Journal Preparer GMS Financials powered by Workday June 2014

Agenda 2 What’s Changing and Why Definitions Policies and Guidelines Roles and Responsibilities Business Process Overview System Demonstration and Activities Reporting Job Aids Questions

3 PeopleSoft forms are going away… Moving toward best practices to maximize purchasing power and institutional reporting New Chart of Accounts used across University What’s Changing and Why

New Chart of Accounts REQUIRED WORKTAGS GMS Cost Center GMS Fund GMS Purpose GMS Program ADDITIONAL WORKTAGS GMS Grant GMS Assignee GMS Gift GMS Project 4

Definitions

6 Journal - Transaction that records, allocates or reallocates funds to worktags (chart of accounts Operational Journal – Journal created automatically from a business process within GMS. Accounting Journal – Journal created manually, not tied to a business process. Ledger – Determines the Balance Sheet on which the Journal will appear. Journal Source – Defines why the Journal was created, useful for reporting and analysis. Definitions

Policy and Guidelines

Accounting Journal Worktag Guidelines 8 Account, Cost Center, Fund, and Program worktags are required on all journal lines Purpose is required on all lines when account code is income (5xxxx) or expense (7xxxx) A revenue category is required when the account is income (5xxxx) –The revenue category must map to the income account used –Examples other sources of revenue – rev cat: Oth Src Rev – Other Membership Fees sales & svcs educ depts – rev cat: Sales Svc Educ – Conference Revenue A spend category is required when the account is expense (7xxxx) –The spend category must map to the expense account used –Examples Supplies – spend cat: Supplies – Office Other Operating Expense – spend cat: Oth Op Exp – Publication Fees

Roles and Responsibilities

Role Responsibilities 10 GU – Requisitioner Creates all requisitions (Ad Hoc and Punchout) Create receipts (for all goods and services they requisitioned) GU – Cost Center Buyer Creates and processes purchase orders and contracts GU – Expense Preparer Create expense reports on behalf of other employees GU – Journal Preparer Creates and uploads accounting journals (including recurring, copy/reverse, unpost/edit or cancel) GU – Financial Reviewer Reviews journals, expense reports, requisitions, purchase orders, and invoices for accuracy of accounting information (Spend Categories and Worktags)

Approval Role Responsibilities 11 Cost Center Manager Reviews all transactions, regardless of dollar amount Final approver for all transactions less than $2,500 except Punchouts less than $500 Responsible for financial transactions for the Cost Center GU – Grant Manager Approves all transactions charged to Grants GU – Project Finance Manager Approves all transactions pertaining to construction and IT capital projects GU – Business Manager Approves purchases between $2,500 and $15,000 Approves expense reports between $2,500 and $5,000 Approves all travel advances Responsible for financials transactions for Division or Department

Approval Role Responsibilities 12 GU – Senior Business Manager Approves purchases between $15,000 and $50,000 Approves expense reports between $2,500 and $5,000 Approves all travel advances Responsible for financial transactions for a School or Sector GU – Finance CFO Approves transactions greater than $50,000 Approves travel advances greater than $10,000 Responsible for the financial transactions for a Campus

Business Process Overview

14 Is it a source Endow / Pledge OR account code 4xxxx is used? Is it a TR/PR Fund, Control Acct, or Adjustment Flag? Journal Preparer Initiates Grant Manager Approves Yes No Yes Accounting Director Approves No Is it a Grant? Accounting Director Approves Is it a Project and NOT account code 75001? Is it an Asset/ Liability? Project Finance Manager Approves Complete Is it Fund 1805? Post Award Manager Approves No SFSQ Post Award Manager Approves Cost Center Manager Approves ** Yes No ** If Cost Center Mgr Initiates, Sr Bus Mgr Approves ** If Sr Bus Mgr Initiates, Finance CFO Approves Is it a PPE or Gen Acctg Journal? No Accounting Manager Approves Accounting Manager Approves Yes Is Cost Transfer? See next slide Yes Is journal source SA, Adj. No ACP? No Yes Financial Reviewer Reviews END No Journal Entry Process

Cost Transfer Journal 15 Is Source Cost Transfer? Financial Reviewer Reviews Grant Portfolio Specialist Approves Complete Is total => $2,500 or Journal Date more than 90 days past due? Journal Preparer Completes Justification Grant Manager Approves Cost Center Manager Approves See previous slide Yes No Yes No

System Demonstration

Journal Preparers 17 Your role as the Journal Preparers is critical in ensuring that financial transactions which eventually are recorded in the University’s financial system are –Accurate –Complete –Include the appropriate worktags

Transactions to Cover 18 Create Journal Create Recurring Journal Template Generate Journal from Template Create Cost Transfer Journal Edit, Cancel, Copy, Copy/Reverse, Unpost Accrual/Reversal Create, Validate and Upload Journal Template

Keep in Mind 19 All supporting documentation is to be uploaded to the GU Box account –Naming convention for support files should be ‘Journal_xxxxxxxxx_mmddyyyy’ for Excel and/or PDF documents where XXXXXXXXX is the GMS assigned journal number There are several types of journal sources from which to select. Please refer to the Journal Source section When more than one fund code is used in a journal the system will generate interfund balancing lines in accounts and and include these lines in your journal. For Cost Transfer Journals – the initiator will be required to enter a reason code worktag with the grant and the initiator will receive the journal back to complete the Justification step after the Financial Reviewer step is complete. When using Grant, Gift, or Project worktags, enter these worktags first and the Cost Center, Fund, Program and Purpose will automatically populate.

Information Required 20 Details regarding Ledger and Account for Journal entry –Job Aid provided Details regarding the spend and/or revenue category for transaction lines Accounting Date during an open period

Journal Upload Process 21 For high volume areas, the Journal Upload process provides Journal Preparers the ability to submit multiple Journals within one template. Use one of the following journal upload templates. –Job Aid provided with more information on each type of template Integration Event NameEIB Template Name Submit Journal - GeneralAccounting_Journal.xml Submit Journal - Accrual(Reversal)Accrual(Reversal)_Journal.xml Submit Journal - ProCard ReallocationProCard_Allocation_Journal.xml Submit Journal - SAOSAO_Accounting_Journal.xml Submit Journal - Cost TransferCost_Transfer_Journal.xml Submit Journal - Capital ProjectsCapital_Projects.xml Submit Journal - Internal Chargebacks_FWSInternal Chargebacks_FWS.xml

Reporting

23 Find Journals Find Journal Lines GU Find Gifts GU Find Basic Gifts

Job Aids

GMS Website –News and updates on the project with links to other sources of information Financial Affairs Website – Updates on policies and procedures Call: (202) Need Help?

Campus specific questions or other assistance –Main Campus*: Heather Malneritch / Patrick Gordon *Financial Unit that reports up to the Office of the Provost –Medical Center: Muftiat Fahm / Venishea Butler –Law Center: Caroline Kariemu –University Services: Jessie Mandel 26 Campus Reps

27 Questions