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economics [2021/04/09 00:37] – lonealleconomics [2021/07/22 16:53] – [Economics] ntnsndr
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-====== Economics ====== +====== Budgeting ====== 
-===Financial Processes=== + 
-//When updating the budgeting spreadsheets:// +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. 
-  - Navigate to MEDLabExpenses spreadsheet in MEDLab Cloud. + 
-  - Here you will find a workbook dedicated to tracking the expenses of every active MEDLab speedtype.+=====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.
  
-//To track expenses:// 
 At the beginning of each semester, email cmcifinance@colorado.edu and request the following monthly reports: At the beginning of each semester, email cmcifinance@colorado.edu and request the following monthly reports:
    
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 Items you will need to pull from the sheet to add along with the total of the charge: Items you will need to pull from the sheet to add along with the total of the charge:
-  * Journal ID #: Copy and pase from the "Journal ID" column on the report to the spreadsheet+  * Journal ID #: Copy and paste from the "Journal ID" column on the report to the spreadsheet
   * Date: Take from "Journal Date" column on report   * Date: Take from "Journal Date" column on report
   * Description of transaction: take from "Journal LN Desc" column on report   * Description of transaction: take from "Journal LN Desc" column on report
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 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. 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 to set up a meeting.+//**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.
  
-//For anything related to invoicing, please email CMCIFinance@colorado.edu with any questions.+=====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). 
  
-The [[https://www.cu.edu/psc|Procurement Service Center]] is a great resource for any finance-related information.//+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.  
  
  
  
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 +//For anything related to invoicing, please email CMCIFinance@colorado.edu with any questions.
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 +The [[https://www.cu.edu/psc|Procurement Service Center]] is a great resource for any finance-related information.//