A&FS Training

Financial Transactions Exercises

Exercise 1 - Adjusting a Current Budget

In this exercise, you will learn how to adjust a current budget for an account.

  1. On the Main Menu, click on the Budget Adjustment link in the Financial Transactions channel.
  2. When you look at this document (or any KFS document), how can you tell which fields are required?
  3. We want to move $1000 FROM the current budget for the supplies and expenditure object consolidation for account 3-6620110 and move it TO the current supplies and expenditure budget for account 3-6620120. Hint: When searching for the correct object code to use, select one with the BU (Budget Only) Object Sub-Type Code.
  4. This transaction was requested by Dr Smith. If we wanted Dr Smith's name to appear on the general ledger reports in Decision Support, where could I enter her name?
  5. To view the pending ledger entries that will hit the general ledger after the document is fully approved, click the Save button. Then, on the General Ledger Pending Entries section, click the Show button. You can click on any of the links to get more detail.
  6. Click the Submit button. Did you receive any error messages? If so, what do they say? How can you resolve them?
  7. If you didn't receive any error messages, how do you know your document submitted successfully?

Exercise 2 - Adjusting a Base Budget and Entering FTE

In this exercise, you will adjust the base budget for an account and enter an FTE amount. What's the difference between a base budget and a current budget?

You will use the previously-created document as a "template" for creating a new one. What are some reasons for using a template? When might you want to use one?

  1. Click the Doc Search button. Use any of the search criteria to locate the document you created in the last exercise.
  2. Click on the Copy button to create a brand-new document. How can you tell this is a new document?
  3. We want to move $50,000 FROM the UNALLOCATED object consolidation base budget for account 3-6620110 Hint: When searching for the correct unallocated object code to use, select one with the BU (Budget Only) Object Sub-Type Code.
  4. We want to move the $50,000 TO 3-6620120 staff salaries object consolidation base budget. When searching for the staff salaries object code, locate the one set up specifically for STAFF WAGES - BUDGETED POSITIONS.
  5. We also want to budget one full time employee for account 3-6620120. How and where would you enter this information on the document? If you wanted to only budget a half-time employee (50%), how would you enter this information on the document?
  6. Note: When deleting any amounts you no longer need, make sure you enter 0 in the field.
  7. If you wanted to view the pending ledger entries before you submitted the document, what would you need to do?
  8. Click the Submit button. Did you receive any error messages? If so, what do they say? How can you resolve them?

Exercise 3 - Creating a Pre-Encumbrance

In this exercise, you will create a pre-encumbrance for a future planned computer equipment purchase.

Why would you create a pre-encumbrance? Name some situations where you might create a pre-encumbrance.

  1. On the Main Menu, click on the Pre-Encumbrance link.
  2. Make sure the pre-encumbrance is set up to post in the CURRENT fiscal period.
  3. In general, it's a good idea to enter a reversal date for your encumbrance, so that you don't have to remember to create a disencumbrance entry at a later time. For this transaction, enter a reversal date of two months from today.
  4. We want to encumber $20,000 for computer equipment purchases on account 3-6620110. When selecting an object code, consider the type of item that you are encumbering.
  5. Click on the Submit button.
  6. If you didn't enter a reversal date on your document, what would you need to do when you wanted to disencumber the account?

    Using PEs can make the planning & budgeting process easier. When planning your budget for the year, you probably have some idea of the large purchases your department will be making during the year. By creating encumbrances for these items, you can "earmark" funds in the account specifically for these purposes.

Exercise 4 - Distributing Expense To Another Account

In this exercise, you will move an expense from one account to another.

The DI can be used to distribute a cost expensed in one central account (not funded by outside or Federal agencies*) to several other accounts within the same organization.

  1. On the Main Menu, click on the Distribution of Income and Expense link in the Financial Transactions channel.
  2. We want to move a $350 general office supplies expense for account 3-6620110 and move it TO account 3-6620120. What would be a good search criteria for an appropriate object code?
  3. On the DI document, you will be required to enter the document number of the original transaction. Enter 01-014926391 as the original transaction document number.
  4. Click the Submit button. Did you receive any error messages? If so, what do they say? How can you resolve them?

Discussion Questions:

  • When would you use the General Error Correction instead of the DI document?
  • Why do you think the original document number of the expense transaction is required?

*The General Error Correction document is used for transfers involving accounts that are funded by outside or Federal agencies.

Exercise 5 - Processing a DI document Using the Import Lines Functionality

In this exercise, you will use the previous document as a template to create a new DI document. You will also learn how to import lines from a comma-separated value (CSV)-formatted file directly into a financial document.

  1. Click the Doc Search button. Use any of the search criteria to locate the document you created in the last exercise. On the original document, what button do you need to click in order to create a new copy?
  2. Leave all the information "as is" from the original document.
  3. On the Import Templates page is a list of import templates for the various Financial Transactions documents. Locate the template for the DI document. For this exercise, we want to import one more accounting line in the To section. Use account 3-6620001, object code 8000, amount $2.50, reference number will be the same as that already being used in the document.
  4. After entering the data on the spreadsheet, delete the instructional rows and save the spreadsheet in CSV format.
  5. Click the Import Lines button in the To section of your DI document. Locate the CSV file and import it into your document.
  6. Click Submit on the document. What error message(s) do you get? How would you resolve the error message(s)?
  7. In the From section, change the amount to $352.50, and then click on Submit again. Did your document submit successfully? Why or why not?

Exercise 6 - Financial Transaction Document Lookup / Routing

In this exercise, we'll look at how the various FT documents route and discuss the reasons why they route as they do.

  1. On the Main Menu, click on the Financial Transaction Document Lookup link in the Financial Transactions channel.
  2. Do a search on all documents that you created today:
    • To whom do all the documents route?
    • Do any of the documents route differently from the others? Which ones? Why do you think they route differently?

Exercise 7 - Recharging Another Department

In this exercise, you'll charge another department for a training class that your department provided to them.

The IB is used by authorized recharge units/departments to bill for goods or services provided by one university department to another university department. If you are unsure of whether or not your activity is authorized for recharge, you should contact your supervisor or account manager for assistance.

  1. On the Main Menu, click on the Internal Billing link in the Financial Transactions channel.
  2. We want to credit account 3-6620110 and charge account 3-6620120 for the training expense. Please enter this information in the correct section of the IB document.
  3. The object code used for the income associated with recharges is 3900 (Interdepartmental Recharge).
    • What section of the IB should be used to enter 3900?
    • Why wouldn't you want to enter object code 3900 in both sections of the IB document?
    • What object code should you enter in the other section of the IB document?

NOTE: There is an Items tab that can be optionally used to enter the specific details on what is being charged to the other department.