1 / 48

•••••••••••••••••••••••••••••••••••••••••••••

Budget Control. •••••••••••••••••••••••••••••••••••••••••••••. Budget Control Overview. Budget Check is a part of Commitment Control. It is a process that ensures available budget exists for a given expense/transaction.

clay
Download Presentation

•••••••••••••••••••••••••••••••••••••••••••••

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Budget Control •••••••••••••••••••••••••••••••••••••••••••••

  2. Budget Control Overview Budget Check is a part of Commitment Control. It is a process that ensures available budget exists for a given expense/transaction. A budget checking error occurs when an expense is posted with insufficient or nonexistent budget.

  3. Session Agenda • Budget Control Overview • Budget Exceptions Handling • Solutions • Timeline • Case Studies • IDT Journals • Budget Transfer Journals • Spreadsheet Journals • Requisitions

  4. Session Goals • Define Exception Handling • Review Exception Handling Rules and Guidelines • Review Case Studies • Provide Action Plan

  5. What are Budget Errors? •••••••••••••••••••••••••••••••••••••••••••••

  6. Budget Check Error Types

  7. Types of Errors

  8. Budget Control Activity • Budget Control is active for the following: • IDTs and Spreadsheet Journals • Expense Reports • Travel Authorizations • Payrolland Campus Solutions transactions notenabled • Purchase Orders • Vouchers • Budget Journals

  9. Handling Exceptions

  10. Actions to Correct Budget Checking Errors **If you have documentation that your charge is within the grant period, contact your grant specialist.

  11. Actions to Correct Budget Checking Errors **If you have documentation that your charge is within the grant period, contact your grant specialist.

  12. **If you have documentation that your charge is within the grant period, contact your grant specialist.

  13. Actions to Correct Budget Checking Errors **If you have documentation that your charge is within the grant period, contact your grant specialist.

  14. Actions to Correct Budget Checking Errors **If you have documentation that your charge is within the grant period, contact your grant specialist.

  15. Actions to Correct Budget Checking Errors **If you have documentation that your charge is within the grant period, contact your grant specialist.

  16. Actions to Correct Budget Checking Errors **If you have documentation that your charge is within the grant period, contact your grant specialist.

  17. Notifications Finance and Procurement Department Reviewer PCard, Travel, AP Vouchers and Service Center Billing

  18. Clearing Exceptions If a Cost Center has a budget exception that is three business days oldand no alternative cost center is submitted, the transaction automaticallyposts to the Division/School Cost Center.

  19. Cost Center Available Balance Budget Control at the Cost Center level

  20. Clearing at Month-end At month-end if a cost center with budget exceptions is not corrected by the departmental month-end close deadline (the 2nd business day of the following month), the transaction automatically posts to the Division/School cost center.

  21. Clearing at Month-End Pg 3 The Division/School needs to transfer the cost from the Division/School clearing cost center to an alternative cost center within 10 business days once you receive the month-end close notice.

  22. Case Studies? •••••••••••••••••••••••••••••••••••••••••••••

  23. Exception Handling Steps Pg 3

  24. Notifications Example Greetings, The following errors occurred while processing the attached transactions. Find the cost centers associated with your User ID on the attached file. Please provide a correction within the next 3 business days but no later than the departmental month-end close deadline, the 2nd business day of the following month. If a correction cannot be provided within the specified time frame, the transaction will be posted to the School/Division Head’s central cost center for future correction.  Any transactions recorded to the central cost center must be transferred to an appropriate cost center within 10 business days of the month-end close. If you have any questions about the attached errors, please reply to this email and we will assist in any way possible. Your immediate attention is appreciated and thank you in advance!

  25. Budgets Overview • Can you expect an Exception Error? • How do we resolve this?

  26. Review Available Budget • The Budgets Overview balance compares planned activity (the budget) to actual activity • The Available Fund Balance represents the real net funding in a Cost Center

  27. IDT Journal Exception Example 1 IDT Journal Journal 141524 How do you handle Exception Error? What are the steps we need to use?

  28. IDT Journal Exception Example 1

  29. IDT Journal Exception Example 1 • What will you do to correct this Exception? • How do we resolve this?

  30. IDT Journal Exception Example 1 • What will you do to correct this Exception? • How do we resolve this?

  31. IDT Journal Exception Example 1 • What will you do to correct this Exception? • How do we resolve this?

  32. You’ll need to edit the IDT Journal! The goal is to show V on Budget Status.

  33. IDT Journal Exception Example 1 • Open this journal and click E • What will you do to correct this Exception? • How do we resolve this?

  34. IDT Journal Exception Example 2 Journal 141531 How do you handle Exception Error? What are the steps we need to use?

  35. IDT Journal Exception Example 2

  36. Budget Journal Example Budget Transfer Journal Journal 141522 What does the error mean? What are the steps we need to use? Why not a Budget Adjustment Journal?

  37. What will you do to correct this Exception? • How do we resolve this?

  38. Spreadsheet Journal Example What notification will you receive for Service Center, PCC, Travel, related Budget Exceptions?

  39. Spreadsheet Journal Example What notification will you receive for Service Center, PCC, Travel, related Budget Exceptions? Greetings, The following errors occurred while processing the attached transactions. Find the cost centers associated with your User ID on the attached file. Please provide a correction within the next 3 business days but no later than the departmental month-end close deadline, the 2nd business day of the following month. If a correction cannot be provided within the specified time frame, the transaction will be posted to the School/Division Head’s central cost center for future correction.  Any transactions recorded to the central cost center must be transferred to an appropriate cost center within 10 business days of the month-end close. If you have any questions about the attached errors, please reply to this email and we will assist in any way possible. Your immediate attention is appreciated and thank you in advance!

  40. Spreadsheet Journal Example What notification will you receive for Service Center, PCC, Travel, related Budget Exceptions?

  41. Requisition Example

  42. Contacts •••••••••••••••••••••••••••••••••••••••••••••

  43. Contacts www.utdallas.edu/budget www.utdallas.edu/afr www.utdallas.edu/procurement

  44. Summary •••••••••••••••••••••••••••••••••••••••••••••

  45. Summary – Exception Handling Steps

  46. Summary – Possible Errors

  47. Summary – What you got out of today • How can you apply what you learned? • What are the most frequent Errors you think you’ll see?

More Related