SMART Finance News You Can Use

SMART Finance Related News

December 2021

Coming Soon...It's 1099 Time

Region 1 will be emailing 1099 instructions in the middle of December.  All 1099s must be efiled by 01/31/2022! This leaves little time for corrections without jumping through hoops to e-file correcting 1099s. Initial accuracy is at a premium. In preparation, please review your initial 1099 balances by going to Accounts Payable > Vendor Setup > Vendor 1099 Balance.  Enter 2021 in the Year column and click Find.
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FY22 Revenue Budget

Now would be a good time to update your FY22 Revenue Budget.  If you would like Region 1 assistance, please send us your latest FY22 enrollment and we will use the Budget Workpapers in SMART Finance to prepare a revised budget for your review. There is a new FY22 Revenue Projection Model on MDE’s website at this link.  Data Reports and Analytics (  See the example below. 
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November 2021

Career Tech

Just a reminder that it is important to code all eligible expenses for Career Tech correctly in UFARS. Finance code 830,  Program Codes 301,311,321,331,341,361,365,371,385,399,and 610, and Object codes 140,143,185,305,365,366,394,396,406,433,490.Career Tech revenue is based on eligible expenditures. If your UFARS expenses are lower or higher compared to the estimate when you certified your levy, you will have adjustments on future revenue.To review your Career Tech expenditures in SMAR...
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UFARS Reporting

Just a reminder that the UFARS reporting deadline is November 30th.  Remember to check the Turn Around Reports on MDE’s website.  (Instructions and an example are in October's post.)  Also, anytime you post journal entries for last year in period 202113, make sure you contact us to reclose and resubmit your data to MDE.
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MDE Memo: UFARS/SERVS Budget Comparison Report

MDE informed Region 1 about a problem with the UFARS/SERVS Budget Comparison report. This report may not match the budget that was entered and approved. See the example below. MDE is not sure when this report will be fixed.  When reconciling federal programs, use the SERVS Manage Applications & Budgets window. In the past, Region 1 has assisted our districts with the UFARS/SERVS reconciliation to avoid losing funding.  If you would like our assistance for FY21, ...
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October 2021

COVID Grants and SERVS

In recent correspondence with MDE concerning Covid grants accounted for through SERVS, Region 1 was informed that districts must match each SERVS grant application with UFARS by object and course.  Please go to MDE/Data Center/Data Reports and Analytics/SERVS Financial Public Reports/UFARS/SERVS Comparison/ UFARS/SERVS Budget Comparison to see the details.  You can also use this link Data Reports and Analytics (
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Payroll/Finance Tips

If you need to create manual vouchers for payables from payroll (beyond what comes across automatically), this is an indication that you need to setup a new vendor in Finance and enter that vendor in payroll as well, so these vouchers also come across automatically. After payroll is run, there is follow up work in Finance to pay the payroll vouchers.  Many district do two payrolls each month, and you will want to make sure you do your payment generations twice a month as well, or you r...
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It's Time to Review UFARS Reporting Errors!

After Region 1 submits your UFARS data to the State, it’s time to review and correct UFARS reporting errors. To see if you have UFARS compliance errors, go to the MDE MFR web site you see ‘No Edit Errors Were Found. Congratulations!’ you have completed UFARS compliance. Otherwise, review the listed errors and post necessary JEs for corrections. If you need assistance, contact Stacy, Kameron, or Way...
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Budget Publication

According to MDE, the deadline to publish your Budget Publication report is Tuesday November 30th, or within one week of the acceptance of the final audit report by the board, whichever is earlier. There are four reports in Smart Finance to help districts complete this Budget Publication. These reports automatically separate restricted from unrestricted fund balances, revenues, and expenditures. They are located under Custom Reports > Custom Ledger Reports > Budget Publicati...
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September 2021

FY22 Revenue Projection Model

MDE has updated the FY22 Revenue Projection model with the recent legislative changes. A new version should be posted to MDE’s web site by the end of August.  Region 1 recommends you review your FY22 revenue budget with the new FY22 version after school begins and your district has an accurate ADM estimate. If you send us new ADM estimates, we would be happy to help you
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