Monthly Actuals Report - FIN014

LAST UPDATED: February 17, 2017

What You Should Know

The Monthly Actuals report is used for the review and comparison of actuals and trends month-over-month and year-over-year.   This report provides chartstring actual totals for each month of the selected fiscal year, total fiscal year-to-date and totals for two prior fiscal years.   The report provides fiscal year comparison based on the month selected.  

Accounting signs in this report align with the current FIN015 - Transaction Detail by Chartstring report. Amounts are represented using natural accounting signs.

The report is available in the Financial Management folder.

  1. Navigate to the Prime Portal
  2. Select Reporting tile
  3. Select Financial Management   folder
  4.   Select FIN014 – Monthly Actuals

This report is intended for extract to Excel Format, not excel data.

With the FIN014 - Monthly Actuals report we are applying a new set of report prompt, navigation and output standards that will eventually be applied to other financial reports.   Those specifics are described in the Key Report Features section below.

Report Uses

Use this report for financial reconciliation, planning activities, and trend analysis on a month-by-month and fiscal year basis.  

  1. Perform monthly financial analysis and comparison – On a monthly basis review chartstring transaction totals and comparatively assess revenues and expenses in previous fiscal years for the same month.
    1. Review and plan for event expenses based on prior years’ activity.
    2. Confirm that transactions are posting with same timing as prior years’.
  2. Identify changes in transactional patterns across months and years – Scan and identify activity in new chartstrings by month and year.
    1. Spot anomalies and follow up on “missing” revenue amounts.
    2. Confirm that activity has ended by a certain month on a fully depleted, or no longer used chartstring.
  3. Confirm journal posting and corrections
    1. Validate that journals have been posted and to which chartstrings.  
    2. Confirm credit and debit entries and appropriate accounting signs before entering a correction journal.
    3. Identify and review journal corrections which net to zero on the same chartstring.
  4. Review sponsored research activity
    1. Identify needed expense   correction journals
    2. Review Cost Share Commitments (assignment journals and expenditures)
  5. Perform review by Account Category to quickly assess activity for further analysis.

Key Report Features

Redesigned Prompt Page Navigation

To alleviate the prompt page search and “jump to the top” reported by many users, prompt selections have been divided into two pages.   Next> and <Back buttons have been added to the navigation bars at the top and bottom of the report.

On prompt page 1, determine fiscal year, accounting period and output display features.   Then navigate to prompt page 2 to make ChartField selections. Utilize the navigation bar to move between the two pages. Select Run on prompt page 1 to return all chartstrings to which you have access.  

Prompt Page 1 Features

Click image for larger format

Prompt Page 2

Report Outputs

  • Output provides individual row totals. There is no subtotaling by ChartField or chartstring.
  • Display of monthly actuals side-by-side for both open and closed periods.
  • Year-to-Date columns reflect totals through the month selected (open or closed).  
    •   Note:   If future months are selected, e.g. June 2017, the Year-to-Date columns will reflect the current open month and future columns will display as closed.
    •   Note:   Year-to-Date columns prior to 2014 will always reflect zero (they are pre-Prime.)
  • Isolate out chartstring inactivity over time.   If there has been net zero activity in a chartstring for three fiscal years, then the chartstring will not display.
  • View chartstrings with no transactional activity in a specified fiscal year (no transactions charged to the chartstring).

Tips for Use in Excel Format

  • Run this report to Excel Format, not Excel Data.
  • Excel Format has been simplified for ease of data manipulation:
    • The header and footer data, such as the Princeton logo will not appear.  
    • Cells are not merged, reducing the number of clicks to enable data manipulation.
  • Use the following excel filtering technique to View Negative balances across all chartstrings in selected periods/ years:
    • Export to Excel Format.
    • Select Data > Filter
    • In the filter entry field type an open parentheses symbol
  • Review the chartstrings with negative balances.

 

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