Financial Reporting Tools to Help Manage Your Accounts

TO: RU General ledger users

Dear Rutgers Colleague,

On September 22, President Barchi met with the University Senate and presented his 2017 Annual Report. During the meeting, the President discussed the Cornerstone financial management systems implementation, and he highlighted the need to improve reporting.

Ensuring easier access to data to manage accounts has been and remains a paramount goal for the Finance and Administration Division. The Cornerstone team is working diligently to enhance reporting tools to assist faculty and staff with reports, and improve system interfaces that have impacted the user community’s ability to function efficiently and reliably at the school and faculty level.

Reporting Tools You Can Use Now

  • More than 65 reports and queries currently are available, including approximately 25 for Sponsored Projects. Two reports that are in development will provide a more complete view of Sponsored Projects account balances and detailed account transactions. These reports will begin final testing soon, and we will notify the community when they are available for use.

Reporting Tools That Are in Development

  • In the Spring, we initiated a process to “beta test” reports prior to releasing them to the University community. Involving both campus and central units in the testing phase, including staff who manage Sponsored accounts, has helped us deliver better quality tools the first time out, and identify priorities for additional reporting needs.

A list of reports and queries that are available and in development is posted on the University Controller’s Office website, under Finance Reports.

Ongoing Activities/Outreach

  • The University Controller’s Office continues to offer in-person and online training for general reporting and for specific business tools such as Oracle Transactional Business Intelligence (OTBI), and Smart View. Registration is open for the Fall 2017 courses, and additional classes will be added soon. If you have questions or suggestions regarding reports, including training sessions, please contact the Controller’s Office at finance_helpcenter@finance.rutgers.edu.
  • We are creating more robust reporting tools to improve how we support financial operations for all schools and units, and management, including:
  • a Projects-to-General Ledger report to reconcile revenue and expenses from Sponsored Projects fund types to the General Ledger;
  • a modified account analysis report on baseline General Ledger transaction account details;
  • a Profit and Loss report with fund balances for all chart of accounts code combinations; and
  • a suite of reports, by campus, to align budget and actuals for variance reporting for the Board of Governors.
  • We are working with Oracle to develop high-level designs for reports and screens in the Projects module that reflect input from users, and provides better information for administrators and faculty.
  • In response to feedback from campus and central units, the Controller’s Office is preparing guidance that will suggest reports to use by role, and reduce the number of reports and queries to those that are most effective for staff and faculty to manage accounts. This guidance will be available in November.
  • Grant and Contract Accounting is in the process of hiring a dedicated trainer to lead its expanding goal to educate research administrators and faculty on using reporting tools. The GCA team will provide information on reports during its Research Administrators Information Network (RAIN) meetings. If you have questions or suggestions regarding GCA’s education efforts, please join the RAIN listserv

The Cornerstone Leadership Team welcomes your feedback and questions. Please feel free to contact us directly or through cornerstone@rutgers.edu.

Thank you for your patience, commitment, and support.

Regards,

 

Richard Aks, Vice President for Finance, and Associate Treasurer

Pete Larson, Associate Vice President, and University Controller

Terri Goss Kinzy, Ph.D., Vice President for Research, Office of Research and Economic Development

Professor, Department of Biochemistry and Molecular Biology & Pediatrics Robert Wood Johnson Medical School