Financial Management Meeting December 15, Standard UW-Madison Winter Headwear

Transcription

1 Financial Management Meeting December 15, 2016 Standard UW-Madisn Winter Headwear

2 Financial Management Meeting Agenda Welcme & Intrductins Capital Equipment Imprvements Update Amy Wilsn 45 minutes Amy Rgsnvg Verifying Vuchers Paid in WISDM Jennifer Rltgen 15 minutes Custdial Accunt Update Rchelle Cushman 10 minutes 2

3 Financial Management Meeting Capital Equipment Imprvements Update Amy Wilsn and Amy Rgsnvg Accunting Services 3

4 Capital Equipment Update Agenda 1. Prperty Cntrl Team Intrductin 2. Updates: Cmpleted & Next Up 3. Asset Life Cycle 4. Overview f Changes 5. Accunt Cdes 6. Reprts 7. Questins 12/19/2016 University f Wiscnsin Madisn 4

5 Prperty Cntrl Team Intrducing New New New Amy Rgnsvg Prperty Cntrl Manager Mark Rudman Prperty Cntrl Sharn Grant Prperty Cntrl (until 12/30/16) Matt Griffith Senir Auditr (transitining t new rle - TBD) Travis Balcerzak Student Intern (until 12/20/16) Caitlin Kujawa Student Intern Lu Sha Student Intern 12/19/2016 University f Wiscnsin Madisn 5

6 Nvember Cmpleted Frze new data entry int CEIMS Cllabrated with UW-System n infrming ther campuses f the asset management page enhancements they ll see after UW-Madisn cde changes are implemented Apprved and laded UW-Madisn cde int the SFS Prductin envirnment Held infrmatinal sessins n interim prcess fr identified DPAs Made reprts f frzen CEIMS data available t DPAs fr departments/divisins in Bx, and invited DPAs and CFOs Issued individualized acceptance agreements t DPAs & CFOs Updated the Prvst n initiative and capital equipment implementatin December 1-15 Began interim DPA/Prperty Cntrl Office wrkflws Cmpleted Phase 1A: PepleSft Asset Management Mdule (AMM) g-live Refreshed master DPA list Published Wrking at UW article 12/19/2016 University f Wiscnsin Madisn 6

7 Next Up December Cmpletin f DPA Acceptance Agreements & PD updates requested Plan and schedule in-depth DPA training starting January Plan fr Phase 1B: DPA user interface and wrkflw Finalize prcedures (tpics include: Asset Acquisitins, Fabricatins, Upgrades, Physical Inventry, Dispsitins) January & February New plicy ges int effect 1/1 Deadline fr signed DPA agreements & PD updates 1/1 Cnduct in-depth DPA training plicy & prcedures management f untaggable assets Pull data frm AMM fr LAB audit Begin Phase 1B: DPA user interface and wrkflw Resume physical inventry 12/19/2016 University f Wiscnsin Madisn 7

8 Overview f Capital Equipment Life Cycle Asset Acquisitin Asset Mvement & Inventry Asset Dispsitin 12/19/2016 University f Wiscnsin Madisn 8

9 Highlighted Changes: Asset Acquisitin Asset Acquisitin Definitin f Capital Equipment made mre clear Mveable equipment, with a per unit acquisitin cst f $5,000 r mre, and has a useful life f 1 r mre years. Capital Equipment Cnfirmatin Frm (frmerly the Frm 301) will require same infrmatin such as: Manufacturer, serial number, and/r mdel number, respnsible emplyee, lcatin f equipment, etc. Frm will be accmpanied by ne f the fllwing tags 12/19/2016 University f Wiscnsin Madisn 9

10 Highlighted Changes: Fabricatins Asset Acquisitin - Fabricatins Definitin f a Fabricatin made mre clear All cmpnent parts must wrk tgether t perfrm ne functin. Each part must be necessary fr the asset t functin, i.e. remval f any part wuld result in the asset nt perating at capacity r fr its intended purpse. New Fabricatin Frm Must reference Fabricatin ID number fr each expense Estimated cst f fabricatin Fabricatin cmpletin date - required General Infrmatin New accunt cde fr fabricatins 4670 Includes all cmpnent parts and direct labr Direct labr must be hands-n assembly labr and traceable t the equipment Direct labr cannt be design, salaries, r persnnel expense After fabricatin is cmpleted, it is cnsidered in service and begins t depreciate N further capitalizatin, unless there is an upgrade which csts $5,000 r mre Maintenance is NOT cnsidered the same as an upgrade and shuld be cded t a maintenance expense cde 12/19/2016 University f Wiscnsin Madisn 10

11 Highlighted Changes: Upgrades Asset Acquisitin Equipment Upgrades Upgrades must be made n existing capital equipment Upgrades must have aggregate cst f $5,000 r mre by itself regardless f the cst f the existing equipment being upgraded Upgrade must result in either: A substantial increase in the functinality f equipment which allws it t functin r perfrm tasks that it previusly culd nt perfrm An increase in the level f service prvided by the equipment withut the ability t perfrm additinal tasks 12/19/2016 University f Wiscnsin Madisn 11

12 Highlighted Changes: Untaggable Asset Tagging & Physical Inventry All assets require a unique bar cded equipment tag assciated with the equipment Sme assets cannt be tagged due t certain circumstances Remte lcatin Sensitive equipment Nt able t adhere tag t the surface f the equipment Example: DPA may keep a binder f untaggable assets 12/19/2016 University f Wiscnsin Madisn 12

13 Highlighted Changes: Physical Inventry Physical Inventry f an Asset Annual Inventry 15 day turn arund t find missing equipment after an audit r physical inventry Lcatin changes must be cmmunicated t DPA and Prperty Cntrl 12/19/2016 University f Wiscnsin Madisn 13

14 Asset Dispsitin Highlighted Changes: Asset Dispsitins Clearer guidance Transferring equipment t a departing emplyee s new institutin Must btain additinal apprvals such as Dean s ffice and/r Department Chair Must ntify DPA & Prperty Cntrl Stlen equipment Must file a plice reprt with lcal plice authrities Must ntify DPA & Prperty Cntrl Surplus/SWAP Must ntify DPA & Prperty Cntrl 12/19/2016 University f Wiscnsin Madisn 14

15 Highlighted Changes: Sale f an Asset Asset Dispsitins - Sales Sale f capital equipment between UW Departments - Revenue is nt recrded - Capital expense accunt (46xx) is nt credited Transfer f capital equipment between UW Departments - Ownership is transferred Sale f capital equipment t a nn-uw entity - Revenue can be generated but use a revenue accunt cde. Specific accunt cde is under develpment. - Example: A PI s start up package includes purchasing capital equipment. The PI eventually transfers t a new institutin. The PI s new institutin purchases the equipment. 12/19/2016 University f Wiscnsin Madisn 15

16 Capital Equipment Accunt Cdes Overview f Capital Equipment Accunt Cdes Handut 12/19/2016 University f Wiscnsin Madisn 16

17 Capital Equipment Reprts CEIMS System (ld) vs. SFS Asset Management System Reprts (new) Physical inventry Basic asset Fabricated asset 12/19/2016 University f Wiscnsin Madisn 17

18 Questins 12/19/2016 University f Wiscnsin Madisn 18

19 Financial Management Meeting Verifying Vuchers Paid in WISDM Jennifer Rltgen Accunting Services 19

20 Financial Management Meeting Tracking Accunts Payable Payments in WISDM Nt all Accunts Payable charges that have been applied t yur funding in WISDM have been paid There are several things that can stp a vucher frm paying Open credits exceed pen invices (autmatic hld) N W-9 n file (manual hld) Tax r Purchasing has requested a hld n the vendr (manual hld) Yu can determine if the Vucher has been paid by clicking int the transactin 20

21 Financial Management Meeting Tracking Accunts Payable Payments in WISDM Fr example: Tw Purchase Orders that have been vuchered: One vucher has been paid, ne hasn t. 21

22 Financial Management Meeting Tracking Accunts Payable Payments in WISDM Lk up the Purchase Orders 22

23 Financial Management Meeting Tracking Accunts Payable Payments in WISDM Paid Lk up the Purchase Orders Nt Paid 23

24 Financial Management Meeting Tracking Accunts Payable Payments in WISDM Lk up Vuchers 24

25 Financial Management Meeting Tracking Accunts Payable Payments in WISDM Paid Nt Paid Check starts with 1, ACH starts with 0 25

26 Financial Management Meeting Custdial Accunt Update Rchelle Cushman Accunting Services 26

27 Financial Management Meeting Cash Handling Custdian Funds UW System s Internal Audit fr Cash Handling Custdian Funds Audit Findings Respnse t Audit Findings MOU s fr Bank Accunts fr Research Participant Studies MOU s updated fr Custdian, Signers, & Recnciler Sent in Nvember 2016 Mnthly Recnciliatins Submit cmpleted recnciliatins t Accunting Services Cash Management (via t cstdnfnd@bussvc.wisc.edu) and yur units Business Office within 30 days f mnth end. Reminder Nvember 2016 recnciliatins are due by December 30,

28 Financial Management Meeting Thank yu fr attending. Future Financial Management Meetings Rms 1106 & 1108, 21 N Park Street 9:30 am - 11:30 am February 14, 2017 April 11, 2017 June 13, 2017 August 8, 2017 Octber 10, 2017 December 12,