SMART Finance News You Can Use

SMART Finance Related News

September 2021

FY22 Revenue Projection Model

MDE has updated the FY22 Revenue Projection model with the recent legislative changes. A new version should be posted to MDE’s web site by the end of August.  Region 1 recommends you review your FY22 revenue budget with the new FY22 version after school begins and your district has an accurate ADM estimate. If you send us new ADM estimates, we would be happy to help you
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Operating Capital Deficit Coding Change

During FY21, MDE eliminated using object 545 with finance 302. Prior to FY21, districts would credit account E01-005-850-302-545-000 and debit E01-005-850-000-545-000 to eliminate an Operating Capital Deficit (B01-424-000). Currently, to eliminate an FY21 deficit, auditors/districts were posting an entry debiting 01-422-000 and crediting B01-424-000. On August 13th, MDE reinstated using object 545 with finance 302 for FY21. The chargeback method used to eliminate deficits in ...
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FY21 Revenue Projection Model Warning!

When using FY21 Revenue Projection model to estimate final revenue for the year on the GenEd tab, don’t forget to change the drop down below to ‘From Report Tab’ from the default of ‘IDEAS’. If this is not changed, the revenue will not reflect the changes made to ADMs on the Report tab. 
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September 15th Initial UFARS Reporting Deadline

Just a reminder that your district is required to send initial UFARS data to MDE by September 15th. It takes several hours for Region 1 to review/prepare each district for closing and sending data. Please don’t wait until the last minute.
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August 2021

Federal Pandemic Relief Funds

MDE has created a resource for explaining the various pandemic grants, priorities for each fund, Finance code information and accounting procedures. Visit this link to see various documents, including a helpful flow chart.  Federal Relief Funds (
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Fixed Assets for FY21

If you are entering fixed assets for FY21, don’t forget to change the FA Fiscal Yr to 2021 by clicking on the drop down arrow. 
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Default Images

There was a change in our software for the default images for Invoices and PO’s. This is for the districts that have separate logos or signatures attached. We instructed everyone to change the image when you sign into SmartFin each day, but you have to do it every time you sign in.We have done an update to the software that will allow us to permanently set a default by user for these so that you won't have to change it every time you sign in. If you would like us to set this up fo...
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Emergency Connectivity Funds

If a school district or charter school decides to apply and receives funds from the Emergency Connectivity Fund, the appropriate code is Finance Code 599 to record the revenue and expenditures. Use source 500 with the revenue account
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July 2021

Sorting Summary Screens

More flexibility has been added to sorting Summary Screens.  After data is retrieved on a Summary Screen, click on the Sort icon on the menu bar.For instructions, click on the "?". See below.
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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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