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Journal Entry and Budget Transfers Overview

Journal Entry and Budget Transfers Overview. Agenda. Overview Key Financial Management Principles Working with Journal Entries Processing Budget Transfers Getting Help. “Transactions” in PeopleSoft.

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Journal Entry and Budget Transfers Overview

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  1. Journal Entry and Budget Transfers Overview

  2. Agenda • Overview • Key Financial Management Principles • Working with Journal Entries • Processing Budget Transfers • Getting Help

  3. “Transactions” in PeopleSoft Transactions that were traditionally thought of as “Journal Entries” may be grouped into two broad categories

  4. Key Financial Management Principles • Budget transfers move budget dollars between chart strings • Budget transfers may not move budget dollars across funds • Actuals journals move actual expense (or revenue) between chart strings • To the extent possible, correction of actuals entries should take place in the “source” system • For audit purposes, trace to documentation is preferred method

  5. Working with Journal Entries

  6. Budget Transfers • Process Flows • Setup Steps • Terminology • Walk-through Examples • Handling Common Errors

  7. Budget Transfers Process Flows

  8. Four Types of Budget Transfers • Revisions • Cost-Sharing • Internal Grants / Incentives • Base Revisions

  9. Budget Transfers - Revisions • Current year budget transfers within a unit or between units • Can be of any dollar amount • Includes reallocation of re-appropriation dollars • Will be the type of transaction used to spread Bullseye-created budgets among more chart field strings Note: Information regarding new chart string combinations may need to be shared with units that generate internal charges.

  10. Budget Transfer Journal Data Entry User enters/updates the budget data and saves the transaction Does preparer have security rights to post? The budget transfer is posted and updated in General Ledger. YES NO User selects Notify button YES Template Opens: Recipient dependent on departmental procedure Entry Approved? Email launched/ Journal entry reviewed NO Journal entry and review notes are sent back to preparer Budget Transfer Approvals: Revisions Dept Policy dictates detailed information.

  11. Cost-sharing Budget Transfers • Cost Sharing represents the portion of a sponsored project’s total cost that is paid by the university. • Cost Share dollars are identified by specific source and function values.

  12. Sources and Function to Use When Moving Dollars from General Operating Departmental Budget to Cost-Share From : To:

  13. Budget Transfer Approvals: Cost-Sharing OSP receives new award OSP notifies GCA that new award has been received GCA sets up project and associated Cost-Share budget in Projects Module GCA notifies unit of new project id OSP notifies unit (PI and Bus Mgr) that new award has been received YES Unit enters the budget transfer data and saves the transaction The budget transfer is posted and updated in General Ledger. Unit notifies GCA that transfer has been completed. Does preparer have security rights to post? NO User selects NOTIFY button Dept Policy dictates detailed information. Template Opens: Recipient dependent on departmental procedure YES Email launched / Budget Transfer reviewed Entry approved? NO Journal entry and review notes are sent back to preparer

  14. Internal Grant / Incentive Budget Transfers • Transfers cover a variety of situations, including: Faculty Research Grants, CUPS program, Instructional Incentive Grants • Initiated by the Department Managing the Funds • Low Volume, but Many Lines

  15. Budget Transfer Approvals: Internal Grant / Incentives Department managing the funds enters the data for the transfer on-line and saves the entry. Managing department selects “NOTIFY” button Template Opens: Recipient should be unit receiving the funds Does Unit Approve? Unit completes “Revision” steps Receiving department selects “NOTIFY” button to alert sending department of issues

  16. Base-Revision Budget Transfers • Transfers involving the movement of base general fund dollars from one unit to another for future years.

  17. Budget Transfer Approvals: Base Revisions Unit sending budget dollars enters the data for the budget transfer and saves. The budget transfer is posted and updated in General Ledger User MUST use the “NOTIFY” button to send approval request to Dean/Director Budget Transfer and review notes sent back to Dean / Director Request Approved? Dean/Director reviews request Dean/Director MUST use the “NOTIFY” button to send approval request to FAB Request Approved? FAB reviews request Budget Transfer and review notes sent back to preparer

  18. Budget Transfers Setup Steps

  19. Budget Transfers – Setup Steps • Determine Chart String Want to Transfer From • Determine Chart String Want to Transfer To • No Chart String “Create” Process • Review Plans with Unit Business Manager • Verify that All Needed Chart Field Values Exist • If New Chart Field Values are Needed, Or Questions Remain, Work with Analyst in FAB

  20. Example • Have budget dollars in: • Want budget dollars in a string with a purpose code for a special seminar • Check with business manager • Check to see if such a purpose code exists • Would a generic value work? Or is something new needed? • If new values needed, work with FAB analyst • Process a transfer to new string:

  21. Cost-Sharing Example • Have budget dollars in departmental string: • Want budget dollars set up for cost-sharing • Review OSP notification for specifics • Process a transfer to new string:

  22. Budget Transfers Terminology

  23. Budget Transfers – Terminology • “Ledger Group” • For operating budgets, two choices: • OPS_CH (for expense) • OPREV (for revenue) • For projects, other options apply • Budget Transfer Types • “Transfer Adjustment” for most transfers • “Transfer Original” for base revisions

  24. Budget Transfers – Rules to Remember • When is a “zero” budget needed? • What PeopleSoft accounts should be used?

  25. Budget Transfers Examples

  26. Budget Transfers - Example Navigation: Main Menu > Commitment Control > Budget Journals Select “Enter Budget Transfer”

  27. At the introductory screen, type “UVM01” in the Business Unit, enter the date you want the transfer to take effect and click “Add” Always “UVM01” Let PeopleSoft assign the Journal ID Date transfer takes effect

  28. Budget Header screen appears for date you specified Begin by clicking the magnifying glass next to “Ledger Group”

  29. Click on the appropriate ledger group (Refer to definitions if necessary)

  30. Next, select the appropriate Budget Entry Type from the drop down.

  31. For the “OPS_CH” ledger group, you need to select an entry type for the parent. Make sure both entry types are the same.

  32. Enter a description and then click the “Budget Lines” tab

  33. Enter the chart string you want to take dollars from. Note the minus sign.

  34. Press the “+” sign to get the row that will be the recipient of the dollars. By default, the second line will be an exact copy of the first.

  35. Change the chart fields for the second string and reverse the sign on the dollars.

  36. Verify that Debits = Credits and then press Save

  37. If you are authorized to enter budget transfers, but not to post, you will see an “Error” status when you save. This is ok. Your transfer is still saved. Press the “Notify” button to send email to your approver.

  38. An email template will come up Put your approver’s email address in the “To” block. You may also add a subject line and your own message. PeopleSoft adds the link information that your approver will need. Click “OK” to send

  39. The approver will receive an email something like this: Clicking on the link will bring up the PeopleSoft log-in page.

  40. If the approver is not authorized to post the transfer, he or she should press the “Notify” button and repeat that process.

  41. If the approver is authorized to post the transfer, he or she should make sure “Post Journal” is selected in the Process drop-down box and then press the “Process” button.

  42. A verification screen will come up; press “Yes” You’ll see a flashing “Processing” message in the upper right hand corner for a few moments

  43. When the process is finished, the budget status will change to “Posted”. You may then use other navigation to leave this screen. Your budget transfer is complete.

  44. Budget Transfers Handling Common Errors

  45. Invalid Chart Field Value:

  46. Missing Data from the Budget Header Tab

  47. Required Chart Fields Left Blank:

  48. Message is repeated on “Budget Errors” tab:

  49. Budget Checking Warnings:

  50. To find the budget issues, navigate to Commitment Control > Review Budget Check Exceptions > Budget Exceptions Fill in at least the top two search fields; using more will make it easier to find your work.

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