Accounting 101 Module II : MCG Budget Basics Class I : Budget Training

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Accounting 101 Module II MCG Budget Basics
Class I Budget Training
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Purpose

• This session is a high level presentation
  designed to explain how to amend and reconcile
  budgets throughout the year.

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Objectives

• Learn to amend budgets
• Learn which PeopleSoft Reports and Queries are
  offered to reconcile budgets
• How to dispute and resolve transactions
• Year-end processes

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Agenda

• 1. Setting up a budget
• 2. Types of expenditure budgets
• 3. Amending an Appropriation Budget
• 4. Amending a Project/Grant Budget
• 5. Reports used to reconcile budgets
• 6. Reconciliation Check List
• 7. Types of Transactions
• 8. Disputing Transactions
• 9. Year-end processes
• 10. Questions/Answers
• 11. Conclusion

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Setting up a Budget

• Original Budgets are established during budget
  prep (March through April).
• Budgets are verified after budget prep (end of
  June).

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Amending a budget

• There are two types of expense budgets
• Appropriation Budget
• Project/Grant Budget

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Amending an Appropriation Budget

• Setup for funds that begin with 1xxxx and fund
  50000.
• Are budgeted at the highest Account Code level.
• 500000 Personal Services
• 600000 Travel
• 700000 Operating Supplies and Expenses
• 800000 Equipment Purchases and Capital Outlay

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Amending an Appropriation Budget

• Funds/Budgets must be moved between account
  codes.
• The fund and class can not change.
• The budget amendment must balance.
• Special approval must be obtained to move
  personal service (500000) (RI only).

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Appropriation Budget

• Along with an Appropriation Budget you will have
  an Organization budget (Org).

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Amending an Appropriation Budget

• The form may be obtained from the Budget Office.
  Please contact your Budget Analyst.

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Amending a Project/Grant Budget

• Project/Grant Budget is tracked by Project/Grant
  ID. Funds that begin with 2 always have a
  Project/Grant Budget.
• Project/Grant ID can be used in other funds.
• They are budgeted at the highest Account Code
  level.
• 500000 Personal Services
• 600000 Travel
• 700000 Operating Supplies and Expenses
• 800000 Equipment Purchases and Capital Outlay

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Amending a Project/Grant Budget

• Funds/Budgets may be moved between account codes.

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Amending Project/Grant Budget

• The form may be obtained from the Budget Office.
  Please contact your Budget Analyst.

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Reports used to Reconcile Budgets

• The Comprehensive Monthly Financial Report
• Budget Transaction Detail Report
• Queries

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Comprehensive Monthly Financial Report

• This report contains detailed personnel
  information. Proper approval must be obtained
  before access is granted to this report.
• The Comprehensive Monthly Financial Report may be
  ran monthly, this process is taught in the
  PeopleSoft Delivered Reports and Inquires Panels
  class, which is taught on a monthly basis.
  http//calendar.mcg.edu/scripts/publish/webevent.p
  l?cmdopencalcalcal14

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Budget Transaction Detail Report

• The Budget Transaction Detail Report may be ran
  at any time, this process is taught in the
  PeopleSoft Delivered Reports and Inquires Panels
  class, which is taught on a monthly basis.
  http//calendar.mcg.edu/scripts/publish/webevent.p
  l?cmdopencalcalcal14
• Go Process Financial Information Analyze
  Controlled Budgets Report Budget Transaction
  Detail

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Queries

• Query is taught in the PeopleSoft Basic Query
  class, which is taught on a monthly basis.
  http//calendar.mcg.edu/scripts/publish/webevent.p
  l?cmdopencalcalcal14
• Query is an end user tool available for
  everyones use. Different areas may have
  specific queries they use for reconciliations.

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Recommended Queries

• With Prompts (must know the exact CFC)
• MCG_GL_JOURNAL_BY_CFC
• MCG_BUD_JOURNAL_BY_CFC
• Without Prompts (can use wildcard)
• MCG_GL_JOURNAL_LIKE_CFC
• MCG_BUD_JOURNAL_LIKE_CFC

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Reconciliation Check List

• Verify that your expected budget, expense,
  encumbrance, pre encumbrance and revenue amounts
  are what actually shows up on your report.
• Verify remaining budgeted amount is adequate to
  cover future expenses through year end.
• The Comprehensive Monthly Financial Report can be
  compared to the Budget Transaction Detail Report
  for variances.

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Types of Transactions

• Journals that begin with AP are generated from
  Accounts Payable. http//www.mcg.edu/comptroller/A
  P.htm
• Journals that begin with JVAP are generated from
  Financial Accounting. http//www.mcg.edu/comptroll
  er/FinReporting.HTM
• Journals that begin with PO or REQ are generated
  from Purchasing. http//www.mcg.edu/supply/purchas
  ing/buyers.htm
• Journals that begin with PCARD are generated from
  the P-Card Program. http//www.mcg.edu/supply/purc
  hasing/pcard.htm
• Journals that begin with P0 (zero) are generated
  from Payroll. http//www.mcg.edu/comptroller/Payro
  ll.htm
• Journals that begin with a B0 (zero) are
  generated from Banner. http//www.mcg.edu/comptrol
  ler/Cashiers.htm
• Any other Journals, please contact Financial
  Accounting.
• http//www.mcg.edu/comptroller/FinReporting.H
  TM

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Examples of Transactions found in a Query
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Dispute Transactions

• Transactions should be disputed using the
  Functional Service Request (CRT). The link is
  found on the MCG PeopleSoft web page
  http//www.mcg.edu/peoplesoft Click the
  Functional Service Request (CRT) link on the left
  of the page. Or the direct link is
  http//www.mcg.edu/peoplesoft/crt

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Year-end processes

• You should make sure all requisitions have been
  turned to Purchase orders by June 10.
• Items left as pre-encumbrances will be surplus to
  the state.
• Budget should be available to cover Junes
  payroll, telephone, mail/postage, and copy center
  charges.

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Questions/Answers
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• This concludes Module II Class I
• Budget Training
• If you have any questions, comments or problems
  with PeopleSoft Financials, please use the
  Functional Service Request (CRT). The link is
  found on the MCG PeopleSoft web page
  http//www.mcg.edu/peoplesoft. Click the
  Functional Service Request (CRT) link on the left
  of the page. Or the direct link is
  http//www.mcg.edu/peoplesoft/crt.
• Thank you