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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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Presentation Transcript
slide3
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 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

.

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
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

.

online access to reports
Online Access To Reports
  • www.PEFReports.com
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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