MORE on… Ledgers Pre-Encumbrances Encumbrances Other Spectrum Reports Ledgers Pre-Encumbrances Encumbrances Other Spectrum Reports

Defining Ledgers Budget Ledger Actuals Ledger General Ledger

Budget Ledger May include transactions that have NOT YET posted to the Actuals ledger. (ie., entries pending approval or pending posting) Due to potential differences with the Actuals ledger, the Drill-down reports should not be used for budgetary purposes. Is most up-to-date status of REMAINING spending authority (to avoid spending in excess of budget) Defining Ledgers

Actuals Ledger Transactions listed have been approved and posted. Is most up-to-date status of funds EXPENDED

Defining Ledgers General Ledger The GENERAL LEDGER constitutes the official accounting books for the University. Every transaction flows to the general ledger and is recorded in a separate account that is maintained for each kind of asset, liability, net asset, revenue, and expense.

Remember….. The Actuals rather than Budget Ledger should be used for Expenditure Review. The Budget Ledger includes pending transactions in addition to those already approved/posted transactions. The Budget Ledger should be used to determine remaining spending authority. Navigating the Reports

Defining Pre-encumbrances Encumbrances

Review of Pre-Encumbrances and Encumbrances Pre- Encumbrances - Defined Pre-encumbrance – a claim on funds via an outstanding purchase requisition that has not yet become a purchase order. The claim is reflected in the Budget Ledger after the Initiator of the transaction has ensured availability of funds via the Spectrum budget check process. (Con’t.)

Review of Pre-Encumbrances and Encumbrances Pre- Encumbrances Defined Pre-encumbrance – a claim on funds via an outstanding purchase requisition that has not yet become a purchase order. Then, claim is recorded in the Actuals Ledger after approval/ posting on Spectrum. Once the requisition is processed as a purchase order by Purchasing, the pre-encumbrance is released and the funds are encumbered as an obligation.

Review of Pre-Encumbrances and Encumbrances Encumbrances Defined Encumbrance – an obligation of funds via an outstanding purchase order, which only Purchasing can issue. The obligation is reflected on both the Budget and the Actuals Ledgers. Upon final payment of the purchase, the encumbrance is released and the transaction recorded as an expenditure on the Ledgers.

Review of Pre-Encumbrances and Encumbrances Handy Dandy Tips Pre-encumbrances should agree with outstanding purchase requisitions that have not become purchase orders. Use nVision Report to review. Unrestricted fund pre-encumbrances close at fiscal year-end and funds lapse if not used. Encumbrances should agree with outstanding purchase orders. Use Drill Down Reports to review. For specific questions contact Business Services

Other Spectrum Reports Project/Grant Status Report Organizational Budget Summary Report nVision Budget Status Summary Detail Report

The “Drill Down” Reports were created specifically to assist in Expenditure Review, but referring to or cross checking with other SPECTRUM reports sometimes helps to answer questions and resolve discrepancies. What to do when you need more than a Drill Down Report??? Other Spectrum Reports

The Project/Grant Status Report is a Spectrum report of financial results, by Sponsored Project, based on Budget Ledger. For details on Project/Grant Status Reports Procedures click the button to the right. Exit secondary application to return to this training Project/Grant Status Report Other Spectrum Reports

Project/Grant Status Report Other Spectrum Reports The Project/Grant Status Report applies to Sponsored Projects only includes summarized financial transactions is based on the Budget Ledger suggested source for determining remaining spending authority to avoid spending in excess of your budget

Organization Budget Summary Report Other Spectrum Reports The Organization Budget Summary Report …. includes summarized financial transactions is based on the Budget Ledger suggested source for determining remaining spending authority to avoid spending in excess of your budget This report is available for ALL fund types EXCEPT Sponsored Projects and Agency Funds Instructions for creating this report, please click button. Exit secondary application to return to this training

REMEMBER: Both reports:  are based on Budget Ledger rather than Actuals Ledger  include summarized financial information only.  provide cumulative financial results (i.e., by fiscal year/budget period; not monthly) The Project/Grant & the Organization Budget Summary Reports Other Spectrum Reports

The nVision Budget Status Summary Detail Report Other Spectrum Reports The nVision Budget Status Summary Detail Report is similar to the Organization Budget Summary Report. The only difference is format and the access to detailed transactions that the nVision report provides. This report is for all fund types EXCEPT Agency Funds. Instructions for creating this report, please click button on right. Exit secondary application to return to this training

The nVision Budget Status Summary Detail Report Other Spectrum Reports Remember: The nVision Report … - Is used to identify differences between Budget and Actuals Ledgers - Can also be used to determine remaining spending authority to avoid spending in excess of budget - Is based on Budget rather than Actuals Ledger - Includes both summarized and detailed financial information - Provides cumulative financial results (i.e., by fiscal year/budget period; not monthly)

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