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Welcome to the Business Users Group

Welcome to the Business Users Group. Thursday, November 29 th , 2007 9:00am – 12:00pm. Today’s Agenda. Announcements Presentations ~ New Report ~ Accounting 101 ~ Internal Controls ~ Fixed Assets ~ Payments Questions and Answers. Announcements. Deleting O Batches.

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Welcome to the Business Users Group

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  1. Welcome to theBusiness Users Group Thursday, November 29th, 2007 9:00am – 12:00pm

  2. Today’s Agenda • Announcements • Presentations ~ New Report ~ Accounting 101 ~ Internal Controls ~ Fixed Assets ~ Payments • Questions and Answers

  3. Announcements • Deleting O Batches

  4. Business Unit Check Before Inactivation Report Amy Wilson

  5. Business Unit Check Before Inactivation Report Role - General Accounting State Acctg>Inquiries & Reports>Accounting Reports>BU Check Before Inactivation

  6. Report Checks • Unposted Batches • Interest Business Unit • Fixed Asset Depreciation • Open Purchase Orders

  7. Data Selection • Business Unit • Grant Number (Description 04) • Program Number • CFDA Number • Fund • Parent Business Unit

  8. O.K. to Send to State Accounting

  9. Accounting 101 Paul Carlson

  10. Internal Controls Lynda Roesler

  11. Internal Controls COSO – Committee of Sponsoring Organizations of the Treadway Commission COSO is a private sector organization dedicated to improving the quality of financial reporting through business ethics, effective internal controls and corporate governance. COSO was originally formed in 1985 to sponsor the National Commission on Fraudulent Financial Reporting, an independent private sector initiative which studied the causal factors that can lead to fraudulent financial reporting and developed recommendations for public companies and their independent auditors, for the SEC and other regulators, and for educational institutions.

  12. Why do we care? • Office of Management and Budget, Circular A-123 • How do these changes impact state and local governments? Will state and local governments soon face similar requirements imposed on them by federal authorities or other regulatory bodies? The fact is that pressure for stronger controls in government now is coming from another source. • Statement of Auditing Standards (SAS) No. 112–Communicating Internal Control Related Matters Identified in an Audit

  13. Monitoring • Monitoring is the assessment of internal control performance over time; it is accomplished by: • (1) ongoing monitoring activities • (2) separate evaluations of internal control such as self-assessments and internal reviews

  14. Fixed Assets Amy Archuleta

  15. What happens in NIS when I charge 58XXXX? • 58XXXX represents Capital Outlay • A posted Capital Outlay Transaction represents an Unposted Fixed Asset Transaction. • Nightly process occurs in NIS. • How do these items appear on my Fixed Assets Reports? • What should I do if I mis-coded a 58XXXX Transaction? • New Transaction appears on Unposted Fixed Asset Transaction Report.

  16. Guidelines for Fixed Assets Tranfers • Changing Object Codes • Changing Funds

  17. Payments Bruce Snyder

  18. When are payments processed? Regular Payment Groups are processed in the afternoon Vouchers with due dates in the next 2 working days or earlier are included in the payment groups. Based on Due Date on Voucher • Due Date is set based on payment terms and invoice date on voucher. • Use Special Handling to change Due Date.

  19. Payment Processing Issues Reasons for a Voucher not being paid • Voucher is not posted • Insufficient cash in fund • Future Due Date (Discount Due Date) • Vendor in pre-note status • Voucher on hold • Warrant vendor with multiple vouchers totaling more than allowable warrant amount (currently $75,000, will be lowered) • Warrant vendor with “T” payment instrument

  20. Payment Processing Issues(continued) It is important to have pertinent information for the vendor in Invoice Number and Remark fields for the vendor to identify payments. This is becoming more important as more payments are made through ACH. • Invoice Number – use the supplier’s invoice number. • Remark – use agency name and phone number.

  21. Payment Processing Issues(continued) Credits not applied to vendor payments. This usually occurs when the credit memo is created using a PP address book search type rather than the V search type. • Use the same address book number on the credit vouchers as the regular voucher (debit amount).

  22. IBT Processing Issues Reasons for an IBT (Interagency Billing Transaction) Voucher not being paid • Voucher is not posted • Insufficient cash in fund • Voucher dollar amount not matching Invoice amount • Wrong Invoice Number • Using alphabetic characters in Invoice Number field

  23. Questions & Answers

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