| Reconciling Your
Budget |
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| Each
department is responsible for managing their budget.
The Budget Office recommends reconciling the monthly budget using
the Banner Self Service System and either Quicken or Excel.
Quicken
can be purchased at local retailers or at Phillips Bookstore.
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The Banner Self Service System should be utilized as a starting point to gather information related
to the budget. Reconcile to
the monthly e-print reports or access the Self Service Budget query screens:
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to
view balances |
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to view
transactions
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to
view open commitments (encumbrances) |
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Access the Quicken software to
create a new FILE. A Quicken FILE is a collection of accounts.
If Quicken does not
automatically ask to create a new file, click on File, New and choose New
File. Create a new file name
such as YR20052006 or 262400. The
software will walk you through the steps to set up a new file.
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A Quicken ACCOUNT is a
list of transactions for single expense categories, such as Operating, Travel and
Equipment.
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When the program comes to the
screen to create ACCOUNTS, set up as CHECKING accounts.
Set up an account name for each account such as Operating.
Also a description name will need to be set up such as the account
code 74000. The program will
ask if you know how much the asset is worth--click yes.
Enter the beginning budget balance for that account.
The beginning date will be July 1 of the fiscal year.
Additional Accounts may be set up by clicking on File, New and
choose New Account.
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Once budget accounts have been
set up, enter the individual transactions for the month by account.
Quicken will automatically balance the account using the
"reconcile" feature.
Debits should be noted in the decrease column and credits in the
increase column. Accounts may be reconciled anytime using Banner
Self Service, or monthly from e-print reports. |
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Quicken has a reporting feature to explore as you become familiar with the
software. The report that
will list transactions can be found by clicking on Reports, Banking and
Transactions. Another report
that might be helpful is the Report on My Spending, which is found find by
clicking on Planning at the bottom of the screen.
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If you are proficient in Excel and prefer to setup your own spreadsheet of
transactions, that is acceptable. Using Banner Self Service allows you
to reconcile anytime during the month because you have access to real time
balances. If you have any questions, please contact the
Budget Office @5790 or e-mail us at budget@mtsu.edu. |
