Business Object’s Departmental Reconciliation

1. Business Object’s Departmental Reconciliation By Dalana Moore 2007

2. AGENDA • Why use the BO Departmental Reconciler Query? • Documents it accesses • Statement of Activity • Voucher Detail Report – SUB, PO, NonPO, PCard • Gross Pay Register • Organization Budget Status – Flint Gen Fund Only • Statement Reconciliation (Hands On Example) • Source Documents • Verification • File Retention • Tips • Errors • Don’t Forget! • Resources

3. Why use the BO Departmental Reconciler Query? • It combines pertinent information from multiple reports. • It is electronic. • Can be saved, printed, or copied to Excel • It is EASY and SAVES TIME! • Campus Goal: No more hard copy reports from Accounting except the Org Budget Status Report.

4. Report Relationship Diagram Summarized Summarized

5. BO Departmental Query Diagram Provides Important Informaton in One Query!

6. Additional Reports from Query • Payroll Summary Report • Summarizes all salary and fringe benefits by person for the current month • SUB Detail Report • Detail information that was processed through the Service Unit Billing Process for the Current Month. • Examples: Printing and ITCom Charges • FY Summary of Activity • Revenue & Expense Account Group totals Year-to-Date

7. Statement Reconciliation • Run CMB Flint GF Departmental Reconciler Query for Example • Account End Date – 12/31/2006 • Accounting Period – 6 (December 06) • DeptID#956400 – Fin Services & Budget • Fiscal Year – 2007 • Fund – 10000 – General Fund • Program - % (=all programs) or #12774 - Accounting • Reconcile Sources to Activity • Timesheets to GPR • Name, Appointment Data, Salary Amount, Overtime • Monthly PCard Reconciliation Report • Non PO, PO (if invoices have been received), & SUB • Journal Entries & Cash Receipts • Other • Expense Transfers • Corrections Journals

8. TIPS • Start reconciliation after email from Flint Accounting Office (Rick). • Validate “Tick Off” the Activity • TAKE CREDIT FOR YOUR WORK – write on the statements and sign/date when completed. This can be done manually or electronically. • Create a “Cheat Sheet” • For Payroll, create a list all employees and expected monthly salary amounts and update as needed (more often with Professors & Adjuncts). • For PCards, create a list of PCard holders. • For Telephones, create a list of department phone numbers. • Project Grant List, create a list of Project Grants that are associated to your DeptID and Programs • Valid Account List • A list of all valid Revenue & Expense by Fund. This list provides the account title, long description, account group. • You can open the list (Excel) from the web from the Financial Operations home page. • www.umich.edu/~finops/ • Under “General Information” button, under “Valid Account Listing”.

9. Errors • Payroll Errors • For all Regular Facility/Staff have to be corrected through HR. HR will create a correction journal. You have 120 days after a yearend close to fix payroll errors (until Oct. 30th). • For Temporary employees, all corrections are done on a journal entry. • Journal Entry, Cash Receipt, PO, PCard, SUB, NonPO Errors should be corrected by a journal entry. • Chartfield Errors • All corrections need to be corrected by a journal entry if the Fund, DeptID, Program, Class, Project-Grant, or Account is wrong.

10. DON’T FORGET! • To Reconcile all Fund/DeptID(s) and Project/Grants that you are responsible for! • For Flint General Fund: • Fund: 10000 • CMB Flint GF Departmental Reconciler Query • For Flint Non-General Fund: • Funds: 30000,40000,5xxxx,90000,20000,25000,8xxxx • CMB Departmental Reconciler Query • For All Project Grants: • Funds: All Funds • CMB Project/Grant Departmental Reconciler Query

11. Resources: File Retention • SPG 604.1 http://spg.umich.edu/pdf/604.1.pdf • Sponsored Programs / Gifts & Endowment – 7 years • General, Designated and Auxiliary Funds – Current year plus 2 years • Rebilling Units – 7 years • Sales Tax Documentation – 6 years • Unrelated Business Income Tax Documentation – 6 years • Tax Returns – 7 years

12. Resources: Contacts • Flint Accounting & Budget http://vca.umflint.edu/fs/ • Financial Operations http://www.finops.umich.edu/index_js.htm • Procurement http://www.umich.edu/~purch/AP/ • Flint HR http://vca.umflint.edu/hr/ • ITCom http://www.itcom.itd.umich.edu/