New Training Course: College & University Accounting – Registration Open!

Posted July 16, 2018 in Financial Services.

Based upon requests and feedback from our users, FS has added, and Associate Vice President, Jeff West will present this new course. 

Essentials of College & University Accounting:

This course presents a comprehensive look at accounting and reporting for higher education institutions. It is meant to be an overview of the concepts and principles we follow for recording, categorizing, summarizing, and reporting financial transactions of the institution. Theoretical underpinnings of accounting will be discussed and examples will be given of how typical transactions are handled in a higher education environment.

This course does not go into the specifics of our Peoplesoft Financials system here at the University. Rather, it is more of a generic look at accounting and reporting for colleges & universities.

Two sessions are currently being offered:

  • Wednesday, August 1, 9:30 am to 11:00 am
  • Wednesday, September 12, 9:30 am to 11:00 am

Click here to register

We look forward to seeing you there!

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Accounts Payable and Park Building Flood

Posted July 10, 2018 in Accounts Payable, Financial Services.

Due to a large flood last weekend in the Park Building, Accounts Payable operations have been significantly disrupted.  AP has relocated 20 people, their office spaces, and processes to various locations around the Park Building. 

Despite these unforeseen challenges, due to the dedication of our staff, we don’t anticipate any issues with completing the surge of Old Year requests in time to post in the Old Fiscal Year, but this will require a focused all-hands effort.  Any last-minute and unusual circumstances that can arise at this time each year may not get immediate attention. 

After this week we will turn our efforts towards New Year business, and getting up to speed on the New Year requests.  We are doing everything we can to accommodate as many requests as possible, and we appreciate your efforts to ensure that requests are complete, accurate, appropriate, and timely.

 

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Subrecipient Monitoring – PI Approval required on all invoices:

Posted July 3, 2018 in UShop and tagged , .

As a result of findings from a recent subrecipient monitoring audit, Principal Investigators, or approved alternates, will now be required to approve all subaward invoices that are submitted for payment, regardless of the amount. Current practice has been that PI approval is only required for invoices over $50,000. As of August 1, 2018, UShop will route all subaward invoices for approval by the PI of the award and approved alternates. For questions or guidance on approving an invoice please contact the UShop help desk at ushop@utah.edu or 585-2255..

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Exciting New Function in EOR (Evidence of Review)

Posted June 27, 2018 in Financial Reporting and Accounting and tagged , , , , .

A new button was added to EOR called “EBT MONTHLY REPORTS”. This button when clicked will email the “Detail Reports PDF” plus “EBT” (Earning, Benefits and Taxes) data for selected Projects and/or Activities. You must have EBT security to receive these reports.

Below is the details of both buttons:

EBT button

Detail Reports PDF includes:

  • Balance Sheet
  • Summary of Revenue & Expense
  • Journal Detail

EBT Monthly Reports includes:

  • Balance Sheet
  • Summary of Revenue & Expense
  • Journal Detail
  • Payroll Earnings, Benefits, & Taxes

This new report will make it easier to fulfill the requirement to review and approve financial transactions. See Policy 3-003.

Thank you for your suggestions and feedback on improving our applications – it is greatly appreciated.

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New ePR Request Type for: Scholarship/Fellowship/Traineeship

Posted June 26, 2018 in Accounts Payable, P2P and tagged , , .

We are pleased to announce the launch of the Scholarship / Fellowship / Traineeship payment type in ePR! This will allow both single payments and scheduled monthly payments for grant funded traineeships and department funded scholarships and fellowships.

Because additional documentation and signatures are required for these payment types, redesigned versions of the original traineeship form will be required as attachments. The FS Forms Page now contains the following new forms and documents:

The Educational/Research Traineeship Grant Form and the Scholarship / Fellowship Payment Request Form are also available directly from the attachments sections of ePR for these two sub-types.

Any paper Scholarship / Fellowship / Traineeship forms received by June 30th will be processed but all new submissions should be made through ePR. After June 30th all Scholarship / Fellowship / Traineeship must be submitted on these new forms via the correct payment types & sub-types in ePR.

Coming soon:

We will be adding additional sub-types for Clerkships, Accreditation and Recurring Athletic Scholarship Payments.

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Exciting New eJournal Changes

Posted June 21, 2018 in Financial Reporting and Accounting, Financial Services and tagged , .

The eJournal application has been enhanced with some exciting new features. Three new options have been added:eJournal features

  • Change Journal ID – the Journal ID can now be changed
    • First, create a new Journal and save the Journal
      • You can also upload from excel, but do not “Upload and Submit”, only “Upload”.
    • The Journal will then be in a “Preparing” state
    • Select the “Journal Entry” menu and choose “Change Journal ID” 
    •  The new Journal ID can be the same as another Journal ID, provided the dates are different.
    • The Journal ID must begin with EJ and be a total of 10 characters
  • Copy Existing Journal
    • This can be done in any state from “Preparing” to “Posted to GL”
    • Open any Journal that you want to copy
    • Select the “Journal Entry” menu and choose “Copy Existing Journal” 
    • This creates a brand new Journal, the old copied Journal still exists
  • Reverse Existing Journal
    • This can be done in any state from “Preparing” to “Posted to GL”
    • Open any Journal that you want to reverse
    • Select the “Journal Entry” menu and choose “Reverse Existing Journal” 
    • This creates a brand new Journal, the old reversed Journal still exists

Thank you for your suggestions and feedback on improving our applications – it is greatly appreciated.

Ask UsPlease ASK US if you have any questions.

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Important Update: Use of University Funds

Posted June 18, 2018 in Financial Services, P2P.

On June 15, 2018, Associate Vice President of Financial & Business Services, Jeffrey West, issued a memo regarding an update on the use of University funds. The memo addresses questions related to institutional funds, development monies, clinical income, and the prohibition against deficit spending. 

Read the memo here.

The memo can also be found in the General Administration & Operations Policies section of the Regulations Library, under General Rules and Procedures.

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Attention PIs: Evidence of Review Update – New Column for High Risk Transactions

Posted June 8, 2018 in Financial Services.

Evidence of Review (EOR) has a new column for Federally funded cost reimbursable Projects ending within 60 days.

PIs: We remind each PI that transactions spent very close to the end date of a project may be subject to additional review and scrutiny.  Transactions that appear on the report linked from this column  are potentially HIGH RISK transactions that could be challenged or disallowed and are subject to additional scrutiny by Internal and External Auditors. The link in this column is an easy way to review any HIGH RISK transactions and take appropriate action if transactions should not remain on the project.

What will appear on the FIL report? When applicable, there will be a link in the column to a report in the Financial Information Library (FIL) that will list any travel, supplies, or equipment transactions beginning 60 days before the Project end date.  Project costs in the last one (1) to ninety (90) days could have the appearance of merely spending down an unobligated balance. Project costs should always be “allowable, allocable, reasonable and necessary” to the goals of the award and any errors should be corrected quickly.  If there are no potentially unallowable transactions, the report will display, “NO RESULTS”.  The report can also be run manually by navigating to the Financial Information Library, GRANTS/CONTRACT folder, called “FED Proj Trans 60 Days to End”.

Security to the report is by PI/Account Executive.  All PIs, AEs, and Liaisons have automatic security.  Please fill out a Management Report security authorization form if needed.

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Q3 FY 2018 UMV for Endowment Projections

Posted May 31, 2018 in Endowment & Investment Accounting, Financial Reporting and Accounting.

The ending quarter endowment pool unit market value (UMV) for March 31, 2018, is $227.18 per unit. This information is necessary for Method 2 of projecting endowment income and is provided quarterly through FS News. All other factors in the instructions remain the same through the fiscal year. For detailed instructions on how to project endowment income, please click here. The instructions are available there now for fiscal year 2018-2019.

If you have any questions or feedback just ask us!

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Notice to Potential Work-Study Employers

Posted May 25, 2018 in Payroll and tagged .

As students begin arriving on campus in June for New Student Orientation, June is an ideal time to post your work-study job with Human Resources. Students may begin earning their Fall 2018 work-study award as early as July 1st, 2018. For more information please refer to the Hiring Process section of the Employer Work-Study Handbook or email faws@sa.utah.edu.

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