Audit News – State Auditors’ Fieldwork

Posted May 25, 2012 in Controller and tagged .

The State auditors will begin their interim fieldwork testing this month, May, which will last through July. Additional audit work will is scheduled for September and October.

This year’s State audit team will include Jason Allen, Debbie Davis, Trent Henke, Paul Durkee, Dan Ellis, Melanie Henderson, Brian Ipson, Houston Erbstoesser, Steve Bowen, Travis Lansing and Lisa McComb.

This year, we have a new audit supervisor – Jason Allen. Hollie Andrus has rotated off the UofU engagement and will be working with other State audits.

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Auto-Numbered Forms

Posted April 20, 2012 in Financial Services Technical Support and tagged , .

Financial & Business Services has many forms on its web presence. Several of the forms are auto-numbered. Occasionally the auto-number feature of the form does not work. These forms can be accessed with a variety of browsers and operating systems.

A presentation is now available to help users troubleshoot why the auto-numbered form is not working. View it here.

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Year-End Information & Dates

Posted April 17, 2012 in Financial Reporting and Accounting and tagged , .

The “Year-End Information & Dates” link in the Financial & Business Services pagelet on CIS has been updated for the dates applicable the upcoming fiscal year end. Please make sure all your documents are submitted by the posted due dates to insure that the June Management Reports are accurate.

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April Momentum Newsletter – Exciting new look!

Posted April 10, 2012 in Financial Services and tagged .

The Momentum Newsletter is published quarterly and is meant for the use and benefit of the University of Utah Campus Community.

A full Printable Version of this newsletter is also available to forward to your colleagues.

 

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Accounting Changes for Projects – Posting of Accounts Receivable

Posted March 5, 2012 in Grants and Contracts Accounting and tagged , .

***IMPORTANT***

Accounting Changes for Projects

Posting of Accounts Receivable

As Grants and Contracts Accounting bills for February expenses, they will begin booking Accounts Receivable and recognizing revenue on all new and outstanding invoices. This is necessary for the implementation of the PeopleSoft Grants Module planned for December 2012.

Accounts Receivables will be posted to account 15300 (Accounts Receivable) located on the balance sheet in the Management Report. We will not be booking Accounts Receivables for letter of credit projects at this time.

In the past, we recognized revenue when we received the funds. Beginning March, 2012, we will recognize revenue when the invoice is prepared. Account 15300 (Accounts Receivable) is the amount billed but not paid by the sponsor. To obtain the amount already paid by the sponsor, you will need to subtract the Accounts Receivable amount from the Revenue amount.

Click here for an example.

This is part of the PAM initiative.

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Financial System Downtime Planned March 3, 2012 – 6 AM to Noon

Posted March 2, 2012 in Financial Services and tagged .

UIT will be updating the Financial Services module in PeopleSoft Saturday, March 3, 2012 starting at 6 a.m. We need to update and apply fixes to the module to improve the service.

This change is scheduled from 06:00 a.m. to 12:00 p.m.During this change, UIT will be working on PeopleSoft.

This change will impact the Financial Services. CIS, Student, HR/Payroll Systems, and Credit Card systems will NOT be effected by this outage.

The change schedule is as follows:

  • Upgrade begins 6 a.m.
  • Upgrade implementation complete 10 a.m.
  • Upgrade Verification begins 10 a.m.-noon
  • PeopleSoft Financials Systems available again for general use at noon

If you have any questions or concerns, please contact the Campus Help Desk at 801-581-4000 or the Hospital Help Desk at 801-587-6000.

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Q2 FY 2012 Unit Market Value for Endowment Projections

Posted February 21, 2012 in Endowment & Investment Accounting, Financial Reporting and Accounting.

The ending quarter endowment pool unit market value for December 31, 2011, is $191.48 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 2012-2013.

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Salary Encumbrance Resumed **updated 02/08/2012**

Posted February 8, 2012 in Payroll and tagged , .

Update:

The daily run of salary encumbrances has resumed.  The issue has been resolved. The process was run this morning, so the most up-to-date information is now showing in the Payroll Encumbrance Summary report detail.

Update:

The daily run of salary encumbrances is still on hold. To bring the encumbrance data up-to-date, we have run the process today, Friday, February 3. You will see this date on the Payroll Encumbrance Summary report. As of today, the information is correct. The encumbrance information in the Management Reports (Summary of Rev/Exp, Balance Sheet, Funds Available) will be updated tomorrow.

The process remains on hold pending the resolution of the issue.

We have temporarily suspended the daily run of salary encumbrances. We have discovered there are a few instances where the encumbrance is posting incorrectly to the General Ledger. We’ve put the process on hold until this issue is resolved.

This hold affects the encumbrance information in the Management Reports. You will notice on the Payroll Encumbrance Summary report that the last time the process was run was Friday, January 27, 2012. As of Friday, January 27, 2012, the information is correct.

Thanks for your patience.

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January Momentum Newspost 2012

Posted January 12, 2012 in Financial Services and tagged .

The Momentum Newsletter is published quarterly and is meant for the use and benefit of the University of Utah Campus Community. Follow the links from this page to see the full articles…

A full Printable Version of this newsletter is also available to forward to your colleagues.

FS Header

January 2012
Notable Changes

Process Spotlight
Purchasing Card
–

$Y$ - Happenings

  • Remember PAM? The cross organization project that will make life easier for researchers and all involved in Project Administration and Management…Well, here is an update!

FS Community

  • Which FS employees are ready to celebrate 5, 15, and 35 year anniversaries?

Upcoming Events
Share Your IdeasShare Your Ideas With Us FS TwitterFollow FS on Twitter
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Payroll Encumbrance Changes Are Here!

Posted January 6, 2012 in Financial Reporting and Accounting, Financial Services Technical Support, Grants and Contracts Accounting, Payroll and tagged .

We are excited to announce the highly anticipated changes to payroll encumbrances are live today. Payroll encumbrances can now be projected through future years on research projects, and will be updated daily to reflect mid-pay period changes to employee distributions. These enhancements are part of the Project Administration & Management (PAM) initiative underway at the U. Here are the details…

Encumbering Future Years On Fund 5000 Projects…

To take advantage of future year encumbering on research projects, you must set up the Employee Distribution with additional project rows specifying future fiscal year begin and end dates. You do not need to do this right away, you may update them whenever you are ready, and your changes will be reflected within a business day of making the change.

The Encumbrance Calculation…

Encumbrances are calculated for date ranges specified on the Employee Distribution during which the employee job is active, on paid leave, or retired with pay, and the distribution chartfield includes an encumbered GL account. The encumbrance calculation will take into account future events such as changes to FTE, employment status (hire, termination, work break, etc.), changes to distribution, compensation rate, etc.

  • For Exempt (both Annual and Contract): distribution factor * (annual salary * 1/24) * number of pay periods left in the calculation period. When a distribution date does not begin or end on the boundaries of a pay period, the following calculation is used for that pay period: distribution factor *((annual salary * 1/24) * (number of work days in partial pay period/total number of work days in pay period))
  • For Hourly: distribution factor * hourly rate * (standard hours/5) * number of work days in the calculation period. Standard hours is equivalent to FTE*40.

Payroll Encumbrance Reports…

The Managements Reports and Human Resource Information Library (HRIL) Payroll Encumbrance reports have been enhanced as part of these changes. Both applications provide separate summary level and detail reports. The detail reports show encumbrances broken out by the changes in variables that go into the encumbrance calculation, including:

  • Calculation period (driven by both job and employee distribution dates) 
  • Pay Status
  • Distribution Chartfields
  • Distribution Factor/Percentage
  • Compensation Rate

Management Reports navigation – select a hyperlinked encumbrance value to drill into the Payroll Encumbrance detail report from either of these summary reports:

  • Summary of Revenue & Expenses
  • Encumbrance Report

Human Resources Information Library (HRIL) navigation – select the PAYROLL REPTS folder.

  • Encumb Summary by…
  • Encumb Detail by…  

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