Transcript Budget Revision Process PowerPoint Presentation

Budget Revision Process
Overview
Budget Revisions
Revisions are used to transfer funds between
Departments and/or accounts.
Revisions are also used to create a budget entry for cash
deposited to revenues and recovery accounts.
A budget revision is used to either temporarily or
permanently revise budgets.
▫ A temporary budget revision will adjust current fiscal
year budgets only.
▫ A permanent budget revision will adjust current and
future fiscal years.
Key rules of the Budget Revision Process
 Funds can only be transferred between like funding sources. For
example, a department or a division may transfer funding from one E&G
Department ID to another E&G Department ID (1xxxxx to a 1xxxxx) or from one
Auxiliary Department ID to another Auxiliary Department ID (3xxxxx to a
3xxxxx).
 Every transaction must be shown at the detail account and sum control account
levels. These are required for Budget Office data entry into Finance system.
• The Windows version of the budget revision form Sum Control accounts summary on
the right side of form – that are for Budget Office use – are calculated at the Department
ID unit level by clicking the “Update” button on the form. Verify that the left side
and right side of the budget revision balance. If no, click on the “Update” button again.
• The OSX version of the budget revision form detail account changes will automatically
update the Sum Control accounts on the right side of form – that are for Budget Office
use.
Key rules of the Budget Revision Process cont’d
 Departments cannot move full-time salaries and fringes to NPS or any
other areas without Budget Office permission.
 To safeguard personal service funding for part time wages, the Budget
Office discourages the transfer of funds between personal services and
non-personal services accounts.
 Departments cannot move Federal work study (114600) to any other
account codes, but may transfer from one Department ID to another.
 In Academic Affairs, the Provost’s Office must review and sign all
budget revisions.
 Departments must obtain prior approval from the Budget Office to
record excess revenue and associated expenses.
Recording Recoveries
 Recoveries are reimbursements to a department (can be either a
Personal Services (PSREC) Recovery or a Non-Personal Services
(NPSREC) Recovery). Recoveries deposited to a department often
require an accompanying budget revision to establish additional
spending authority for the department.
 For example, one department pays another department for services
rendered. The payment will show up in the department’s actual
recovery account. However, it cannot be spent until a recovery
budget revision for that recovery account is created to equal the
actual recovery.
 Any budget that has already been established for the recovery
accounts (i.e. 129900, 139900, etc.) requires a budget revision only
for the deposit amount exceeding the established budget.
Budget Revision Form
The Budget Revision form can be found on the
following website:
▫ http://www.jmu.edu/budgetmgmt/forms/budgetrevision/index.shtml
There are two different forms to choose from:
▫ Windows Version
▫ OSX Version (Mac only)
How to complete the Budget Revision Form – Windows version
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- Enter the department name
- Enter the name and phone number of person
preparing the form
- Select appropriate check box for the type of
budget revision you wish to submit.
Enter a brief one-line description that applies to
all transactions listed. Note: only 60 characters
of the description are recorded in PeopleSoft.
Level one approval is needed on all revisions.
Level two approval is required when budget
adjustments cross Dept ID units within the same
college or administrative unit. Level three
approval is required for transfers between
administrative units within the same division,
transfers with other divisions, or requests for
new funding. All revisions within Academic
Affairs must have the approval of the Assistant
Vice President, Academic Affairs.
- Enter or select from drop down boxes the
Department ID ,Account code and Position
Number for affected full-time position to which
the budget adjustment is being made.
- Enter the amount of the change in the
“Amount” column. All amounts will be read as
positive unless the number is shown in brackets
($$$$) or proceeded by a negative (-) sign. The
“inc/dec” column indicates if the transaction will
“increase” or “decrease” the account code being
adjusted.
- If additional rows are needed, click on the
“Insert Row” button.
- Click the “Update” button to calculate the sum
control amounts. These sum control account
calculations are required by the budget office for
entry into PeopleSoft.
Two new messages may pop up. The first is to
remind the user to click on the Update button.
The second indicates that the total amounts do
not equal 0(zero) asks the user to confirm that a
one-sided budget revision is intended.
•All Budget Revisions are to be recorded in
whole dollars; please do not list cents and
do not round up. For example, record
$45.00, not $45.37 or $45.95.
•Credit amounts must equal debit amounts
(i.e. Amount column should = $0) on all
revision forms.
•See Instructions to Complete the Budget
Revision Form for details related to
numbers on the picture