SMART Finance News You Can Use

In February and March, Region 1 will begin reviewing each district’s accounts for FY25 UFARS compliance. As we run UFARS Chapter X edits, we will contact you with errors that need to be corrected. We will also review all pandemic grant accounts and shut off all but a few remaining finance codes. 

We will be emailing 1099 instructions in the beginning of December.  All 1099s must be e-filed by 01/31/2024! 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 Agency>Vendor 1099’s>Vendor 1099 Balance. Enter 2024 in the Year column and click Find. 

Just a reminder the UFARS final AUDITED reporting deadline is November 30th. You will still have Monday, December 2nd as the 30th falls on a Saturday, but don’t wait until the last minute to do this. Remember to check the Turn Around Reports on MDE’s website! https://public.education.mn.gov/MDEAnalytics/DataTopic.jsp?TOPICID=9Also, anytime you post journal entries for last year in period 202413 or make any voucher, invoice or receipt adjustments, make sure you contact ...

My bank reconciliation doesn’t balance, now what? How do I find what is causing the variance? Here are some tips to help you find the variance. If after going through these tips, you still can’t get it to balance, reach out to the finance team. We're here to help!  1. Check the prior month’s reconciliation worksheet to see if you had any adjustments that have not cleared the bank. Do these need to be added back in? Why didn’t they clear?2. Are...