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budgeting [2021/07/22 16:54] (current)
ntnsndr created
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 +====== Budgeting ======
  
 +These are some of the processes we use to maintain our internal picture of our financial situation. Typically, one MEDLab fellow is designated the budgeting point-person at any given time.
 +
 +=====Updating Budget Spreadsheets=====
 +
 +Navigate to MEDLabExpenses spreadsheet in MEDLab Cloud, in the Budgeting folder. Here you will find a workbook dedicated to tracking the expenses of every active MEDLab speedtype.
 +
 +At the beginning of each semester, email cmcifinance@colorado.edu and request the following monthly reports:
 + 
 +  - A **financial detail report** for each active MEDLab speedtype showing only the activity from the past month. You will have to provide the speedtype numbers in the email.
 +  - A **speedtype one-liner report** that shows the balance of all active MEDLab speedtypes mentioned in the previous point.
 + // **Note**//: if any of the speedtypes are subsidiaries (funding multiple projects ex: Luce), you will not need to ask for any reports. Nathan will update these spreadsheets with any new expenses. 
 +
 +CMCI Finance will send these reports at the beginning of the next month. (In the first week of March you will receive the reports showing all February expenses)
 +
 +Referencing the **financial detail reports**, add any expenses not already on the spreadsheet to the sheet for the corresponding speedtype.
 +
 +Items you will need to pull from the sheet to add along with the total of the charge:
 +  * Journal ID #: Copy and paste from the "Journal ID" column on the report to the spreadsheet
 +  * Date: Take from "Journal Date" column on report
 +  * Description of transaction: take from "Journal LN Desc" column on report
 +  * Debit/Credit: take from the "Actuals" column on report
 +    *  if the charge is in parentheses ex: (700.00), it is a credit. 
 +  * The Balance should update automatically at the top of the spreadsheet.
 +Once you have updated the spreadsheet to include all transactions, the Budget reflected at the top of each workbook should match the balance shown on the **speedtype one-liner report** for each speedtype.
 +
 +//**Note**//: if you ever need assistance reading the financial reports (they can be a little confusing to navigate), email CMCI Finance with your questions or set up a meeting.
 +
 +=====Creating a New Budget Spreadsheet=====
 +For each fiscal year, you should plan on having a different MEDLabExpenses workbook. The last day of the fiscal year takes place on //June 30th// and is often referred to as Fiscal Year End (FYE). 
 +
 +You should plan on using a new spreadsheet to track expenses starting from July 1st.
 +
 +To make a new expense tracking workbook:
 +  *Navigate to the expense workbook from the previous fiscal year in MEDLab master.
 +  *Click the three dots next to the file size > "Move or Copy" > "Copy" (bottom right)
 +  *Change the name of the workbook to reflect the current/new fiscal year.
 +  *Keep the different spreadsheets for the different speedtypes. Delete any inactive speedtypes and add any new speedtypes.
 +    * The easiest way to make a new spreadsheet for a speedtype is to make a copy of an existing one: click the existing spreadsheet speedtype tab & hold down CTRL at the same time > "Move or copy sheet" > "Copy" > choose location > change name > "OK"
 +  * Delete any transaction data from the previous fiscal year but retain the formulas on the spreadsheet.
 +    * Select all the data you want to delete > Click delete button > Select "Text" and "Numbers" and make sure the rest are de-selected > "OK"
 +  * Make any update to the spreadsheet header.
 +  * Repeat for other speedtypes as needed. 
 +  * Begin adding new expenses.
 +    * //NOTE:// Enter the balance at the start of the fiscal year in the first column on each spreadsheet for each speedtype.
 +      * You do not have to edit any of the other tabs aside from the speedtype sheets. The other sheets will automatically update based on information from the speedtype sheets.  
 +
 +
 +//For anything related to invoicing, please email CMCIFinance@colorado.edu with any questions.
 +
 +The [[https://www.cu.edu/psc|Procurement Service Center]] is a great resource for any finance-related information.//