MET Finance manages the monitoring, analysis, and reporting of MET&EE accounting data. Our staff processes all MET&EE journal entries required to adjust financial records in the BU accounting system, and provides accounting guidance and training as needed.
The University provides budgeted funds each fiscal year for Metropolitan College & Extended Education to carry out its operations and mission. MET Finance guides MET&EE leaders in planning, managing, and monitoring the use of these funds, including complying with regular University-mandated processes.
General Information and Services
Cost Centers
Unique identifiers for MET&EE’s different business units, departments, and programs. 10-digit code. Download a list of all our organization’s cost center numbers and titles.
General Ledger Accounts
Unique identifiers for Revenue and Expense categories. 6-digit codes used for budgeting and accounting purposes. Download a list of all “GL” numbers and descriptions.
Unrestricted Accounts
These accounts are used to house budget funds and record actual income and expense activity for the fiscal year.
Restricted Accounts
These accounts house actual money, with attributes that require special accounting and handling. These include Endowment, Gift and Discretionary accounts. There are no budgets, and fiscal year end balances are rolled over to the new fiscal year.
MET Finance assists those with stewardship responsibilities to ensure proper strategic use and accounting.
Endowment Accounts
“
Principal Endowment” accounts are established to house gift donations of $100,000 or more where the donor has stipulated that the principal is be kept intact in perpetuity. The funds are invested in the University’s pooled endowment to generate investment income that is regularly transferred to a companion spendable endowment account from which the funds can be spent.
*Principal Endowment account numbers on SAP are a 10-digit number always beginning with 920.
“Spendable Endowment” accounts are created as companion accounts to each Principal Endowment account. These accounts store the investment income that is generated by the principal funds, and provide spendable funds that can be used per the intention of the donor.
*Spendable Endowment account numbers on SAP are a 10-digit number always beginning with 925, with the next 7 digits consistent with the corresponding companion principal account.
Examples:
- Patricia Chadwick Professional Development Principal Endowment account: 9200001765
- Patricia Chadwick Professional Development Spendable Endowment account: 9250001765
Gift Accounts
Gift accounts house donations from colleagues, alums, friends, foundations, and corporations who are interested in supporting MET&EE with its mission. Accounts can be for a general purpose or specially restricted per the intention of a donor.
*Gift account numbers on SAP are a 10-digit number beginning with 930.
Discretionary Accounts
Special designated accounts created for a variety of accounting uses, such as housing internally funded research initiatives.
*Discretionary account numbers on SAP are a 10-digit number beginning with 909.
Journal Entries
Journal entries are processed when there is a need to adjust financial information that has posted to the BU accounting system “General Ledger”. Journal entries are used to make corrections, or to transfer/allocate revenue and expense items. Please contact MET Finance to request such entries.
Budget Adjustments
A budget adjustment is a change to a departmental revenue or expense allotment for a given period of time. The changes may be to establish, revise or remove a budget as needed. Note that only the University Budget Office can process budget changes, and only MET Finance can request them on behalf of a MET&EE department.
University Budget Processes
Quarterly Forecast
In this University-mandated process, after each of the first three quarters of the fiscal year, MET Finance guides MET&EE department leaders in analyzing year-to-date spending in the context of available unrestricted budget funds to ensure these resources are being utilized appropriately and optimally.
Stage I – Budget Development
In this University-mandated process during the fall months, MET Finance guides MET&EE department leaders in considering budgeting needs for the upcoming fiscal year (beginning July 1st) so that requirements/initiatives requiring additional funding can be communicated to and reviewed by the university
Stage II – Budget Realignment
During the early summer, MET Finance will guide MET&EE department leaders with the opportunity to refine the budgets they oversee to ensure that these funds are established in the proper revenue and expense categories for the new fiscal year begins.
University Budget Processes Calendar
The BU Budget, Planning & Business Affairs office offers an annual calendar of mandated financial processes.
Fiscal Year Closing
Fiscal years end/close on June 30th. Each May and June, MET Finance will notify and assist department leaders on administrative processes and tasks required in advance of the end of the fiscal year to ensure accounting accuracy.
Administrative issues that MET&EE employees may need to address, with precise deadlines to be provided each year
Concur Travel and Expense Reimbursements
Ensure to the best of your ability that all business-related expenses are accounted for in the correct fiscal year about to close, that all open University Travel Card charges are applied to a Concur travel or expense reimbursement report.
Time-Off Requests
Ensure all your time-off requests have been entered and approved by 5pm on the final day of the fiscal year, June 30th.
Journal Entries
Departments should advise MET Finance of any journal entries needed to ensure accuracy of accounting data for the fiscal year about to close.
Restricted Accounts
If you are steward over a restricted account, you must work with MET Finance to resolve any deficit balances by year end.
Accruals and Deferrals
If your areas or responsibility have expense(s) or income items over $5,000 which posted during the current fiscal year but should be counted for next fiscal year, OR any expense(s) and income over $5,000 which occurred during the current fiscal year but for various reasons will not post until after year end, the Executive Director of Finance must be notified prior to the end of the fiscal year to process the appropriate journal entry.
Vendor Invoices
- Purchase Order Related (Vendor uploaded invoices to Ariba) must be received by Sourcing by mid-June to post in the current year.
- Non-Purchase Order Related (Vendor sent invoices directly to your department) and Honorarium Requests must be forwarded to MET Finance by mid-June.
P-Card Purchases
You will be advised on the deadline for making P-Card purchases to guarantee posting to the current fiscal year.
The P-Card system (WORKS) updates must be completed (card holder reconciled & supervisor approved) by the announced deadline you will be provided with.
Internal Service Requests (ISR) and Facilities Service Requests (FSR)
You will be advised on the due date to request internal BU goods and services to ensure that the expense will post to the current fiscal year prior to closing.
Rolling forward Commitments to FY2023 & Purchase Order Closeouts
ISR, FSR, purchase order and shopping cart commitments will be rolled forward to the new fiscal year.
You will be asked to review your open purchase order and ISR/FSR commitments to determine if there are any that are no longer needed and should not be rolled forward. MET Finance will compile a list of open purchase orders that should be closed, and will submit PO Closeout Requests to Sourcing by the announced deadline in late June.
Bank Deposits
You will be notified of the due date for forwarding checks to MET Finance to ensure that they can be deposited prior to the fiscal year close.
Training Resources
MET Finance University Budget Processes Information Session
Lunch & Learn presentation – Learn more from MET Finance about general accounting and budget process topics including:
- Fiscal Year basics
- Zero Based Budgeting vs. Incremental Budgeting
- Unrestricted vs. Restricted Funds
- Current Budget vs. Base Budget
- Budget Process Timelines
- Quarterly Forecast Process
- Cost Centers
- General Ledger “GL Accounts”
- SAP Financial Reporting Tools
- Stage I & Stage II
Lunch & Learn Workshop Video
SAP Financial Reporting Tools for Department Managers
BUworks offers a large library of SAP financial reporting tool help guides, training videos, and instructor-led hands-on workshops that can assist departmental managers and administrators in learning how to view and analyze the financial data for the cost centers under their responsibility.
MET Finance is also available to provide SAP instructional support and/or produce customized SAP financial reports to assist you in analyzing your department’s financial activity/data.
For a listing of all university-provided BUworks training opportunities, please proceed to the “BUWorks Online Help” link on your BUworks central portal.
For department managers and administrators charged with monitoring budgets and actuals (revenues and expenses) who want to review financial management reporting basics on SAP on their own, the “Unrestricted Budget to Actual by Fund Center Report” work instructions will be very useful.
For University classroom financial reporting training MET Finance recommends the “BUworks BW Reporting: Funds Management – Introduction” workshop.
To register for this course, please visit BU TechWeb.
FAQ
Accounting
Can I process journal entries at the department level?
Within MET&EE, the MET Finance Office is the only department that can process journal entries. MET Finance will work with you to provide these entries as needed for such purposes as corrections, reclassifications, accruals, deferrals etc.
Under what circumstances would a department manager request a journal entry?
To ensure proper financial accounting, a department may notice that an expense has been incorrectly charged to their department cost center and seek to have it reversed. A department may wish to reclassify an expense to a different expense category “GL Account” to more effectively monitor spending against category budgets. During the closing process, a department may wish to accrue or defer either an expense or revenue item (see Fiscal Year Closing section).
Budget
What is the difference between my departmental base budget and current budget?
The base or “continuing” budget is the baseline for your departmental budget needs year to year. The current budget includes all of your budget needs for the current fiscal year only. The current budget would be different than the base budget if it includes one-time budget adjustments that pertain only to the current fiscal year, or if a continuing budget adjustment affects the current fiscal year budget and out-year budget differently.
Do unrestricted budget savings carry over into the next fiscal year?
Fiscal year current budgeted funds are allotted for that year only. Note that if there are budget savings due to an expense over $5k that was incurred in the current fiscal year, but will not post until the next fiscal year, there may be the possibility of accruing (posting) the expense in the current fiscal year to make use of the surplus budget funds before they are forfeited.
What is the difference between the “Quarterly Forecast” process and “Stage I” budget processes?
The key difference between these important University mandated budget processes is that the Quarterly Forecast involves assessing current fiscal year’s financial activity. Chairs and Department Managers are asked after the first, second, and third quarters of the fiscal year to assist MET in determining how projected expense and revenue for the entire fiscal year will compare to the budget. Identifying current fiscal year budget variances can guide dept. leaders against overspending, but can also offer opportunities to reallocate savings to other objectives. The Stage I budget process, which takes place each fall involves planning for next fiscal year’s budget which begins the upcoming July 1st.
