Journal Entry Processing Project Update June 20 th, 2007 Financial UL Presentation.
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Journal Entry Journal Entry Processing Processing Project Update June 20 th , 2007 Financial UL Presentation
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Transcript of Journal Entry Processing Project Update June 20 th, 2007 Financial UL Presentation.
Journal Entry ProcessingJournal Entry ProcessingProject Update
June 20th, 2007
Financial UL Presentation
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The Paper ProcessThe Paper ProcessDay 1 Day 2 Day 3 Day 4 Day 5 Day 6 Day 7
Paper Journals Approval to Post
Key Entryby 3rd party processor
Read
y to
Post
ErrorsKeypunchChartfield ValidationCombo-EditBudget Check
Fin
al P
ost
Hard-Copy
Journal Entry
Hard-CopySupport
Hard-Copy
Journal Entry
Hard-CopySupport
Department Procedure Central Accounting
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ObjectivesObjectives• Identify the most timely and accurate processing
methods for journal entries • Enhance internal controls
– Eliminate unnecessary journal activity– Reduce journal volume– Strengthen journal support and accountability
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Progress to DateProgress to Date• Piloted online and direct upload with selected users under
Service Level Agreement (SLA) restrictions – No sponsored activity allowed– Could not cross into another department group
• Improved internal Service Unit Billing (SUB) process – Improved load method (from FTP to webpage loader)– Cleaned up inactive internal vendors– Categorized internal vendors as rebill or recharge units
• Offered option for users to shift from paper journal to electronic journal file (upload) submissions through Financial Operations
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The Upload ProcessThe Upload ProcessDay 1 Day 2 Day 3 Day 4 Day 5 Day 6 Day 7
ElectronicTransfer
ElectronicSupport
Approval to Post UploadApprovedJournals
Read
y to
P
ost
Read
y to
P
ost
Errors Chartfield
Validation Combo-Edit Budget
Check
Fin
al P
ost
Errors Chartfield
Validation Combo-Edit Budget
Check
Fin
al P
ost
Email to FinOpsSFTP Transfer
Hard-Copy
Support
Department Procedure Central Accounting
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Room for ImprovementRoom for Improvement• Utilizing system enhancements
– Get journal entries into the general ledger even faster– Provide more information on the journals
• More collaboration between central administration and departments– Business process reviews– New training opportunities– Streamlined customer service contacts– Internal control review
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Next StepsNext Steps• Implement system enhancements
Additional combo-edit rules
New field to journal header for the uniqname of the contact
(accountable) person Longer journal header description field for uploads Internal (FinOps) workflow functionality to expedite review of
Sponsored Programs activity Considering additional system requirements on Service Unit Billings
invoicing
• Remove existing fund and department restrictions• Reduce central up-front reviews and increase post-processing
analysis• Provide direct journal entry options to all units• Assist departments with transitioning• Improve our customer service model
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The Future ProcessThe Future ProcessDay 1 Day 2 Day 3 Day 4 Day 5 Day 6 Day 7
Auto-Approval to Post
ElectronicSupport
Approval to Post
Read
y to
P
ost
Errors Combo-Edit Budget Check
Fin
al P
ost
Errors Combo-Edit Budget
Check
Fin
al P
ost
Read
y to
P
ost
ErrorsCombo-EditBudget Check
Fin
al P
ost
Direct Entry
Entry Methods: Key Entry Upload Data Files Copy Existing Journals User Defined Templates
Erro
rsC
hartfield Validation
Hard-CopySupport
Department Procedure Central Accounting
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Anticipated Roll-Out TimelineAnticipated Roll-Out TimelineToday through August 2007• Communicate project to University community • Train existing online and upload users on system
changesSeptember 2007• New system changes available with phased roll-outOctober 2007 through January 2008• Evaluate direct online users’ experiences• Begin training for new online and upload usersJanuary 2008• Evaluate timeline for discontinuing paper journals
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Department Action StepsDepartment Action Steps• Review journal business processes• Consider implementation timing that works best for your
unit– FinOps staff are available to consult with you and your unit prior
to scheduling training and system access– Access is granted via M-1 form submittal, with training as a
prerequisite
• Visit the website for project updates and to schedule training– Open training sessions for individuals– Group training sessions by school or department
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QuestionsQuestions
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Contact UsContact Us
Douglas Hovey
764-3499
Debbie Talley
647-5564
