Budget 201 lab - CSU, Chico · TRANSACTION DATA Around the second week of the month, FINCFS sends out an email notification that the previous month has closed. This notification signifies

BUDGET 201 LABCreating and maintaining the budget tool.

Budget Tool Intro

New Tool Set-upEdit Custom ListPrior Year Encumbrance Entry

Enter Pending TransactionsIndividual Pending TransactionsMultiple Pending Transactions

Downloading Insight Transaction Data

Appending to the Dataset

Validating Insight Account Balances Data

Clearing and Reconciling Pending Transactions to Insight

Work Study Tracking

User Defined Field

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WHAT IS THE BUDGET TOOL?It is a tool created by Financial Accounting and Reporting that allows campus users to download transactional data from Insight on a monthly basis and create pivot tables to display, reconcile, and analyze transactions.

WHAT CAN IT DO?• Enables monthly reconciliation of expected transactions to Insight.

• Mistakes can be caught in a timely manner.• Current and projected account balances.

• Know in advance if you will have a savings or a deficit.• Keeps planned budget spending on track.

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WHAT DOES IT LOOK LIKE?The dashboard drives the workbook, allowing easy navigation between data entry and reporting tools.

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WHAT DOES IT LOOK LIKE?The Data Entry sheet contains prior year encumbrance data, user defined pending transactions,

and posted Insight transaction data.

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WHAT DOES IT LOOK LIKE?Customizable pivot tables create reports.

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NEW TOOL SET-UP

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EXCEL CUSTOM LIST

• The tool requires a one-time set-up to accommodate the fiscal year month enumeration. • The set-up is a one-time, per user, per machine set-up; meaning if you get a new machine,

you will need to perform the set-up again. • If you are sharing the tool with other users, they will need to do their own set-up on their

machines.

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EXCEL CUSTOM LIST

In the upper-left corner of the worksheet, select “File”.

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EXCEL CUSTOM LIST

Select “Options”.

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EXCEL CUSTOM LIST

Select “Advanced”.

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EXCEL CUSTOM LIST

Scroll almost all the way to the bottom.

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EXCEL CUSTOM LIST

Select “Edit Custom Lists…”

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EXCEL CUSTOM LIST

Manually type in the fiscal period/months in the Insight format:

01 Jul02 Aug03 Sep04 Oct05 Nov06 Dec07 Jan08 Feb09 Mar10 Apr11 May12 Jun

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EXCEL CUSTOM LIST

Click “Add” to add the criteria to the custom lists then click “OK” to exit the list dialogue box.

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EXCEL CUSTOM LIST

Click “OK” to exit the options dialogue box.

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EXCEL CUSTOM LIST

Now that the format is a recognized list, the “pull down” feature in excel will automatically auto-enumerate the months in sequential order.

Drag

Click

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PRIOR YEAR ENCUMBRANCE

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• At the beginning of a new fiscal year, prior year encumbrance transactions will need to be manually entered into the tool.

• All prior year encumbrance activity is found in the Insight Account Balance report data in period 0.

• Once the data is in place in the tool, it will remain there for the entire fiscal year.

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Begin by accessing the Insight Account Balances Report.

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Select period 0.

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Either select your deptid from the check boxes on the left or type in your selections on the right.

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Click the remaining drop-downs to make sure that “Select All” is checked in all boxes.

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Select “Benefits” to include benefits in the report.

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Run the report.

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Select the “Account Balances Data” hyperlink at the bottom of the report.

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Download the data to excel.

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In the excel download, select and copy only the cells that contain Budget, Encumbered, and Actual data.

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In the Data Entry worksheet in the tool, insert the copied data “as values”.

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Skipping the “Balance” column, repeat the process for all other cells in the dataset.

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Add “01 Jul” into the Month column.

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Refresh the data to incorporate the new data into the existing pivot tables.

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PENDING TRANSACTIONS.

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PENDING TRANSACTIONS

The tool will come pre-loaded with a “Template Line” to use for building pending transactions.

This line will be copied, inserted, and updated to record pending transactions. As an exercise, let’s create a pending line for $437.49 in travel expenses.

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PENDING TRANSACTIONSTo input a new transaction line, select the entire template row.

Right-click and select “copy” to copy the entire row.

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PENDING TRANSACTIONSSelect the entire Template row.

Right-click and select Insert Copied Cells.

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This row can now be updated to reflect the information for the pending transaction.

There will now be a duplicate row above the Template Row.

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Begin by updating the month to reflect the expected posting month.

For our example, we will record a pending transaction of $437.49 in travel expenses that is expected to post in August.

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Note that the Balance column will automatically update.

Update the Actual Amount column to reflect the expected expense.

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PENDING TRANSACTIONSFor this example we are going to post it to our Professional Development deptid (D99001) in G1006.

Update the Fund and Deptid information to reflect the chartfield the expense will post to.

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PENDING TRANSACTIONSIn this case, since it is travel, we are going to post it to 606001 – In State Travel. “Other Expenses” is still the appropriate account group.

Update the account field to reflect the account the expense will post to.

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PENDING TRANSACTIONSSince we won’t be using any program, project, or class codes, we can skip these fields. The next field to update is the Line Description. Try to match the description as closely to the description that will post in Insight as possible.

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PENDING TRANSACTIONSThe last field to check is the “Pending Items” field.

This field indicates rather an item is Pending (P), or Cleared (C).

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PENDING TRANSACTIONSMultiple lines of pending transactions can also be entered for constant expenses that can be projected for the duration of the year.Begin in the same manner as previously shown, by copying the template row.Then inert the duplicate row.

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In the new duplicate line, update the information to reflect the new expense.

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Once all of the information is updated, select and copy the entire row of new data.

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Select as many rows below the new line as you want to project out.In this exercise we want to project July through June so we highlight 11 rows.

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Right click on the selected rows and select Insert Copied Cells.

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There are now 12 duplicate rows.

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Click the lower right-corner of the first data row and drag through all the remaining rows.

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This creates a salary projection for an entire fiscal year.

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After refreshing the data, the pivot tables update to include the projected information.

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DOWNLOADING INSIGHT TRANSACTION DATA

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Around the second week of the month, FINCFS sends out an email notification that the previous month has closed. This notification signifies the start of the reconciliation process. The first step of which is downloading the Insight Transaction Data.

Access the Financials menu in Insight.

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Select Financials Reports.


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Select Transaction Report.


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Update the criteria selections, starting with selecting ONLY the most recently closed period.


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Either select your deptid from the check boxes on the left or type in your selections on the right.


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Click the remaining drop-downs to make sure that “Select All” is checked in all boxes.


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Select “Benefits” to include benefits in the report.


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Run the report.


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Scroll to the bottom of the report.


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Select the “Transaction Report Data” hyperlink.


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Download the report to excel.


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The data is now in an excel sheet that can be appended into the tool.


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APPENDING THE DATASET

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Select the Data Entry sheet.


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In the data entry sheet, select Ctrl + home…


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…to navigate to the upper most left-corner of the dataset.


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Select End, down arrow, down arrow...


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…to navigate to the bottom of the dataset.


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Navigate back to the Insight data download.


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Use the key sequence ctrl + A...


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To select all data.


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Use the key sequence ctrl + C to copy the data...


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… a “running” line will appear around the data.


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Navigate back to the budget tool data entry sheet.


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Select the first vacant cell at the bottom of the existing dataset.


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Use the key sequence ctrl + V...


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…to paste the Insight data into the budget tool data sheet.


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Right click the row with the header information and select delete row.


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Refresh the data to incorporate the new data into the existing pivot tables.


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VALIDATING INSIGHT DATA

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VALIDATING INSIGHT DATA

After the new month’s data has been appended to the data entry sheet, validation of the Insight data should be checked.From the dashboard, navigate to the “Reconcile Insight Acct Balances” tab.

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VALIDATING INSIGHT DATAThe Insight Data Validation sheet is pre-set to show data that should match the Insight Account Balance Report.

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VALIDATING INSIGHT DATAThe first step is to run the Insight Account Balance Report through the most recently closed period.If the deptid has G1006 and other funds, the report will need to be ran twice. The first time it is ran, make sure to select ONLY G1006 and set the benefit criteria to “No Benefits”.

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VALIDATING INSIGHT DATAAfter running the report, scroll to the bottom and select the “Summary by Fund Dept” hyperlink.

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VALIDATING INSIGHT DATACompare the Insight Report to the Insight Data Validation in the tool. Make sure that all of the columns match.

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VALIDATING INSIGHT DATAAfter validating G1006, run the Account Balance Report for all funds EXCEPT G1006 and change the benefits selection to include benefits.

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VALIDATING INSIGHT DATAAfter running the report and converting the view to the “Summary by Dept Fund” format, validate the balances to the Insight Validation tab as was done with the G1006.

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CLEARING AND RECONCILING PENDING TRANSACTIONS TO INSIGHT

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CLEARING AND RECONCILING PENDING TRANSACTIONS

Pending transactions are cleared after the month’s Insight Transaction Data is appended to the Data Entry sheet and the Insight Data is validated.After the data is refreshed and before pending transactions are cleared, there will be “double entries” where pending items exist in the pivot tables.

This provides a “quick check” to see if the projected transaction has posted in Insight.

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In the data entry sheet, begin searching for the posted transaction by progressively narrowing the data set by selecting the criteria that match the transaction.

To begin with, we will search for the pending travel transaction that we entered.

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Narrow the transactions by entering search criteria and selecting the “Search” button.

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Keep selecting criteria until you can see the pending transaction with the posted transaction.

Note that the transactions match. Not all transactions will always match exactly, but if you are familiar with your transactions, you should still be able to make a sufficient match.

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Once it is concluded that a match is made, enter a “C” in the pending column to clear the pending transaction.

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After the data is refreshed, the “double entry” on the pivot tables disappears, indicating that the pending transaction has been reconciled.

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If a match for a pending transaction is not found, leave the “P” in the pending items column and update the “month” column to reflect the new expected posting period.

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Once the data is refreshed, the pivot table will update to reflect that the pending expenditure has been moved to a new month.

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WORK STUDY TRACKING TAB

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WORK STUDY TRACKINGWork Study has 2 components.

AWARD – The total award amount for the student granted by Financial Aid.

BUDGET – The total budget allocated to the department for work study expense.

The AWARD amount and the BUDGET amount may not be the same amount!

The department is expected to adhere to the BUDGET amount if it is less than the AWARD amount.

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WORK STUDY TRACKINGStudent wages are always 1 month behind. Therefore, when starting your work study tracking sheet, the first information you are going to enter will be the expenses that correlate to time worked in JUNE of the previous fiscal year.

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WORK STUDY TRACKINGFill in the student award amounts, and the work study budget amounts.

Notice that the award amount is greater than the budget amount. The department will need to adhere to the BUDGET amount.

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WORK STUDY TRACKINGContinue entering expected expenses in the yellow fields every month as students submit their timecards.

Notice that the Budget column keeps a running balance per month. This balance can be verified against Insight Account Balance data.

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WORK STUDY TRACKING

At the bottom of the sheet are the projected Award balance and the projected Budget balance.

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USER DEFINED FIELD

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USER DEFINED FIELD

The User Specific Field can be used to lump related expenses together for expenses that do not warrant the creation of a new program, project, or class code.For this example, we will create a Professional Development budget by using faculty names to group budgets and related expenses.

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USER DEFINED FIELD

Begin by searching transaction criteria to find the transaction that requires the User Specified Field.

In this instance we are looking for budget rollover transactions we know were due to post in July.

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USER DEFINED FIELD

Once the transactions are located, scroll to the User Specified Field column and attach the associated faculty name to the transaction.

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USER DEFINED FIELD

After new data is brought in, transactions are searched to look for newly posted transactions that need a User Specific assignment.

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USER DEFINED FIELD

Once the assignment is entered in the data and the data is refreshed, the User Specified Detail report can be viewed.

The User Specified Detail report will show the budgets and expenses, grouped by the User Specified Field entries.

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Documents

Budget 201 lab - CSU, Chico · TRANSACTION DATA Around the second week of the month, FINCFS sends out an email notification that the previous month has closed. This notification signifies