SMART Finance News You Can Use

SMART Finance Related News

October 2022

Covid Grants and SERVS

For Covid grants accounted for through SERVS, 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 ( you would like our help reconciling, send us the Approved Budget from SERVS. 
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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.  Contact Stacy, Melissa or Wayne if you need ass...
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Budget Publication

According to MDE, the deadline to publish your Budget Publication report is 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 Publication...
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September 2022

Federal Compensatory Revenue

Funds are available to replace compensatory revenue lost because of the pandemic. These funds are not additional revenue to your district. To see an explanation of this revenue: see the amounts for each district:  Compensatory Reporting Extension and Federal Source spreadsheet .An entry should be made credit to R01-005-000-317-400-000 (a new account) and debit R01-005-000-317-211-000.
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Operating Capital Deficit

If you have a deficit in Operating Capital (fund balance B01-424-000), chargebacks using object 545 are no longer allowed. Instead, post a journal entry to debit B01-422-000, and credit B01-424-000 for the amount of the deficit.
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August 2022

Fixed Assets for FY22

If you are entering fixed assets for FY22, don’t forget to change the FA Fiscal Yr to 2022 by clicking on the drop down arrow in Finance Defaults window. 
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July 2022

Accounting Calendar....Did you Know?

There are two extra Periods built into the Accounting Calendar. Once period 202212 is open, the next period number for FY22 is 202213. This period can be used for fiscal yearend journal entries including auditor’s adjustments. The last period for FY22 is 202214. This period is for Region 1 use only. We use this period to do closing entries. Closing entries zero the expense and revenues, and move the dollars to the fund balances. Note that for periods 2022...
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Pandemic Grant Account Course Numbers

Before Region 1 submits FY22 UFARS data, take the time to review the course numbers used on the Pandemic Grant accounts. (Finance Dimensions 140-174). Pandemic Grant accounts are only good for one year…when a grant carries forward to the next year, the course number needs to be changed. To review the course number requirements click on this link: Federal COVID-19 Funding Flowchart - Local Educational Agencies or refer to page 11 of the Region 1 Yearend manual. 
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June 2022

Covid Grant Coding

Below is a chart showing the related Course codes by fiscal year to be used for various Covid Federal grants. This chart is revised from MDE’s website with the finance and course numbers in each column. Before yearend, you can work on making sure your accounts are using the correct course numbers. This will be discussed at our yearend meeting. Note that finance dimensions 166,167,169, and 171 may also use a course number of 011 if you are cleaning up older grants. Also, finance 162 may use...
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May 2022

Did You Know?

Did you know there is a search feature in Smart Finance? If you are looking for something and don’t know where to find it (like Budget Workpapers), just click on the Quick Access down arrow and type in what you are looking for. A selection will pop up and you can click on what you want. 
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