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Reconciliation

Interal Audit was actively involved in the design and decision making process for the Reconciliation report and Reconciliation Status report features in MyFD. Internal Audit has approved MyFD as a system that can be used as an alternative means for performing reconciliation activities.

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In accordance with the University of Washington's financial records retention guidelines, MyFD keeps all information for the current biennia plus 3 biennia.

Learn more at: http://f2.washington.edu/fm/recmgt/retentionschedules/gs/general

The reports in MyFD meet records retention requirements and do not need to be printed.

Electronic signatures are an acceptable option for reconciliation, as well as additional digital notes and dates, and every effort should be made to reconcile electronically rather than using printed copies.

If your unit's business process previously required printing of these reports, we recommend reviewing your department's policies and talking with your administrator regarding keeping only electronic records instead of printing additional copies.

Note that any past reports, including printed MyFD reports, which were signed and dated to document reconciliation activity must be maintained in accordance with the University's retention schedule. For information about the retention period or records retention policies, please visit Records Management Services and consult with Internal Audit to verify your business processes meet requirements.

Using MyFD for reconciliation is not mandatory, but is a convenient electronic alternative that can replace manual, paper-based practices. Discuss using MyFD, for your department specific needs, with your administrator.

Reports (Budget Summary)

This will depend on whether you are accessing historical data (Fiscal Year 2023 and earlier) or future state data (Fiscal Year 2024 and later).

Historical Data: Reporting in MyFD will remain available until 6/30/2024. During this time, current users will be able to access historical data in the same way they always have. Once MyFD shuts down completely, this data will be accessible via the BI Portal, where a subset of MyFD reports is already available).

Future State Data: The preferred method for accessing this data will be via Workday reports. A Financial Desktop dashboard is under development to guide users from MyFD reports to comparable resources in Workday. This dashboard will be available within Workday.

Additional resources are under development to help current MyFD users transition to the future state. Please follow the System Crosswalk - Current to Future State page in the UWFT Change Network, which will be updated as more resources become available.

Reports and queries will remain available in MyFD until 6/30/2024. During this time, users will be able to run queries and reports the same way they do today to access historical data (Fiscal Year 2023 and earlier)

Once MyFD shuts down completely, this data will be accessible via the BI Portal, where a subset of MyFD reports is already available.

Direct Costs will be listed on the Budget Summary report directly under the Total Expenditures line.

Indirect Costs can be found on the Budget Summary report listed as Total FAC and Admin Cost under the Total Expenditures line. They can also be found on the Transaction Summary report as a line for Indirect Costs.

During the Biennium Crossover periods (June, July, and August of odd years), MyFinancial.desktop (MyFD) may not display Budgeted Amounts. Budgeted amounts for biennial budgets are not available until late August, after all final calculations for the closing biennium are complete. Until this time, there are no budgeted amounts available in the University's financial systems, including FIN/FAS and the Buget System (BGT)

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.

MyFD automatically displays the correct Project Reporting Period for each specific budget type and by extension, the correct Remaining Budgeted Amount. For example, for grant budgets the "Activity to Date" option is available, while for state budgets, the "Fiscal Year" and "Biennium" options are available. More information regarding Reporting Period is on our Budget Summary and Transaction Summary webpages.

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.

Reports (Current Encumbrances)

This will depend on whether you are accessing historical data (Fiscal Year 2023 and earlier) or future state data (Fiscal Year 2024 and later).

Historical Data: Reporting in MyFD will remain available until 6/30/2024. During this time, current users will be able to access historical data in the same way they always have. Once MyFD shuts down completely, this data will be accessible via the BI Portal, where a subset of MyFD reports is already available).

Future State Data: The preferred method for accessing this data will be via Workday reports. A Financial Desktop dashboard is under development to guide users from MyFD reports to comparable resources in Workday. This dashboard will be available within Workday.

Additional resources are under development to help current MyFD users transition to the future state. Please follow the System Crosswalk - Current to Future State page in the UWFT Change Network, which will be updated as more resources become available.

Reports and queries will remain available in MyFD until 6/30/2024. During this time, users will be able to run queries and reports the same way they do today to access historical data (Fiscal Year 2023 and earlier)

Once MyFD shuts down completely, this data will be accessible via the BI Portal, where a subset of MyFD reports is already available.

This may be an encumbrance that has intentionally been left open by a department. A $1.00 encumbrance may also indicate that the total amount of charges to a requisition were different that the original requisition amount.

Reports (Transaction Summary)

This will depend on whether you are accessing historical data (Fiscal Year 2023 and earlier) or future state data (Fiscal Year 2024 and later).

Historical Data: Reporting in MyFD will remain available until 6/30/2024. During this time, current users will be able to access historical data in the same way they always have. Once MyFD shuts down completely, this data will be accessible via the BI Portal, where a subset of MyFD reports is already available).

Future State Data: The preferred method for accessing this data will be via Workday reports. A Financial Desktop dashboard is under development to guide users from MyFD reports to comparable resources in Workday. This dashboard will be available within Workday.

Additional resources are under development to help current MyFD users transition to the future state. Please follow the System Crosswalk - Current to Future State page in the UWFT Change Network, which will be updated as more resources become available.

Reports and queries will remain available in MyFD until 6/30/2024. During this time, users will be able to run queries and reports the same way they do today to access historical data (Fiscal Year 2023 and earlier)

Once MyFD shuts down completely, this data will be accessible via the BI Portal, where a subset of MyFD reports is already available.

Direct Costs will be listed on the Budget Summary report directly under the Total Expenditures line.

Indirect Costs can be found on the Budget Summary report listed as Total FAC and Admin Cost under the Total Expenditures line. They can also be found on the Transaction Summary report as a line for Indirect Costs.

You can find the FTE total by viewing the Transaction Summary Report and finding the FTE column next to the Amount column.

MyFD automatically displays the correct Project Reporting Period for each specific budget type and by extension, the correct Remaining Budgeted Amount. For example, for grant budgets the "Activity to Date" option is available, while for state budgets, the "Fiscal Year" and "Biennium" options are available. More information regarding Reporting Period is on our Budget Summary and Transaction Summary webpages.

The "Balance Forwarded - TC31" transactions can be ignored. They are the system's way of carrying forward expenditure totals from one biennium to the next for budgets (such as grants) that span multiple biennia. In other words, because our system only retains data for three biennia, we have to "lump sum" the expenditure totals for budgets like this in order to ensure that we have accurate totals. These transactions will only occur during biennium close and can be disregarded.

There are a few explanations for why this may occur:

Your budget may have begun after the start of the selected reporting period, therefore no prior transactions would exist.
If viewing the first fiscal year of a biennium, there are no prior transactions because each biennium is accounted for separate from the next.
For gift budgets, prior transactions may appear in the new biennium as forwarded expenditures, etc.

Financial Accounting maintains the benefit rate table here, found under Payroll Load Rates - Summary List :
http://www.washington.edu/admin/finacct/loadrate.html

MyFD displays transactions in correct Fiscal month, or the month the transaction occurred rather than the month that they post, or accounting month; FIN displays transactions in the accounting month. It is common to see a discrepancy between MyFD and FIN during the year end or biennium close period; many of these "missing" transactions can be found in MyFD in June.

Additionally, there are some important differences between Biennium and Project Period reporting views, especially in reference to grants and contracts.

Financial Accounting maintains the benefit rate table here, found under Payroll Load Rates - Detailed List
http://www.washington.edu/admin/finacct/detailrates96-11.pdf