Beth Marrone, CPA
Chief School Business Official/Treasurer
Operations
 Peggy Smith, CPA -Senior Accountant/Assistant Treasurer
 Mary Ruth Durbin - Accounts Payable Accountant
 Debbie McCauley - General Accountant
June 25, 2014
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How to Read Your Financial
Reports
 Principal’s Responsibility
 SchoolFunds Online (SFO) Financial Reports
(School Funds)
 WV Education Information System (WVEIS)
School Allocation Reports (County Funds)
June 25, 2014
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Principal’s Responsibility
The Principal is responsible for ALL
Finances at his/her school
Includes:
 Compliance with Policies & Procedures
 Accurate Accounting Records
 Reports Submitted Timely
 Internal Controls
June 25, 2014
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Principal’s Responsibility
Reports/Due Dates:
 10th of every month – WVEIS School Allocation Summary
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Report review date
15th of every month – Monthly Financial Reports for Schools
and Faculty Senates
20th of every month – Discrepancy/negative balance
explanations
July 15th – ANNUAL Financial Report for all Support
Organizations
September 15th – Faculty Senate Roster
November 15th – Furniture purchase from prior year overtime
allocation (cost center 23)
January 15th– Verification of 1099 Vendor Listing
June 3oth – Fixed asset listing confirmation/corrections
Audit Corrective Action Plans – 30 days after receipt of audit
June 25, 2014
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Principal’s Responsibility
Reference Manuals for policies and procedures:
 Accounting Procedures Manual for the Public Schools in the State of West
Virginia http://apps.sos.wv.gov/adlaw/csr/readfile.aspx?DocId=23903&Format=PDF
 Jefferson County Board of Education Standard Operating Procedures
http://boe.jeff.k12.wv.us/domain/47
 Jefferson County Board of Education Policy Manual
http://boe.jeff.k12.wv.us/cms/lib02/WV01001913/Centricity/Domain/1562/Polic
y%20Manual%2010152013.pdf
 Jefferson County Board of Education Purchasing Policies and Procedures
Manual http://boe.jeff.k12.wv.us/Page/1594
Each school and support organization must have a hard copy of these manuals on
hand to ensure proper accounting and internal controls within your school.
June 25, 2014
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SFO Financial Reports (School Funds)
 Bank statement envelope must be signed by the Principal before
opening
 Bank statements must be reviewed, initialed and dated by the
Principal
 Look for irregularities or unusual items:
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Checks made out to cash
Checks made out to unauthorized individuals
Improper Signatures
Bank Deposits not made timely
Checks should NEVER be made out to cash.
Who are the checks payable to? Do you recognize the
vendor? Does anything look suspicious?
Look for irregularities in signatures – Is a check signed with
your name, but it’s not your writing? Are there 2 signatures?
Look at dates of deposits – is there a gap between
deposit dates?
June 25, 2014
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SFO Financial Reports (School Funds)
Reports to Review For Monthly Financial Reconciliation
 Bank Reconciliation
 Journal Entry Register
 Bank Statement
 Open Purchase Order
 Deposits In Transit
Report
 Receipts and
Disbursements Detail
 Fundraiser Profit and Loss
Statement (run after
completion of event)
 Outstanding Checks
 Receipt Register
 Check Register
June 25, 2014
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SFO Financial Reports (School Funds)
Reports to Submit to Finance
 Bank Reconciliation
 Journal Entry Register
 Bank Statement
 Open Purchase Order
 Deposits In Transit
Report
 Receipts and
Disbursements Detail
 Outstanding Checks
*Finance should receive these reports by the 15th of the month. The following
slides will discuss what you should review prior to sign off and submission.
June 25, 2014 8
EXAMPLE
Bank Reconciliation – Bank Statement
Each school should have a
written process on “How to
Handle Return Checks”.
Verify that the Statement Ending Balance EQUALS the Bank Statement Ending Balance
June 25, 2014
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EXAMPLE
Bank Reconciliation – Deposits-In-Transits
Look for Deposits in Transit (DIT)
that are older than two or three
days. Check MAY’s bank statement
to verify DIT hit the bank.
Verify that Deposits-in-Transit EQUAL the Deposits-in-Transit Listing
June 25, 2014
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EXAMPLE
Bank Reconciliation – voided receipt
This voided receipt is unusual and should
have explanation –Why was this April
receipt voided in May? A possible
explanation is that the receipt was entered
in SFO as an incorrect amount and not
discovered until April reconciliation . The
adjustment was then recorded in May.
Make sure deposit tickets from bank are
matched up DAILY to deposits in SFO. This
would eliminate this problem.
June 25, 2014
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EXAMPLE
Bank Reconciliation – Outstanding Checks
Look for checks older than 30 days.
Research to determine if they need voided
or reissued. Must submit explanation to
Finance if older than 60 days.
Verify that Outstanding Checks EQUAL the Outstanding Checks Listing
June 25, 2014
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EXAMPLE
Bank Reconciliation – Receipts and Disbursements Detail
Ending Balance
$11,413.96
+
Encumbrances
$3,150
=
Cash Balance
$14,563.96
Verify that Reconciled Bank Balance EQUALS the Receipts and Disbursements
June 25,
Detail Ending Balance PLUS Encumbrances (POs)
2014
13
EXAMPLE
SFO Financial Reports (School Funds)
Receipts and Disbursements Detail Report
Items to Review:
 Accounts
 BMB/BYB
 Month To Date
 Receipts
 Disbursements
 Transfers
 Encumbrances
 Ending Balance
 Year To Date
 Receipts
 Disbursements
 Transfers
 Encumbrances
June 25, 2014
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EXAMPLE
SFO Financial Reports (School Funds)
Receipts and Disbursements Detail Report
Verify that “End of Regular Accounts” EQUALS
“End of Asset Accounts”
Verify that Ending Balances
June 25, 2014
are not negative
15
EXAMPLE
SFO Financial Reports (School Funds)
Receipts and Disbursements Detail Reports
Month To Date:
BMB
+ Receipts - Disbursements +(-) Transfers
$348.35
$470.40
$690.20
$0.00
– Encumbrances
$0.00
= Ending Balance
$128.55
Year To Date:
BYB +
Receipts - Disbursements +(-) Transfers
$(232.60)
$5,445.00
$5,083.85
$0.00
– Encumbrances
$0.00
= Ending Balance
$128.55
BYB (Beginning Year Balance) should NEVER by negative.
Make sure both BMB (Beginning Month Balance) and BYB (Beginning Year Balance) are printing on your report.
June 25, 2014
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SFO Financial Reports (School Funds)
Receipts and Disbursements Detail Report
Make sure EXCLUDE BEGINNING YEAR BALANCE box is
NOT checked. This will allow your Beginning Year Balance
and Beginning Month Balance to print on your monthly
reports.
June 25, 2014
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EXAMPLE
SFO Financial Reports (School Funds)
Receipts and Disbursements Detail Report – Open PO Report
Verify that Year to date Encumbrances tie to Open PO Report – In this case it does not tie. The Receipts
and Disbursement Detail is dated 4/30/11 and the Open PO Report is dated 5/17/11. Make sure you run
the Open PO Report on the last day of the month – CAUTION – If you forget to run the report on last day
of month –it will not match Receipts and Disbursements Detail Report, which should be noted on your
report submitted to Finance.
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Office account has a negative ending balance?
Record interest in a separate account.
Finance recommends all support organizations be under
SFO.
The Child Nutrition BMB = Month to Date Disbursements .
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BYB is a negative? This transfer should have been
done before the previous year end.
Ending balance is a negative? This transfer
should have been done prior to the submission of
your monthly financial reports.
20
All fundraisers should be recorded in separate
subaccounts.
NEWS FLASH: Event codes must be used for fundraiser tracking. It replaces
the current profit and loss statement required by SOP 4.6c.
21
Example of the Event Code feature
June 25, 2014
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Grants/Donations that have a negative BYB or a negative Ending
Balance should be reviewed immediately and corrected/adjusted
prior to submitting your reports to Finance.
All grants/donations should be recorded in
separate subaccounts.
All grants must be expended as required in the grant
documentation.
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WVEIS School Allocation Reports (County Funds)
 Cost Centers:
 02
Extended Day
 10
Instructional
 11
Science/Health Textbooks
 13
Overtime (current year)
 14
Staff Development
 15
Transportation
 17
Local - grants/donations
 18
State/Other - grants/donations
 19
Other Organizations – County Reimbursement
 20
Ticket Seller
 23
Furniture/(prior fiscal year overtime savings)
 27
Race Track Funds
June 25, 2014
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WVEIS School Allocation Reports (County
Funds) - Other
 Current year instructional allocation (cost center 10) is
adjusted after final 2nd month enrollment numbers are
finalized.
 Reports must be run at the school level monthly
 Finance will send a monthly email reminder to run and
review the reports.
 Finance must be notified of any discrepancy/corrections by
the 20th of the month (10 days after report review).
 Corrections/adjustments require notification to all
administrators involved and must have supporting
documentation.
June 25, 2014
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WVEIS School Allocation Reports (County Funds)
 How to run your School Allocation Reports in WVEIS
 School Allocation Summary Report/Step 7 Extended
Day Allocation Report
 Outstanding Encumbrance listing (PO’s)
 How to read the reports – Budget, YTD Expenses,
Encumbrances and Balance
 What do I do if I there is an error on my school
allocation reports?
June 25, 2014
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WVEIS School Allocation Reports (County Funds)
All administrators and financial secretaries have access to run their WVEIS school allocation
reports. Finance will send an email reminder on the 10th of each month to run and review
your WVEIS School Allocation Reports.
June 25, 2014
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WVEIS School Allocation Reports (County Funds)
WHS should be
replaced with your
school ‘s ID
Enter Group: SCHOOL WHS to run School Allocation Summary
Report AND Step 7 Extended Day Allocation Report.
Report month should be the current month.
Enter Report Identifier: SCH WHS BUD – to run just the School Allocation Summary Report.
Enter Report Identifier: SCH WHS EXT – to run just the Extended Day Allocation Report.
June 25, 2014
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WVEIS School Allocation Reports (County Funds)
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BRE
NJE
PJE
RES
SES
CWS
SJE
WDI
TAL
DES
BRP
BLUE RIDGE
NORTH JEFFERSON
PAGE JACKSON
RANSON
SHEPHERDSTOWN
C W SHIPLEY
SOUTH JEFFERSON
WRIGHT DENNY INTERMEDIATE
TA LOWERY
DRISWOOD
BLUE RIDGE PRIMARY
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CMS
HMS
SMS
WMS
CHARLES TOWN MIDDLE
HARPERS FERRY MIDDLE
SHEPHERDSTOWN MIDDLE
WILDWOOD MIDDLE
 JHS
 WHS
JEFFERSON HIGH
WASHINGTON HIGH
Here is a listing of each schools ID numbers assigned in WVEIS for the
School Allocation Reports.
June 25, 2014
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WVEIS School Allocation Reports (County Funds)
Press Enter.
June 25, 2014
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WVEIS School Allocation Reports (County Funds)
This screen will pop up once the report is generated. Press Enter.
June 25, 2014
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WVEIS Budget Reports (County Funds)
Type MYREPORTS and press enter.
June 25, 2014
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WVEIS Budget Reports (County Funds)
MYREPORTS will show you the reports that have printed. Enter 5 to display
reports.
June 25, 2014 33
WVEIS School Allocation Reports (County Funds)
Budget
-
YTD
Expenses
-
PO’s
=
Balance
34
WVEIS School Allocation Reports (County Funds)
Step 7 Extended Day School Allocation Report
June 25, 2014
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WVEIS School Allocation Reports (County Funds)
If your BALANCE is negative, you must either issue a
check to the County Office or provide finance with an
explanation on how the negative will be addressed by the
20th of the month.
June 25, 2014
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WVEIS School Allocation Reports (County Funds)
Enter 1 to run reports with detail.
Finance recommends this detail option when you have multiple grants OR
to research any areas of concern.
June 25, 2014
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WVEIS School Allocation Report (County Funds) - Detail
Same report as previous slide but with the
Detail Option: 1. See below – multiple state
grants.
38
Sample grant award. Grants normally set up with a cost center 17 or 18 on your
WVEIS Allocation Reports. Your can review your balance at any time by running the
reports.
June 25, 2014
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Thank you!
June 25, 2014
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