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Slide 1
FastFactsFeature Presentation
03/19/2014
To dial in, use this phone number and participant code…
Phone number: 888-651-5908 Participant code: 182500
To participate via VoIP…
You must have a sound card
You must have headphones or computer speakers
© 2012 The Johns Hopkins University. All rights reserved.
Slide 2
Today’s TopicWe’ll be taking a look at…
Electronic Account Reconciliation
Slide 3
Today’s Presenters
Kyra Vocci Scott McGheeFinancial Manager Sr. Administrative ManagerDepartment of Chemistry Hopkins Extreme Materials Inst.Contact: [email protected] 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] can also send us an instant message!
GoogleTalk – [email protected] Instant Messenger – HopkinsFastFactsMSN – [email protected]
Slide 6
Survey
SurveyAt 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.
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How To View Full Screen
Click Here
Slide 8
Electronic Account Reconciliation
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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 HereWhy Switch to Online Account Reconciliation?
In line with university’s push towards a greener work environment
Increased efficiency and complianceRemote access to filesMultiple people can have access to the same files at the
same timeTime 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.
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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.
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Folder OrganizationExample 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.
Slide 14
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 ConventionsPurchase 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 ConventionsNON 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 ConventionsReceiving 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 ConventionsP-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 ProcessStep Two: Retrieve the Financial Statements.
Enter Sponsored Program Number and click Submit.
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Reconciliation ProcessStep 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.
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Reconciliation ProcessStep 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
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Reconciliation ProcessStep 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 ProcessStep Seven: Once backup documentation has been retrieved and reviewed, highlight the associated lines to show that it’s been reconciled.
Slide 28
Please NoteInternally, 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.
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Reconciliation ProcessStep 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 Interesthttp://www.jhu.edu/ohia/hopkinsia.html
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Conclusion
This works! In use for 4 yearsHas 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
ResourcesThis 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_Reconciliation_Guide.pdf
SAP Document Numbers Job Aidhttp://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
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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.
Q&A
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!
