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Reading a Budget Variance Report

Reading a Budget Variance Report. *Use keyboard arrows to view*. Budget Variance Report. Financial statement generated monthly from People Soft General Ledger account balances Compares monthly and fiscal year-to-date activity to department budget by revenue/expense line items.

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Reading a Budget Variance Report

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  1. Reading a Budget Variance Report *Use keyboard arrows to view*

  2. Budget Variance Report • Financial statement generated monthly from People Soft General Ledger account balances • Compares monthly and fiscal year-to-date activity to department budget by revenue/expense line items

  3. Other Reports to Complement Budget Variance • Other reports, available in Vista Plus, provide transaction level detail in support of account balances on budget variance report • Monthly Accounts Payable Distribution • Year-to-date Accounts Payable Distribution • Gross Job Distribution • Telephone detail available from Pinnacle • If you or your staff do not currently have access to Vista Plus or Pinnacle please complete a service request

  4. Shows budget compared to monthly andfiscal year-to-date revenues & expenses Reconciles to Gross Distribution Report, Summary & Accruals Reconciles to Year-to-Date Accounts Payable Distribution Reconciles to Gross Distribution Report Reconciles to Gross Distribution Report Reconciles to Monthly Accounts Payable Distribution

  5. Shows Accounts Payable charges for current month Reconciles to Budget Variance Report

  6. Shows Accounts Payable charges fiscal year-to-date Reconciles to Budget Variance Report

  7. Shows detailed earnings and hours information by employee summarized by current pay, month-to-date, calendar-year-to-date and fiscal year-to-date Reconciles to Net MTD Gross and MTD Hours on Gross Job Distribution ** Summary and Accruals** section Payroll earnings codes such as regular, sick, personal, vacation Net gross salary earnings Total gross reflects sum of net gross plus benefit choices through OPT program such as medical and dental coverages and insurance Reflects Jefferson contribution to FICA Reconciles to Budget Variance Employee FICA 6309 Reconciles to Budget Variance Flex Benefits 6302

  8. Represents current month’s earnings and hours accrual to record expense from last day of last pay period to last day of month Shows detailed month-to-date earnings and hours with accruals 5430 03/03/2009 11:00:32 Represents reversal of prior month’s earnings and hours accrual to record expense from last day of the last pay period to last day of month Summarizes month-to-date column Represents net MTD gross less last month’s accrual plus current month’s accrual Reconciles to M-T-D payroll earnings and hours on Gross Job Distribution Reconciles to total salaries and total faculty employee benefits on Budget Variance Report

  9. Questions? • If you have a question about Budget Variance activity, please contact your accounting representative in the Controller’s Office to provide assistance.

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