1 / 22

INSIGHT FUND STATEMENT January 2011

INSIGHT FUND STATEMENT January 2011. WHAT IS THE FUND STATEMENT?. New tool in Insight to assist central staff, as well as department administrators, to more accurately and effectively monitor accounts

clodia
Download Presentation

INSIGHT FUND STATEMENT January 2011

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. INSIGHT FUND STATEMENT January 2011

  2. WHAT IS THE FUND STATEMENT? • New tool in Insight to assist central staff, as well as department administrators, to more accurately and effectively monitor accounts • New tool will help facilitate proactive fund management by focusing on awarded amount available to expend or on deficit balances requiring action for resolution

  3. HOW IS IT GOING TO HELP YOU? • It will save you time and streamline your account monitoring process! • Provides quick glance guidance • Provides a link that brings you right to the issue (so you don’t have to search for it) • Helps you zero in on which accounts need immediate attention • Prioritization tool • It will help you identify who is responsible for taking the first step in resolving the issue. • Helps you get “un-stuck” and points you in the right direction

  4. BASIC TERMINOLOGY • Credit = Revenue > Expenses • Deficit = Expenses > Revenue • Budget Balance = (Budget minus expenses) • Cash Balance = (Revenue minus expenses)

  5. THINGS TO KEEP IN MIND… • A new feature added to the agreement summary page is the “balance type”. • This new column will indicate the balance type that should be used to manage each fund and will also enable sorting (B - budget balance; C - cash balance). • Another new feature is the “fund classification” column. • This new column will notify users of accounts that require attention with a red, yellowor green alert.

  6. THINGS TO KEEP IN MIND… • Fund balances are updated monthly in InSight • Remember: The data is frozen in time and represents the previous month-end • It will not reflect recent updates • Fund classifications (red, yellow, green) are only assigned after a transaction posts to the account; these are designed to indicate risk, but are not perfect • Inactive funds are not classified • Fiscal funds do not have click-through functionality

  7. Alert Reason Codes

  8. Alert Owner

  9. Alert Level

  10. Cash vs. Budget Balance The Fund Statement logic uses the following table to determine whether a fund should be budget based vs. cash based:

  11. Financial Summary Search Results

  12. Project Demographics

  13. Expenses

  14. Encumbrances

  15. Financial Details Page – New Header

  16. Fund Balance, Expanded

  17. Total Cost Details Breakdown

  18. Deficit Categories

  19. Deficit Categories

  20. Unbilled Revenue Categories

  21. Unbilled Revenue Categories

  22. Credit Categories

More Related