Divisions Divisions RecordkeepinRecordkeepin
gg…..Currently…..Currently
…..…..
Divisions Divisions RecordkeepinRecordkeepin
gg…..Currently…..Currently
…..…..
Division’s Recordkeeping…. Division’s Recordkeeping…. ….The Future …….….The Future …….
Division’s Recordkeeping…. Division’s Recordkeeping…. ….The Future …….….The Future …….
Division 1Division 1
Division 2Division 2Division 3Division 3
Division 5Division 5
Card & Check Card & Check TransactionsTransactions
Budget Budget InformationInformation
Financial Financial ReportingReporting
Document Document Storage & Storage & RetrievalRetrieval
Check Check Issuance & Issuance & DepositsDeposits
Division 4Division 4
PEF Headquarters
How Do We Get There?How Do We Get There?
PEF’s New Services Provided To DivisionsPEF’s New Services Provided To Divisions
Banking ChangesBanking ChangesPurchase Card UsePurchase Card Use
Check IssuanceCheck Issuance
Deposit serviceDeposit service
Reconciliation of Divisional Account BalancesReconciliation of Divisional Account Balances
Allow Interest To Be Earned on All Idle FundsAllow Interest To Be Earned on All Idle Funds
Financial Reporting Financial Reporting Web Reports replace the need for Journal RegistersWeb Reports replace the need for Journal Registers
Document Storage & Retrieval Document Storage & Retrieval
Banking ChangesBanking ChangesBanking ChangesBanking Changes
Banking ChangesBanking ChangesPast:Past:
AmalgamatedAmalgamatedPEF HQ accountsPEF HQ accounts
Divisions accountsDivisions accounts
SEFCUSEFCUOther PEF accountsOther PEF accounts
CheckingChecking
Savings Savings
Various banksVarious banksDivisions 2Divisions 2ndnd AccountsAccounts
Future:Future:Bank Of AmericaBank Of America
All PEF Headquarters All PEF Headquarters accountsaccounts
AllAll Divisions Divisions accounts accounts
Purchase Cards Purchase Cards
OROR
Checking+Savings Checking+Savings AccountsAccounts
Banking Change GoalsBanking Change Goals
Earn InterestEarn Interest
12/31/0612/31/06$40,000 was in interest bearing accounts$40,000 was in interest bearing accounts
Earning between 1.6% to 1.95%Earning between 1.6% to 1.95%
Future – Using the PEF Purchase Card ProgramFuture – Using the PEF Purchase Card ProgramAll Divisions will earn interest (currently approx 4.6%)All Divisions will earn interest (currently approx 4.6%)
Interest will be added to you Purchase Card balance during Interest will be added to you Purchase Card balance during the yearthe year
Note: Divisions who choose to have a checking account Note: Divisions who choose to have a checking account cannot earn this higher level of interest.cannot earn this higher level of interest.
Local bank accessibilityLocal bank accessibility
Eliminates need for 2Eliminates need for 2ndnd Accounts Accounts
..
Bank Of America Coverage Bank Of America Coverage AreasAreas
Purchase CardsPurchase CardsPurchase CardsPurchase Cards
Division Cardholder
PEF HQ Accounting
Supplier
BANK OF AMERICA
Place order
Receive goods
Paym
en
t
Req
uest
for
au
thori
zati
on
General ledger
Payment
Scheduled electronic data
How Does a Purchasing Card How Does a Purchasing Card Work? Work?
Create entrie
s
Merchant paid within 2 days of transaction
One consolidated payment to bank
Post-purchase, PEF receives a data transmission of transaction detail where default cost allocation is applied electronically and moved via an interface into PEF’s G/L .
1
2
34
The New Divisions’ Approval The New Divisions’ Approval ProcessProcess
Bank of AmericaWeb Based
Approval SoftwarePurchase
Card System
PEF’s NewWeb Reporting
System
Online Review and Online Review and ApprovalApproval
Easy Web AccessEasy Web Access
Electronic review and approvalElectronic review and approval
Email notificationsEmail notifications
Purchase Card Online SystemPurchase Card Online System
Check Processing Check Processing ServiceService
Check Processing Check Processing ServiceService
Purchase Card WorkflowP
urc
ha
se C
ard
sC
he
ck R
eq
ue
sts
Cardholder Approver AccountingReportingSystem
Card Funding
Available FundsOn Puchase
Card
Annual PerCapitas
Increases Funds
Interest Earned OnUnspent Funds
Increases Funds
PurchaseGoods /Services
Review Codingand Submit
ApproverReview /Signoff
MonthlyProcess& Close
Web BasedReports
ApproverReview /Signoff
AccountingCuts and
MailsChecks
Complete anonline
Check Request
Decreases Funds Available
Remote Deposit Remote Deposit ServiceService
Remote Deposit Remote Deposit ServiceService
How Remote Deposit Service How Remote Deposit Service worksworks
Bank of America
ARC
IRD
Image Exchange
PEF Bank Payor Bank
BenefitsBenefits
ConvenienceConvenience
Faster check deposit processingFaster check deposit processing
Faster access to fundsFaster access to funds
Faster notification of returned itemsFaster notification of returned items
Less work for Divisions to do !!!Less work for Divisions to do !!!
Information Access - Online Information Access - Online ReportingReporting
Goals:Goals:
Eliminate the need for the Quarterly Journal RegisterEliminate the need for the Quarterly Journal Register
Enable Divisions to manage effectively against their Enable Divisions to manage effectively against their budgetsbudgets
Deliver instant access to up to date information Deliver instant access to up to date information
Allow online access to scanned supporting Allow online access to scanned supporting documentationdocumentation
SolutionsSolutions
Purchase Card DashboardPurchase Card Dashboard
PEFS Secure Web Based ReportingPEFS Secure Web Based Reportingwww.PEFReports.comwww.PEFReports.com
..
Purchase Card DashboardPurchase Card Dashboard
Online Access To ReportsOnline Access To Reports
www.PEFReports.comwww.PEFReports.com
Let’s Recap….Let’s Recap…. Let’s Recap….Let’s Recap….
Recap of New Services:Recap of New Services:Use Purchase CardsUse Purchase Cards
Instead of writing checksInstead of writing checks
Earn InterestEarn InterestOn unspent moniesOn unspent monies
PEF deposits checks for youPEF deposits checks for youThrough our new Remote Deposit serviceThrough our new Remote Deposit service
PEF does your Financial ReportingPEF does your Financial ReportingYou won’t need to fill out Journal Registers any moreYou won’t need to fill out Journal Registers any more
PEF reconciles your Divisional Account BalancesPEF reconciles your Divisional Account BalancesWe will do all your account reconciliations for youWe will do all your account reconciliations for you
PEF issues paper checks for youPEF issues paper checks for you
PEF handles your document storage PEF handles your document storage We ensure your compliance with Federal and State record retention requirementsWe ensure your compliance with Federal and State record retention requirements
..
Rollout ScheduleRollout Schedule• PEF HQ Bank account changesPEF HQ Bank account changes
• May 2007 - completedMay 2007 - completed
• Purchase Card Pilot Program Purchase Card Pilot Program
• October – December 2007October – December 2007• Internal StaffInternal Staff• Selected Regional CoordinatorsSelected Regional Coordinators
• January – March 2008January – March 2008• Volunteer DivisionsVolunteer Divisions
• Divisions Conversion to Purchase Divisions Conversion to Purchase CardsCards
• April 1 2008 – Open to all DivisionsApril 1 2008 – Open to all Divisions
•