Divisions recordkeeping currently
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Divisions Recordkeeping …..Currently…. Division’s Recordkeeping…. ….The Future ……. Card & Check Transactions. Document Storage & Retrieval. Check Issuance & Deposits. Budget Information. Financial Reporting. Division 3. Division 2. Division 4. Division 1. Division 5. PEF Headquarters.

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Divisions Recordkeeping …..Currently…..

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Divisions recordkeeping currently

Divisions Recordkeeping…..Currently…..


Division s recordkeeping the future

Division’s Recordkeeping…. ….The Future …….


Divisions recordkeeping currently

Card & Check Transactions

Document Storage & Retrieval

Check Issuance & Deposits

Budget Information

Financial Reporting

Division 3

Division 2

Division 4

Division 1

Division 5

PEF Headquarters


How do we get there

How Do We Get There?

  • PEF’s New Services Provided To Divisions

    • Banking Changes

      • Purchase Card Use

      • Check Issuance

      • Deposit service

      • Reconciliation of Divisional Account Balances

      • Allow Interest To Be Earned on All Idle Funds

  • Financial Reporting

    • Web Reports replace the need for Journal Registers

  • Document Storage & Retrieval


  • Banking changes

    Banking Changes


    Banking changes1

    Past:

    Amalgamated

    PEF HQ accounts

    Divisions accounts

    SEFCU

    Other PEF accounts

    Checking

    Savings

    Various banks

    Divisions 2nd Accounts

    Future:

    Bank Of America

    All PEF Headquarters accounts

    All Divisions accounts

    Purchase Cards

    OR

    Checking+Savings Accounts

    Banking Changes


    Banking change goals

    Banking Change Goals

    • Earn Interest

      • 12/31/06

        • $40,000 was in interest bearing accounts

          • Earning between 1.6% to 1.95%

    • Future – Using the PEF Purchase Card Program

      • All Divisions will earn interest (currently approx 4.6%)

        • Interest will be added to you Purchase Card balance during the year

        • Note: Divisions who choose to have a checking account cannot earn this higher level of interest.

  • Local bank accessibility

    • Eliminates need for 2nd Accounts

      .


  • Bank of america coverage areas

    Bank Of America Coverage Areas


    Purchase cards

    Purchase Cards


    How does a purchasing card work

    How Does a Purchasing Card Work?

    1

    Place order

    Receive goods

    2

    Supplier

    Division Cardholder

    Merchant paid within 2 days of transaction

    General ledger

    Request for authorization

    Payment

    4

    3

    Create entries

    One consolidated payment to bank

    Payment

    Scheduled electronic data

    Post-purchase, PEF receives a data transmission of transaction detail where default cost allocation is applied electronically and moved via an interface into PEF’s G/L .

    PEF HQ Accounting

    BANK OF AMERICA


    The new divisions approval process

    The New Divisions’ Approval Process

    Bank of America

    Web Based

    Approval Software

    PEF’s New

    Web Reporting

    System

    Purchase

    Card System


    Online review and approval

    Online Review and Approval

    • Easy Web Access

    • Electronic review and approval

    • Email notifications


    Purchase card online system

    Purchase Card Online System


    Check processing service

    Check Processing Service


    Remote deposit service

    Remote Deposit Service


    How remote deposit service works

    ARC

    IRD

    Bank of America

    Image Exchange

    Payor Bank

    PEF Bank

    How Remote Deposit Service works

    Step 1

    Step 2

    Step 3


    Benefits

    Benefits

    • Convenience

    • Faster check deposit processing

    • Faster access to funds

    • Faster notification of returned items

    • Less work for Divisions to do !!!


    Information access online reporting

    Information Access - Online Reporting

    • Goals:

      • Eliminate the need for the Quarterly Journal Register

      • Enable Divisions to manage effectively against their budgets

      • Deliver instant access to up to date information

      • Allow online access to scanned supporting documentation

  • Solutions

    • Purchase Card Dashboard

    • PEFS Secure Web Based Reporting

      • www.PEFReports.com

        .


  • Purchase card dashboard

    Purchase Card Dashboard


    Online access to reports

    Online Access To Reports

    • www.PEFReports.com


    Let s recap

    Let’s Recap….


    Recap of new services

    Recap of New Services:

    • Use Purchase Cards

      • Instead of writing checks

  • Earn Interest

    • On unspent monies

  • PEF deposits checks for you

    • Through our new Remote Deposit service

  • PEF does your Financial Reporting

    • You won’t need to fill out Journal Registers any more

  • PEF reconciles your Divisional Account Balances

    • We will do all your account reconciliations for you

  • PEF issues paper checks for you

  • PEF handles your document storage

    • We ensure your compliance with Federal and State record retention requirements

      .


  • Rollout schedule

    Rollout Schedule

    • PEF HQ Bank account changes

      • May 2007 - completed

  • Purchase Card Pilot Program

    • October – December 2007

      • Internal Staff

      • Selected Regional Coordinators

  • January – March 2008

    • Volunteer Divisions

  • Divisions Conversion to Purchase Cards

    • April 1 2008 – Open to all Divisions


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