Journal Preparer
GMS Financials powered by Workday
June 2014
Agenda
•
•
•
•
•
•
•
•
•
2
What’s Changing and Why
Definitions
Policies and Guidelines
Roles and Responsibilities
Business Process Overview
System Demonstration and Activities
Reporting
Job Aids
Questions
What’s Changing and Why
• PeopleSoft forms are going away…
• Moving toward best practices to maximize purchasing
power and institutional reporting
• New Chart of Accounts used across University
3
New Chart of Accounts
REQUIRED WORKTAGS
ADDITIONAL WORKTAGS
•
•
•
•
•
•
•
•
4
GMS Cost Center
GMS Fund
GMS Purpose
GMS Program
GMS Grant
GMS Assignee
GMS Gift
GMS Project
Definitions
Definitions
• Journal - Transaction that records, allocates or reallocates funds to
worktags (chart of accounts
• Operational Journal – Journal created automatically from a
business process within GMS.
• Accounting Journal – Journal created manually, not tied to a
business process.
• Ledger – Determines the Balance Sheet on which the Journal will
appear.
• Journal Source – Defines why the Journal was created, useful for
reporting and analysis.
6
Policy and Guidelines
Accounting Journal Worktag Guidelines
• Account, Cost Center, Fund, and Program worktags are required on all
journal lines
• Purpose is required on all lines when account code is income (5xxxx) or
expense (7xxxx)
• A revenue category is required when the account is income (5xxxx)
– The revenue category must map to the income account used
– Examples
• 50900 other sources of revenue – rev cat: Oth Src Rev – Other Membership Fees
• 50600 sales & svcs educ depts – rev cat: Sales Svc Educ – Conference Revenue
• A spend category is required when the account is expense (7xxxx)
– The spend category must map to the expense account used
– Examples
• 71100 Supplies – spend cat: Supplies – Office
• 75000 Other Operating Expense – spend cat: Oth Op Exp – Publication Fees
8
Roles and Responsibilities
Role Responsibilities
• GU – Requisitioner
• Creates all requisitions (Ad Hoc and Punchout)
• Create receipts (for all goods and services they requisitioned)
• GU – Cost Center Buyer
• Creates and processes purchase orders and contracts
• GU – Expense Preparer
• Create expense reports on behalf of other employees
• GU – Journal Preparer
• Creates and uploads accounting journals (including recurring,
copy/reverse, unpost/edit or cancel)
• GU – Financial Reviewer
• Reviews journals, expense reports, requisitions, purchase orders, and
invoices for accuracy of accounting information (Spend Categories and
Worktags)
10
Approval Role Responsibilities
• Cost Center Manager
• Reviews all transactions, regardless of dollar amount
• Final approver for all transactions less than $2,500 except Punchouts
less than $500
• Responsible for financial transactions for the Cost Center
• GU – Grant Manager
• Approves all transactions charged to Grants
• GU – Project Finance Manager
• Approves all transactions pertaining to construction and IT capital
projects
• GU – Business Manager
• Approves purchases between $2,500 and $15,000
• Approves expense reports between $2,500 and $5,000
• Approves all travel advances
• Responsible for financials transactions for Division or Department
11
Approval Role Responsibilities
• GU – Senior Business Manager
• Approves purchases between $15,000 and $50,000
• Approves expense reports between $2,500 and $5,000
• Approves all travel advances
• Responsible for financial transactions for a School or Sector
• GU – Finance CFO
• Approves transactions greater than $50,000
• Approves travel advances greater than $10,000
• Responsible for the financial transactions for a Campus
12
Business Process Overview
Journal Entry Process
No
Is it a source
Endow /
Pledge OR
account code
4xxxx is used?
Journal
Preparer
Initiates
Accounting Director
Approves
Yes
Yes
Is it a TR/PR
Fund, Control
Acct, or
Adjustment
Flag?
No
Is it a PPE
or Gen
Acctg
Journal?
Accounting
Director
Approves
Yes
Yes
14
** If Sr Bus Mgr
Initiates, Finance
CFO Approves
** If Cost Center
Mgr Initiates, Sr
Bus Mgr Approves
No
No
Financial
Reviewer
Reviews
Is it a
Grant?
Is it a Project
and NOT
account code
75001?
Post Award Manager Approves
SFSQ Post Award
Manager Approves
Is journal
source
SA, Adj.
No ACP?
See next slide
Cost Center Manager Approves **
Grant Manager
Approves
Is it
Fund
1805?
END
No
Is Cost
Transfer?
Project Finance Manager Approves
Complete
Accounting
Manager
Approves
No
Is it an
Asset/
Liability?
No
Yes
Cost Transfer Journal
See previous slide
No
Financial
Reviewer
Reviews
Is total =>
$2,500 or
Journal Date
more than 90
days past due?
Is Source
Cost
Transfer?
Cost Center
Manager Approves
Grant Portfolio
Specialist Approves
15
Yes
Journal Preparer
Completes
Justification
Grant Manager
Approves
Complete
System Demonstration
Journal Preparers
• Your role as the Journal Preparers is
critical in ensuring that financial
transactions which eventually are recorded
in the University’s financial system are
– Accurate
– Complete
– Include the appropriate worktags
17
Transactions to Cover
•
•
•
•
•
•
•
18
Create Journal
Create Recurring Journal Template
Generate Journal from Template
Create Cost Transfer Journal
Edit, Cancel, Copy, Copy/Reverse, Unpost
Accrual/Reversal
Create, Validate and Upload Journal
Template
Keep in Mind
•
All supporting documentation is to be uploaded to the GU Box account
– Naming convention for support files should be ‘Journal_xxxxxxxxx_mmddyyyy’
for Excel and/or PDF documents where XXXXXXXXX is the GMS assigned
journal number
•
There are several types of journal sources from which to select. Please refer to the
Journal Source section
•
When more than one fund code is used in a journal the system will generate interfund
balancing lines in accounts 11000 and 11001 and include these lines in your journal.
•
For Cost Transfer Journals – the initiator will be required to enter a reason code
worktag with the grant and the initiator will receive the journal back to complete the
Justification step after the Financial Reviewer step is complete.
•
When using Grant, Gift, or Project worktags, enter these worktags first and the Cost
Center, Fund, Program and Purpose will automatically populate.
19
Information Required
• Details regarding Ledger and Account for
Journal entry
– Job Aid provided
• Details regarding the spend and/or revenue
category for transaction lines
• Accounting Date during an open period
20
Journal Upload Process
• For high volume areas, the Journal Upload process provides
Journal Preparers the ability to submit multiple Journals within
one template.
• Use one of the following journal upload templates.
– Job Aid provided with more information on each type of template
Integration Event Name
Submit Journal - General
Submit Journal - Accrual(Reversal)
Submit Journal - ProCard Reallocation
Submit Journal - SAO
Submit Journal - Cost Transfer
Submit Journal - Capital Projects
Submit Journal - Internal Chargebacks_FWS
21
EIB Template Name
Accounting_Journal.xml
Accrual(Reversal)_Journal.xml
ProCard_Allocation_Journal.xml
SAO_Accounting_Journal.xml
Cost_Transfer_Journal.xml
Capital_Projects.xml
Internal Chargebacks_FWS.xml
Reporting
Reporting
•
•
•
•
23
Find Journals
Find Journal Lines
GU Find Gifts
GU Find Basic Gifts
Job Aids
Need Help?
• GMS Website http://gms.georgetown.edu/
– News and updates on the project with links to other sources of
information
• Financial Affairs Website
http://financialaffairs.georgetown.edu/
– Updates on policies and procedures
• Email: help@georgetown.edu
• Call: (202) 687-4949
25
Campus Reps
• Campus specific questions or other assistance
– Main Campus*: Heather Malneritch / Patrick Gordon
*Financial Unit that reports up to the Office of the Provost
– Medical Center: Muftiat Fahm / Venishea Butler
– Law Center: Caroline Kariemu
– University Services: Jessie Mandel
26
Questions
27