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University of Toronto Scarborough
Carry-forward/Reserves Process Changes
Operating Fund Reserves – Definition April 30, 2012 Financial Statements
• Operating Fund ReservesDivisions are permitted to carry forward unspent funds at the end of each year. These amounts include reserves for operating contingencies, reserves for future commitments and other employee future costs and unfilled purchase orders that have been committed for goods or services to be received in the following year.
UTSC Operating Reserves 2009 to 2013
Operating Fund Reserves
• The Chief Administrative Officer would like to track the Operating Reserves at UTSC during the current fiscal year
• In order to accomplish this we need to post budget transfers, invoices, purchase orders and manual reserves to the carryforward commitment items in FIS
• Business officers need recognize any spending against their carryforward plans and code items appropriately
Examples
• Transfers from the Dean’s OTO funds are always part of the carryforward therefore any budget transfers from this account will be transferred to departments in their carryforward sections
Carryforward Line Before Budget Transfer
Budget Transfer ExampleUNIVERSITY OF TORONTO BUDGET REVISION FORM FS2013-001
SUPPLEMENT RETURN X TRANSFER
Helen Morissette Pat Mckenna
Those fields in ITALIC type are not mandatory; all others must be completed to ensure proper processing.
FM AREA
(IF OTHER THAN UOFT) VERSION FISCAL YEAR SENDER FUND FUND NAME RECEIVER FUND
FUND NAME DATE
2014 June 18, 2013
SENDER RECEIVER
CF CENTRE CF CENTRE NAME COMMITMENT CF CENTRE CF CENTRE NAME COMMITMENT
AMOUNT
FIS DOCUMENT #
103080 Dean's OTO CARRYFWD 102xxx Department X CARRYF
WD 5,000
TOTAL $ 5,000
FS2013-001 To provide funding for Compensation - casual budget
REQUESTED BY: TELEPHONE # Financial Services AUTHORIZED BY: DATE AUTHORIZED:
Tracy Curran 416-208-5109 Helen Morissette, Director
Date: 18-Jun-2013 Signature DAY MONTH YEAR
Name & Title Signature DAY MONTH YEAR
Name & Title Signature DAY MONTH YEAR
Carryforward Line After Budget Transfer
Department x Before Transfer
University of Toronto ScarboroughDepartment X2013-14
Row Labels Original Budget 2013-14
Revised Budget 2013-14
Commitments 2013-14 Actuals 2013-14 Com+Actuals 2013-14 Revenue Var/Funds Av
Expenditure 610,065 610,065 456,679 62,610 519,289 90,776 100221 610,065 610,065 456,679 62,610 519,289 90,776
Department X 610,065 610,065 456,679 62,610 519,289 90,776 CARRYFWD - 200,000 - 827 827 199,173 EQUIPMENT 4,000 - 2,089 1,911 4,000 (4,000) EXPENSE-S - 410,065 - - - 410,065 FURNITURE 3,500 - - - - - HR-APP-AD 400,000 - 359,443 40,557 400,000 (400,000) HR-BEN-AP 107,000 - 95,147 11,853 107,000 (107,000) HR-BEN-NAP 2,500 - - - - - HR-NAPP-AD 25,000 - - - - - POSTAGE 25 - - 1 1 (1) SERVICES 45,000 - - 218 218 (218) SUPPLIES 12,200 - - 723 723 (723) TELEPHONE 8,240 - - 1,104 1,104 (1,104) TRAVEL 2,600 - - 103 103 (103) UNION - - - 5,314 5,314 (5,314)
Revenue (21,000) (21,000) - (1,799) (1,799) (19,201) 100221 (21,000) (21,000) - (1,799) (1,799) (19,201)
Department X (21,000) (21,000) - (1,799) (1,799) (19,201) IN-EXP-REC (21,000) (21,000) - (1,799) (1,799) (19,201)
Grand Total 589,065 589,065 456,679 60,811 517,490 71,575
Department X After Transfer
University of Toronto ScarboroughDepartment X2013-14
Row Labels Original Budget 2013-14
Revised Budget 2013-14
Commitments 2013-14 Actuals 2013-14 Com+Actuals 2013-14 Revenue Var/Funds Av
Expenditure 610,065 615,065 456,679 62,610 519,289 95,776 100221 610,065 615,065 456,679 62,610 519,289 95,776
Department X 610,065 615,065 456,679 62,610 519,289 95,776 CARRYFWD - 205,000 - 827 827 204,173 EQUIPMENT 4,000 - 2,089 1,911 4,000 (4,000) EXPENSE-S - 410,065 - - - 410,065 FURNITURE 3,500 - - - - - HR-APP-AD 400,000 - 359,443 40,557 400,000 (400,000) HR-BEN-AP 107,000 - 95,147 11,853 107,000 (107,000) HR-BEN-NAP 2,500 - - - - - HR-NAPP-AD 25,000 - - - - - POSTAGE 25 - - 1 1 (1) SERVICES 45,000 - - 218 218 (218) SUPPLIES 12,200 - - 723 723 (723) TELEPHONE 8,240 - - 1,104 1,104 (1,104) TRAVEL 2,600 - - 103 103 (103) UNION - - - 5,314 5,314 (5,314)
Revenue (21,000) (21,000) - (1,799) (1,799) (19,201) 100221 (21,000) (21,000) - (1,799) (1,799) (19,201)
Department X (21,000) (21,000) - (1,799) (1,799) (19,201) IN-EXP-REC (21,000) (21,000) - (1,799) (1,799) (19,201)
Grand Total 589,065 594,065 456,679 60,811 517,490 76,575
Department X
• At month end Payroll Distribution reports need to be printed and in this example, casual staff paid from the $5,000 budget that was transferred to this department needs to be transferred to the Carryforward commitment item so that the actuals match the budget provided
• For example, $350 was expensed in the month; therefore this amount needs to be transferred by journal entry to the carryforward line from the compensation GL
Payroll Distribution Report
Journal Entry
Table of Journal Entry (FIS) G/Ls matched to HRIS G/LsExpenditure Description HRIS Use in FIS
Faculty Salaries Comp:Acad:General 801010 800100
Administrative Stipends Comp:Acad:Admin Stipend
801015 800106
Teaching Assistants/Research Awards
Comp:AC:UnionTA’s 801270 800114
Teaching Overload Stipends
Course:StipendGeneral 801165,801160 800119
Administrative Salaries Comp:AdminGeneral 801040 800422
Personal Stipends
Casual Salaries Comp:Union:General 801140/801150 800621
Librarian Salaries Comp:Ac:Librarians 801020 800320
Union Wages & Benefits Comp:UnionGeneral 801050 800621
Generic Payroll Reallocation Generic 800990Benefit piece HRIS-Ben Reallocation 801920/801910 800999
Carryforward Line After Salary & Benefit Journal Entry
Department X After Journal Entry
University of Toronto ScarboroughDepartment X2013-14
Row Labels Original Budget 2013-14
Revised Budget 2013-14
Commitments 2013-14 Actuals 2013-14 Com+Actuals 2013-14 Revenue Var/Funds Av
Expenditure 610,065 615,065 456,679 62,960 519,639 95,426 100221 610,065 615,065 456,679 62,960 519,639 95,426
Department X 610,065 615,065 456,679 62,960 519,639 95,426 CARRYFWD - 205,000 - 1,177 1,177 203,823 EQUIPMENT 4,000 - 2,089 1,911 4,000 (4,000) EXPENSE-S - 410,065 - - - 410,065 FURNITURE 3,500 - - - - - HR-APP-AD 400,000 - 359,443 40,557 400,000 (400,000) HR-BEN-AP 107,000 - 95,147 11,853 107,000 (107,000) HR-BEN-NAP 2,500 - - - - - HR-NAPP-AD 25,000 - - - - - POSTAGE 25 - - 1 1 (1) SERVICES 45,000 - - 218 218 (218) SUPPLIES 12,200 - - 723 723 (723) TELEPHONE 8,240 - - 1,104 1,104 (1,104) TRAVEL 2,600 - - 103 103 (103) UNION - - - 5,314 5,314 (5,314)
Revenue (21,000) (21,000) - (1,799) (1,799) (19,201) 100221 (21,000) (21,000) - (1,799) (1,799) (19,201)
Department X (21,000) (21,000) - (1,799) (1,799) (19,201) IN-EXP-REC (21,000) (21,000) - (1,799) (1,799) (19,201)
Grand Total 589,065 594,065 456,679 61,161 517,840 76,225
Paying an Invoice from Carryforward Budget Line
Your Monthly Reconcilion
• Print the Statement of Accounts• Match each actual on the details pages with a
copy of the document posted• Note posting errors & items that should have
been posted to the Carryforward commitment item i.e. Items listed on your Carryforward plan for this current year
• Prepare correcting journal entries as necessary
Your Monthly Reconcilion (p.2)
• Print your Cost Centre Funding Report for the same period/month as the Statement of Accounts
• Compare each General Ledger total on the Cost Centre Funding Report to that on the Statement of Accounts.
• Note any misspostings or missmatches.• Prepare journal entry correcting
coding/posting errors
Your Monthly Reconcilion (p.3)
• Print your Payroll Distribution Report• Compare each payroll entry to previous
month(s) entries for the same person• Note any pay that should be applied against
the Carryforward commitment item (part of your Carryforward plan)
• Prepare journal entry transferring the pay to the Carryforward commitment line.