SMART Finance News You Can Use

SMART Finance Related News

December 2022

FY23 Revenue Budget

Now is a good time to review your FY23 Revenue Budget.  It starts by comparing current enrollment with the enrollment used for the original FY23 Revenue Budget. If you would like Region 1's assistance, please send us your latest FY23 enrollment and we will use the Budget Workpapers in SMART Finance to prepare a revised budget for your review. For a copy of the FY23 Revenue Projection Model on MDE’s website, visit this link:  Data Reports and Analytics (mn....
[+] Read More

Coming Soon...It's 1099 Time

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. 
[+] Read More
November 2022

Career Tech

Just a reminder that it is important to code all eligible expenses for Career Tech correctly in UFARS. Finance code 830, Program Codes 301,311,321,331,341,361,365,371,385,399,and 610, and Object codes 140,143,185,305,365,366,394,396,406,433,490."Career Tech revenue is based on eligible expenditures. If your UFARS expenses are lower or higher compared to the estimate when you certified your levy, you will have adjustments on future revenue.To review your Career Tech expenditures in SMAR...
[+] Read More

UFARS Reporting

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 Also, anytime you post journal entries for last yea...
[+] Read More
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. 
[+] Read More

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...
[+] Read More

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

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.
[+] Read More
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. 
[+] Read More
Page 5 of 13 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