This section has been set up to provide you with more information related to managing your budget. Use this resource to enhance your knowledge of how to set up an authorization signature, view your budget online or even how to make a budget transfer.
The following is a list of currently available tools that can assist you in preparation, monitoring and management of your budget.
AARC - is an on-line report that is connected to Data Tel and is constantly updated.
- Use as a tool for day to day updates on individual budget line items.
- Make sure line items are not in the negative in the Funds Available column.
- Submit budget transfers to adjust any negative balances.
- Track status of vouchers. If status = paid then check was sent to vendor.
- Payroll does not post until the end of the month.
- Credit card purchases may not post until month close (first week of subsequent month). You can review your purchases through PaymentNet to get an idea of what is going to hit your budget.
- Access to view budgets must be approved by your manager. Requests can be submitted to firstname.lastname@example.org
*Note: Use the hyperlinks within your budget to drill into more detail. For example, if you click on the number in the Actuals column, you will see all the transactions that make up that number.
Monthly Budget Reports (from Accounting/Payroll) - is a report that shows budget to actual at the GL code level.
- Distributed by Accounting after the monthly close (usually end of the first week of the subsequent month).
- Includes all transactions for the month (includes payroll and credit card purchases).
- Includes payroll detail sheets
- Use these to verify that employees are being paid out of the correct budgets. This is the only report that will show employee names associated to a budget number.
*Note: Reports are provided to the PC members for distribution to the appropriate managers.
Monthly Burn Rate Report - is a management report that tracts actual to budget variance against a predermined straight line 1/12 method for use in projecting potential budget savings or deficits.
- Updated every night with day's transactions.
- Use to track the pace of spending ("burn").
- Keep an eye on the Average Actual Burn Rate column — If this goes negative, represented by parentheses; it means you are spending too fast. This does not mean your budget is in the negative. Use AARC to check further detail.
- The YTD Expense as a % of Adjusted Budget column helps to track where you are overall. For example in December, ideally one would have spent less than 50% of their budget.
- For non-salary line items within each budget, try to come in 20% less than what is calculated as the Budgeted Monthly burn.
- Access to this report must be approved by your manager. Requests can be submitted to email@example.com.
For more detailed information, refer to the Monthly Burn Rate Report documentation.
- Budget transfer form is available at http://www.simmons.edu/offices/finance-administration/vp/budget/forms.php
- Budget transfers can be submitted to firstname.lastname@example.org or sent via interoffice mail to C115.
Senior Budget Analyst
Senior Budget Analyst
Interim Director of Budgeting, Financial Planning and Reporting