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Placing PeopleSoft Finance on Control

Placing PeopleSoft Finance on Control . University of Massachusetts Boston Wednesday April 25, 2012 . PeopleSoft Control. PeopleSoft “control” feature is a tool to assist the campus in monitoring spending for the remainder of FY12

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Placing PeopleSoft Finance on Control

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  1. Placing PeopleSoft Finance on Control University of Massachusetts Boston Wednesday April 25, 2012

  2. PeopleSoft Control • PeopleSoft “control” feature is a tool to assist the campus in monitoring spending for the remainder of FY12 • Will assist the University in meeting the 2% operating margin set forth by the UMass President’s Office • Will allow the University to more closely monitor department spending • If a department is not overspent and has enough available funds to cover an financial obligation, the department will not be affected by the control process • All unrestricted operating funds are impacted by control • State Special accounts are not impacted • Project/Grant accounts are not impacted • For a complete list please visit the OBFP Web Site

  3. What functions does Control Affect? • Some transactions will not be affected by “Control” • Payroll and current encumbrances • Pro-card • This will be monitored separately by the Office of Budget and Financial Planning • Recharges • Postage, Quinn Graphics, IT, telephone, and TFA Charges • All other expenses and charges will be budget checked with the system on Control, this includes: • Journal entries which will move expenses into any of the affected chart-strings. • Direct vouchers which do not map out to existing POs • New travel authorizations • New Purchase Orders • Employee travel reimbursements

  4. Budget Error Process • If “Budget errors” are generated, there is a process that is in place to review and approve/reject transactions • If a department is overspent on their budget, a budget error will be generated in PeopleSoft • It is the responsibility of the department to contact the Office of Budget and Financial Planning with justification on why the expense is necessary and how the error will be corrected • The Budget Office will provide guidance on how to proceed • Will check all funding sources to see where the department has available funds • Will assist the department with correcting the error • If the error cannot be corrected • There is a review committee that will meet weekly to review transactions that cannot be corrected with other funding sources

  5. Review Committee Process • The Controller’s Office will send a weekly budget error report to the Office of Budget and Financial Planning • Review committee will meet weekly to review “budget errors” • Will review the department request and take appropriate action • Will Communicate with the department • Will notify Controllers office of decision and accounting system update

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