Reporting for Finance Users

Susan McDonoughChange Management Analyst

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Organizational Change for InfoPorte

• With great thanks to Scott Jackson for leading the Enterprise Reporting and Departmental Systems (ERDS) team through:– The transition from a system serving a few schools to a system serving

the entire campus– Building all the dataloads to populate the Data Warehouse with

ConnectCarolina structures and data – Building screens and reports to provide access to Financial, Human

Resources and Student Administration data– Tirelessly reaching out to campus to identify and resolve problems

• Enterprise Reporting and Departmental Systems are now part of the ITS Enterprise Applications Organization – Maribel Carrion, Senior Director, Application Support for Student

Administrative Systems, will be Interim Director of ERDS– Reporting to Fran Dykstra

Our Focus For the Next Few Months

Short-term Goals

1) On-time dataloads2) Accurate Validated

Data3) Completion of Key

Reports

The Customers

The Team The Strategy

A Structured Process

• Cash vs. accrual accounting

• Ledgers

• Budget balance reports

• InfoPorte Ledger Rollup

• ConnectCarolina Budgets Overview

• Payment inquiries

• Fund and Cash balance reports

• GL Fund Balance report

• Comprehensive Financial Summary Report

Presentation topics

Cash vs. Accrual Accounting

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Cash vs. Accrual Accounting

• FRS used cash based accounting – this means revenue and expenses were recorded when cash was received or paid

— For example, payments to vendors

• ConnectCarolina uses accrual based accounting, which means revenue and expenses are recorded at the time of the transaction

Ledgers

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Ledgers

• There are two main ledgers in an accrual based accounting system

Commitment Control ledgers

GL Actuals ledgers

ConnectCarolina

• Shows daily balances against a budget• The balance reflects all stages of

commitment: pre-encumbrance, encumbrance, and expense

• Not the official book of record for external reporting purposes

• The official book of record for external reporting purposes

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Ledgers

• All finance transactions go through the same basic steps

Create Edit Budget Check

Approve Post1 2 3 4 5

Commitment Control ledgers

GL Actuals ledger

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Ledgers

• Throughout an open month, the Commitment Control and GL Actuals ledgers are not equal because:• Approval and posting may not have yet occurred.

• Transactions might change. For example, amounts may change or they might be deleted.

• When a month is closed, the Commitment Control and GL Actuals ledgers are equal at that point in time only.

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Vendor Payments

Create Edit Budget Check

Approve Post1 2 3 4 5

Commitment Control ledgers

GL Actuals ledger

• In ConnectCarolina, payment is a separate, subsequent step from posting

Payment

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Ledgers

So what?

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Ledgers, payments, and the so what

For this task: Keep this in mind:Monitor day-to-day balances for all fund types

The budget balance reflects all transactions that have passed budget checking.

Reconcile transactions Only reconcile transactions when they have posted.

Reconcile month-end balances Only reconcile month-end balances when the month has closed.

Manage payments to vendors Payment happens after posting. They don’t impact your balance.

For trust and some OSR funds, manage fund and cash balances

Fund and cash balances are not the same as a budget balance. Business managers have reports for this.

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Budget Balances

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Budget Balances

• Two reports for budget balances

• Both are based on Commitment Control ledgers! Always!

1. InfoPorte Ledger Rollups > Main Ledgers or OSR Ledger

• One day behind ConnectCarolina

• Ability to see balances with or without personnel projections

2. ConnectCarolina Budgets Overview

• Realtime

• Does not include personnel encumbrances

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Budget Balances

• InfoPorte Ledger Rollup > Main Ledgers tab shows budget balances for:– Trust– State– F&A

• InfoPorte Ledger Rollup > OSR Ledger tab shows budget balances for:– OSR

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Budget Balances - filters

For this Ledger:

To see balances for this year:

Select this Fiscal Year:

Select this Budget Period:

State 2015 2015 20152016 2015 and 2016 20162017 2016 and 2017 2017

F&A 2015 2015 20152016 2015 and 2016 20162017 2016 and 2017 2017

• To find accurate balances, make sure you enter the right filters! Fiscal Year and Budget Period…

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Budget Balances – chartfield filters

Chartfield filters by fund groupLedger Dept ID Source Account Program Bus Unit Fund Project

State State Yes -- -- -- -- -- --

Trust Trust Use if source is shared

across depts

Yes -- -- Use fndtn BU when

applicable

Use to see only the income

portion of an endowment

--

F&A F&A Yes 14101 -- -- -- -- --

OSR OSR -- Enter to exclude

cost share

-- -- -- -- Yes

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Budget Balances

• Results display by chartfield string and account• Budget – Pre-Encumbered – Encumbered = Available Balance

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Budget Balances

• When the month has closed, you can reconcile to this balance because all expenses for the month have posted

• Note: If you have an open encumbrance, when that encumbrance is expensed in a future month, it causes the encumbrance from the prior month to liquidate and the available balance from the prior month to increase.

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Reconciling transactions

• When a transaction is posted, the Recon Ready? field shows a “Y”.

• Posted transactions are ready to be reconciled

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Budget Balances

For 2016, we added account as a budget chartfield for these ledgers:

F&A Child ExpenseTrust 1

Since 7/1/2015, there are subtotals for 510000 and 500100 on F&A and Trust expense, and

400100 on Trust revenue.

Budget Balances

• The Show Projections field projects personnel expense for the rest of the fiscal year, regardless of the funding end date.

• Recalculates each pay period

• Based on current funding grid

ConnectCarolina Budgets Overview

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Budget Balances

• Realtime• No personnel costs• Use the same filters

as the InfoPorte Ledger Rollup!

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Budget Balances

Results

Compared to InfoPorte

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2 3

Vendor Payments

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Vendor Payments

InfoPorte Transactions tabIf the voucher has been paid, the Reference 1 field contains the payment ref# and the payment date if the voucher has

been paidIf the voucher has not been paid, the Reference 1 field will be

blank

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Reference 1 field: payment

ref#_payment date

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Vendor Payments

Voucher Inquiry

Main Menu > Finance Menu > Accounts Payable > Review Accounts Payable Info > Vouchers

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Vendor Payments

Queries:

NC_CPS_VCHR_PMNT_INFO_UNCCH1

Shows all vouchers that have been paid or partially paid. If no lines on a voucher have been paid, the voucher will not show in this query.

• NC_CPS_VCHR_NOT_PAID_UNCCH1

Shows vouchers that either have no lines paid, or only partial lines paid.

• For definitions of all the query fields, go here:

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https://ccinfo.unc.edu/files/2015/06/Preparing-for-Year-End-Close-Reviewing-Open-Transactions.pdf

Fund and Cash Balances

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Budget, Fund, and Cash balances

• In FRS, there was really just one balance

• In ConnectCarolina:

• For State, F&A, and many OSR funds, the budget balance is the only relevant balance

• For Trust and certain OSR funds, there are three balances that represent different things:

– Budget balance

– Fund balance

– Cash balance

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Fund and Cash balances

• Fund balances (for trust and some OSR funds):

Are the life-to-date net worth of a trust fund or project

Are not based on a budget

Pull from the GL Actuals ledger

Are driven by the posting process

• Cash balances:

Reflects difference between posting and payment

Shows the total in cash accounts

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Fund balance

Two reports that show fund balance:

– Comprehensive Financial Summary Report

– GL Fund Balance Report

The information in these reports are similar, but the primary view is from a different chartfield (source vs.

fund)

Both are SAS reports

SAS reports are based on security

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Fund Balance report navigation

Comprehensive Financial Summary ReportMenu path: Finance > Financial Reporting > Cash/Bal

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Comprehensive Financial Summary – filter guidelines

Be sure to enter a

business unit and fiscal year.

Select “0” to see a YTD balance.

Common searches:• Source only • Project only• Combinations of fund group, fund,

and department

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Comprehensive Financial Summary – filter guidelines

A recent enhancement – the Fund Group filter now lists the full fund code for foundations funds, such as 29910,

29920, etc., rather than just 299

This gives you the option of searching by a combination of a foundation fund group and a single other fund code,

such as 291 or 292

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Comprehensive Financial Summary Report

There are three tabs on the report:

Shows fund balance by source

Shows account details that comprise the

summary

Shows cash and investment balances by themselves.

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Comprehensive Financial Summary – summary view

Shows results by source

Shows beginning and ending balances, revenues and expenses

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Comprehensive Financial Summary – account view

Detail account viewShows the account totals from the summary tab

Follow the same filter guidelinesUse the rectangle icon to expand the view

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Comprehensive Financial Summary – cash and investment view

Cash and Investment Totals

This tab is a slice of the summary tab

• FRS had one general Claim on Cash account – 1100

• ConnectCarolina has multiple cash accounts that equate to the FRS 1100 Claim on Cash account. The range is 111001 – 111305, plus 111999.

• The range of Other Cash accounts is 111801 - 121104

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GL Fund Balance – filter guidelines

Be sure to enter a

business unit and fiscal year.

Select “0” to see a YTD balance.

Common searches:• Source only • Project only• Combinations of fund group, fund,

and department

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GL Fund Balance report

Shows fund balance by fund

Shows fund balance with account details

Shows balances with asset and liability

accounts

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GL Fund Balance report

Shows beginning and ending balances, revenues and expensesShows results by fund

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GL Fund Balance report

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GL Fund Balance report

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GL Fund Balance report

Shows results by department then fund

Shows asset and liability accounts only

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Comprehensive Financial Summary vs. GL Fund Balance Reports

Comprehensive Financial Summary Report

GL Fund Balance Report

Shows fund balance

• Shows cash balance in one lump sum (by source)

• Shows cash accounts by department

• Shows asset and liability accounts separately

• Displays results by source • Displays results by fund• One tab on the report shows

results by department

• ConnectCarolina is based on accrual accounting

• Budget balances reflect day-to-day activity for all fund types

• Budget balances are the same as GL Actuals at the point in time the month closes

• Payment is separate from posting

• Fund and Cash balances pertain only to trust funds and some OSR projects

Summary

Useful References

Reference link

Finding Budget Balances Guide https://ccinfo.unc.edu/files/2015/08/Finding-Budget-Balances-Guide.pdf

Reconciling in InfoPorte https://ccinfo.unc.edu/files/2015/07/Financial_Concepts_Reconciliation_print.pdf

Queries for finding payments https://ccinfo.unc.edu/files/2015/06/Preparing-for-Year-End-Close-Reviewing-Open-Transactions.pdf

Why do my balances go up and down throughout the month?

https://ccinfo.unc.edu/files/2015/03/Fin-Concepts-4-Balances.pdf

The Steps Transactions Go Through https://ccinfo.unc.edu/files/2015/02/Fin-Concepts-1-The-Process-Transactions-Go-Through.pdf

Finding Fund Balances Guide https://ccinfo.unc.edu/files/2015/10/Finding-Fund-Balances-91815.pdf

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Find slides, parking lot questions and other materials on ccinfo.unc.edu

For After the Conference

Thank you!