VERIFICATION OF FINANCIAL DATA ON THE STATEMENT OF NET ASSETS (SNA)

PAGE 1

Verification of Financial Data

On the Statement of Net Assets (SNA)

Step One

  • (A) Run the Statement of Net Assets (SNA) report for the accounting period required. (To run statements or various other financial reports, see the document, “Running Automated Financial Reports in PeopleSoft,” in the AFR documentation manual).

(B) The amounts displayed on this statement will be verified against the UGL01024 report and Ledger Criteria from the Actuals Ledger in PeopleSoft (PS).

Step Two

  • (A) Run the Summary of Balance Sheet Accounts report (UGL01024).

(B)Once the report is run it will be in both summary and detail format. Use the summary pages (Use button 1 as explained in the document “Running Automated Financial Reports in PeopleSoft”, in the Drill Down Information and Procedures section.) to verify totals against the Actuals Ledger Criteria in PS. The detail report will help with research and will identify which accounts by fund are not in balance. Use the summary pages to also verify Total Assets, and Total Liabilities against the SNA.

Step Three

  • (A) Run Ledger Criteria from PeopleSoft utilizing the document “Using PeopleSoft Ledger Criteria For Research” in the AFR documentation manual.

(B)This training document displays various fields that must be completed. To complete use the following steps:

For Assets

  1. Choose the Business Unit (BU) requested.
  2. Choose the Actuals Ledger.
  3. Choose the Year requested.
  4. Choose the From/To period. (Notice that in the from/to period, you may only select months through 12. The closing month is displayed as an adjustment period).
  5. Choose USD Currency.
  6. Leave the Statistics field blank.
  7. Place a check mark in the Balance Forward area for any asset (1XXXX’s) and liability (2XXXX’s) balance sheet accounts. This will display all accumulated data on balance sheet items.
  8. Place a check mark in the adjustment column area to include any activity in closing period 998.
  9. Expand the Scroll Option Max Rows to a larger number. It defaults to 100. Expanding that field with a few zeroes covers large row searches. Research will be adversely affected if rows of data are missed.
  10. In the Chartfield values area, place a wildcard (1%) in Account to pick up all assets. Place the wildcard (%) in all other fields. This will give you the total assets.

For Liabilities

  1. Run the total liabilities, utilizing the above instructions, except for step 10.
  2. In the Chartfield values area, place a 2% in Account to pick up all liabilities. Place the wildcard (%) in all other fields. This will give you the total liabilities.

For Fund Equity

  1. Run Account as 3%; check the balance forward, and the adjustment period. The revenues and expenses for the fiscal year must also be closed into fund equity since this is a process that only happens after a fiscal year ends in PS. To accomplish this add the next step.
  2. For both the revenues (4XXXX account’s) and expenses (5XXXX account’s), it would be necessary to run information for the current year only. This means you would not check the balance forward, only the adjustment block.
  3. The sum of the results of these 2 steps should be equal to fund equity on the UGL01060A report.

Step Four

  • Run the report, “Fund Equity Report by Division - Summary by Fund Group”, UGL1060A. Navigation Path: Go, Process Financial Information, Process Journals, Report, Fund Equity by Division, Fund Equity by Div, Add or Update/Display.

Step Five

  • Once all reports are run begin the verification of numbers by total categories.
  1. To view the summary pages on the UGL01024, follow the instructions as explained in Step 2 above and in the document “Running Automated Financial Reports in PeopleSoft”, in the Drill Down Information and Procedures section)
  2. To verify total assets, and total liabilities from Ledger Criteria against the UGL01024, use the summary version of this report. If there are differences, the detailed UGL01024 becomes a valuable research tool.
  • Differences
  1. Differences can be analyzed by reviewing the ledger activity panel as shown in the document “Using PeopleSoft Ledger Criteria For Research”, in the AFR documentation manual, under the Obtaining Detail by Journal section.
  2. The most common difference will be if there is no fund on a journal entry. Since the UGL01024 is programmed to pick up all accounts by fund, these items would not show up on that report. On the other hand, all activity that hits the Actuals ledger is displayed in ledger criteria whether or not a fund is entered.

Step Six

  • After step 5 is completed, the total assets and total liabilities should be tied to the total assets and liabilities on the SNA report. The tying of detailed assets and liabilities by current and non-current, and restricted and non-restricted will be explained in later steps.
  • Differences
  1. If a fund or account is set up in PS but is not on the trees used to write specifications for the AFR, they would show up in ledger criteria but not on the AFR. Or they could show up on theUGL01024 and not on the AFR.
  • Exceptions
  1. There will be some exceptions that will occur: The known exceptions are some categories of funds that do not get picked up on some financial reports. These include:

Non-monetary funds

Defeased bonds

Component unit

These funds would be picked up on the UGL01024 as well as the Ledger Criteria but would not be displayed on the AFR.

Step Seven

  • Tie the Total Net Assets on the SNA to the “Fund Equity Report by Division - Summary by Fund Group”, UGL1060A. The 1060A is a report displaying all fund groups with summary activity. The columns display the beginning fund equity plus or minus Revenues, Adjustments, and Expenses which results in the Ending Balance column.
  1. The beginning fund equity column Grand Total should be equal (=) to the Total Net Assets on the SNA at the end of the last fiscal year.
  2. The ending balance Grand Total should be equal (=) to the Total Net Assets on the current period SNA.
  • Once all data extracted and these steps are followed, any errors should be corrected to ensure integrity of financial data.

Verification_Of_SNAUpdated 3/10/2003