Reporting for Finance Users Susan McDonough Change Management Analyst

2 Organizational Change for InfoPorte With great thanks to Scott Jackson for leading the Enterprise Reporting and Departmental Systems (ERDS) team through: – The transition from a system serving a few schools to a system serving the entire campus – Building all the dataloads to populate the Data Warehouse with ConnectCarolina structures and data – Building screens and reports to provide access to Financial, Human Resources and Student Administration data – Tirelessly reaching out to campus to identify and resolve problems Enterprise Reporting and Departmental Systems are now part of the ITS Enterprise Applications Organization – Maribel Carrion, Senior Director, Application Support for Student Administrative Systems, will be Interim Director of ERDS – Reporting to Fran Dykstra

Our Focus For the Next Few Months Short-term Goals 1) On-time dataloads 2) Accurate Validated Data 3) Completion of Key Reports The Customers The Team The Strategy A Structured Process

Cash vs. accrual accounting Ledgers Budget balance reports InfoPorte Ledger Rollup ConnectCarolina Budgets Overview Payment inquiries Fund and Cash balance reports GL Fund Balance report Comprehensive Financial Summary Report Presentation topics

Cash vs. Accrual Accounting

6 FRS used cash based accounting – this means revenue and expenses were recorded when cash was received or paid —For example, payments to vendors ConnectCarolina uses accrual based accounting, which means revenue and expenses are recorded at the time of the transaction

Ledgers

8 There are two main ledgers in an accrual based accounting system Commitment Control ledgers GL Actuals ledgers ConnectCarolina Shows daily balances against a budget The balance reflects all stages of commitment: pre-encumbrance, encumbrance, and expense Not the official book of record for external reporting purposes The official book of record for external reporting purposes

9 Ledgers All finance transactions go through the same basic steps CreateEdit Budget Check ApprovePost Commitment Control ledgers GL Actuals ledger

10 Ledgers Throughout an open month, the Commitment Control and GL Actuals ledgers are not equal because: Approval and posting may not have yet occurred. Transactions might change. For example, amounts may change or they might be deleted. When a month is closed, the Commitment Control and GL Actuals ledgers are equal at that point in time only.

11 Vendor Payments CreateEdit Budget Check ApprovePost Commitment Control ledgers GL Actuals ledger In ConnectCarolina, payment is a separate, subsequent step from posting Payment

12 Ledgers So what?

13 Ledgers, payments, and the so what For this task:Keep this in mind: Monitor day-to-day balances for all fund types The budget balance reflects all transactions that have passed budget checking. Reconcile transactionsOnly reconcile transactions when they have posted. Reconcile month-end balancesOnly reconcile month-end balances when the month has closed. Manage payments to vendorsPayment happens after posting. They don’t impact your balance. For trust and some OSR funds, manage fund and cash balances Fund and cash balances are not the same as a budget balance. Business managers have reports for this.

14 Budget Balances

15 Budget Balances Two reports for budget balances Both are based on Commitment Control ledgers! Always! 1.InfoPorte Ledger Rollups > Main Ledgers or OSR Ledger One day behind ConnectCarolina Ability to see balances with or without personnel projections 2.ConnectCarolina Budgets Overview Realtime Does not include personnel encumbrances

16 Budget Balances InfoPorte Ledger Rollup > Main Ledgers tab shows budget balances for: – Trust – State – F&A InfoPorte Ledger Rollup > OSR Ledger tab shows budget balances for: – OSR

17 Budget Balances - filters For this Ledger: To see balances for this year: Select this Fiscal Year: Select this Budget Period: State and and F&A and and To find accurate balances, make sure you enter the right filters!  Fiscal Year and Budget Period…

18 Budget Balances – chartfield filters Chartfield filters by fund group LedgerDept IDSourceAccountProgramBus UnitFundProject State Yes-- Trust Use if source is shared across depts Yes-- Use fndtn BU when applicable Use to see only the income portion of an endowment -- F&A Yes OSR --Enter to exclude cost share -- Yes

19 Budget Balances Results display by chartfield string and account Budget – Pre-Encumbered – Encumbered = Available Balance

20 Budget Balances When the month has closed, you can reconcile to this balance because all expenses for the month have posted Note: If you have an open encumbrance, when that encumbrance is expensed in a future month, it causes the encumbrance from the prior month to liquidate and the available balance from the prior month to increase.

21 Reconciling transactions When a transaction is posted, the Recon Ready? field shows a “Y”. Posted transactions are ready to be reconciled

22 Budget Balances For 2016, we added account as a budget chartfield for these ledgers: F&A Child Expense Trust 1 Since 7/1/2015, there are subtotals for and on F&A and Trust expense, and on Trust revenue.

Budget Balances The Show Projections field projects personnel expense for the rest of the fiscal year, regardless of the funding end date. Recalculates each pay period Based on current funding grid

ConnectCarolina Budgets Overview

25 Budget Balances Realtime No personnel costs Use the same filters as the InfoPorte Ledger Rollup!

26 Budget Balances Results Compared to InfoPorte

Vendor Payments

28 Vendor Payments InfoPorte Transactions tab If the voucher has been paid, the Reference 1 field contains the payment ref# and the payment date if the voucher has been paid If the voucher has not been paid, the Reference 1 field will be blank Reference 1 field: payment ref#_payment date

29 Vendor Payments Voucher Inquiry Main Menu > Finance Menu > Accounts Payable > Review Accounts Payable Info > Vouchers

30 Vendor Payments Queries: NC_CPS_VCHR_PMNT_INFO_UNCCH1 Shows all vouchers that have been paid or partially paid. If no lines on a voucher have been paid, the voucher will not show in this query. NC_CPS_VCHR_NOT_PAID_UNCCH1 Shows vouchers that either have no lines paid, or only partial lines paid. For definitions of all the query fields, go here: Transactions.pdf

Fund and Cash Balances

32 Budget, Fund, and Cash balances In FRS, there was really just one balance In ConnectCarolina: For State, F&A, and many OSR funds, the budget balance is the only relevant balance For Trust and certain OSR funds, there are three balances that represent different things: – Budget balance – Fund balance – Cash balance

33 Fund and Cash balances Fund balances (for trust and some OSR funds):  Are the life-to-date net worth of a trust fund or project  Are not based on a budget  Pull from the GL Actuals ledger  Are driven by the posting process Cash balances:  Reflects difference between posting and payment  Shows the total in cash accounts

34 Fund balance Two reports that show fund balance: – Comprehensive Financial Summary Report – GL Fund Balance Report The information in these reports are similar, but the primary view is from a different chartfield (source vs. fund) Both are SAS reports SAS reports are based on security

35 Fund Balance report navigation Comprehensive Financial Summary Report Menu path: Finance > Financial Reporting > Cash/Bal

36 Comprehensive Financial Summary – filter guidelines Be sure to enter a business unit and fiscal year. Select “0” to see a YTD balance. Common searches: Source only Project only Combinations of fund group, fund, and department

37 Comprehensive Financial Summary – filter guidelines A recent enhancement – the Fund Group filter now lists the full fund code for foundations funds, such as 29910, 29920, etc., rather than just 299 This gives you the option of searching by a combination of a foundation fund group and a single other fund code, such as 291 or 292

38 Comprehensive Financial Summary Report There are three tabs on the report: Shows fund balance by source Shows account details that comprise the summary Shows cash and investment balances by themselves.

39 Comprehensive Financial Summary – summary view Shows results by source Shows beginning and ending balances, revenues and expenses

40 Comprehensive Financial Summary – account view Detail account view Shows the account totals from the summary tab Follow the same filter guidelines Use the rectangle icon to expand the view

41 Comprehensive Financial Summary – cash and investment view Cash and Investment Totals This tab is a slice of the summary tab FRS had one general Claim on Cash account – 1100 ConnectCarolina has multiple cash accounts that equate to the FRS 1100 Claim on Cash account. The range is – , plus The range of Other Cash accounts is

42 GL Fund Balance – filter guidelines Be sure to enter a business unit and fiscal year. Select “0” to see a YTD balance. Common searches: Source only Project only Combinations of fund group, fund, and department

43 GL Fund Balance report Shows fund balance by fund Shows fund balance with account details Shows balances with asset and liability accounts

44 GL Fund Balance report Shows beginning and ending balances, revenues and expenses Shows results by fund

45 GL Fund Balance report

46 GL Fund Balance report

47 GL Fund Balance report Shows results by department then fund Shows asset and liability accounts only

48 Comprehensive Financial Summary vs. GL Fund Balance Reports Comprehensive Financial Summary Report GL Fund Balance Report Shows fund balance Shows cash balance in one lump sum (by source) Shows cash accounts by department Shows asset and liability accounts separately Displays results by source Displays results by fund One tab on the report shows results by department

ConnectCarolina is based on accrual accounting Budget balances reflect day-to-day activity for all fund types Budget balances are the same as GL Actuals at the point in time the month closes Payment is separate from posting Fund and Cash balances pertain only to trust funds and some OSR projects Summary

Useful References Referencelink Finding Budget Balances Guidehttps://ccinfo.unc.edu/files/2015/08/Finding- Budget-Balances-Guide.pdf Reconciling in InfoPortehttps://ccinfo.unc.edu/files/2015/07/Financial _Concepts_Reconciliation_print.pdf Queries for finding paymentshttps://ccinfo.unc.edu/files/2015/06/Preparin g-for-Year-End-Close-Reviewing-Open- Transactions.pdf Why do my balances go up and down throughout the month? Concepts-4-Balances.pdf The Steps Transactions Go Throughhttps://ccinfo.unc.edu/files/2015/02/Fin- Concepts-1-The-Process-Transactions-Go- Through.pdf Finding Fund Balances Guidehttps://ccinfo.unc.edu/files/2015/10/Finding- Fund-Balances pdf

51 Find slides, parking lot questions and other materials on ccinfo.unc.edu For After the Conference

Thank you!