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Impacts of Financial Business Processes by Core-CT
As discussed at
Financials Business Process Workshops, September/October 2002
Create Budget Journals
- Currently, the State's legal and agency budgets are
stored and maintained in separate systems
- Core-CT will incorporate all budget
structures within one system
- All elements link together in all modules
Enter and Process Journals
- The General Ledger will integrate line and
central agency requirements for financial information
- Agencies will enter
corrections and accrual Journal Entries into a spreadsheet
- Agencies will enter
some corrections and accrual Journal Entries into a spreadsheet
- Agencies will
be responsible to ensure accurate and balanced entries are sent to the General
Ledger
- Mass payroll corrections for time before September 5, 2003 may be entered in a
spreadsheet journal. Corrections thereafter should be made in the Time and Labor
module in Core-CT
Enter Receivables
- Agencies will enter all State and Federal receivables in
Core-CT
- Agencies will be required to enter a two-sided accounting entry for
each receivable item
- Accounts Receivable staff will review, correct and
approve all AR transactions
Receive, Enter and Apply Payments
- The Treasury creates the Deposit Records
from the Daily Bank Statement
- Every agency will process deposits in the same
manner
- AR staff will determine if a deposit is to be applied to an open
receivable or if it is to be directly journalled
- AR staff will review,
correct, and approve all AR transactions
Inter-Unit Processing
- InterUnit payments are made through an internal bank
account, or lockbox, instead of producing a check
- Payment Predictor is the
process run by the Comptroller's Office that automatically matches the payments
from the debtor agencies to their corresponding open receivables at the creditor
agency, and closes the open receivable item
- For State and Federal customers,
agencies will use Core-CT to track and reconcile open receivables. Agencies will
continue to resolve discrepancies for all unmatched payments
Maintain and Collect Receivables
- State and Federal receivables previously
administered in agency sub-systems will now be administered in Core-CT
- Core-CT
will be the system of record for all agencies' State and Federal receivable
accounts
- The AR Credit Analyst uses the Accounts Receivable Aging Report to
identify receivable items targeted for collection and maintenance
- The
Receivable Maintenance Processor can select from a number of maintenance actions
for each receivable item including credit memo and debit memo
- The Accounting
Processor creates the accounting entries for receivables
- The Accounting
Approver reviews and approves the accounting entries, then posts them
Create and Approve Requisitions
- A uniform statewide requisition process
will be used
- All requisitions pre-encumber funds in Core-CT
- There are up to
six approvers in the approval process
- POs can automatically be generated from
fully approved requisitions
- Workflow will be used in the Requisitioning
process
- DAS is increasing agency purchasing quotation thresholds. Purchases
under $2500 will not require quotations
Create Purchase Orders
- POSs and PSAs will be entered as contracts in
Core-CT and a PO will be generated to encumber the funds
- Changes to a PO are
executed by creating a change order
- A PO is the encumbering transaction in
Core-CT
- Workflow will be used in the PO module
- Due to the elimination of
reservations, there may be an increase in the number of POs created
Receive and Inspect Goods
- Online receiving will be required in Core-CT
- Copy a PO to create the Receiver
- The State will not allow receipt of a good or
service without a PO
- Receipts will not be created for P-card purchases
- Inspection, penalty and return to vendor information will be maintained in
Core-CT
Administer Vendor Contracts
- Contract information entered into Core-CT is a
database record
- There is a one to one relationship, contract to vendor
- The
State will manually number contracts in the Core-CT system (eg: 02DOT0001AA,
02DOC0001AB)
- Core-CT contracts will include DAS/DOIT contract awards, POSs,
PSAs, MOUs, Real Estate Leases, Grants, Construction and ROW contracts
- Items
will be placed on contracts
- Once a contract is cancelled or closed in Core-CT,
it cannot be referenced in other documents (Requisitions, Purchase Orders, or
Vouchers)
- Contracts will not be identified as Set-Aside
Maintain Vendors
- OSC approval required for all new vendors or change
requests
- Agencies will need to research vendor information in Core-CT before
entering a new vendor
- Agencies can reference OSC conversation areas for
additional vendor information
- DAS Set-Aside information will be interfaced
nightly
- DAS/DOIT Vendor Performance Reports will still be web-based and
outside of Core-CT
- All payees must be in the vendor file in order to process a
PO or a payment
Enter and Process Vouchers
- Vouchers are created by copying the Purchase
Order and/or the Receiver
- Payees must be in vendor file
- Users will manage
match exceptions
- Approvers will use Voucher Workflow
- Purchase Orders are
"Finalized" on the last voucher
- There are separate roles defined for
Journals, Adjustments and Corrections
- Reversal Voucher Processor role must be
extremely limited
Procurement Cards
- Transactions will be in Core-CT
- Transactions will need
to be approved in Core-CT
- OSC will no longer consolidate P-Card payments into
one for the State
- Identifies P-Card purchases to Set-Aside Vendors (through
reporting)
- General Buyer will cancel a requisition if they use their P-Card
- Separate Roles for P-Card Coordinator and Voucher Processor
Petty Cash Procedures
- Petty Cash Account will have its own AP and AR
Business Unit
- The Petty Cash Custodian must NOT have access to the agency's
Main AP Business Unit
- Agencies will continue to process Worker's Compensation
"first checks" to employees through the Petty Cash account
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