Budget summary report review & Flashline Finance Reports-New functionality

1. Budget summary report review & Flashline Finance Reports-New functionality Presented by Melissa Cope, Financial Accounting BAS Forum: 10/13/10

2. BUDGET SUMMARY REPORT-REVIEW • Report Purpose: To provide a summarized financial picture of an index as of a point in time. The report provides the remaining balance in an index. This is calculated….. Revised Budget - YTD Activity – Encumbrances = Remaining Balance • Report Source: The report is written in Cognos which is pulling data from Internet Native Banner (INB) nightly. Comparable real-time time data can be found by viewing Banner form FGIBDST.

3. BUDGET SUMMARY REPORT-REVIEW • Accessing the Flashline Finance Reports: 1. Login to Flashline http://www.kent.edu/ 2. Select the “My Action Items” tab 3. Scroll to the bottom of the page 4. Look in the middle section, titled Finance Reports. 5. Select Budget Summary (the 1st selection)

4. BUDGET SUMMARY REPORT-REVIEW • Budget Summary Report Prompt Page: 1. Enter departmental index 2. Select fiscal year 3. Select fiscal period (fiscal month) 4. Click the Finish button, located at the bottom of the page.

6. BUDGET SUMMARY REPORT-REVIEW • Account Index Prompt Page: Select the index with the appropriate fund, organization, and program code combination. This page is necessary in case a department has experienced a change associated with their fund, organization, or program. A listing of those changes will be reflected on this page.

9. BUDGET SUMMARY REPORT-REVIEW • Report Major Account Type Groupings: 5X=Revenues 61=Salary & Wages 62= Employee Benefits 71-77=Other Current Expenditures (i.e. supplies, travel) 78= Capital Expenditures 8X=Transfers Revised Budget - YTD Activity – Encumbrances = Remaining Balance

10. BUDGET SUMMARY REPORT-REVIEW • Revised Budget = Original Budget (+) or (-) Budget Adjustments • Current MTD (Month-to-Date) Activity = Actual activity that has been recorded to the index in the current fiscal month. • YTD (Year-to-Date) Activity = Actual activity that has been recorded to the index as of to date this fiscal year.

11. BUDGET SUMMARY REPORT-REVIEW • Encumbrances: are used to reflect commitments in the accounting system to prevent overspending. This management method allows the University to recognize future commitments of resources prior to an actual expense. The encumbrance is liquidated when the actual expense has been recorded.

12. BUDGET SUMMARY REPORT-REVIEW • Encumbrances: Two types………… 1. Payroll encumbrances: Banner calculates based on the employee’s pay and # of pay periods. The encumbrance is adjusted down as each pay is expensed (paid out). If at the end of the fiscal year there is a remaining encumbrance amount, the Controller’s Office manually zeros out the amounts. 2. Purchase Order encumbrances: When a department establishes a PO, the system generates an encumbrance. As the PO is expensed and eventually closed, the encumbrance is adjusted down (eventually to zero). IT IS IMPORTANT TO REVIEW ENCUMBRANCES FOR ACCURACY!

13. BUDGET SUMMARY REPORT-REVIEW • Remaining Balance = THE BOTTOM LINE Revised Budget - YTD Activity – Encumbrances • Report Subtotals: -by Account Type -by Total Revenues, Total Expenditures, & Total Transfers • Report Index Total: For each column, provides an overall index total. This is calculated …….. Expenditures – Revenues +Transfers

15. BUDGET SUMMARY REPORT-REVIEW • Any questions on how to read the Budget Summary Report?

16. FLASHLINE FINANCE REPORTS-NEW FUNCTIONALITY • Updated Reports Include: Budget Summary, Labor Distribution, MTD Transaction, and YTD Transaction reports Note: the Grant Report by Principal Investigator is a brand new report. For questions specific to this report, contact Grants Accounting ext 2-0988.

17. FLASHLINE FINANCE REPORTS-NEW FUNCTIONALITY • New Features Include….. 1. new prompt pages: Enter the index rather than the entire FOP combination. 2. new drill through features: Budget Summary: www.kent.edu - can drill through at the account code level to retrieve YTD transaction information by account. - can drill through at the Rule Class level to learn more about the transaction (i.e. brief description of the transaction, responsible department with contact info).

18. FLASHLINE FINANCE REPORTS-NEW FUNCTIONALITY • Labor Distribution Report: - can drill through at the account code level to retrieve YTD transaction information by account. - can drill through at the employee level to retrieve YTD transaction information by individual. - can drill through at the Rule Class level to learn more about the transaction (i.e. brief description of the transaction, responsible department with contact info). Please Note: The Labor Distribution report totals and the Budget Summary report totals will differ due to year end accrual entries the Controller’s Office records. The labor distribution report only reflects the figures processed through the payroll process.

20. FLASHLINE FINANCE REPORTS-NEW FUNCTIONALITY • MTD and YTD Transaction Reports: - can drill through at the Rule Class level to learn more about the transaction (i.e. brief description of the transaction, responsible department with contact info). Additional Features: 1. Download Options Include: HTML, PDF, XML, or Excel Note: the drill through option only works in HTML or PDF 2. Easy Navigation to and from report output to prompt page.

23. QUESTIONS?