SMART Finance News You Can Use

The SMART Finance Budget Workpapers can be a very useful tool for completing the FY24 budget.  Here are some of the features that can be used: For both revenue and expense, as a starting point, copy the FY23 budget to FY24. For revenues, highlight the rows that have been addressed/changed by clicking the box in front of the account.  This will cause the line to highlight in yellow. For expenses, increase all accounts or ranges of account by a specified percent.  For example, incre...

A Pleasant Surprise! MDE added a new economic indicator for Medicaid eligible families.  This means all Medicaid eligible families will automatically be eligible for Free/Reduced Meals which also means they will automatically generate Compensatory Revenue.  We are seeing substantial increases in FY24 Compensatory Revenue for all districts.

If you need a new Student Activity Account, you could recycle an old account that is not being used. Just change the descriptions in the Account Code setup window and Account Classification window. This is much easier than building new accounts, account classifications and fund balances. 

We will be emailing 1099 instructions in the beginning of December.  All 1099s must be e-filed by 01/31/2023! **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 2022 in the Year column and click Find. 

Just a reminder that the UFARS reporting deadline is November 30th. Remember to check the Turn Around Reports on MDE’s website.  From the October Newsletter: 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=9 Also, anytime you post journal entries for last yea...