Cloud PortfolioOverview

Cloud Portfolio OverviewThe Cloud Portfolio contains everything you need to sign your SAS 115 with confidence. The average time commitment leveraging the materials included have enabled clients to fulfill their SAS 115 obligations in under 30 minutes per month.

Advantages

Satisfies Campus Requirements Satisfies Client Needs Ensures Timely Reporting Ensures Accuracy Leverages In-Depth Analysis Leverages Existing Campus Systems Yields Transparency Yields Ease in Comparisons

SAS 115 Overview

• Statements on Auditing Standards (SAS) are issued guidelines from the Auditing Standards Board (ASB).

• The SAS 115 is a form designed to ensure a set of internal control procedures related to matter identified in a previous Audit.

• SAS 115 has three major components for review:1. General Ledger Summary2. General Ledger Transaction Verification3. Payroll Expense

• Importance of SAS 115• Implemented as the result of an Audit• Signatures reflect that the manager has reviewed all of the

three major areas of concern and that the charges are correct• If Audit is triggered, managers are responsible for outcome

Cloud Portfolio Structure

Ad Hoc ProjectsWhat are Ad Hoc Projects?

Ad hoc projects are analyses and reports that clients have requested to have performed. These are outside the standard reporting structure and will have dedicated folders broken down by fiscal year for each project.

Why would I need Ad Hoc Projects?Ad hoc projects answer specific questions pertaining to your department. They enable you to create accurate forecasts and plan accordingly within your budget constraints.

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Budget

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What is a Budget?

A budget is an estimate of income and expenditures for a set period of time.

Why would I need a Budget?Your departmental budget allows provides you a road map on how to utilize the financial resources allotted.

Financial Detail

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What is a Financial Detail Report?

Financial Detail reports are populated from the Historical Analyses reports. These reports show the clients YTD actuals by account, fund, project and flex.

Why would I need a Financial Detail Report?The Financial Detail Report is populated using GL Sum Monthly data. The clients reviewing this data satisfies one third of their SAS 115 requirement.

Historical Analysis

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What is included in the Historical Analysis?

Historical Analysis Reports allow you to investigate specific expenses related to the four major accounting variables: funds, accounts, project codes (chartfield 1) and flexfields (chartfield 2). The model has been designed to be user friendly and compiles 9 years of historical actuals allowing you to identify trends based on historical averages.

Why would I use the Historical Analysis?Cal Planning is the reporting system utilized throughout campus for FY 14-15. Although variance reports are helpful tools for getting a top level perspective, in order to delve into the details one must still use the BAIRS system since the accounts in Cal Planning roll up into summaries. These reports were developed to provide easy access for ad hoc questions as well as enable analysts to identify historical trends and patterns with ease.

Journals

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What is a Journal?

Journals are transactions completed by your financial analyst to correct errors and transfer revenues.

Why would I use a Journal?Journals are essential to keeping your books clean and providing accurate financial reports.

Notes

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What are included in the Notes?

The notes folder contains a running list of notes from our monthly meetings as well a financial overview. The financial overview provides a macro level financial snapshot of the department. Melding the quantitative historical data with your knowledge of the department will create a great resource that will enable a higher level of reporting and understanding of how the department operates.

Why would I use the Notes?Notes ensure that there is never a gap in coverage for your financial reporting needs. When an analyst is sick or on vacation, the notes hosted in your cloud portfolio will enable another analyst to get a sense of your overall needs and the current status of your department.

Payroll

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What is Payroll?

Payroll reports are built using BIS PPS Curr Payroll expense data from the BAIRS system. These reports give you a breakdown of each employee's gross payroll expense broken down by their description of service (DOS) codes. These codes identify their salary or hours works, overtime, vacation leave, sick leave, etc.

Why would I need to review Payroll?These payroll reports take the hard to use BIS PPS Curr reports and turn the data into a digestible format that allows you to analyze your employees payroll with ease. These reports allow you to sign off on your SAS 115 with confidence. This report is extremely helpful in identifying anomalies and errors. Anomalies and errors can be corrected through notifying your financial analyst of the errors related to specific employees which will be corrected by the next month through the creation of a journal entry.

SAS 115

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What is a SAS 115 form?

Statements on Auditing Standards (SAS) are issued guidelines from the Auditing Standards Board (ASB). The SAS 115 is a form designed to ensure a set of internal control procedures related to matter identified in a previous Audit.

Why do I need a SAS 115 form?Signing the SAS 115 is a campus reqirement. Signatures reflect that the manager has reviewed all of the three major areas of concern and that the charges are correct. If Audit is triggered, managers are responsible for the general ledger for the department they oversee.

Transaction Verification

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What are Transaction Verification Reports?

Transaction verification reports are built using GL Standard Detail data which satisfies one third of your SAS 115 requirement. The report is set up to verify individual transactions that have been processed through your account.

Why would I use Transaction Verification Reports?This report is extremely helpful in identifying transactions that have been processed through your department as well as anomalies and errors. Anomalies and errors can be corrected through notifying your financial analyst of the specific transactions which will be corrected by the next month through the creation of a journal entry.

Variance Report

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What are Variance Reports?

As we head into a new fiscal year, we will be phasing out the old reports and using Cal Planning Reports. The reports come in 3 levels. Level 1 is a high level summary contrasting last year’s actuals, to present year to date actuals, to operating budget, to forecast. Level 2 spreads actuals up to the current month, and populates the reaming months with forecast data. This report will be particularly helpful in making forecast tweaks to get an accurate approximation for how your department will end the year. Level 3 reports will be custom tailored reports designed to meet your needs.

Why would I use a Variance Report?Variance reports represent the broad GL Sum Monthly data which paints a picture of how your department is doing financially. These reports satisfy one third of your SAS 115 requirement and are essential in the financial reporting process.

Questions?