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Chest Allocation (Project Pectus) Methodology and Reporting Changes

This project aims to implement full on-system budgeting for Chest and non-Chest income and expenditure within CUFS. The methodology for Chest funding allocation will change, with actual "Chest Income" postings using GP** income transaction codes. Departments will have access to more flexible Cognos reports, and reporting will show actual Chest Income. The impact on departmental reporting may require adaptation. Benefits include consistency and the ability to use the Plan budget to encompass all activity.

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Chest Allocation (Project Pectus) Methodology and Reporting Changes

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  1. Chest Allocation (Project Pectus)Methodology and Reporting Changes Mike SinclairLucy HarneyPaul Humphreys Finance Division

  2. Aim of the changes to Chest Allocation Full on-system budgeting with a consistent approach for both Chest and non-Chest income and expenditure within CUFS.

  3. Methodology Current Process • Allocations of Chest funding only appear in the accounts as a budget called Allocation using expenditure transaction codes as debits. New Process • Each month the Allocation will be posted in CUFS as actual “Chest Income” using the phasing determined by Departments. • Both the budget field and actual Chest Income will be posted using GP** income transaction codes as credits. • First posting of actual “Chest Income” for 2018/19 will be delayed until September 2018.

  4. Changes for Departments • We are not anticipating any changes to departmental day-to-day processes. • Departmental reporting showing income will change to include the actual Chest Income postings. The impact of this may be that any local reporting would need to be adapted. • Departments are going to have access to a smaller number of more flexible Cognos reports.

  5. Benefits for Departments • Even if you do nothing else – “Chest Allocation” will be received as actual income. • Consistency - all departmental activity reflected as Actuals. • Use of the Plan budget in CUFS is encouraged to encompass all activity where material. • The Plan budget can be used to upload against Chest sources of funds for expenditure, which does not have to match to the Chest Income allocation amount, e.g. allowing plans to spend down reserves. • Enabling reporting against Department Plans in a more direct way.

  6. How will reporting look? (Budget to Actual example) 17/18 18/19

  7. Reporting Changes • Make use of Plan to get the most out of your reports • Three core flexible GL reports available for testing now • Departmental (Shared) Reports > GL Reporting > Other Reports • GL: Budget to Actual • GL: Financial Summary • GL: Journal Transactions • Other variants of these reports will be retired next financial year • After testing will move to Departmental (Shared) Reports folder • Contact fsg.system.support@admin.cam.ac.uk with report feedback

  8. Further Information • Communication will be distributed through contacts for the Blue Book; • Bulletin notifications during August/September providing updates; • School specific training in September.

  9. Any questions?

  10. General Finance Matters Chris Patten and Stephen Kent Taylor

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