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Real-Time Financials (RTF)

Real-Time Financials (RTF). The Toolkit August 2008. Thank You to the RTF Advisory Group. Nathan Eriksen , SW Oncology Group Krista Farmer , Physics Shane Fortune , Ross School of Business Dean Girbach , School of Public Health Jeanni Goormastic , Nuclear Med/Radiology

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Real-Time Financials (RTF)

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  1. Real-Time Financials (RTF) The Toolkit August 2008

  2. Thank You to the RTF Advisory Group • Nathan Eriksen, SW Oncology Group • Krista Farmer, Physics • Shane Fortune, Ross School of Business • Dean Girbach, School of Public Health • Jeanni Goormastic, Nuclear Med/Radiology • Maggie Herron, Life Sciences Institute • Margie Lesser, Engineering • Christina Luo, Law School • Mary Martinowicz, School of Natural Resources • Pam Schwarzman, LS&A Dean’s Office • Scott Stanfill, Biophysics Research • Candace Terhune, Social Work • Bryan Van Sickle, Financial Operations • Bonni Viets – Engineering • Cyndi Mesa – UM Library

  3. Agenda • What is Real-Time Financials (RTF)? • RTF and M-Reports • Completed Enhancements • The RTF Toolkit • Reporting Budget Ledger • Unit Defined Commitments • eReconciliation • Consulting • RTF Pilot: School of Information • What’s Next?

  4. What is Real-Time Financials? Real-Time Financials (RTF) Project Vision: Enhance the Enterprise System to provide richer, timelier data Data Warehouse Production ODS M-Reports Vision: Enable Guided Data Analysis using many data sources Future: Dept data

  5. RTF: Completed Enhancements Goal: Make meaningful financial data easily accessible to Principal Investigators, Department & Project managers, and administrators. Production ODS Data Warehouse Completed Enhancements Impact to Units • Estimates provided for salary, benefits, and financial aid Richer and timelier data in the enterprise system reduces the need to maintain data in supplemental systems • Unit Defined Commitments can record planned or potential financial encumbrances in the central system • Journal processing streamlined and daily posting of procurement transactions to the General Ledger initiated • All-Funds Budget-to-Actuals Variance Reporting • eReconciliation (online Statement of Activity reconciliation) implemented

  6. RTF and M-Reports Principal Investigators and Project Administrators can already see RTF data in M-Reports. • You must enter UDCs in M-Pathways for the data to appear in M-Reports. Journal Processing Estimates UDCs

  7. RTF Toolkit • The RTF Toolkit illustrates the key system functionality that units may use to establish an all Funds budget-to-actuals (i.e., “end-to-end”) reporting process. • Reporting Budget Ledger (RBL) • Unit Defined Commitments (UDC) • eReconciliation (eRecon)

  8. Reporting Budget Ledger (RBL) • RBL is an upload process to enter non-sponsored budget data into M-Pathways. • Spreadsheet template and instructions are available from the MAIS Web site @ http://www.mais.umich.edu/fin/reporting_budget_ledger.html • RBL data is available for reporting purposes in the U-M Data Warehouse. • M-Pathways displays the most recent upload for an Accounting Period (i.e., month).

  9. Reporting Budget Ledger - Template • Fields with set values are: • Business Unit =UMICH • Ledger =RPT_BUDGET • Ledger Group = RPT_BUDGET • Scenario = FINAL • Required fields are: • Account • Fund • Deptid • Fiscal Year • Accounting Period • Posted Total Amt

  10. Reporting Budget Ledger – Set-up • Be familiar with the “roll up”. • RBL uses the UM_ACCT_GROUP tree. • The Account groups appear on the RBL BusinessObjects reports.

  11. Reporting Budget Ledger – BusinessObjects Reports • These reports will become UM-Maintained reports on August 25, 2008

  12. Reporting Budget Ledger – BusinessObjects Reports RTF estimate & UDC* data – * UDCs must be entered in M-Pathways to appear on these reports RBL data displayed by Account Group

  13. Fall ‘08 RBL Enhancements Implement an M-Pathways upload process. Post RBL documentation in My LINC. Post updates on the Reporting Budget Ledger page of the MAIS Web site @ http://www.mais.umich.edu/fin/reporting_budget_ledger.html

  14. Unit Defined Commitments A Unit Defined Commitment (UDC) is a revenue or expense that the central system doesn’t know about (yet). UDCs you enter: Transaction are captured in the system when: Procurement transaction made: ePro requisition entered P-Card voucher created Service Unit Billing voucher created Paperwork processed • Planned purchases • Payroll changes • Items not yet recorded on the Statement of Activity (SOA)

  15. Unit Defined Commitments – Fall ‘08 Enhancements – Managing UDCs Click the linked Commitment Number to update the ChartFields and/or the Description Update the UDC’s amount and/or dates directly on the grid

  16. Unit Defined Commitments – Fall ‘08 Enhancements – Releasing UDCs • There are three ways to release a UDC: • The calendar date is the same as the date in the Commit End Date field (Last day – 1) • Check the Release Commit as of today checkbox • Check the Release Commit from the last month closed checkbox

  17. eReconciliation (eRecon) • eReconciliation is an online Statement of Activity reconciliation method. • Benefits include: • Journal Date range to narrow or broaden the list of the journals displayed. • Mark/un-mark transactions as reconciled at the journal and/or detail level (where available). • Notes entered online provide more detail about the transaction at the journal and/or detail level (where available). • Reports can be printed directly from the Reconciliation Activity page or from BusinessObjects (August 25, 2008). • Reconciliation Flag and Notes data added to the UM Data Warehouse (August 25, 2008).

  18. eReconciliation Demo

  19. eReconciliation My LINC Resources Search using a keyword of “eReconciliation” or navigate from the MAIS catalog: Financials > General Ledger > Financial Reporting

  20. Consulting Opportunity Who: Your unit, MAIS FIN BSAs, & Financial Operations What: Learn how your unit can use the RTF toolkit to provide data to your faculty and staff Why: M-Reports functionality is expanding Where: Your unit When: Available now; scheduled at your convenience How: Contact mais.fin.contact@umich.edu.

  21. RTF Toolkit Pilot

  22. RTF Toolkit Pilot – School of Information • School of Information before RTF: • Shadow system not able to take advantage of new technology • Re-keying data to maintain shadow system • School of Information after RTF: • eReconciliation removed need for re-keying data • Few UDCs required after reconciliation

  23. RTF Toolkit Pilot – School of Information • The School of Information envisions using M-Pathways for: • Statement of Activity reconciling • Reporting to Principal Investigators • Internal reporting • Providing financial information to M-Reports • MAIS and the School of Information are committed to working together to finalize RTF reports.

  24. What’s Next • M-Reports plans for RTF data: • Project/Grant Parent Summary • Non-sponsored reporting • eReconciliation data (i.e., reconciliation flag, notes)

  25. Questions & Answers Thank You!

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