This is an old revision of the document!


Economics

Financial Processes

When updating the budgeting spreadsheets:

  1. Navigate to MEDLabExpenses spreadsheet in MEDLab Cloud.
  2. 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:

  1. 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.
  2. 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 pase 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 to set up a meeting.

For anything related to invoicing, please email CMCIFinance@colorado.edu with any questions. The Procurement Service Center is a great resource for any finance-related information.