Balance Sheet Reconciliation Kronos Update Procurement Update

Balance Sheet ReconciliationKronos UpdateProcurement Update Doug Belliston doug_belliston@byu.edu 422-2734

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

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

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

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

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

Example

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

All staff and student may enter time via time clocks Computer based employees may use internet to log time as it happens Kronos-Initial Assignment of Rights • Internet may be used for after-the-fact time card entry

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

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

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

Balance Sheet Reconciliation Kronos Update Procurement Update