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Budgeting and the general ledger

Budgeting and the general ledger. Trainer: David Michael Title: Accounting Trainer Phone: 877-359-5492 Ext: 1225 Email: dmichael@tenmast.com. What will we cover?. Discuss the Timing of a Budget Creation When do you start a budget

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Budgeting and the general ledger

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  1. Budgetingand thegeneral ledger Trainer: David Michael Title: Accounting Trainer Phone: 877-359-5492 Ext: 1225 Email: dmichael@tenmast.com

  2. What will we cover? • Discuss the Timing of a Budget Creation • When do you start a budget • Fiscal Year Ends June 30th. Begin sometime in April or May. • General Ledger Control of Funds – Authorization for Budget Preparation • Which Funds will you be budgeting • Opening a Fund for Budgeting vs. Opening a Fund for Posting • Budget Overview – Who does what (User View’s) • Who is going to have access to the Budget • Granting access to Site Managers, but limiting their access to only their Fund

  3. What will we cover? • Basic Budget Creation • Starting a Budget • Managing an Initial Budget • What happens if you need to add new GL Account Numbers after starting a Budget • Can you turn off individual GL Account Numbers no longer needed? • Export to Excel and manipulation • Exporting a Budget to Excel and entering values / formula’s • Import back • How to import back into the Budget Management Module • Review and Approval Process • Who approves the Budget • How to track when it was sent to who approves the Budget

  4. What we will cover • When does the Budget updatethe General Ledger for Reporting • What is the Final Step in making a Budget Active • Revisions • what happens if the numbers have to change • How to see if there is any money remaining when ordering from Purchase Orders • How to lookup the remaining balance available while adding items to a Purchase Order.

  5. Preparing a fund for budgeting • Show the General Ledger Function of Opening a Fund for Budgeting. Discuss the difference between Open for Budgeting and Open for Posting.

  6. User view settings Select Views to limit a user access to budgets

  7. User view settings Select Plus (+) to Add a user View

  8. User view settings Select the User And check which Funds the user has access to see and manage

  9. User view settings • User View • When you limit a User ID to specific Funds, then the user can only see and thus modify or report on Budgets that are linked to the Fund the user has rights to. • If you leave a user off the View settings, but they have access to the Budget module, they will have access to All budgets.

  10. Adding a new budget • Timing – When do you start planning for the new budget, and why is this important. • Dates and Periods. When you are starting a new budget you need to remember what is the Budget Year and Current Year. • Example: My fund fiscal year end is June 30. I am wanting to begin developing the Budget for the Fiscal Year Ending June 30, 2013. • This fiscal year will begin on July 1, 2012. I will start planning this budget around the end of April or beginning of May, 2012.

  11. Adding a new budget • Timing continued. • When adding a new budget, the program looks at the Prior Year. This refers to the Fiscal Year prior to the one covered by the Budget, or the Fiscal Year ending June 30, 2012. • The program also asks for a Reporting Month. This refers to the last month in the Ledger for the fund that has been “completed”. • If I begin planning the budget at the end of April, have I completed and balanced March? If so, this would be my Reporting Month. This month is used to project out the full Fiscal Year Actual for comparison.

  12. Adding a new budget Select Manage Budgets

  13. Adding a new budget This will list all Current Open Budgets that are available. If you are just starting, there should be nothing here yet. Select the Plus Icon to Add a New Budget

  14. Adding a new budget This starts a 3 step wizard to create the initial Budget.

  15. Adding a new budget • If starting a new budget with no prior budgets, you must select Copy From None. This is a required field. • Next, is the Fiscal Year Date Range. NOTE: These two dates are Fiscal Year Ending MM/DD/YYYY through Fiscal Year Ending MM/DD/YYYY. If this Budget is for a Single Fiscal Year, you enter the same Year in both fields.

  16. Adding a new budget • Basis to Create the New Budget • Current Year Budget • Current Year Actual • Greater of Current Year Actual or Budget • Zero • If this is the First Budget, i.e. Copy from None, then just select Zero. If, however, you are copying from a Prior Budget, you may have the program Pre-fill the new budget with one of the options.

  17. Adding a new budget • Factor. • This is an across the board increase or decrease of all pre-filled values by a user entered percentage. If you want to Increase the new budget compared to the prior year data by 3%, enter a positive 3 here. Entering a negative 2 (-2.00) will result in a Decrease by 2% of all calculated and pre-filled values from the prior year data.

  18. Adding a new budget • Last Reporting Month. • This is the Month you are using to base the new budget amounts on. Select a month in the Current Fiscal Year that is completed. • Example: My fund fiscal year end is June 30. I am wanting to begin developing the Budget for the Fiscal Year Ending June 30, 2013. • This fiscal year will begin on July 1, 2012. I will start planning this budget around the end of April or beginning of May, 2012. • If I begin planning the budget at the end of April, have I completed and balanced March? If so, this would be my Reporting Month. This month is used to project out the full Fiscal Year Actual for comparison.

  19. Adding a new budget Select Start to begin

  20. Adding a new budget This brings you to Step 2 of 3 of the Add Budget Wizard. Here you select the Fund and enter the Title of the Budget.

  21. Adding a new budget Start by Selecting the Fund for this Budget from the Drop Down List

  22. Adding a new budget Enter a Description. NOTE: Every Description for All Budgets must be unique. The format here is what I have found works the best for me.

  23. Adding a new budget Select Next when you are ready

  24. Adding a new budget This brings you to the Final step in the Wizard, the Confirmation screen. If the information showing is correct, Select Finish to create your initial Budget.

  25. Adding a new budget You have a New Budget ready to enter or update the Budget Amounts.

  26. Managing your budget

  27. Managing your budget Enter the Annual Budget Amount And pick the Distribution Scheme

  28. Managing your budget Or, you can enter the Budget Amount directly into the appropriate month

  29. Managing your budget You can also select to Export your Budget to Excel and fill in the amounts quickly.

  30. Managing your budget • If you export your Budget to an Excel spreadsheet, you need to re-import the budget prior to making any other changes such as submitting to the Board or approving the Budget.

  31. Managing your budget From the Wizard Hat, select Submit Budget to Board to start the approval tracking.

  32. Managing your budget This moves the Options down to allow selection of only those that apply

  33. Managing your budget • As you select the Next item in the approval process, the available options change. • If you have entered Submit Budget to Board, the available options change to: • Approved Budget to Board or • Reject Budget to Board • If you Reject, the only options available will be to: • Create a Budget Revision or • Start a new Budget • If you select Approved Budget to the Board you have: • Submit Budget to Agency or • Post Budget

  34. Managing your budget Each step of the Approval options will walk you through a 2 step wizard. On Step 1, you can enter the Date of the action and a series of notes about that action.

  35. Managing your budget • Selection of Post Budget makes this Budget record the current Active Budget for this fund. This limits any changes you may need to make to be part of a Budget Revision. • Once a Budget is Active, it is part of any Financial Statements printed from the General Ledger Reports. • Budget amounts are also locked and cannot be changed.

  36. Subsequent year budgets • When creating budgets for years after the initial budget year, you can copy from the prior year actual. • After the First Budget for each Fund is created, all subsequent budgets can be defined with the starting point of the prior year’s budget. • When starting these, you can pre-fill the budget with either the Current Year Actual projected to the end of the year, or the Current Year Budget, or the Greater of either of these. • Start in the same place, by clicking on the Plus Sign in Maintain Budgets to create a new Budget.

  37. Subsequent year budgets Select a Prior Budget to Start from Select how to Pre-fill the Budget Amounts Select a Percent to Increase or Decrease the Pre-filled amount

  38. Subsequent year budget Name this Budget And select Next to Review

  39. Subsequent year budget Sometimes you forget the simplest thing. If you forgot to Open the Fund for future years, you will get this message. All you have to do is Open General Ledger, Select the Closing button, and from the Wizard Hat, select Open Fund for Budgeting. Choose the correct Fund and finish the wizard.

  40. Subsequent year budget Open Fiscal year for Budgeting

  41. Subsequent year budget Pick the Year you are budgeting

  42. Subsequent year budget Pick the Fund (s) you are creating a Budget For and select Next. On the Last step of the Wizard, confirm your choices. Then you can go back to the Budget program and Finish creation of your next year’s Budget.

  43. Subsequent budget year New Budget Created for the New year

  44. Subsequent budget year Budget Amounts are Pre-filled using the Greater of Prior Year Budget or Prior Year Actual

  45. Subsequent year budget • From this point, managing a Budget is the same for creating the initial and for managing any subsequent year budgets. • You can go to each account individually or export to Excel to manage amounts. • You will need to process the Budget through the same approval steps as outlined previously. • This creates a New Budget for the New Year. The original Budget for the prior year is left as is and can be reviewed or revised as needed.

  46. Checking Budget Availability • In the Purchase Order module, you can check to see if there is any remaining Budget left prior to approving a Purchase Order. • This can be done on each line item within the Purchase Requisition. • This does require the GL Account Number the Purchase Requisition is being charged against to be listed in the Requisition.

  47. Checking budget availability First, Select Requisition

  48. Checking budget availability Highlight your Purchase Order and Select Edit (Pencil Eraser Icon)

  49. Checking Budget Availability Select the Red check mark to Check Budget Remaining

  50. Checking budget availability This will show the Amount of This PO, by Account Line Item, and the Available budget remaining.

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