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SMART Finance Related News

Archive by author: Amanda KadrmasReturn

November 2024

06 November 2024

Finance 374 - Co-Op Student Support Personnel Aid

We’ve received some guidance from MDE on entries that should be made for any unspent funds in finance 374 for FY24. If you have any funds that you did not spend in FY24 the below entries will need to be made. Please check with your auditors on how they would like you to manage these entries. Record Fin 374 revenue in FY24• Credit 01-005-000-374-300-000 for amount received in IDEAS report.• Debit 01-101-00 (balance sheet) for same amount as above Book the liability at 6/30/2...

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06 November 2024

UFARS Reporting!

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 ...

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October 2024

03 October 2024

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 https://public.education.mn.gov/MDEAnalytics/DataTopic.jsp?TOPICID=9 See the example below to find the UFARS Turnaround Edit Report.

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03 October 2024

Bank Reconiliation Tips

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...

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August 2024

08 August 2024

School Unemployment Aid for FY24

There is a new funding source for ‘between period’ unemployment benefits. To take advantage of this new aid, you must use the new object code 281 to record expenditures.

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08 August 2024

Data Submission for FY24

Each year Region1’s access to submit your UFARS data to MDE expires. You will need to make sure your IOWA has gone into the EDIAM and given us back the access.

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08 August 2024

Fixed Assets for FY24

If you are entering fixed assets for FY24, don’t forget to change the FA Fiscal Yr to 2024 by clicking on the drop down arrow in Finance Defaults window.

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July 2024

09 July 2024

UFARS Unaudited Data Submission

You will need to send your first “unaudited” data to MDE by September 15th (since this year it falls on a weekend you will have until Monday, September 16th). Region 1 goes through an extensive checklist before we submit your data, so please plan to give us plenty of time for this.

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09 July 2024

Accounting Calendar...Did You Know?

Two extra Periods are built into the Accounting Calendar. Once period 202412 is open, the next period number for FY24 is 202413. It can be used for fiscal yearend journal entries including auditor’s adjustments. The last period for FY24 is 202414. It 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 202413 and 202414, the G...

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09 July 2024

MDE School Business Bulletin #74

MDE has published the School Business Bulletin #74 with the latest information from the State on FY24 and what is coming in FY25. Find it here: https://education.mn.gov/MDE/dse/schfin/fin/

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