OPAFS favorite FinLink reports and why they should be yours, too. OPAFS Forum

Transcription

1 OPAFS favorite FinLink reports and why they should be yours, too OPAFS Forum

2 Index List Prefix only Org only Active only

3 Index List

4 Chart Query Report

5 Index Summary Inception to Date: great when you have lots of indexes

6 Index Summary Inception to Date

7 Operating Ledger Transactions

8 Operating Ledger Transactions

9 Operating Ledger Transactions

10 Operating Ledger Transactions

11 Expanded Budget with Fund Summary Why use this report? View is a quick summary snap shot of fund activity and status Revenue Account (Begin with 5 ) Allocation/budget OPAFS will allocate per award type or cash receipts Expenditures by account and sub account (Begin with 6 ) Transfer Accounts (Begin with either 7 or 8 ) Transfer accounts classify additions to, deductions from, or transfers between funds Indirect cost transactions Multi Campus Awards STIP Earnings

12 EBS Top line Budget: correct selection of Revenue Account for the fund type Cumulative Budget allocation of award or payments Financial/Revenue/Expenditure: Accrual vs Cash Accrual based accounting revenue is recognized when earned and Expense is recognized when incurred Actual payments/cash received from outside sources, i.e. Clincal Trial Milestone invoiced/scheduled payments, i.e. Private Grants Balance: Budget less expenses = good balance or deficit May need to allocate budget or cash/payment

13 EBS Expenditures Expenditures outflow of funds for an item or service Quickly scan down thru sub accounts for unallowable expenditures Review subaccounts for reporting purposes (MTDC Exclusions) Subcontracts (no IDC) Equipment (no IDC) Space Rental (no IDC) Patient Care Costs (no IDC) Tuition Remission (no IDC) Scholarships and Fellowships Provide agencies with billing detail for invoices

14 EBS Transfers Indirect Costs assessed Account (OPAFS IDC adjustments ) Multi Campus Awards Intercampus Transfer Account Codes begins with 7 STIP distributions General Accounting and OPAFS Transfer between funds Bottom line: last category of the EBS NET = REVENUE EXPENDITURE TRANSFERS

15 EBS Grant Inception to date/all Costs without Accounts

16 EBS Grant Inception to Date Overall without Accounts

17 EBS Grant Inception to date/all Costs Overall with Accounts

18 EBS View individual costs by Account Code Why helpful? Can drill down to view expenses Salary/Benefits Payroll Expense Ledgers Vacation Leave Accrual ledgers Expenditure receipts Travel Expense Vouchers

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20 Payroll Expense Reports DOPE Distribution of Payroll Expense PAYROLL PROJECTIONS VACLAC

21 BIG WHY? Internal Control Best practice is to review monthly Resource: Agencies sometimes want backup for invoices generated To avoid errors, disallowances, etc. Verify charges are correct Employees Effort Rate NIH cap

22 How to View Expanded Budget Summary Report FinancialLink/ Reports/ Summary Reports/ Expanded Budget Payroll Report FinancialLink/ Reports/ Payroll Reports

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25 Payroll Expense Report

26 PDF DOPE Reports

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29 PDF Version Why? Account codes for specific benefits Needed when doing benefit transfer JV s outside of epet Biweekly accruals (unless you run DOPE query by index) bfs.ucsd.edu/pay/pdf/dope.pdf

30 How to Read the FinLink Payroll Expense Report

31 Payroll Projections Report Can view from FinancialLink/ Reports/ Payroll Reports More useful to view along with EBS Provides rough estimate projected balance at end of budget period PPS Information on who s on project, at what effort, and for how long Provides opportunity to make PPS corrections to avoid need for epet

32 EBS with payroll projections

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35 VACLAC From EBS, click on Leave Accrual or Usage

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37 Dates on VACLAC vs. DOPE

38 Tips Coordinate with timekeepers to send employees regular reminders to report vacation usage Timeliness is important especially as a project comes to an end Untimeliness could result in unwanted scenarios: Overdraft Return of funds Towards end of project reconcile vacation usage hours reported by employee with VACLAC. Unposted usage hours should be included on FER as pending. Don t forget that usage hours reported for employees at MAX will incur vacation accrual charges, so include on FER as well.

39 Best Practices Review DOPES Monthly Employees are working on the project Employees efforts on project are being charged The rates are appropriate per agency guidelines Check periodically with PI if anything s changed Run projections to check if any changes need to be made Monitor that vacation usage is reported timely

40 Resources on VACLACS Leave Accounting Overview Powerpoint by Payroll Calculating Vacation Usage and Accrual by Payroll admin/budget/fincontacts/vacationaccountingpresentation pdf Vaclac calculation for bi weekly employees Vaclac calculation for monthly employees

41 Expenditures By Month Ledger Ledger is quick and easy to review for monthly expenses as part of post award reconciliation Is a useful report for reviewing total expenditures over a specific block of time Is used to verify indirect costs When there is more than one IDC rate (i.e. Rate change from %) When there is an IDC discrepancy Simple ledger for sponsors that request documentation of expenses Can be run by either index or fund number with summarized account detail

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44 Encumbrance Ledger Report View encumbrances by index and/or by account code Review outstanding liens for S&E, SubK, Equipment and Travel Necessary for annual and final financial reporting Reconcile liens that have ended Reconcile outstanding payments for final closeout reporting Important for SubK s that have not sent invoices to UCSD Process travel in a timely manner to meet financial reporting deadlines

45 Encumbrance Ledger Subtotals by Index

46 Encumbrance Ledger Subtotals by Account Code

47 Purchase Order Report Purchase Order report template is useful for Reviewing history of all PO s processed on an award for financial reporting View specific dates, account codes for transaction Snapshot report capturing PO class, number of items ordered, if change order(s) were processed Ensuring that IDC has been charged on SubK s as there have been issues with various PO s processed in Marketplace and/or where wire payments are made to foreign entities

48 Purchase Order Report

49 Purchase Order Report

50 Purchase Order Line Item Information

51 Purchase Order Total Paid To Vendor

52 Purchase Order No IDC charged on first $25k

53 Purchase Order IDC charged on first $25k

54 Financial Account Summary

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59 General Ledger Trial Balance

60 General Ledger Trial Bal

61 General Ledger Transaction

62 General Ledger Transaction

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