Transcript FastFacts Feature Presentation

Slide 1
FastFacts
Feature Presentation
03/19/2014
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Participant code: 182500
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© 2012 The Johns Hopkins University. All rights reserved.
Slide 2
Today’s Topic
We’ll be taking a look at…
Electronic Account Reconciliation
Slide 3
Today’s Presenters
Kyra Vocci
Financial Manager
Department of Chemistry
Contact: [email protected]
410-516-6840
Scott McGhee
Sr. Administrative Manager
Hopkins Extreme Materials Inst.
Contact: [email protected]
410-516-7794
Slide 4
Session Segments
Presentation
Kyra and Scott will talk about how to implement electronic
account reconciliation in your department. This approach should
work for every department with some adjustments to make this
process best fit your needs. Electronic account reconciliation will
help your department become more efficient and improve
financial compliance.
During Kyra and Scott’s presentation, your phone will be muted.
Q&A
After the presentation, we’ll hold a Q&A session.
We’ll open up the phone lines, and you’ll be able to ask
questions.
Kyra, Scott, and John will answer as many of your questions as
time allows.
Slide 5
Contact Us
If you would like to submit a question during the presentation or if
you’re having technical difficulties, you can email us at:
[email protected]
You can also send us an instant message!
GoogleTalk – [email protected]
AOL Instant Messenger – HopkinsFastFacts
MSN – [email protected]
Slide 6
Survey
Survey
At the end of this FastFacts session, we’ll ask you to complete a
short survey.
Your honest comments will help us to enhance and improve
future FastFacts sessions.
Slide 7
How To View Full Screen
Slide 8
Electronic Account Reconciliation
Slide 9
Agenda
After today’s presentation you will be able to:
List the benefits of electronic account reconciliation
Organize your files electronically in a shared drive
List the steps in an electronic reconciliation process
Initiate an electronic account reconciliation process in your
department
Slide 10
How We Got Here
Why Switch to Online Account Reconciliation?
In line with university’s push towards a greener work environment
Increased efficiency and compliance
Remote access to files
Multiple people can have access to the same files at the same time
Time saving for locating and filing
Versatility of organization – can easily categorize and group files by
different features (i.e., date, faculty, purchaser, vendor, etc.)
Saving and generating more office space
Slide 11
This Process Is Adaptable
The process we are presenting works for us.
The foundation of this process can be adapted to fit your
department’s needs.
Slide 12
System Foundation
The key components of this system are access to a shared drive and
the file saving naming convention.
Our Online Filing System is organized in folders by faculty members
on a shared drive.
All Research Service Analysts and Administrative Personnel involved
in account reconciliation have access to this drive.
The next few slides will describe our naming conventions and what
each faculty member’s folder contains.
Slide 13
Folder Organization
Example of a Faculty Member’s File Directory
Within each faculty folder, there are folders for each of the faculty
member’s Non Sponsored and Sponsored Accounts (IO/Cost Center), and
folders for his or her Financial Statements, Proposals, Quarterlies, etc.
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Folder Organization
Within each folder, there are folders for various charges and award
documentation.
Slide 15
Folder Organization
The Reconciled folder has sub folders for each month.
Each folder marked with an “R” has been completely reconciled.
Slide 16
Folder Organization
In the Reconciled folder, all necessary documentation for a particular
month’s expenses are saved.
Slide 17
Naming Conventions
Purchase Orders
The individual who places orders saves a PDF of the purchase orders in
the appropriate Account folder as orders occur, and uses the following
file naming convention:
PO#_Vendor_FacultyInitials_EndUser_I/O#
(We use 3 initials for all faculty members.)
Slide 18
Naming Conventions
NON Purchase Orders
The individual who processes reimbursements and online payment
requests saves a PDF in the appropriate folders as transactions occur,
and uses the following file naming conventions:
Online Payment Requests: Doc#_ Vendor_ I/O#
Reimbursements: Trip#_ Name_ I/O#
Slide 19
Naming Conventions
Receiving Tickets (Packing Slips)
Receiving tickets are scanned by the staff member receiving the
shipment and saved in a central Receiving folder on the shared drive
using the following file naming convention:
PO#_Vendor_FacultyInitials
Slide 20
Naming Conventions
P-card Charges
P-card charges are allocated as part of the biweekly review and
approval process. When saving a P-card charge, the backup must be
scanned and saved in the P-card folder.
Order#_Vendor_FacultyInitials_EndUser_I/O#
Slide 21
Reconciliation Process
Step One: Retrieve the Financial Statements.
Go to Launch Applications at http://finance.jhu.edu/ and click Monthly
Statements.
Note: Statements are also emailed to Administrators monthly.
Slide 22
*PLEASE NOTE
That access to the monthly statements is for sponsored cost objects
only.
For non-sponsored cost objects, please run the preformatted reports
at:
http://finance.jhu.edu/reports_guides/sap_assistance/saved_favorites/save_fav
.html
Slide 23
Reconciliation Process
Step Two: Retrieve the Financial Statements.
Enter Sponsored Program Number and click Submit.
Slide 24
Reconciliation Process
Step Three: Find appropriate month’s
Financial Statement and click View PDF.
Each statement is listed by fiscal
year/period (i.e., in this statement, “1407”
is interpreted as January 2014).
Step Four: Save Financial Statement
PDF into appropriate month’s
reconciled folder.
Slide 25
Reconciliation Process
Step Five: Search the shared drive for purchase orders (POs) and receiving tickets by
typing the PO# in the Windows search field (see Figure 1). After the search completes
(because of our naming conventions), all items related to the PO# are displayed.
Combine all documents into one PDF and save the file in the monthly reconciled folder
with an “r” at the beginning of the original saved PO (see Figure 2).
Figure 1. Search for Backup Docs
Figure 2. Saving Backup Docs
Slide 26
Reconciliation Process
Step Six: Search the shared drive by PO#, Trip# (for reimbursements), Doc# (for
online payments), etc. as referenced on detailed Financial Statement. Continue this
process until all backup documentation for expenses listed have been retrieved. Save in
reconciled folder for the month.
Reimbursements
Purchase Orders
Service Centers
Online Payments
Slide 27
Reconciliation Process
Step Seven: Once backup documentation has been retrieved and reviewed, highlight
the associated lines to show that it’s been reconciled.
Slide 28
Please Note
Internally, we have a color coding system that denotes the type of expense, and that we’ve
reviewed for accuracy and proper allocation:
Payroll Salary and Fringe are reviewed for accuracy and proper distribution, and marked
RED on the financial statement. It is important to note that they are also reconciled as
part of the Quarterly budget review process.
Tuition and Health Insurance are reviewed and reconciled during our monthly
reconciliation and also reconciled again as part of the Quarterly budget review process –
also marked RED on the financial statement. We use Distributed Graduate Aid (DGA) on
the Homewood campus as a source to review these charges.
Purchase Orders are highlighted YELLOW.
Service Centers (doc numbers that begin with 14) are marked with GREEN.
Note that for each cost category, we assign a color.
Slide 29
Reconciliation Process
Step Eight: Sign and date the Financial Statement electronically when reconciling is
complete. Once complete, mark folder with an “R.”
Slide 30
Audit Review
Any additional questions, please contact The Office of Internal
Audits: 443-997-6391
Hopkins Internal Audit Links of Interest
http://www.jhu.edu/ohia/hopkinsia.html
Slide 31
Conclusion
This works!
In use for 4 years
Has been endorsed by JHU Office of Internal Audits
It’s adaptable!
It has proven to be effective in both a large department with centralized
purchasing and receiving as well as a smaller institute.
While each department center and institute has different needs, the
foundation of this process can be adapted to fit those needs.
Slide 32
Resources
This page contains links to the various resources mentioned throughout this presentation.
You can click on the links or copy and paste the links into your web browser.
Account Reconciliation Guide:
http://finance.jhu.edu/reports_guides/acct_recon/acct_reconciliation_guide/Acct_Reconcili
ation_Guide.pdf
SAP Document Numbers Job Aid
http://finance.jhu.edu/reports_guides/acct_recon/SAPdocumentnumbers.pdf
Dashboards Sponsored Research: (for access, contact [email protected])
https://metrics.finance.jhu.edu/frac/runJasperDashboard.do
Monthly Statements: (for access, contact [email protected])
https://apps.finance.jhu.edu/ocex/admin_spon_statements_search_front.jsp
Document Management System: (for access, contact [email protected])
http://dms.controller.jhu.edu:8989/Oculus/servlet/login
Slide 33
Q&A
We’re going to open the phone lines now!
There will be a slight pause, and then a recorded voice will provide
instructions on how to ask questions over this conference call line.
We’ll be answering questions in the order that we receive them.
We’ll also be answering the questions that were emailed to us
during the presentation.
If there’s a question that we can’t answer, we’ll do some research
after this session, and then email the answer to all participants.
Slide 34
Thank You!
Thank you for participating!
We would love to hear from you.
Are there certain topics that you would like us to cover in future
FastFacts sessions?
Would you like to be a FastFacts presenter?
Please email us at: [email protected]
Slide 35
Survey
Before we close, please take the time to complete a short survey.
Your feedback will help us as we plan future FastFacts sessions.
Click this link to access the survey…
http://connect.johnshopkins.edu/fastfactssurvey/
Thanks again!