SMART Finance News You Can Use

SMART Finance Related News

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?
[+] Read More

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...
[+] Read More
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...
[+] Read More

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. 
[+] Read More

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...
[+] Read More

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...
[+] Read More
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...
[+] Read More

Using Budget Workpapers for the FY22 Budget

The SMART Finance Budget Workpapers can be a very useful tool for completing the FY22 budget.  Here are some of the features that can be used: For both revenue and expense, as a starting point, copy the FY21 budget to FY22. 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...
[+] Read More
February 2021

Coding for IRS Leave Reimbursement

Districts are receiving direct payments from the IRS for Leave Reimbursement.  On the bottom of the check,you will see a reference to F-941. This revenue should be coded to finance 174 with source 405.
[+] Read More
January 2021

January 2021 TIP

You may want to consider setting LIFETAX up as a per pay period item starting in January so it is not forgottenin December each year (or during the year if the employee resigns).
[+] Read More
Page 5 of 8 First 34[5]67 Last
SMART Systems is owned, developed and supported by Regions I, II, III, IV and V, serving Minnesota school districts and other education related service agencies for more than 35 years