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State of Georgia Enabling Efficient Financial Reporting

State of Georgia Enabling Efficient Financial Reporting Using Hyperion Financial Managemen t (HFM) FASTR -Financial Accounting Statements and Reporting. Agenda. History of Reporting in Georgia Hyperion Financial Management (HFM) Overview Benefits Project Highlights Overview of HFM

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State of Georgia Enabling Efficient Financial Reporting

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  1. State of Georgia Enabling Efficient Financial Reporting Using Hyperion Financial Management (HFM) FASTR -Financial Accounting Statements and Reporting

  2. Agenda • History of Reporting in Georgia • Hyperion Financial Management (HFM) • Overview • Benefits • Project Highlights • Overview of HFM • Hyperion Dimensions • Data Loads • Rules • Financial Reporting • Sample Reports • Demonstration • Q&A

  3. History of Reporting • Georgia produces 5 main financial reports annually • Comprehensive Annual Financial Report (CAFR) • Budgetary Compliance Report (BCR) • Selected Summary Financial Information (Treasury Operations) • Single Audit Report (SAR*) • Section 1512 Reporting (produced quarterly) (ARRA*) • 50 organizations are reported in the BCR • Approximately 350 trial balances (comprised of ~130 organizations) are reported in the CAFR • For FY2010 & FY2011 reporting Hyperion was used for the CAFR, BCR and Treasury Operations. SAR and ARRA have not been migrated to Hyperion.

  4. History of Reporting • The State of Georgia implemented Program Based Budgeting (PBB) in 2006. This requires agencies to report budgetary activity by funding sources within budgetary programs. The BCR is issued to show compliance with PBB. • ~ 45of the organizations reported in the CAFR are on a common ledger system (PeopleSoft). • PeopleSoft primarily maintains ledgers on a statutory basis, and data to convert to GAAP reporting is collected through year-end forms. To prepare the GAAP financial statements, the reporting group at the State Accounting Office (SAO) utilizes the data on the year-end forms, as well as data from other sources, to post conversion entries in HFM. • Data is also gathered from CPA audited financial statements for some of the organizations included in the CAFR.

  5. History of Reporting • Challenges with the prior reporting system • Time • CAFR and BCR were not consistently being issued by required 12/31 deadline • Cycle times were greater than required 180 days • Cost • Create separate import files for each organization • Manually map each line of T/B to the applicable reporting line • Consolidation of various reporting levels could take hours and the system often crashed prior to completion. • Manually enter information collected in year-end forms to consolidate and prepare the notes to the financial statement schedules • Manually close out revenue/expense • Quality • Difficult to analyze data across funds (i.e., Cash for a single entity)

  6. Solution:Hyperion Financial Management (HFM) • Web based application • Accessible by users in multiple locations • State Owned and Operated • SAO owns both the results and the system (no DBA required) • Packaged Application • Out-of-the-box financial intelligence – minimal ongoing consulting • Drill-back capability • Allows for drill-back to source system data • Microsoft Office Add-In (SmartView) • Allows users to retrieve data from and submit data to Excel

  7. Solution:Hyperion Financial Management (HFM)

  8. Benefits of HFM • Reduce close time • Automate data load for agencies using statewide accounting system (PeopleSoft) with the use of FDM • Automate journal entries, where possible • Ability to post journal entries across multiple agencies in a single entry instead of posting individually by agency • Allocation of investment pool holdings • Remove encumbrances in conversion from Budget Fund to General Fund • Lease and capital asset / accumulated depreciation entries • Data forms and Excel SmartView spreadsheet upload tools allow for input of additional data • Trial balance data for users not on common G/L loaded via SmartView • Supplemental data used for the Notes to the Financial Statements (i.e., Capital Asset changes and debt service to maturity details)

  9. Benefits of HFM • Improve Quality • Standardized mapping for common G/L users and ability to load data in a single upload file • Reduced load time provides additional time to analyze data • Data can be reviewed across organizations and fund types from a single system • Ability to more efficiently analyze year over year trends and provide support for MD&A analysis • HFM integrates well with PeopleSoft and Excel • Flexibility • Easy to create and modify excel files to retrieve data from HFM using SmartView • No limit to the number of Excel SmartView files which can be built to analyze data

  10. Project Highlights • Implementation took less than 6 months • SmartView functionality made it easy to convert write-up files from prior system to Hyperion links • Created rules in HFM thereby reducing the number of AJEs required • Created supplemental data accounts to track dates received and applicability status of year-end forms • Utilized an Excel JE template to upload journals to HFM (maximum of 5K lines long) • Used a consulting firm to assist with application setup

  11. HFM Dimensions

  12. Loading G/L data • Data for organizations using common G/L system done via Hyperion FDM (contains multiple locations for different fund types) • Data for organizations not on PeopleSoft done via SmartView formulas. • “Shells” were created for these organizations to populate with data and were then loaded to Hyperion • Information for year-end forms is also loaded using SmartView formulas.

  13. Loading Data - FDM Mapping Table: Import – Validate – Export data:

  14. Loading Data - Excel T/B shell from agency: Load Tab in T/B shell file:

  15. Rules • Rules are used to automate calculations of data within an application • Rules are also used to set and clear values, consolidate data, and control data input • Agency fund • Revenue/Expense closeout • Balancing

  16. Reporting • BCR, CAFR, and Treasury Operations write up files from legacy system were migrated to SmartView • System reports include intercompany matching and journal entry reports • Examples of Reports in FASTR/SmartView • Trial Balance • BCR Statements • CAFR Statements • Journal Entry Report • FDM Reports • Hyperion Financial Reporting Studio report template will be created to support future financial reporting development

  17. Sample Metadata

  18. Sample Trial Balance Report

  19. Sample BCR (SmartView version)

  20. Sample CAFR(SmartView version)

  21. Demonstration • Loading data • Using FDM • Using Excel • Posting Journal Entry • Consolidating Data • Updating a Write Up File • Overview of Miscellaneous Files Used • Combining Trial Balance • Long-Term Liability and Capital Asset changes • Year-end form tracking • Due to / from and State Appropriations Reconciliations • Single Account by Fund-Type and Entity

  22. Contact Information • State of Georgia Kris Martins State Accounting Office Director – Financial Reporting kmartins@sao.ga.gov

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