User Guide for the First Quarter Financial Projection · Web viewAuthor Financial Services Created...

User Guide for the First Quarter Financial Projection

2020-21

TABLE OF CONTENTS

Purpose of the First Quarter 2020-21 Financial Projection..........................................4

Accessing Adaptive Insights.............................................................................................4

Confirm Not in Sandbox....................................................................................................5

Accessing The Correct Version: First Quarter Projection.............................................5

Understanding Adaptive Insights for Data Entry............................................................6

Start by Accessing an Applicable Sheet for The Projection.........................................6

Verify....................................................................................................................................8

Confirm Default display Settings......................................................................................9

SAVE The Sheet – An Important step...........................................................................11

Navigating the Sheet & Reviewing the Data.................................................................11

Helpful Data Entry Hint....................................................................................................12

Data Entry Reminders.....................................................................................................12

Use of Notes in Adaptive Insights..................................................................................13

SECTION 1: REVENUE.................................................................................................17

Full-Time Post Secondary Fees.................................................................................17

Apprenticeship Fees....................................................................................................17

User Guide for the First Quarter Financial Projection 2020-21

Co-op Program Fees...................................................................................................17

Incidental Course Fees................................................................................................17

International Fee Share...............................................................................................17

Full-Time Non-Funded.................................................................................................18

Tuition Short..................................................................................................................18

Part-Time Activity.........................................................................................................18

International Student Premiums.................................................................................18

Internal Revenue..........................................................................................................18

Secondment Salary Recovery....................................................................................19

Contract Revenue........................................................................................................19

Other Revenue............................................................................................................. 19

SECTION 2: SALARIES.................................................................................................20

Full-Time Salaries........................................................................................................20

Known Changes...........................................................................................................20

Fixed Term Administrators..........................................................................................20

Salary Assumptions.....................................................................................................21

Salary Splits..................................................................................................................21

Coordinators’ Allowances............................................................................................23

Overtime and Shift Premium.......................................................................................23

Part-Time Staffing........................................................................................................23

SECTION 3: OPERATING EXPENSES........................................................................23

Learning Aid: Mapping BUS Screens to Adaptive Sheets..........................................23

? Need Help......................................................................................................................25

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Training Sessions.............................................................................................................26

Additional Resources & Drop In Sessions....................................................................26

Adaptive Insights Training Materials..............................................................................26

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PURPOSE OF THE FIRST QUARTER 2020-21 FINANCIAL PROJECTION

This User Guide is for the data capture of revisions and to project year end results based on updated information in Adaptive Insights. The purpose of the First Quarter Projection processes is as follows:

At a cost center level, to review and revise the assumptions used for the 2020-21 Approved Budget.

Based on the reviews/analysis, create a projection for the 2020-21 full year to reflect / forecast the anticipated full year results – with a high degree of accuracy.

ACCESSING ADAPTIVE INSIGHTS

Log into Adaptive Insights using the following URL: https://login.adaptiveinsights.com/app

User Name: [college user name]@algonquincollege.com Password: separate from your Algonquin SSO password

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If you have forgotten your Adaptive Insights password and require it to be reset, please email Teri Kinnunen at [email protected]. You will then be provided with a temporary password by email. Once you log in for the first time with the temporary password, you will be prompted to change your password. The new password requirements are as follows:

The password length must be greater than or equal to 12.The password must contain at least 4 alphabetic characters.The password must contain at least 1 numeric characters.The password must contain mixed case characters.The password must contain at least 1 non-alphanumeric character.

CONFIRM NOT IN SANDBOX

Confirm that you are in the Production version of Adaptive Insights. This can be

done by ensuring the name next to the does NOT say SANDBOX, but instead reads: Algonquin College of Applied Arts and Technology, The, as seen below.

ACCESSING THE CORRECT VERSION: FIRST QUARTER PROJECTION

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It is very important to use the correct version in Adaptive Insights. Only data entered in the “Q1 Projection 2020-21” version will be included in the First Quarter Financial Projection. Data entered in any other version in Adaptive Insights will not be included in the First Quarter 2020-21 Financial Projection.

You will be using the “Q1 Projection 2020-21” version.

UNDERSTANDING ADAPTIVE INSIGHTS FOR DATA ENTRY

Please reference the Finance website, Adaptive Insights Resource page for training materials here.

Budget information is captured in its appropriate ‘sheet’.

Sheets presented in the Sheet drop down menu are directly related to the cost center selected for input. For example, if the cost center selected for input is a not an academic cost centre, the sheets available for input will not include “Academic Revenue”.

START BY ACCESSING AN APPLICABLE SHEET FOR THE PROJECTION

The following steps will allow you to access a sheet to enter budget projections.

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1. Go to the Menu icon: Going forward, this will be called “Menu”.

2. Go to “Sheets” and a side drop down menu will appear with all the Sheets assigned to your role.

Depending on the location of your cursor, it might also appear as shown below:

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Note that either menu allows for the same access to a Sheet.

3. Select a Sheet that requires an update. For this part of the User Guide, “Expenses” will be used.

4. Click on the “Expenses” Sheet.

VERIFY

The following steps will allow you to access a sheet to enter budget projections:

1. Version: Ensure that the menu bar (see above) displays Version: Q1 Projection 2020-21.

The importance of verifying that you are updating the corrected updating Version cannot be overstated. Failure to update the correct

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Version will result in the need to re-enter the work in the correct version.

2. Levels: [a specific cost center]3. The cost center can be accessed by the drop down menu or by entering the

cost center in the search bar.

CONFIRM DEFAULT DISPLAY SETTINGS

The “Display Options” function is the mechanism to change the column displays by month, quarter and/or year as well as a way to set up a comparison between the data sets that you check off to complete the budget update process.

Comparison Version

For the Q1 Projection 2020-21 version, the default has been set up to compare the inputted First Quarter Financial Projection updates to the 2020-21 Approved Annual Budget. The steps below will demonstrate how to change the comparison versions. By changing the versions for comparison (see example below), a new column is added in the sheet.

Click, “Display Options” on the menu ribbon:

The following options will be displayed:

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The following steps will allow you to set up the display options:

1. Click on “Version Comparison” 2. Change your “Version Comparison” options to select the version to be

compared. The default comparison version for the Q1 Projection 2020-21 version is as follows (see screenshot below):

Year: 2020-2021 Comparison Version 1: Approved Budget 2020-21

3. Once completed, click, “OK”

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SAVE THE SHEET – AN IMPORTANT STEP

SAVE this Sheet. By saving the Sheet, you will be saving the selected Display Options. Save the Sheet by clicking the Save icon seen below.

NAVIGATING THE SHEET & REVIEWING THE DATA

At the very bottom left of the Sheet, you will see a colour legend showing “Current Version: Q1 Projection 2020-21”, and “Comparison versions: Approved Budget 2020-21”. See below.

The term “Projection” is now being used, replacing the term “Current Budget” which was used in the legacy Budget Utility System.

If you have chosen to include Actuals as a comparison version, you will notice that Actuals data is in green coloured font. You cannot overwrite these monthly Actuals as this is actual revenue and expenditure data transferred from Workday.

You will find the colour-coded column headers at the top, corresponding to the colour legend.

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HELPFUL DATA ENTRY HINT

From Training Module 5 (also available here):

From Training Module 2:

• Data Entry Hints: • Grey cells – cannot be entered into• White cells – are open for data entry• Blue cells – are calculated subtotals• Green numbers – are historical value• Blue numbers – are the values you’ve entered

Prior to clicking on the Sheet you wish to open, place the cursor on the Sheet name and RIGHT CLICK on the sheet name. A menu will open. Choose: “Open In A New Tab”. The Sheet name will appear above the Menu button. Open all the sheets you will be using for input and verification and move between them with greater efficiency.

DATA ENTRY REMINDERS

• There is no “UNDO” – if you delete a FT employee, the record is gone from the BUDGET (of course the employee still exists, still gets paid, etc.), but your budget may be understated. You can manually re-create the employee details.

• Salary and staffing information in Adaptive Insights is taken from Workday, however, it is used for the projection only. Changes made in Adaptive Insights does not change the actual transactions in Workday.

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Blue numbers – are values you’ve entered.If they are dark blue they are not saved – don’t

forget to save

Once you’ve saved the sheet, the TOTAL will populate, the font colour will be black



• There is very little data validation in Adaptive Insights. Watch for:• salary splits less than or greater than 1.0 (in BUS splits had a

total of 100%), • more than 2 Coordinator Allowances per one Coordinator for

example. • Enrolments that exceeds the registration maximum (Reg Max)

will result in a $0 Revenue projection at the program level.

• Adaptive Insights will not highlight these types of errors, so please ensure that you verify that these items are correctly recorded in your budget.

• You can have multiple Sheets open at one time. If you Right Click the desired sheet in the Sheets Menu, you can “Open in a New Tab”. The Sheet name will appear above the Menu button. Open all the sheets you will be using and move between them with ease.

• As previously stated, always check to ensure that you are entering in the correct version.

• If you can’t find a Revenue or Spend category, check the Display Options to see if the “Suppress Zeros” has been checked.

• When inputting expenses in the Expense sheet or Income Statement sheet, ensure you are using the correct Ledger Account for that Spend Category. If you are unsure, please refer to the Financial Data Model.

USE OF NOTES IN ADAPTIVE INSIGHTS

We strongly encourage you to use the notes to provide explanations for changes from the Approved Budget. This will help you and others reviewing your work to understand your projected budgets at later points in the year or when creating the 2021-22 budget. Also, Adaptive Insights allows Revenue and Spend categories to be split into additional lines where the details can be added as individual lines. The sum (total) of the lines will equal the Revenue or Spend Category total.

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From Module 2 Training Session (also available here):

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Notes can be added to the entire Sheet to capture additional comments or details:

1. Click on the “Sheet Notes” icon

2. Enter Sheet Note and Click, OK

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Notes can be added in any active cell:

1. Right click in any active data entry cell:

2. Enter the cell Note and Click, OK

The example of notes recorded below is from the legacy Budget Utility System and the objective is to retain this level of data in Line Splits.

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SECTION 1: REVENUE

The following revenue items are pre-populated. Departments will be able to change information by amending either the Revenue Adjustment Sheet, the Income Statement Sheet or the Enrolment Sheet in the related cost centers.

FULL-TIME POST SECONDARY FEES

Revenue for full-time Post-Secondary/Post-Diploma activity will be loaded based on the 2020-21 Approved Annual Budget. Any changes to the Enrolment Planning sheet will recalculate the Full-Time Post Secondary Fees automatically in the related cost center. Please contact Cristy Montgomery ([email protected]) if you have questions regarding enrolment planning or enrolment-related fees.

APPRENTICESHIP FEES

Apprenticeship per diem allowances and classroom fees (formerly accounts 34100, 34101 and 34102) can be adjusted in the Academic Revenue Sheet or the Revenue Adjustment Sheet for lump sum adjustments. Please contact Andrew Joseph if you have questions related to the Apprenticeship fees.

CO-OP PROGRAM FEES

Co-op Fees are calculated based on the enrolment data entered on the Enrolment Planning sheet. The Co-op fee is based on the current fee used for the 2020-21 Approved Budget.

INCIDENTAL COURSE FEES

Incidental Course Fees are calculated based on the enrolment data entered on the Enrolment Planning sheet. The Incidental Couse Fee is based on the current fees used for the 2020-21 Approved Budget.

Apprenticeship Incidental Fees must be entered manually in the Revenue Adjustment Sheet.

INTERNATIONAL FEE SHARE

The International Fee Share calculation has been automated in Adaptive Insights. This calculation will result in 50% of the international fees appearing under the

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former revenue account 39936 International Fee Share Revenue category – less the International Student Recovery Fee. The offsets to these will appear as an expense under International in former account 49936 (International Fee Share Spend Category).

The following revenue items must be entered by departments, if applicable:

FULL-TIME NON-FUNDED

Enrolment for full-time non-funded activity will not be transferred from the Enrolment Sheet. Adjustments to revenue (formerly account 36400) are made using either the Academic Revenue Sheet or in the Income Statement Sheet.

TUITION SHORT

For adjustment to Tuition Short Revenue using the Income Statement Sheet for the appropriate training days and per diem rate for the program.

PART-TIME ACTIVITY

Use the Income Statement Sheet to adjust Non-Funded revenue for Continuing Education and to adjust revenue for part-time students in full-time programs. Funded revenue should be adjusted in the Academic Revenue Sheet.

INTERNATIONAL STUDENT PREMIUMS

Adjust Full-Time, Part-Time and ESL premiums for International Students using the International (IEC) Sheet.

INTERNAL REVENUE

Where possible, you are asked to use the correct account codes to move revenues/expenses. (i.e. debit and credit the same account). However, where this is not possible, use the Internal Revenue and Internal Expense codes. Departments expecting cost recoveries from contracts or other sources should use Internal Revenue (formerly account 39920). In the Notes field, please indicate the source of the revenue, including the cost center (see example below). There must be an offsetting Spend Category (recorded under “College Services” formerly account 49905) in the source cost center for each revenue amount.

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For example, AC Online provides a course for a Contract with the Department of National Defence. The budget should be:

Budget Code Amount Note

Cost Center: 505ARev. Category: Internal Rev-Anc Recoveries

$12,000 Reimbursement for DND contract (460W).

Cost Center: 460W Spend Category: College Services Int Exp

$12,000 Reimburse 505A for DND courses.

SECONDMENT SALARY RECOVERY

Adjust for any recoveries expected for seconded employees using the relevant salary Spend Category to move the salary and fringe.

CONTRACT REVENUE

Revenue expected to be generated from new or continuing contracts should be adjusted using in the Income Statement Sheet.

OTHER REVENUE

Other Revenue such as Sale of Course Products (formerly account 38200) and Testing Fees (formerly account 39941) should be adjusted in the Income

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NOTE: A separate cost center is required for each contract of $100,000 or more. Contracts of less than $100,000 may be combined in a single cost center.

It is critical to prepare quarterly contract accruals (end of June, Sept. and Dec.) for revenue to be recognized and/or expenses to be accrued. Please prepare these journal entries, with appropriate backup, in Workday, and submit for the quarter end cut-off date. In addition, please ensure that you recognize all expenses under the appropriate Spend Categories.


Statement Sheet. If you use “Miscellaneous Revenue” (formerly account 39908), please describe the nature of the revenue using the Notes feature.

SECTION 2: SALARIES

FULL-TIME SALARIES

Salary and fringe expenses are based on the 2020-21 Approved Budget version. The projection is based on salary increase and step increase per the 2020-21 assumptions and the appropriate collect agreements. Adjustments should be made to the Full-Time Salaries – Employee Data Sheet.

Academic Step increases have been calculated on anniversary dates. In addition, there is a Collective Bargaining Agreement increase of 2% effective October 1, 2020.

Administrative Step increases have been calculated on each employee’s anniversary date. A provision has been made for an annual rate adjustment to the salary table.

Full Time Support

Step increases have been calculated on anniversary dates using the salary table. In accordance with the Collective Bargaining Agreement there is a general wage increase of 1% on effective on September 1, 2029 and March 1, 2021.

Part Time Support

There is a Collective Bargaining Agreement increase of 1.5% effective January 31, 2020.

KNOWN CHANGES

Budget holders must include adjustments for anticipated accrued vacation that will be paid to individuals retiring in the 2020-2021. This adjustment can be made in the Adjustment to Salaries Sheet as a lump sum payout.

FIXED TERM ADMINISTRATORS

Budget Holders should add the annual $5,000 to the salary of each Fixed Term Administrator for the “in lieu of benefits” value. Fringe will be calculated in Adaptive Insights on the value entered in the Part Time and Temporary Salaries Sheet.

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SALARY ASSUMPTIONS

Fringe benefit costs for all salary lines have been calculated using the following rates:

Salary Account

Fringe Account

Rate Description

40100 43000 23.5% Full-Time Academic41200 43100 11% Part-Time Academic41100 43200 16% Partial Load Academic41300 43300 11% Sessional Academic40800 43001 27% Sabbatical Academic41500 43400 24% Full-Time Administrative41700 43401 22% Sabbatical Administrative41900 43500 18.0% Fixed Term Administrative 42000 43600 29% Full-Time Support42500 43700 11.5% Temporary Support42501 43701 8.5% Student Support

SALARY SPLITS

From Training Module 3 (also available here):

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COORDINATORS’ ALLOWANCES

The Coordinators’ Allowances should be updated in the Coordinator Allowance Sheet. Note that there are no data entry restrictions on the number of Coordinator Allowances that can be added to one coordinator. Please review the entered data carefully.

OVERTIME AND SHIFT PREMIUM

Overtime and Shift Premiums should be updated in the Overtime Shift Premium Sheet.

PART-TIME STAFFING

Refer to Human Resources website for pay rates when budgeting temporary salaries (or click on this link: http://www.algonquincollege.com/hr/ . Adjustments for Part Time Staff should be made in the Part Time and Temporary Salaries Sheet.

SECTION 3: OPERATING EXPENSES

It is important to budget under the correct Spend Categories as well as the correct Ledger Account with that Spend Category. The accuracy of the College’s data depends on this, and the management reporting for the College will be based on the data entered.

Update operating expenses in the Expense Sheet.

LEARNING AID: MAPPING BUS SCREENS TO ADAPTIVE SHEETS

This section is intended to provide you with a map of the functionally that existed in the Budget Utility System (BUS) to the new Adaptive Insights system, as well as to provide definitions for some of the new terminology in Adaptive Insights.

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? NEED HELP

Check the Announcements page in for updates from the Corporate Budget Office. The Announcements page will include information about issues, status of issue resolution and copies of the Assumptions sheets. The Announcements page can be found here:

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Please call or email one of the following people identified as expert users and subject matter experts:

Topic Contact Person

Financial Projections Teri Kinnunen, Marina Spivak, Emily Woods , Shaideh Mogharrabin

Enrolment Planning and Academic Revenue

Cristy Montgomery, Xiao (Shawn) Qu

TRAINING SESSIONS

Three Adaptive Insights overview training sessions via Zoom have been scheduled at this time:

Tuesday, April 21, 2020: 10:00 a.m. to 11:00 a.m. Friday, April 24, 2020: 11:00 a.m. to 12:00 p.m.

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Monday, April 27, 2020: 1:00 p.m. to 2:00 p.m.

To register for these courses, log into the Algonquin College Employee Learning Brighspace site using your Algonquin College credentials, then search for Adaptive Insights from the list of courses or in the search field.

ADDITIONAL RESOURCES & DROP IN SESSIONS

Enrolment Planning questions should be directed to Cristy Montgomery.

For password re-set and cost center access questions and requests, please contact Teri Kinnunen, Emily Woods, or Nathan Sassi.

ADAPTIVE INSIGHTS TRAINING MATERIALS

Training session materials from the five modules can be found here on the Finance website Adaptive Insights Project page.

Module 1: Introduction

Module 2: Non-Academic Revenue & Non-Salary Expenses

Module 3: Salaries

Module 4: Reporting

Module 5: Academic Revenue & Enrolment Planning

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User Guide for the First Quarter Financial Projection · Web viewAuthor Financial Services Created...

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