The January fiscal period is closed for the general ledger and all subledgers. You can run final reports for January after 10 pm tonight.
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Finance Dashboard redesign
The redesigned Finance Dashboard will be available Monday, Feb. 5. The dashboard has been updated for a better user experience. You will find it familiar and easy to use, but the improvements include:
Updated tabs
Old: Budget Status, Budget to Actuals, Journal Detail, Subledger Detail, Wages and Fellow Payments, Labor Distribution Detail, Accounts Receivable, Fund Balance Report, Other Links and Help
New: Budget Status Summary, Budget Status Details, Budget Details, Transactional Summary, Transactional Details, Non-Labor Encumbrance Details, Wages and Fellow Payments, Labor Distribution Detail, Labor Encumbrance Details, Fund Balance Summary
What changed:
- All the features you loved from Budget Status are now on Budget Status Summary (with additional chart segments on Budget Status Detail)
- All the features you loved from Journal Detail are now on Transactional Summary with the addition of vendor name and invoice number or expense report number (with even more information on Transactional Details)
- New! Non-Labor Encumbrance Details for information on open POs
- New! Budget Details for information on budget actions
- New! Labor Encumbrance Detail so you can see what makes up that calculated amount
Updated prompts
Currently different tabs have different prompt (or filter) boxes (where you enter the search terms, the desired org or whatever). The prompt boxes are now consistent, with one box per chart segment. You will select whatever hierarchy level you desire within the box.
For example, if you want the Physics and Astronomy department you will still type or select 24300. It will appear as * * * * * 24300 Physics and Astronomy.
If you want the division you will still type or select C2400. It will appear as * * C2400 Wiess School of Natural Sciences.
The difference is that both of these options are now selected from the same box.
Expanded features
- More opportunities to drill down into encumbrance information.
- Group by parent level account B701/B702/B703 to see salaries/S&E/capital
- Now preventing mis-match of fiscal year and period
- Now available – query by GL code combination
- Fund Balance tab now offers comparative information for prior year
Streamlined experience
- Streamlined transactional detail – one tab or one export rather than two
- Streamlined prompts – all the options are still there, fewer confusing boxes
Carrie put together a great toolkit which is available at https://ioevolution.rice.edu or download here: iO Dashboard Tool Kit (1)
There are four upcoming online office hours for follow-up questions:
VIRTUAL SESSIONS
Monday, February 5 1 pm – 2 pm
Tuesday, February 6 2 pm – 3 pm
Thursday, February 8 10 am – 11 am
Meeting ID 483 218 8671 passcode 698099
https://riceuniversity.zoom.us/j/4832188671?pwd=bTlpU3VUdTFvZ0EwaDQ4bnF2cG9EUT09&omn=99987652987
Wednesday, February 14 1 pm – 2 pm
Regular office hour meeting ID 931 3453 3306 passcode 282821
https://riceuniversity.zoom.us/j/93134533306?pwd=ckNHRXpsR3ZHUThoWU5wWXZLcWlpdz09
The recorded webinar will be available at https://ioevolution.rice.edu and you can sign up there if you would like to attend an in-person session. The dates for those sessions:
LIVE SESSIONS HANDS-ON
Tuesday, February 13 2 pm – 3:30 pm
Wed, February 14 9 am – 10:30 am
Thursday, February 15 1:30 pm – 3 pm
Friday, February 16 9:30 am – 11 am
All at Symonds II lab in Duncan Hall, must register in advance
December is closed
The Oracle bug has been resolved and December is now closed. You can run final reports on Thursday, January 17.
Many thanks to Cong Nghe and the team!
September is closed
September was closed Friday 10/6, so final September reports are available today Monday 10/9.
May is closed
May is closed for the general ledger and all subledgers.
Updated chart of accounts
I have prepared an updated chart of accounts. It is available for download here: All Oracle Values General Ledger May 19 2023 or in the FBDI folder under FBDI templates and drop-off > Reference material here https://rice.box.com/s/9p8lotai3jm0o4boko3m5s2jeosvmf94
This update includes the Finance and Administration re-organization posted to IO on Friday, May 19.
April is closed
Apr-23 is closed for the general ledger and all subledgers.
Quick tip: which form to use
Chose the form or template based on what you are changing or doing
Payroll charges:
- Labor Distribution
Project charges:
- Non-Labor Cost Transfer
- Importing Service Center Charge in PPM
General ledger (chart string) transactions:
- General Ledger FBDI
- Balance Transfer (AdobeSign)
Pay money:
- P2P Requisition / Purchase Order / Invoice
- P2P Non-Standard Disbursement
- HCM action / Payroll
- Petty cash voucher
It gets a little more complicated if you are trying to co-ordinate actions between a general ledger chart string AND a project, then you will choose one form or template for EACH action:
- Cost transfer BETWEEN chart string and project -> General Ledger FBDI AND Non-Labor Cost Trf
- Service center charge BETWEEN chart and project -> General Ledger FBDI AND Importing Service Center Charge in PPM
- Additional funding for faculty project -> Balance Transfer AND Re-baseline budget
Guidance about account codes
Guidance about account codes
Generally, we should all strive to code transactions using the most accurate account code available. However, some distinctions are for the benefit of department financial management and some distinctions are required for compliance with federal regulations. Here are some helpful tips:
- Pick the correct category
It does matter that you get the broad category correct, and that basically aligns with the account C level:
C700 Salary and Wage Expenses
C720 Total Benefit Expenses
C740 Scholarship Expenses
C750 Supply and Material Expenses
C760 Travel Expenses
C765 Utility and Rent Expenses
C769 Sub-Contract Service Expenses
C772 Professional Fees and Services
C800 Other Expenses
C895 Internal Charge Accounts
Generally, most departments should avoid these:
C870 Depreciation and Amortization (Property Acct, Svc Ctr)
C880 Operating Interest Expense (Property Acct)
C900 Non-operating Interest Expense (Property Acct)
C910 Other Non-operating Expense (Property Acct, RMC)
C920 Non-op Investment Expense (Investment Acct, RMC)
C929 Non-operating Release of Restrictions (Investment Acct)
C930 Life Income Annuity (Investment Acct)
C940 Total Equipment Disposal Gain or Loss (Property Acct)
C990-999 Conversion and suspense
However, once you are in the correct broad category, the details matter less. Is it an educational supply or an office supply? That level of detail is mostly for management, for your benefit.
- But for a few accounts the details do matter, primarily because these costs must be accurately identified for the university-wide calculation of our overhead (F&A) rate and/or for federal compliance:
- Dues and memberships – professional associations (7531) should be distinguished from entertainment (e.g. country club, 8166)
- Business meetings (8180) should be distinguished from entertainment (8160). Business meetings have a business purpose and an agenda, while entertainment offers enjoyment and relationship-building.
- Flowers, gifts, and donations (8162) should be accurately coded, since these must be excluded from the F&A rate regardless of department. Any charitable donation receipt you receive should be sent to the tax department of the Controller’s Office at MS 70.
- Alcoholic beverages (8161) should be accurately coded, since these must be excluded from the F&A rate regardless of department.
- Fines, penalties, and late fees (8043) should be accurately coded, since these must be excluded from the F&A rate regardless of department.
- Human subjects (7720) should be accurately coded and any use of human subjects in research should have the IRB protocol information noted.
- Professional fees and services of all types (77xx PF&S) should be accurately coded, since these payments can result in tax reporting on form 1099.
- Scholarship payments for tuition or room and board, for any type of student (undergrad, grad, visitor, preceptor, whatever), should be accurately coded, since these payments can result in tax reporting on form 1098-T.
- Rental expenses from leased facilities (7670) should be accurately coded so the university can comply with accounting rule ASC 842.
As always, there is some nuance about allowable/unallowable costs under certain conditions, particularly for sponsored projects, and when in doubt you should check with the Controller’s Office.
February is closed
Subledgers and general ledger are closed for February business.