Welcome to PST130: Reconciliation

1. Welcome to PST130: Reconciliation

2. Housekeeping • Handouts • Reconciliation class handout • Appendices • Directive • Recommendations • Budgetary Cost Centers • Instruction Guides

3. Housekeeping Cell Phones Break Rest Rooms Materials Fire Drill Questions Roster The official record of your attendance

4. Housekeeping Evaluation Let us know what you think! • Within 3 days you will receive an email request to provide feedback on today’s class!

5. Objectives • Provide financial management information for Fiscal Administrators • Provide an overview of the tools • Acquaint reconcilers with the process required by Finance and Accounting • Review detailed information about the reports and tools

6. Helpful Background • Understanding of: • ChartFields • General Ledger (GL) • UF’s official record, AFTER the fact accounting • Commitment Control (KK) • Controls spending BEFORE the fact • Attend • Intro to Budget and KK • Accounting at UF • PST010 Reporting Basics

7. Security Roles • If you don’t have Enterprise Reporting on your menu, contact your Departmental Security Administrator (DSA) • myUFL role required: • UF_ER_User • Provides access to “Enterprise Reporting” • Delivered reports – Created monthly, provide a static, snapshot of data, stored outside the warehouse • Prompted reports – Generated using live data from inside the data warehouse, updated throughout the month

8. Questions

10. Finance and Accounting Directive • fa.ufl.edu > Directives and Procedures > Accounting and Reporting • Fiscal Responsibility http://www.fa.ufl.edu/directives-and-procedures/accounting-and-reporting/ • Helpful Links: • Internal Control Checklist • Forms • FAQs • Directives and Procedures • Employee Directory • Best Practice Guides

11. Responsibilities • Ensure that management is properly informed of their fiscal operations and condition • Proper controls are in place to ensure that University • Funds are properly safeguarded • Funds are prudently spent • Revenues are maximized • Proper accountability is maintained

12. Reconciliation • Reconciliation to source documents is required to be performed for all transactions $100 and over. • For transactions under $100, reconciling consists of spot checking at least 25% of the budgetary cost center transactions to the source documents. • Contracts and Grants funds need reconciliation at a more detailed level. We’ll look at this in greater detail later in the session.

13. 2 Budgetary Cost Centers

14. Budgetary Cost Centers • A department, organization, or a fiscal activity which must be separately accounted and/or budgeted for • Represented by a combination of ChartFields • Reflect the level at which the “authority to spend” is controlled • Review Spreadsheet – Appendix C

15. Budgetary Cost Centers • Fund – DeptID – Budget Reference – Program • Fund – DeptID – Budget Reference • Fund – DeptID – Source of Funds • Fund – DeptID – Project • Fund – DeptID • Fund – Project • Fund – Flex • Fund Let’s take a closer look at these

16. Budgetary Cost Centers • Fund – DeptID – Budget Reference APPROP – Appropriations • Spending is controlled by the amount of budget for Fund-DeptID-Budget Reference

17. Budgetary Cost Centers Fund – DeptID – Budget Reference – Program APPROP – IFAS Appropriated funds • Spending is controlled by the amount of budget for Fund-DeptID-Budget-Program

18. Budgetary Cost Centers Fund – DeptID CASH_BASED – Auxiliary, Agency, non AEF

19. The Reports

20. 3 Reports/Tools • Summary Reports • Appropriations • Cash • Transaction Detail • Payroll Reconciliation Detail • Projected Payroll Detail • Open Encumbrance Summary • KK to GL Summary Comparison

21. Reports • Purpose: Support business processes • Facilitate reconciliation process • Budget planning, etc • Designed to support specific tasks routinely performed Monthly Summary • Detailed Reports • Transaction Details • Payroll Reconciliation Detail • Open Encumbrance KK-GL Compare

22. Two Types of Reports Each report is available in • Delivered • Already run • Waiting for you to “pick them up” • PDF • Excel Most are also available in • Prompted • PDF • Excel • The look and feel of the prompted reports are identical • Different time range available • Different navigation

23. Delivered Reports

24. 3 Navigation – To Delivered Reports • Log in to myUFL (my.ufl.edu) • Click the Main Menu and then click Enterprise Reporting To view the Enterprise Reporting home page, click the folder icon

25. Select the report you need… by “Fund”

26. For Delivered Reports • Select the link for your Budgetary Cost Center We will cover Budgetary Cost Centers in more detail later

27. Continue by selecting the next level

28. Note the breadcrumb trail for navigating

29. When you click this help link, you can retrieve the document: My Reports - Features, Functions and Searches

30. Next, we will take a look at each of these reports and discuss how you can use them.

31. 4 Transaction Detail

32. Transaction Detail Purpose • Lists the monthly transaction details for a budgetary cost center • Assists in understanding the specific fiscal activity that impacted the budgetary cost center’s available balance • NOTE: Appropriations and Cash

33. Questions • What transactions are reflected this month? • Do the transactions look reasonable?

34. Key Procedures • Reconciliation to source documents is required to be performed for all transactions $100 and over • For transactions under $100, reconciling consists of spot checking at least 25% of the budgetary cost center transactions to the source documents • Contracts and Grants funds need reconciliation at a more detailed level • All reconciliation documentation must be kept for the current and two prior fiscal years

35. Key Procedures Departments must ensure: • All financial data on their ledgers is traced or checked back to the source documentation • Only appropriate transactions are charged or recorded against their budgetary cost center and that adequate documentation to support all transactions is maintained in the department Department Business Administrators are responsible for identifying financial problems and resolving errors before the following month end

37. We’ll see the basic header information on all the reports

38. This date is the date the report was run

39. Budgetary Cost Center information

40. Accounting Date: Pay Period End Date

41. Transaction ID: Payroll Processing Date

42. Cumulative Retros are noted

43. Transaction Detail • Note how many pages the document is at the bottom of the page Page down

44. The "Description" field will show the merchant name and the description the reconciler/ approver put on the PCard transaction.

45. The UFID that appears in this column is from the UFID ChartField

46. Strengths • Will aid in reconciling and identifying errors

47. Procedures

48. Ensure that monthly personnel activities (salary and benefits) agree with the totals on the Payroll Reconciliation Detail report.

49. Validate individual monthly financial transactions listed in the GL agree with source documentation

50. Exercise • Let’s go get a Transaction Detail report