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Real-Time Financials

Real-Time Financials. Phase I: Financial Estimates U-M Data Warehouse Descriptions. Payroll Estimates – Overview. The Payroll Estimate ( PAY_ESTMT ) table in the U-M Data Warehouse Payroll data set contains the detail data for the following financial estimates for regular employees:.

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Real-Time Financials

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  1. Real-Time Financials Phase I: Financial EstimatesU-M Data Warehouse Descriptions

  2. Payroll Estimates – Overview The Payroll Estimate (PAY_ESTMT) table in the U-M Data Warehouse Payroll data set contains the detail data for the following financial estimates for regular employees: • Gross Pay (implemented as of 2002) • University cost for FICA • University cost for Benefits • Medical • Dental • University Group Life • Long-Term Disability • Retirement Contributions

  3. Payroll Estimates – Estimate Calculation • The payment date determines the Fiscal Year and Accounting Period. • The estimate process reads all the effective-dated rows for that Fiscal Year and Accounting Period in the following HR tables: • Job • Department Budget Earnings (Dept_Budget_Ern) • Additional Pay Data (Addl_Pay_Data) • The ShortCode and the Distribution Percentage in the Dept_Budget_Ern table determines the estimated pay per ChartField combination. • Estimates are adjusted for on-time and retroactive HR changes to the: • Funding source • Job data • Department Budget Earnings • Additional Pay • The calculation provides data for the previous, current, and subsequent Fiscal Year.

  4. Payroll Estimates – FICA Details The FICA estimate represents the University cost of the FICA expense based on eligible earnings defined by the Earnings Code and employee. • The FICA year-to-date gross amount is determined on a calendar year basis to calculate the FICA maximum. • The FICA estimate does not include: • Pre-FICA tax deductions • Earnings that do not “add to gross” (i.e., EARNINGS _TBL.ADD_GROSS =N) • OAS and Medicare split sub-totals

  5. Payroll Estimates – Benefits Details The Employee Benefit estimate represents the University cost for monthly benefit expenditures based on actual enrollments. • The Benefit estimate is determined by employee and Plan Type (e.g., Medical). • The Benefit estimate does not include: • Partial-month charges • Costs for Fellowship students

  6. Payroll Estimates Table Enhancements • New ERNCD (Earnings Code) value of “F” for FICA. • PLAN_TYPE field added to the table. Identifies by a code the type of benefit plan in which the employee is enrolled (e.g., 10 = Medical). • ESTMTD_ERNINGS_AMT field renamed ESTMTD_PAY_AMT (Estimated Pay Amount) to reflect the addition of FICA and benefit estimates.

  7. Financial Aid Estimate – Overview The Financial Aid Award Estimate (FA_AWARD_ESTMT) table in the U-M Data Warehouse Financial Aid / Student Financials data set contains the detail data for financial aid commitments. • The Financial Aid (FA) estimate includes: • Offered and accepted Financial Aid awards • Students with a net disbursement balance • The calculation provides data for the prior and current Aid Year. • FA estimates are distributed according to the ChartFields (ShortCode) associated with the Item Type. • The most recent effective-dated row for the disbursement date is used for the estimate summary.

  8. Financial Aid Award Estimates Table • AID_YEAR field value identifies the current financial aid year (e.g., 2007 = September 2006 – August 2007). • DISBURSEMENT_DATE field value is the date the award disbursement was made to the student or the date it is scheduled to be made. • ESTMTD_AWD_AMT (Estimated Award Amount) field displays the encumbered amount for the award disbursement to the student for the remaining Accounting Periods in the current Aid Year.

  9. Estimates Summary Ledger – Overview The Estimates Summary Ledger (ESTMT_SUMMARY_LEDGER) table in the U-M Data Warehouse Financials data set contains the summarized data for the following financial estimates: • Gross Pay (implemented as of 2002) • University cost for FICA • University cost for Benefits • Financial Aid

  10. Estimates Summary Ledger – Refresh • The refresh process interfaces with the Payroll Estimates and Financial Aid Award Estimates tables to summarize and load the data in the Estimate Summary Ledger table. • Payroll and Benefit detail estimates are incrementally refreshed daily and fully refreshed weekly. • Financial Aid detail estimates are fully refreshed weekly. • General Ledger summary estimates are fully refreshed based on the Payroll and Financial Aid refresh schedule. • A complete U-M Data Warehouse refresh schedule is located on the MAIS Web site at: http://www.mais.umich.edu/reporting/datasets_refresh.html

  11. Estimates Summary Ledger Table • General Ledger Payroll Estimate Summary (PAY_ESTMT_SUMMARY) table renamed ESTMT_SUMMARY_LEDGERto reflect the additional availability of estimate data. • LEDGER_EST_SRCE field added to the table. Identifies the source of the estimate data by a code (e.g., FA = Financial Aid). • ESTMTD_EARNINGS_SUMMARY_AMT field renamed ESTMTD_LEDGER_SUMMARY_AMT. This field displays the sum of all gross pay and benefit costs estimated for regular employees and financial aid awards within a specific set of ChartFields within a specific timeframe.

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