SMART Finance News You Can Use

SMART Finance Related News

July 2021

New Accounting Requirement for Leases

Beginning July 1st, districts are required to comply with the new accounting rules for leases. You can find these new accounting instructions starting on the bottom of page 13 of our yearend book, or in MDE’s School Business Bulletin #68. Click on this link to access MDE’s School Business Bulletins Financial Management ( 
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UFARS Codes and Chapter X for FY22

Region 1 has updated the FY22 UFARS dimensions and Chapter X grids with the new reporting requirements. You can now build accounts with a Start Date of 202201. Each district will need to build any new UFARS segment dimensions in Account Segment Setup before building the new accounts.
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June 2021

Getting Ready for the Audit

Now would be a good time to take a look at the State and Federal receivable accounts in all funds. These accounts should have a zero balance. If there is a balance any of these accounts (B XX-121-XXX, B XX-122-XXX, and B XX-123-XXX), take a look at the entry in period 202013 that created the receivable and reverse it (or part of it). Contact Stacy, Kameron, or Wayne if you would like assistance.
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May 2021

ESSER I and ESSER II Did You Know...

Did you know that all ESSER 1 funds should be drawn before drawing ESSER II funds?
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Revenue Budgeting for FY22: New Revenue Projection Model Available

A revised FY22 Revenue Projection Model is available on MDE’s website that is using a new FY22 Whatif incorporated in the Report tab.  Use this this link to get the new FY22 Revenue Projection Model: Whatif will be updated later this spring after the legislature makes any funding changes.  If you would like assistance working on next year’s revenue budget, send Stacy, Kameron, or Wayne your FY22 pupil...
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April 2021

Entering Requisitions for Next Year (FY21-22)

If your district wants to create requisitions for FY21-22 in SMARTeR, the Accounting Calendar in SMART Finance needs to be opened through July. Refer to the instructions above.To create a requisition for FY21-22, enter 07/01/2021 in the Date Required field of the requisition entry screen.  This will change the GL period to 202201 on the detail lines of the requisition.  (Note:  Depending on the security level, the person entering the requisition may not see the GL Period.)Whe...
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Purchase Orders for FY21-22

As you get ready to enter POs for next year, all the Periods on the Accounting Calendar need to be open through 202201.  For Periods 202113 and 202114, open GL only. Contact someone in finance if you need help with this. Once period 202201 is open, POs can be saved for the next fiscal year. 
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Covid Grant Payroll Distribution Guidelines

Coding salaries to the new Covid grant finance dimensions is proving to be a challenge.  Some funds are being carried forward for one or more years which means districts will have to use different course numbers for each year (one time only), then the accounts have to be changed back.  Some salary accounts have to be coded differently up to 3 ways during the same fiscal year depending on when the funds were requested from MDE and spent by the district. All districts seem to have d...
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Covid Grant Reconciliation

As you are working through your accounting before the year end, remember that a great tool to use is the SERVS/UFARS budget comparison report. Currently you will not see any dollars in the UFARS columns, but this report will guide you on what your district has requested for Object and Course year so that you can make sure your revenue and expenses in UFARS match.Go to:  MDE/Data Center/Data Reports and Analytics/SERVS Financial Public ReportsChoose the year:  2020 for last year, 2...
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March 2021

Revenue Budgeting for FY22

A FY22 Revenue Projection Model is now available. This model has the correct FY22 levy data, however it is using the FY21 Whatif. The Whatif will be updated later this spring after the legislature makes any funding changes.  The Revenue Projection Model is available on MDE’s website using this link: you would like assistance working on next year’s revenue budget, send Stacy, Kameron, or Wayne your FY22 pupi...
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