To: University Business Managers
From: McGregor Bell, Budget Director
Brian Smith, Assistant Vice Chancellor for Finance and Accounting
Date: April 6, 2015
As we approach year end, we have a very small window of opportunity to make improvements to the budget definitions, or rules, in Commitment Control in order to simplify reconciliation, budgeting, reporting, and maintenance across the institution. Based upon feedback from a variety of sources over the last six months, and the capacity of the project team to implement changes before year end (changes require new configurations and associated testing), we plan to make the following improvements to the budget rulesets in Commitment Control in PeopleSoft to be effective for the upcoming FY 15-16:
- Eliminate “Associated Revenue” due to confusion associated with this concept. The goal for this concept can be achieved through the use of allocations that create expense budget journals nightly based on recognized revenue.
- One roll-up for F&A to account 500100, “All Other Expenses”
- One roll-up for Trust 1 expense to account 500100, “All Other Expenses”
- Trust 2 expenses roll ups will be consolidated to one roll up to account 500100, “All Other Expenses”. This consolidation will facilitate the use of allocations as the solution to the elimination of “Associated Revenues”.
- Trust 1 and Trust 2 revenues will roll up to a new account 400100, “All Other Revenues” as opposed to being at the detailed account level.
- Addition of “Program” and “Cost Codes 1, 2, and 3” ledger groups to the Foundation units to facilitate reporting needs.
- Removal of optional “Cost Code 3” chartfield from Trust 2 Expense ruleset.
In closing, the above changes are intended to simplify reconciliation, budgeting, reporting, and maintenance across the institution. If you have any questions, please contact McGregor Bell at mcgregor.bell@unc.edu or Yahui Chao at chaoy@email.unc.edu.
Copy: MOU Leads