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Managing Your Budgets

 

Each division has a financial advisor assigned who will assist departmental managers in:

(1) Budgeting & Planning
(2) Reporting
(3) Advising
(4) Analyzing
(5) Processing budget / actual transfers
(6) Oracle Training


(1) Budgeting & Planning
Provide advice and assistance to departments with respect to budget methodologies
Set up fiscal year budgets as approved by the Board of Governors.
Distributes details of the approved departmental operating budget to budget managers
Assist with the coordination and preparation of multi-year project budgets and forecasts based on granting agencies criteria.
Monitor results of operations.

 

(2) Reporting
Assist departments with understanding various financial reports.
Prepare custom reports based on individual needs.
Prepare regular budget to actual reports and quarterly variance reports.
Prepare external reports to granting agencies

 

(3) Advising
Advise departments on financial matters, policies and procedures
Advise on financial terminology and standard accounting practices.
Advise on budget terminology ie: original, base and temporary budget
Provide advise on establishing reconciliation methods.
Advise budget managers on all important budget and financial planning matters in a timely manner.
Advise on “Chart of Accounts”

 

(4) Analyzing
Assist in analyzing details of cost centres for budgets, actuals and encumbrances.
Provide advice on various methodologies than can be used to analyze budgets and actuals
Analyze and compare financial results to budget.

 

(5) Processing budget / actual transfers
Process transfers for internal departments via e-mail request by authorized budget manager.
Process correcting journal / budget entries via e-mail request by authorized budget manager.
Process internal departmental chargebacks.

 

(6) Oracle Training 
Provide ad hoc Oracle training on individual basis as requested and following formal training offered by Systems and Training.