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Cost Center Reconciliation - Workshop

Cost Center Reconciliation - Workshop. Prerequisites. Introduction to SAP training workshop Requisitioning – Part I and Part II Budget Transfers / Check Requests Balance Reports Business Warehouse Reporting. Objectives. Understand University financial policies and procedures

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Cost Center Reconciliation - Workshop

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  1. Cost Center Reconciliation - Workshop

  2. Prerequisites • Introduction to SAP training workshop • Requisitioning – Part I and Part II • Budget Transfers / Check Requests • Balance Reports • Business Warehouse Reporting

  3. Objectives • Understand University financial policies and procedures • Understand the types of documents to reconcile monthly and organization of receipts • Understand financial workflow processes • Learn how to reconcile commitments / actuals • Approximate workshop time: 2 hours

  4. University Policies and Procedures • Procurement Services • Meals (Off Campus) • Meals (On Campus)  • Travel • Budget Transfers/IBs/Recodes • Budget Availability

  5. Why Reconcile? • SAP is the University’s system of record • Data accuracy

  6. Commitments • Encumbrance of funds available • Funds have not been paid yet • SAP / R3 reports • ZFD1 • ZFBC • Business Warehouse reports • Budget Management • PBC Payments • Travel Management Report

  7. Commitments • Commitments • Salary Encumbrances • Purchase Requisition • Purchase Order • Personal Services contract (P0 begins w/47) • Goods Receipt not required (P0 begins w/46) • Goods Receipt required (P0 begins w/45) • Travel Requests

  8. Workflow • Once a requisition has been saved (and is not under the "Held" status), funds will be encumbered within the cost center. • Procurement Services will create a purchase order liquidating the requisition, and encumbering the PO. • Vendor payments are blocked until both the goods receipt and invoice receipt have been complete. • Any original invoices received by your department should be forwarded to Accounts Payable for invoice receipt processing. • Travel requests remain encumbered until a travel expense report is submitted, or the request is deleted.

  9. Actuals • Include costs of expenditures that have cleared accounts payable • SAP/R3 reports • ZFD1 • ZFBC • Business Warehouse reports • Budget Management • Labor Distribution/ FI Transaction List by Month – Manual Payroll Entries • FI Transactions by Line Item • Travel Reimbursements • Recipients of Financial Aid

  10. Actuals • Actuals • Journal Entries • Payroll Accruals • Parked Vendor Invoices • Travel • Payroll Entries • Procurement Card Charges • Goods Receipt • Invoice Receipt • Bursar Feed

  11. Budget • Original Budget – Uploaded at the beginning of the fiscal year, as approved during the BIIP process • Revised Budget – Is equal to the Original Budget +/- any budget transfers • Available Budget – Is equal to the Revised Budget +/- any Actuals, Commitments, Parked Actuals • SAP/R3 Reports • ZFB1 • Business Warehouse Reports • Budget Management Report • University Credit Balance Report

  12. Budget • Budget Documents • Transfer • Supplement • Carry Forward

  13. Budget • Supplements • Supplements are transfers processed by central offices • Includes movement of available revenues to expenditures • Appear under Supplements column on ZFB1 • Transfers • Processed by departments • Move expenditure to expenditure • Carry Forward

  14. University Credit Balance Report • Run to view the most up to date credit balances in your cost centers • Found under FI Departmental Reports Folder in BW • Should be run monthly as part of your monthly reconciliation, but may need to be run more often around closing (June-July), to ensure no credit balances are carried into the new year

  15. Budget Transfer Workflow • The funds from a budget transfer will appear as available as soon as the document is "preposted". • Funds are not actually available until the transfer has gone through the entire workflow process. • Workflow will send the transfer for approval to the responsible person on the cost center, up through the Vice President/Vice Provost level. After being approved at that level, the transfer will be approved by the Office of the Comptroller, and possibly the Budget Office.

  16. Fixed Assets • Included as part of the operating pool • G/L account should be coded • Single item that $500 or more but less than $5,000, use G/L range 551005 – 551065 • Single moveable item that is $5,000 or more, use G/L range 570105 – 570165 • Single fixed item that is $5,000 or more, use 570005 - 570070 • Any single item $500 and over must be tagged • Inventory verifications are due mid-April

  17. Monthly Reconciliation • Create a binder for each cost center in your department. Each g/l should have its own tab within the binder. Include a folder for “Pending” items. • Run the FI by Transaction List for the month and export to Excel.

  18. Thank you! • We sincerely thank you for investing your time with us. Questions?

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