Fund Equity & Cost Center Verification (cont'd)

Purpose:

The reconciliation of department cost centers are needed to minimize the risk of unauthorized use of funds and to ensure that revenues are properly recorded. Therefore, entries in the PeopleSoft General Ledger (PSGL) must be monitored monthly. For this reason, MAPP has asked that each department develop procedures for monthly verification of each cost center in PSGL with departmental records to ensure accuracy and propriety of the entries.

References:

MAPP 05.04.02, SAM 03.G.01, SAM 03.G.03

Handouts:

• Reconciling Using Verification Worksheet
• Budget Prior Year Budgets and Expenses
• Screen Shots of FileMaker Pro Before and After Journal Entries
• Using Filters with Verification Reports

Procedures:

PT. I:

Step by Step Reconciliation Using VNet Administration Database

PT. II:

Cost Sharing

PT. III:

Maintaining PS Cost Centers

PT. IV:

Budget Request

PT. V:

Request to Budget New Revenue/Fund Balance

PT. VI:

Non-Payroll Correction

PT. VII:

List of Reports

PT. VIII:

Reviewing Fund Equity

Review and Responsibility:

• Responsible Party: Director, NSM Business Operations
• Review: Every two years, on or before August 31

Approval:

• Director, NSM Business Operations - Fred McGhee
• Dean, NSM - John Bear
• Date of Dean's Approval: 09/01/2008

V: Request to Budget New Revenue/Fund Balance

Budget request forms when used with a request to budget new revenue or request to budget fund balance form can increase the budget on a cost center to the amount available in fund balance or to the amount of expected revenue for that Fiscal Year. Budget Transfer:

1. Print out the PeopleSoft UGL1074.1, UGL1033 and UGL1035 reports for the cost center to determine how much will be budgeted.
2. Go to your saved Budget transfer folder to determine the last Document number used.
3. Obtain the template for budget fund equity or new revenue form from the NSM Employee Information Source web page.
4. Give the document a file name beginning with your department code.
5. Fill in the top portion with your information and in the justification box type in what kind of funds you are budgeting (the type of revenue or fund balance).
6. Note that fund balance is anything that was carry forward from the previous year or transferred to your cost center via journal from another cost center’s equity balance. New revenue can be fees deposited (check cost center for correct account code) or monies from an endowment (check for correct account code) or direct gifts or checks (again check account code).
7. Put in your cost center values, increasing budget amount and account codes you want to move budget to and from.
8. Rounded figures must be used for amount.
9. In the appropriate description box type in your comment. If funding salary, list the position number/s.
10. On the next line you will fill in the appropriate information for the cost center you are moving the budget to. Or if budgeting between nodes in the same cost center, enter the same cost center values.
11. Your total increase and total decrease must be the same.
12. Save and print. Attach all back up and obtain signatures from the DBA, Director of Business Services (Fred McGhee) and Dean. Signed copies then go the Provost for signature and further routing. Remember to keep a copy to put in cost center folder.
13. Transfers between certain cost centers are not allowed because of the fund codes. Attached is a list of allowable cost transfers.

VI: Non-Payroll Correction

Further Details to Come

VII: List of Reports

Attached is a table containing the purpose, and PS navigation for the reports listed below. The reports provide the information necessary for reconciling, correcting and maintaining the departmental cost centers. UGL01016 - UGL01033 - UGL01058 - UGL01064 - UGL01065 - UGL01074 - Payroll Accounting UPAY078 - Journal Details Report. Navigation to come.

PeopleSoft Reconciliation Reports

UGLO1016

Report shows:

• Beg Fund Equity
• Revenues
• Fund Adjustments
• Expenses
• Ending Balances
• Commitments
• Select 'Custom Reports'
• Select 'GL'
• Select 'Fund Eqty By Dept Range(016)'
• Enter 'RunControl ID'
• Choose 'Report Parameters'

UGLO1033

Useful to review the unbudgeted fund equity

• Select 'Custom Reports'
• Select 'GL'
• Select 'Unbudgeted FE with Exp Budgets' or 'Unbudgeted FE with Exp/Rev Bud'
• Enter 'RunControl ID'
• Choose 'Report Parameters'

UGLO1058

UGLO1064

Reviewed as needed to determine which programs need budget adjustments

UGLO1065

UGLO1074

Used for Cost Center reconciliation - FileMaker Pro to PeopleSoft

• Select 'Custom Reports'
• Select 'GL'
• Select 'Dept Verification Rpt (1074)'
• Enter 'RunControl ID'
• Choose 'Report Parameters'

Payroll Accounting UPAY078

Journal Details Report

• Select 'General Ledger'
• Select 'General Reports'
• Select 'Journal Entry Detail'
• Enter 'RunControl ID'
• Enter 'Journal ID'