SMART Finance News You Can Use

SMART Finance Related News

Archive by author: Amanda KadrmasReturn
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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 (mn.gov)
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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 https://public.education.mn.gov/MDEAnalytics/DataTopic.jsp?TOPICID=9If 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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Operating Capital Deficit Coding Change

During FY21, MDE eliminated using object 545 with finance 302. Prior to FY21, districts would credit account E01-005-850-302-545-000 and debit E01-005-850-000-545-000 to eliminate an Operating Capital Deficit (B01-424-000). Currently, to eliminate an FY21 deficit, auditors/districts were posting an entry debiting 01-422-000 and crediting B01-424-000. On August 13th, MDE reinstated using object 545 with finance 302 for FY21. The chargeback method used to eliminate deficits in ...
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FY21 Revenue Projection Model Warning!

When using FY21 Revenue Projection model to estimate final revenue for the year on the GenEd tab, don’t forget to change the drop down below to ‘From Report Tab’ from the default of ‘IDEAS’. If this is not changed, the revenue will not reflect the changes made to ADMs on the Report tab. 
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September 15th Initial UFARS Reporting Deadline

Just a reminder that your district is required to send initial UFARS data to MDE by September 15th. It takes several hours for Region 1 to review/prepare each district for closing and sending data. Please don’t wait until the last minute.
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August 2021

Federal Pandemic Relief Funds

MDE has created a resource for explaining the various pandemic grants, priorities for each fund, Finance code information and accounting procedures. Visit this link to see various documents, including a helpful flow chart.  Federal Relief Funds (mn.gov)
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Default Images

There was a change in our software for the default images for Invoices and PO’s. This is for the districts that have separate logos or signatures attached. We instructed everyone to change the image when you sign into SmartFin each day, but you have to do it every time you sign in.We have done an update to the software that will allow us to permanently set a default by user for these so that you won't have to change it every time you sign in. If you would like us to set this up fo...
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