June 13 - Adopted Budget Closes |
The Adopted Budget will close on Tuesday, June 13th and changes can be made up until 11:59pm on that day. Just a reminder that once your budget is finalized, no reports need to be submitted. As a final check, please ensure unrestricted funds balance to zero and restricted funds have a zero or positive ending fund balance.
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Upcoming Working Sessions |
As we approach the Adopted Budget close date, June 13, the Budget Office will be offering working sessions on June 6 & June 13. Our team will be available to meet with you in person or via zoom to answer any questions you may have to help support non-labor planning, transfers and final budget balancing. If you are interested in attending one of these sessions, please click this link to register: Adopted Budget Working Session Form Once you have registered, we will send you a calendar invite.
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We have begun the creation of a short video series to help guide you through specific planning functionality within Financial Compass. Links to the videos can be found on the Budget Office website (budget.nd.edu/financial-compass) under Training Materials. We are working on additional ‘how to’ videos to share with you, and will add those to the website as soon as they are available. If you are looking for an old newsletter, you can find them on the website as well under Newsletters.
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Freeze and Lock Functions |
The freeze and lock functions are only used during the Adopted and Adjusted budget. What is the difference? The “freeze” button pauses any changes being made in WFP and transfers from feeding into your continuous plan reports. This is used to prevent changes made on these pages from influencing the balancing process of your unrestricted funds and the final budgets of your restricted funds. The “lock” button locks the unrestricted and restricted non-labor input pages from being edited. This is used when you are finished with your budget process. Please check with the primary business manager for your college/unit to confirm if you are expected to utilize this functionality.
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The Adjusted Budget will open on Monday, July 31 and will close on Friday, August 11. Since this is the first year in the new Financial Compass tool, we are keeping the timing consistent with prior years to allow time to internally review and validate the data and will look at options to open earlier in the next fiscal year.
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