Enhanced FRC Application for Efficient Financial Review
Explore the new web-based Financial Review & Control application designed to enhance efficiency by providing guidance, setting minimum standards, and highlighting high-risk transactions for review. Eliminate the need for printed statements and sign-off sheets with this innovative tool.
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Presentation Transcript
Financial Review & Control Web-based Application
Goals of the new FRC Application Provide guidance & set minimum standards on what transactions should be reviewed during monthly FRC process Eliminate need for printed Summary Statements & DTRs as main method for performing FRC Eliminate need for paper sign-off sheet
New Enhanced FRC application frc.mit.edu
Features of the new FRC Tool The tool selects & highlights in yellow the transactions that DLCs should focus on during monthly review These yellow highlighted transactions fall into two categories: High-Risk 10% random sampling
High-Risk Transactions All charges to blanket POs (number begins with '55') and Contract POs (number begins with '57 ) All Internal Billing postings Document Type SI Journal Vouchers Document Type SA, FY, FS Unallowable GL Account Postings Equipment GL Account Postings All lines that are over $2,500 All lines in Fabricated Equipment Cost objects
Features of the new FRC Tool, contd Option to select: Document Review, Visual Review or Issue Identified All yellow highlighted transactions must be Document Review (DR) For all others, Visual Review (VR) is sufficient Transactions marked as Issue Identified (IS) will remain until marked as Resolved (RES)
Features of the new FRC Tool, contd As transactions are reviewed & saved, they are removed from the list leaving a running list of all transactions still requiring review Data will remain in the tool for a rolling 6-month period Activity for a new month will automatically appear once month is closed Web-based evidence of FRC empty inbox = signoff sheet no need to print/save a signoff sheet
FRC Reviewer Role Application is designed to show users all cost objects based on their Roles authorizations (SAP Report by CO/PC or Fund/FC) Optional, but recommended: If DLCs wish to limit the application to only display cost objects that user is responsible for reviewing, they may designate an FRC reviewer by: Cost Object Fund Center Profit Center Can be set in Roles or by contacting Peggy McGrath @ business- help@mit.edu
Coming Soon: Monitoring Reports Cognos-based reports for managers/supervisors to track: progress of reviews if any cost objects are not being reviewed common issues being identified
Other Important Notes This tool is meant to assist in performing FRC for your DLC serves as evidence of review but doesn t necessarily mean you won t have an audit finding related to a specific charge The tool is a one-size-fits-all solution for the entire Institute but DLCs are welcome to utilize the tool in the best way for their group This tool is not intended to change or replace a DLC s current process for gathering & maintaining receipts, documentation and other backup
Resources IS&T Knowledge Base website For technical assistance FRC application FAQ http://kb.mit.edu/confluence /x/ysswCQ helpdesk@mit.edu 617-253-1101 For assistance with Roles FRC Application Training Guide http://kb.mit.edu/confluence /x/ScwwCQ Peggy McGrath @ business- help@mit.edu Cognos weekly user group drop-in sessions VPF website (Financial Accounting & Reporting area Every Thurs 1:30 3:00pm in NE49-3098 (Little Cayman Computer Lab) FRC Policy and Quickguide
MIT Community Demo o Tuesday, Sept 22, 2015 o 9:30 11:00 am o BCS Singleton Auditorium (46-3002)
