Even though we know the budgeted amount for grants, during the Biennium Crossover period, all budgeted amount data becomes unavailable in the University's financial systems. When the budgeted amounts for biennial budgets become available, budgeted amounts for ALL budget types, including grants, are uploaded to the Budget System and Financial Systems; this generally occurs in late August. At this point, the budget balance for grants will be re-displayed in MyFinancial.desktop.
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Fiscal Year End / Biennium Reporting
Journal Voucher
MyFDs will always post to the current open month, and therefore the "Current" period is set as the default for MyFD JVs. The only time "Prior Fiscal Year" is available is during fiscal year end and biennium close.
Department reference fields like "Alt Contact Information," "Reference Number" and "Department Use" are located at the bottom of a MyFD JV. (On the previous manual JV forms emailed to jvreq@uw.edu, the fields were in the upper right corner.)
These JV references will not post to FAS, but are accessible once posted by locating the JV either on the budget, clicking the date link, or in the Saved & Submitted page.
MyFD JV feature verifies the preparer/initiator, approver and individuals on the distribution list against UW personnel files to ensure that journal voucher accounting entries are prepared, approved and distributed to only UW individuals. Shared Net IDs and external email addresses are not allowed.
No, you cannot. The preparer (initiator) of a JV and the approver of a JV must be separate individuals, identified by UW Net ID.
Providing appropriate support for a financial transaction is an essential element of internal control. Supporting documentation could consist of an Excel file showing calculation for the transaction, a PDF of financial statement, PDF of legal document or signed agreement and/or a memo requesting or explaining the transaction.
The approver of the Journal Voucher must decide if the supporting documentation is sufficient enough for someone to clearly understand the purpose of the accounting entry and ensure it is free from errors.
General guidance regarding financial transactions and support documentation is found in the Internal Controls area of the Financial Reporting website: https://finance.uw.edu/fr/internal-controls/documentation
No, the approver entered on a MyFD cannot edit the JV. If changes are necessary, the MyFD JV must be returned to the preparer (sometimes called the initiator) for editing. Additionally, the preparer cannot edit the JV if it is in Pending Approval or Submitted status.
Expense Transfers should always be used first. Expense Transfers start by choosing a posted expense from the budget and therefore carry the initial debit information and only changes must be entered, can be both initiated (prepared) and submitted (approved) by a single person with Expense Transfer access in ASTRA and require no additional documents for audit support. Additionally, for salary expense transfers, MyFD will calculate and transfer associated benefit expenditures, using the correct historical rates.
Journal Vouchers, on the other hand, are only used in cases where no expense is shown on the budget (i.e. General Ledger or Fund accounting), or the expense cannot be corrected with an Expense Transfer (i.e. Revenue). Journal Vouchers must be started from a blank form with both the debit and credit entered, require both a separate initiator (preparer) and approver in the department and require support documents to be attached.
More Systems
With an increase of online financial systems being used at UW, MyFD has provided links to those that often rely on data within MyFD. Support can be found within their own systems.
Open Balances
The Encumbrance and Open Balance report will list the order number and title in the report relating to the open balance amount. Further information can be viewed in Ariba.
Review this order in Ariba. MyFD pulls information directly from Ariba and should be reflecting it's current status. The information should be a day behind the current data in Ariba.
Will the Business Intelligence Portal (BI Portal) have the same information posted in their reports?
At this time, the BI Portal reports will remain as they currently are. These reports will be enhanced with the Open Balance information at a later date.
No, not at this time. But there is a report available in Ariba to view Open Balances along with the Encumbrance and Open Balance Report in MyFinancial Desktop.
Ariba will not show the estimated tax, it will show the order amount before tax. The estimated tax is available in MyFD to assist with budget planning.
An open balance is an outstanding commitment on a budget for a transaction placed through the Ariba system. The amount you see is the order amount and will include the estimated amount of tax for that order. These balances will be updated nightly in MyFinancial Desktop.
The following reports will display Open Balance data: Budget Summary, Budget List, Encumbrance and Open Balances Report and Budget Worksheet. The Encumbrance and Open Balances Report will show the individual order numbers open in Ariba.
Review the order in Ariba. If the balance should not be open, please follow the steps outlined on the Changing or Closing eProcurement Orders web page to request the closure of the order through the Close Order Request Form.
You will be asked to provide the reason for the order to be closed and verify that all products/services have been received and all invoices have been reconciled and paid.
As Best Practice, the person requesting the closure should include a Comment on the PO (EI #) on the Summary tab under Comments-Entire Direct Order before requesting the closure. If the order was cancelled by the department with the vendor, please include the date the order was cancelled, vendor representative contact information and replacement PO number, if applicable.
Creating a Budget List will allow you to see the overall balance totals for both Encumbrances and Open Balances for more than one budget at a time. To learn about building budget lists, visit our Budget List webpage here.
No, Open Balances are only available for current open time periods. For example, when viewing the Budget Summary report, the time periods in which Open Balances will be visible is the current month, biennium and fiscal year.
Open Balances will not alter the way information is processed to MyFinancial Desktop. It will be additional information to what is already posting.
It is possible your default settings are preventing the information from displaying on your reports. Please view the Settings training on the eLearning page here to learn how to update settings for MyFinancial Desktop.
PCA Codes
In FIN your PCA chart of accounts for Project needs to be updated. The Lowest Level (LL) must be flagged Y (yes) for them to appear.
Budget revisions do not appear in FIN. They are processed in the BDGT system. You can find the budget revision information in the MyFD Reconciliation Report.
The Project Cost Account (PCA) System is a university-wide system that allows UW departments to monitor expenditures, report revenue, payroll and track other financial data.