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Implementing PeopleSoft Finance Control at UMass Boston: Key Features and Processes

On April 25, 2012, the University of Massachusetts Boston introduced the PeopleSoft "control" feature aimed at enhancing financial monitoring for the remainder of FY12. This tool is designed to ensure that the university meets the operating margin of 2% set by the UMass President’s Office. It enables closer tracking of departmental spending, impacting all unrestricted operating funds. Payroll, current encumbrances, and certain transactions like Pro-card will not be affected. A robust budget error process is in place to address overspending, guided by the Office of Budget and Financial Planning.

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Implementing PeopleSoft Finance Control at UMass Boston: Key Features and Processes

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  1. Placing PeopleSoft Finance on Control University of Massachusetts Boston Wednesday April 25, 2012

  2. PeopleSoft Control • PeopleSoft “control” feature is a tool to assist the campus in monitoring spending for the remainder of FY12 • Will assist the University in meeting the 2% operating margin set forth by the UMass President’s Office • Will allow the University to more closely monitor department spending • If a department is not overspent and has enough available funds to cover an financial obligation, the department will not be affected by the control process • All unrestricted operating funds are impacted by control • State Special accounts are not impacted • Project/Grant accounts are not impacted • For a complete list please visit the OBFP Web Site

  3. What functions does Control Affect? • Some transactions will not be affected by “Control” • Payroll and current encumbrances • Pro-card • This will be monitored separately by the Office of Budget and Financial Planning • Recharges • Postage, Quinn Graphics, IT, telephone, and TFA Charges • All other expenses and charges will be budget checked with the system on Control, this includes: • Journal entries which will move expenses into any of the affected chart-strings. • Direct vouchers which do not map out to existing POs • New travel authorizations • New Purchase Orders • Employee travel reimbursements

  4. Budget Error Process • If “Budget errors” are generated, there is a process that is in place to review and approve/reject transactions • If a department is overspent on their budget, a budget error will be generated in PeopleSoft • It is the responsibility of the department to contact the Office of Budget and Financial Planning with justification on why the expense is necessary and how the error will be corrected • The Budget Office will provide guidance on how to proceed • Will check all funding sources to see where the department has available funds • Will assist the department with correcting the error • If the error cannot be corrected • There is a review committee that will meet weekly to review transactions that cannot be corrected with other funding sources

  5. Review Committee Process • The Controller’s Office will send a weekly budget error report to the Office of Budget and Financial Planning • Review committee will meet weekly to review “budget errors” • Will review the department request and take appropriate action • Will Communicate with the department • Will notify Controllers office of decision and accounting system update

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