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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…..


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


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


    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

    • 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


    Purchase Cards


    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

    Bank of America

    Web Based

    Approval Software

    PEF’s New

    Web Reporting

    System

    Purchase

    Card System


    Online Review and Approval

    • Easy Web Access

    • Electronic review and approval

    • Email notifications


    Purchase Card Online System


    Check Processing Service


    Remote Deposit Service


    ARC

    IRD

    Bank of America

    Image Exchange

    Payor Bank

    PEF Bank

    How Remote Deposit Service works

    Step 1

    Step 2

    Step 3


    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

    • 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


    Online Access To Reports

    • www.PEFReports.com


    Let’s Recap….


    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

    • 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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