgers Pre-Encumbrance Ledgers Encumbrance Ledgers Expense Ledgers
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KK Ledgers
Budget Ledgers Your budgets are stored here Expense and revenue Budget journals and budget transfers
increase or decrease your budgets
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KK Ledgers
Pre-Encumbrance Ledgers Purchase requisitions are stored here Budget checking a requisition takes
money out of your budget and puts it here
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KK Ledgers
Encumbrance Ledgers Purchase orders are stored here Budget checking a PO takes the money
out of the pre-encumbrance ledger and puts it here
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KK Ledgers
Expense Ledgers Purchase order vouchers are stored here Budget checking a PO voucher takes the
money out of the encumbrance ledger and puts it here
Campus vouchers and journals go straight here
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KK Ledgers
Budget checking moves expenses through the KK ledgers
Purchase Reqpasses budget check
• Hits Pre-Encumbrance ledger
• Reduces Available Budget balance
Purchase Order passes budget check
• Hits Encumbrance ledger
• Removed from Pre-Encumbrance ledger
Voucher passes budget check
• Hits Expense ledger
• Removed from Encumbrance ledger
* Campus vouchers and journals skip the Pre-Encumbrance and Encumbrance ledgers and go directly to the Expense ledger.
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KK Ledgers
How do things go from KK to GL Actuals?
First, your voucher or journal has to be approved
Then a process runs automatically to post the transaction to the GL Actuals ledger
Now it’s in the book of record
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Purchase Requisition Going Through the Ledgers
GL Actuals Ledger
Pre-Encumbrance
Expense
Encumbrance
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Campus Vouchers and Journals Going Through the Ledgers
GL Actuals Ledger
Pre-Encumbrance
Expense
EncumbranceXX
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Seeing the KK Ledgers in InfoPorte
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Seeing the KK Ledgers in InfoPorte
On the Main Ledgers tab in InfoPorte, you can see the ledger totals and balances
Budget minus Pre-Encumbrances minus Encumbrances minusActuals (Expenses or Revenue) = Available Balance
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So What’s the Difference Between KK and GL?
KK ledgers are for budget controlBudget checking moves transactions
through the KK ledgersWhen a transaction posts, that’s when it
ends up in the GL Actuals ledgerWe use the GL Actuals ledger for external
reporting
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How Does All This Affect Reports?
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Ledger Rollups in InfoPorte
Budget info comes from the KK ledgersExpense and revenue info comes from
the GL Actuals ledgerThis wasn’t the case a few months ago
before SAGLSource Actuals From GLDon’t forget that InfoPorte is a day
behind ConnectCarolina
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Budgets Overview in ConnectCarolina
Budget info comes from the KK ledgersExpense and revenue info also comes
from the KK ledgersExpenses and revenue transactions may
not have posted yetThings can be slightly out of synch with
the GL Actuals ledger
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Other Financial Reports
Many other financial reports in ConnectCarolina and InfoPorteSome are based on KK and some are
based on GLGood time to plug ccinfo
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Other Financial Reports
Check out our Quick Reference Guide to Finance Reports
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Other Financial Reports
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GL, KK, or Both?
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Key Things to Remember
A ledger is like a checkbook where we record our expenses and revenue
The KK ledgers are for budget purposes to control how we spend our money
The GL Actuals ledger is for posted transactions and we use it for external reporting
For reporting, the differences between KK and GL is now less important since the SAGL switch
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Q & A