Finance

Budget

This section has been set up to provide you with more information related to managing your budget. Use this resource to enhance your knowledge of how to set up an authorization signature, view your budget online or even how to make a budget transfer.

If you have an issues or concerns, please call x2870 or visit us at C115 in the Main Campus Building.

Read below to better understand how to maximize the budget tools that are available to you.

AARC

  • Use as a tool for day to day updates on individual budget line items.
  • Make sure line items are not in the negative in the Funds Available column.
  • Submit budget transfers to adjust any negative balances.
  • Track status of vouchers. If status = paid then check was sent to vendor.
  • Payroll does not post until the end of the month.
  • Credit card purchases may not post until month close (first week of subsequent month). You can review your purchases through PaymentNet to get an idea of what is going to hit your budget.
  • Access to view budgets must be approved by your manager. Requests can be submitted to budget@simmons.edu

*Note: Use the hyperlinks within your budget to drill into more detail. For example, if you click on the number in the Actuals column, you will see all the transactions that make up that number.

Monthly Budget Reports (from Accounting/Payroll

  • Distributed by Accounting after the monthly close (usually end of the first week of the subsequent month).
    • Includes all transactions for the month (includes payroll and credit card purchases).
  • Includes payroll detail sheets
    • Use these to verify that employees are being paid out of the correct budgets. This is the only report that will show employee names associated to a budget number.

*Note: Reports are provided to the PC members for distribution to the appropriate managers.

Web Burn Report

  • Updated every night with day's transactions.
  • Use to track the pace of spending ("burn").
  • Keep an eye on the Average Actual Burn Rate column – If this goes negative, represented by parentheses; it means you are spending too fast. This does not mean your budget is in the negative. Use AARC to check further detail.
  • The YTD Expense as a % of Adjusted Budget column helps to track where you are overall. For example in December, ideally one would have spent less than 50% of their budget.
  • For non-salary line items within each budget, try to come in 20% less than what is calculated as the Budgeted Monthly burn.
  • Access to this report must be approved by your manager. Requests can be submitted to budget@simmons.edu.
  • For more detailed information, refer to the Web Burn Report documentation.

Budget Transfers