Fiscal Year End

For those of you on a July-June fiscal year, fiscal year end is fast approaching. We are thrilled to offer you software in which each year (as well as each month and quarter) stands on its own, because that means you won’t have a formal closing or opening of these periods. There are, of course, procedures you should follow at the change of a fiscal year. Rest assured that we have you covered! Please click the links in this post to access our fiscal-year-end-related recommendations and tools.

  • MULTIPLE MODULES: You can access our Fiscal Year End Procedures document with this link. The suggestions contained within will help you ensure a smooth fiscal year end, and a clean start to your new year.

  • LEAVE MANAGEMENT: If you have the Leave Management module, then in a few short weeks, you will be moving your employees’ leave balances to the new fiscal year. We want to make that task easier, and also allow your Leave processing to be more streamlined in the upcoming fiscal year and beyond. With that goal and timing in mind, we want to get the word out about something that you may not realize is a feature in our software. NOW is the time, BEFORE you use the Move Leave Balances process, to take a look at all your Leave ID’s, and determine which of the same type may be able to be combined into one, with a table applied that would determine employees’ earnings based on their years of employment. Once tables have been set up, you can use the Move Leave Balance process to move balances into the new year, and at the same time, move them into the unified Leave ID. Please click this link to read more about utilizing Leave Tables.

  • LEAVE MANAGEMENT: We created a Year End sub-menu, under Maintenance, in order to group together the processes and reports that are most commonly used at fiscal year end, when employees’ leave balances need to be zeroed out or carried over, in part or full, to the new fiscal. A new, comprehensive guide of that sub-menu can be accessed via this link. In the guide are links to the wikis that provide more details on each of the individual processes and reports under Year End, including the Move Leave Balance process itself.

  • PAYROLL: We also have guidance on running Contract Payrolls in June. We recommend that you read through this documentation, so that you understand all your options regarding July and August payrolls. It can be accessed with this link.

We hope that you find value in our recommendations and instructions. If you have questions regarding fiscal year end, please submit a cyber support request.

Who Did What And When

We have had many requests for a way to track and report “Who Did What and When”.  This question comes up often in the form of “Who changed what in our payroll files since the last check run?”

OpenRDA Tracks That Information

We have always tracked this information in the Transaction Processing tool. Transaction Processing tracks when something was changed even if it has been changed three times.  A record is created and stored of every change.  The record of every change includes the process, the date/time and who made the change along with the initial and resulting values.

Many of you have experienced the benefits of this tool with its undo/redo features.  One scenario where Transaction Processings has helped many is when a system experiences an ungraceful shutdown due to a power outage in the middle of process like distribution, posting, computing, etc..  The Transaction Processing tool helped get the data back to a known and stable state.

OpenRDA 4.0 Will Make It More Useful

However, in its present format, the data is not easily shared or analyzed.  That is about to change in OpenRDA 4.0. In addition to its trusted logging and undo/redo capabilities, Transaction Processing will easily query the activity logs for your organization or department showing Who did What and When.  You will be able to get a list of all the data changes in a module, like Payroll or Vendor Payments, over a specific time frame.  You will be able to quickly see who made what changes to your payroll records over a specific time period i.e.,  since the last check run. And, transaction Processing still has the undo/redo capabilities.

Transaction Processing can also be used with new hires and other employees to monitor their progress as they take on new and additional responsibilities. By looking at what they are doing and when, you can pinpoint areas where they are doing well or where they could use a little help.

Share Your Ideas

We can think of a number of other ways this tool can make a difference and we would like to hear what you think. Leave a comment about a time when this information would have come in handy to solve a problem or run down the information you needed.

Vendor Payments and Purchase Requisitions

My October 4, 2013 blog posting talked about purchase cards (P-cards). Hard to believe that was four months ago.  Anyway, in my (very humble) opinion, OpenRDA’s ESS Requisitions module is the absolute best solution for managing these type of purchases–for efficiency, transparency and accountability. I’m not sure about your area of the country, but it seems that every day I’m reading in the newspaper about someone  in an organization who has been caught using his/her issued P-card (or company credit card) for personal purchases.  And, I always wonder why it took so long for it to be detected.

But, if you’re not quite ready to deploy ESS Requisitions, you may want to try direct, credit card-type purchase orders or recurring vouchers.

If you would like more information on ESS Requisitions, please let us know.

Phyllis

pdflowers@openrda.com

 

 

Managing Payments with Invoice Due Date

image courtesy of Photokanok/FreeDigitalPhotos.net

How are you using the Invoice Due Date when adding direct and PO vouchers?  The intent of this field is two-fold: so that you can add invoices on a regular (daily) basis for more efficient work-flow; and to better manage/leverage cash (avoid assessment of late payment fees from a vendor; maximize earned interest for interest-bearing accounts). When you assign check and EFT numbers, range on Due Date so that check/EFT numbers aren’t assigned until you’re actually ready to issue the check/transmittal for those vouchers.

The A/P Aging Report by Fund (on OpenRDA’s task bar) allows you to easily see what’s “in the works” (meaning invoices that have been entered and verified/validated but not paid). This also makes it easier for other staff within the organization to use this report or to query on invoices/vouchers to see the status (rather difficult to do that if the invoices are in a folder awaiting data entry!). You can also go ahead and distribute these vouchers. This allows the general ledger in Financial Management to immediately reflect these payables; providing management with a more accurate (real-time) picture of the financial health of the organization. And, cash will not be affected until the checks/electronic transmittals are issued (since the check/EFT date always determines the fiscal period for the credit to cash).

Phyllis

pdflowers@openrda.com

P-Cards

image courtesy of artur84/FreeDigitalPhotos.net

Is your organization using P-Cards? If so, do you normally refer to them as Pain Cards or Purchase Cards? I read what the different P-Card vendors say (improve efficiencies, reduction in paperwork); and that there is often a rebate to you from the P-Card vendor isn’t too bad, either. But, do you struggle each month trying to round up all the receipts from the employees who are issued a purchasing card and get them entered into so that they’re expensed correctly? What if you could streamline the process, while providing accountability and transparency? What if you really could improve efficiencies and reduce the paperwork? What if the employees with the P-Cards could enter an on-line requisition for each purchase, attaching the receipt, and then that requisition with attachments could be downloaded into OpenRDA as a completed purchase order?

If you want to hear more, let me know. Until then, try not to let those P-Cards manage you.

Phyllis

pdflowers@openrda.com