Balance Sheet Reconciliation Kronos Update Procurement Update

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Balance Sheet ReconciliationKronos
UpdateProcurement Update

• Doug Belliston
• doug_belliston_at_byu.edu
• 422-2734

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Balance Sheet Reconciliation

• Balance Sheets represent the assets and
  liabilities of the University
• Primarily used by Auxiliary businesses
• Each department has ability to enter transactions
  to balance sheet accounts
• In academic areas balance sheet entries often may
  be errors because spending is measured against
  budget

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Balance Sheet Reconciliation

• Balance Sheet accounts reconciled by
• Financial Services
• Central Cash
• Investments
• University Notes and Accounts Receivable
• Land, buildings and equipment (including gifts
  held for liquidation)
• Accounts and Loans Payable
• Accrued Vacation, Taxes

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Balance Sheet Reconciliation

• Balance Sheet accounts reconciled by Departments
• Department Cash (banks, change/petty cash)
• Department receivables (not encouraged)
• Inventory
• Prepaid Expenses
• Clearing Accounts (18xx)
• Accrued Liabilities
• Deposits (returnable to customers)
• Deferred Revenue

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Balance Sheet Reconciliation

• Reconciliation means
• Ability to list contents comprising the balance
  and knowing when item will become an expense or
  revenue
• -Or-
• Ability to agree balance to another system such
  as a bank statement, perpetual inventory system,
  etc... and identify reasons for differences

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Balance Sheet Reconciliation

• Balance Sheet reconciliation guide provided on
  Financial Services website (Services, Accounting,
  Balance Sheet Reconciliation Guide)

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Example
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Kronos Update

• Kronos system nearly complete
• Training to begin mid-August
• Planned implementation early October
• Assignment of employee rights

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Kronos-Initial Assignment of Rights

• Internet may be used for after-the-fact time card
  entry

• All staff and student may enter time via time
  clocks

• Computer based employees may use internet to log
  time as it happens

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Kronos-Initial Assignment of Rights

• Sick and Vacation
• Staff employees may be given authority to enter
  own sick/vacation via internet
• Please consider only for those also using
  internet time entry
• Kronos will not be used for Admin sick/vacation
  reporting

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Kronos-Reporting

• Improved supervisor management tools
• Error correction
• Reports to monitor employee hours status
• Historical activity

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Procurement Reengineering Update

• Purchasing Card, already used extensively
• Extensity roll-out, Aug 6
• Travel Reimbursement, direct deposit
• Business Expense Reimbursement, direct deposit
  (where other tools cannot be used)
• Convenience Checks, Aug 31
• (follows Purchasing Card approval process)
• End of LPD use Sept 30, close account Oct 31
• Publish list of approved Check Requisition
  Categories, Sept 30