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WEDGE 2.0

WEDGE 2.0. Web-based Electronic Data Gathering Environment . Welcome to . WEDGE 2.0. Instructors. Gregg Easterly Systems Administration. Katie Madonia Financial Reporting. Purpose.

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WEDGE 2.0

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  1. WEDGE 2.0 Web-based Electronic DataGathering Environment

  2. Welcome to WEDGE 2.0

  3. Instructors • Gregg Easterly • Systems Administration • Katie Madonia • FinancialReporting

  4. Purpose • This training session is intended to assist agencies in the preparation and transmission of Shared Fund GAAP packages to the Illinois Office of the Comptroller (IOC) • The deadline for Shared Fund GAAP packages, excluding GRF and federal activity funds, is Tuesday 8/23/11 • The deadline for GRF packages is Friday 9/2/11 • The deadline for shared funds with federal activity is Friday 9/16/11

  5. Financial Reporting Form Overview

  6. General Information • Agencies will have access to post/update their GAAP information into WEDGE, and when finished, transmit the package to the IOC • Once packages are transmitted, agencies will only have access to view and/or print packages • All changes subsequent to transmission will need to be made by IOC staff • Required forms not included on WEDGE must be completed and sent to the IOC by the appropriate due dates • Amounts entered should be rounded to the nearest thousand

  7. Shared Funds • Shared Fund • A fund in which multiple agencies prepare GAAP packages for the same fund • Agencies are not responsible for ensuring the statement of position balances • Revenue and expenditure amounts are uploaded from SAMS into the agency records column on the SCO-512 • The SCO-511 (Statement of Position) and SCO-512 (Statement of Change) are available for inquiry only • Adjusting and reclassifying entries are posted to the statement of position and state of change on various forms in the GAAP package.

  8. Shared Fund Forms • Available on WEDGE 2.0 • SCO-510 Explanation of GAAP Account Changes • SCO-511 Shared SAMS Funds Adjustments for Assets, Liabilities, and Fund Equity • SCO-512 Shared SAMS Funds Revenue and Expenditure Adjustments • SCO-530 Account Summary Analysis • SCO-531 Shared SAMS Funds Cash Reconciliation • SCO-544 Miscellaneous Journal Entry Form • SCO-547 Reclassifying Journal Entries • SCO-548 Adjusting Journal Entries • SCO-549 Summary of Liabilities • SCO-565 Inter-fund Payable/Receivable Analysis

  9. Shared Fund Forms • Manual Forms required to be submitted with all Shared Fund GAAP packages • SCO-546 Government-wide Adjusting Journal Entries • SCO-551 SAMS to GAAP Reconciliation – Accounts Receivable • SCO-553 Fund Balance to Net Asset Reconciliation

  10. Summary of Shared Fund Forms • SCO-510Explanation Of GAAP Account Changes • The purpose of the Explanation of GAAP Account Changes is to identify and explain material changes in GAAP accounts from the prior year to the current year

  11. Summary of Shared Fund Forms • SCO-511Shared SAMS Funds Adjustments for Assets, Liabilities, and Fund Equity • This form summarizes the Statement of Position by showing adjustments made at the agency, IOC, and auditor levels • Form is for inquiry only; no data entry is made to this form

  12. Summary of Shared Fund Forms • SCO-512Shared SAMS Funds Revenue and Expenditure Adjustments • Revenue and expenditure amounts are uploaded from SAMS into the agency records column • This form summarizes the Statement of Change by showing the balance uploaded from SAMS, prior year GAAP adjustments, and by showing adjustments made at the agency, IOC, and auditor level • Form is for inquiry only, no data entry is made to this form

  13. Summary of Shared Fund Forms • SCO-530Account Summary Analysis • Form summarizes all journal entry postings, by account number • Form is for inquiry only; no data entry is made to this form

  14. Summary of Shared Fund Forms • SCO-531Shared SAMS Funds Cash Reconciliation • This form is now an electronic form (previously manual form) • Form summarizes cash on hand and cash in transit • This form allows the agency to post an automatic journal entry, which will carry directly to theSCO-548

  15. Summary of Shared Fund Forms • SCO-544Miscellaneous Journal Entry Form • New form for FY11 • Form is used to post reclassifying and adjusting journal entries that are not otherwise posted via another form on the system • Entries on this form will carry directly to the SCO-547 or SCO-548, as applicable

  16. Summary of Shared Fund Forms • SCO-547Reclassifying Journal Entries • Form has been revised for FY11, and is now a summary form; no data entry is made to this form • Form is populated with entries posted on other forms, including the new miscellaneous journal entry from, SCO-544

  17. Summary of Shared Fund Forms • SCO-548Adjusting Journal Entries • Form has been revised for FY11, and is now a summary form; no data entry is made to this form • Form is populated with entries posted on other forms, including the new miscellaneous journal entry from, SCO-544

  18. Summary of Shared Fund Forms • SCO-549Summary of Liabilities • Form summarizes liabilities to be recorded in the GAAP package • Form has been revised in FY11 so that an automatic journal entry can be posted after summarizing liabilities

  19. Summary of Shared Fund Form • SCO-565 Interfund Payable/Receivable Analysis • Form summarizes the detail of amounts due to/from other funds and due to/from component units • The totals on this form should agree to the total amounts as reported on the SCO-511 • Amounts reported on the SCO-567/SCO-568 forms will be automatically populated into this form • The form currently does not have edit checks in place to ensure totals on this form agree to the totals reported on the SCO-511; This will be addressed in future updates once we determine the effects of reporting of held warrants

  20. FORMS OVERVIEW Questions/Comments

  21. Shared Fund Package System training

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