How to Reconcile Conversion Balances by Fund and Financial Unit


Overview


This article will demonstrate how to reconcile beginning converted Fund balances in Oracle with ending balances in IFIS
 

Critical Concepts


  1. Balancing segments changes:
    1. IFIS: Fund is the only balancing segment
    2. OFC: Entity (primary) and Fund (secondary) balancing segments
    3. A single account 100000 – Interfund Cash Account is used for all balancing entries
  2. Asset and Liability tracking changes
    1. IFIS: Tracks at the Fund level
    2. Oracle: Tracks all accounts at the Entity, Financial Unit and Fund level
  3. Sponsored Projects and Gift Revenue recording changes:
    1. IFIS: Org 410045 was used to record Revenues generated from Sponsored Projects and Gift
    2. Then OPAFS and Gift and Foundation do an Expense Budget allocation to department orgs for spending
    3. Oracle: All Sponsored Project Revenues and Gift Revenues is recorded directly to Financial Units who carry those Sponsored Projects and Gifts so that Revenues and the matching Expenses will be tracked within the same Financial Units

Steps to Take


1. Determine IFIS Orgs that Roll into an OFC Financial Unit

2. Determine IFIS Funds that Roll into an OFC Fund

a. Go to the IFIS Fund to OFC Fund Lookup Tool to determine Fund conversion


3. Determine the Converted Balance in Oracle by Running the General Ledger Trial Balance Report

a. For General Ledger Trial Balance Report, in From Period and To Period use Jul-20

 

b. In Basic Options dialog box, next to Account field, click on the Filter icon

c. In the Account dialog box, click Add Fields, select Fund and Financial Unit, then enter your Fund and Financial Unit

d. In the Report results, the Converted Balance will be under heading Net Beginning Balances and Total for Account Segment for Account 300000
See shaded area for the Converted Balance in Oracle and red boxed areas for the headings


4. Determine the Balance in IFIS via Financial Link by Running the Expanded Budget with Index Summaries Report

a. Login to Financial Link
b. Select Reports > Summary Reports > Expanded Budget Summary by Index
c. Accounting Period will be 2012 – June 01, 2020 and Thru 2012 – Jun 30, 2020
d. Enter the IFIS Fund and IFIS Org and click Submit

5. On the Report results, review the Total under Overall results, see red arrows below

a. The summation of the Total under Balance thru 06/20 and Liens (Encumbrance thru 06/20) is the Converted Balance
b. In the example below, the total Converted Balance would be $233,643.23 (228,160.63 + 5,482.60) = $233.643.23

6. Repeat and add as needed for the many: 1 IFIS:OFC conversion

a. The report needs to be run for each unique IFIS Fund and IFIS Org combination
b. The total summation in IFIS will match the results in Step #3d above

 

 

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