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Financial Reporting

Key Resources

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¶¶Òõ̽̽ Financial Reports

Axiom Reporting Resources

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Peoplesoft Reporting Resources

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Contact Us

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Lindsey Donovan (Lindsey.Donovan@uvm.edu), Associate Controller, 656-1335

Renee Hunt, (renee.hunt@uvm.edu), Senior Financial Reporting Analyst, 656-1375

 

Budget-to-Actual Reports

Budget-to-actual reports are available in both the Axiom and PeopleSoft systems. The Axiom reports offer drilldown capability and formats more friendly for a non-financial audience, but do not include sponsored research funds (fund 300). The PeopleSoft reports are recommended for those who want to download the source data and manipulate it themselves in Excel.

Operating Budgets

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ReportLevel of DetailHistorical DataIncome Statement
Axiom All-FundsSummarized by fund net position; no transaction data3 previous FYs includedNo
Axiom Summary by Fund (100,130,131,150,305,900)Summarized by revenue and expense; no transaction data3 previous FYs includedNo
Axiom Summary by Fund (108)Summarized by revenue and expense; no transaction data3 previous FYs includedNo
Axiom Detail by FundSummarized by E-level with drillable GL, PO, and payroll transaction data3 previous FYs includedYes
PeopleSoft Operating BudgetSummarized by E-level with GL, PO, and payroll transaction data as separate output filesRun report separately for prior FYsYes

Projects

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Both reports display project-to-date information with chartstring detail.

ReportSponsored ProjectsNet PositionTransaction Data (GL, PO, Payroll)
Axiom Non-Sponsored ProjectsNoRevenue-less-expense calculationFor all fiscal years; drillable
PeopleSoft Monthly Budget Rpt-ProjectsYesYesFor one fiscal year at a time; separate output files

Gifts and Endowments (Funds 310, 311, 320, 321, 370, AND 371)

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ReportLevel of DetailHistorical DataChartstring DetailTransaction Detail (GL, PO, Payroll)
Axiom Summary by Fund (3xx)Summarized by Fund, Reporting Unit, Department, and/or Source2 previous FYs includedYes, drillableNo
PeopleSoft Endowment and GiftSummarized by Fund, Operating Unit, Department, and/or SourceRun report separately for prior FYsYesYes, separate output files

Investigatory Tools

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PeopleSoft Financials has a variety of reports, queries, and inquiries for deeper investigation of transactions or activity.

PurposeReport/Inquiry/QueryType of ToolNotes
Find transactions that are outstanding, have budget-checking errors, or require actionPeopleSoft CloseoutDiagnostic ReportProvides a picture of current activity and any issues with a specific project or chartstring. 
Quickly see a chartstring balance and drill into the detailsPeopleSoft Budget OverviewInquiry pageSame data as the Budget Status report, but shown online, without having to run a report. Shows budget, pre-encumbrances, encumbrances, revenue or expenses, and remaining balance for valid transactions.
See budget-to-actual status for a chartstring, part of a chartstring, or a project - in report formatPeopleSoft Budget StatusReportShows budget, pre-encumbrances, encumbrances, revenue or expenses, and remaining balance for valid transactions.
See what has posted to the General Ledger and drill to detailPeopleSoft Ledger InquiryInquiry pageShows what has been posted to the General Ledger by accounting period and fiscal year and drill to detail. The ledger period comparison allows you to compare activity across periods.
See journals that have posted to a specific chartstring during a specific time periodPeopleSoft Ledger ActivityReportShows the journal and journal line activity for journals that have posted to the selected chartstring during the selected accounting periods. Also lists the beginning and ending ledger balances by chartfield combination and account.
Retrieve specific data from PeopleSoftPeopleSoft QueriesQueryMany queries are available to end-users in PeopleSoft to retrieve data for a specific purpose. See the .

Audited Financial Statements

The annual financial statements of ¶¶Òõ̽̽ and State Agricultural College are official documents prepared in accordance with U.S. generally accepted accounting principles set forth for public colleges and universities by the Governmental Accounting Standards Board.

Understanding the Source Data

Budgets: Peoplesoft Commitment Control

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Commitment Control (KK) enables ¶¶Òõ̽̽ to track or control commitments, obligations, or expenditures for revenue and expense accounts. The commitment control (KK) ledgers are used for internal management reporting and allow for budget-to-actuals comparisons.

Budget-Checking

All revenue and expense transactions are budget-checked. Different funds have different budgetary controls defined in Commitment Control: track, track with budget, and control. The budget errors or warnings that the system generates depend on the control in place on the fund that a given transaction is using. See the for more information on budget controls and errors.

PeopleSoft system's budget-checking equation:

Expense budget
- Actual expense
- Encumbrance
- Pre-Encumbrance
= Available Funds

Posting to KK Ledgers

Transactions post to the Commitment Control ledgers as soon as a valid budget check is achieved. There are many groups of ledgers in Commitment Control to support the various budget control rules ¶¶Òõ̽̽ needs to govern spending.

Since all revenue and expense transactions (except for payroll journals) are budget-checked before they are posted, transactions and their effect will be seen in the commitment control ledgers before they are posted to the general ledger. This means that there can be differences between the data in the commitment control ledgers and the general ledger due to timing.

Actuals: Peoplesoft General Ledger

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The PeopleSoft General Ledger (GL, also known as the ACTUALS ledger/table) is where all non-budgetary financial transactions are posted after approval. Accounting entries are posted to the GL via journal entries that are created either (1) directly by end-users, (2) various PeopleSoft sub-modules (such as Accounts Payable, Accounts Receivable, Travel & Expense, Grants, and Project Costing), or (3) interfaces between PeopleSoft and other ¶¶Òõ̽̽ systems. 

  • The GL contains activity for revenues, expenses, assets, liabilities, and net position (net asset). The GL does not contain any budget, pre-encumbrance, or encumbrance data.
  • All financial transactions are recorded in the General Ledger based on the fiscal year and accounting periods.
  • Since most transactions are budget-checked before they are posted to the GL, there can be a difference between what you see in Commitment Control (KK) vs. the GL due to timing. The one exception to this is payroll journals, which are posted to the GL independent of budget checking.

Axiom

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  • Axiom is updated with budget and actuals data from PeopleSoft every night. Therefore, a transaction posted in PeopleSoft today will not appear in Axiom until the following morning.
  • Revenue and net position surpluses are displayed as positive in Axiom (unlike PeopleSoft); net position deficits are displayed as negative.
  • Axiom reports are run by "Reporting Unit" (the set of departments that roll up or report to a Dean or Vice President/Provost), not by the Operating Unit chartfield.