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economics [2021/05/05 16:14] – [Creating a New Budget Spreadsheet] loneall | economics [2021/07/22 16:54] (current) – removed ntnsndr | ||
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- | ====== Economics ====== | ||
- | 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. | ||
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- | =====Updating Budget Spreadsheets===== | ||
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- | 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. | ||
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- | At the beginning of each semester, email cmcifinance@colorado.edu and request the following monthly reports: | ||
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- | - 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. | ||
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- | 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) | ||
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- | Referencing the **financial detail reports**, add any expenses not already on the spreadsheet to the sheet for the corresponding speedtype. | ||
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- | 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 " | ||
- | * Date: Take from " | ||
- | * Description of transaction: | ||
- | * Debit/ | ||
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- | * The Balance should update automatically at the top of the spreadsheet. | ||
- | Once you have updated the spreadsheet to include all transactions, | ||
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- | // | ||
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- | =====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). | ||
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- | You should plan on using a new spreadsheet to track expenses starting from July 1st. | ||
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- | 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" > " | ||
- | *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" > " | ||
- | * 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 " | ||
- | * Make any update to the spreadsheet header. | ||
- | * Repeat for other speedtypes as needed. | ||
- | * Begin adding new expenses. | ||
- | * //NOTE:// Put the balance at the start of the fiscal year in the first column on the spreadsheets. | ||
- | * 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 expenses. | ||
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- | //For anything related to invoicing, please email CMCIFinance@colorado.edu with any questions. | ||
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- | The [[https:// |