In this video, you’ll learn about drilling down into your project details in Finance Reporting, including confirming that expenses belong to your project and what negative numbers mean.
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Watch in full screen by clicking the full screen icon on the bottom right corner of the video.
Use the chapters in the video to help you quickly find what you are looking for.
Use the content below, which summarizes the information in the video, for quick reference.
0:00 Video Start
00:07 What You’ll Learn
00:20 Accessing Finance Reporting
0:43 Drilling down using Blue Hyperlink Text
1:00 Important Number: Balance Remaining
1:17 a. How Balance Remaining is Calculated
1:35 Reminder: Internally Funded Projects – No Revenue
1:45 Reminder: Time Lags
2:00 Seeing Expenses Not Related to Your Project
2:11 a. Example: P Card Bulk Purchase
2:18 Verifying FOAP Number on Expenses
2:39 What To Do If You Don’t Recognize An Expense
2:55 What Negative Numbers Mean in FAST
3:26 a. Negative Numbers & MRU GST rebates
3:55 b. Step-by-Step Example: GST rebate in FAST
4:25 Summary: Video Takeaways
In Finance Reporting, you can see details of your project balances by clicking on numbers with blue hyperlink text.
When you drill down into project balances in FAST:
Sometimes you can see expenses not related to your project.
i.e. an expense purchased with a P card as a bulk purchase.
Always verify the Funds, Organizations, Accounts and Program (FOAP) number matches your project.
If the FOAP number for the expense does match your project but you don’t recognize the expense as related to your project, you should verify this expense right away by emailing orscefinance@mtroyal.ca.
You also may come across negative numbers when you drill down into your project number details. These negative numbers do not indicate that you have money being taken away from your project, rather that you have a rebate calculated for money back.
Often negative numbers in FAST are related to the GST charged on your expenses.
Mount Royal University has a 67% rebate on GST for your expense.
This means that you’ll only be charged GST on 33% of your expense and you’ll receive GST back on the 67% of your expense as a rebate.
Watch the video to learn more - it walks through an example of a GST rebate and how it will show in FAST as a negative number, but it will represent a rebate not a cost.