Financial Desktop Initiative

Overview

Building upon the foundation created with the implementation of the MyFinancial.desktop reporting and expense transfer functionality, the FDI Extension Project is focused on delivering new, high priority functionality to campus. 

Collaborative efforts between the Office of Information Management, Financial Management and various campus departments are helping develop system enhancements which reduce the reliance on paper based reports by focusing on:

  • Individual budget worksheets (Completed April 2010) - Final Approval for Release (.pdf)
  • Reconciliation Report (Completed Oct 2010) - 1st deliverable: reconciliation of individual transactions posting to budgets – Final Approval for Release (.pdf)
    Learn more about the Reconciliation Report
  • Online Reconciliation functionality was released February 15, 2011
    • Filtering:  Allows users of the Reconciliation Report to view a subset of transactions
    • Budget Status:  Set a status on the Reconciliation Report indicating a budget month has been reconciled, reviewed, and/or reviewed by a Principle Investigator
    • Reconciliation Status Report (dashboard report):  This report is similar in design to the Budget List but instead of showing financial figures, this report will display the reconciliation status (carried over from the Reconciliation Report) for pre-existing, or newly created budget lists.  You will be able to view 3 months worth of statuses at a time.
    • Linking to eInvoices - MyFD will provide links to eInvoices processed in eProcurement on/after January 6, 2011. Links will be found on both the Transaction Summary and Reconciliation Reports in the Amount column (links will be blue).

FAQs about Online Reconciliation

Q. Do I have to print out hard copy MyFD reports each month?
A. We recommend reviewing your department’s policies, or talk to your administrator, regarding printing requirements.  You may also review the Reconciliation Best Practices/Guidelines, within the Internal Controls Framework, to learn more.

Q. Has Internal Audit approved/signed-off on this tool?
A. Internal Audit was actively involved in the design and decision making process for the Reconciliation Report and Status Report features in MyFD.  Internal Audit has approved MyFD as a system that can be used as an alternative means for performing reconciliation activities.

Q. What’s next for MyFD?  What are the upcoming features?
A. Our team will begin reviewing and prioritizing the enhancement requests we’ve received from campus users after biennium crossover. 

Q. Will we still continue to receive our BAR/BSR?
A. Yes, unless your department administrator decides MyFD reports and reconciliation tools will meet the needs of the department.  Administrators may opt to not receive the BAR/BSR.  If this is the case, administrators may request to stop the printing of these reports. 

Q. Does this mean BAR/BSRs will be turned off permanently?
A. Efforts are underway to determine how to get two pieces of data, currently only available on the BAR/BSR, into the ODS/Data Warehouse.  Since the BAR/BSR is the only place where a user can obtain Expired Salary Allocations and Budgeted Amount by Position Number, they cannot be turned off at the institutional level.  MyFD News will alert users when any changes are presented. happen . Sign up for our newsletter to ensure you are up-to-date.

Q. Can I upload attachments to MyFD?
A. This is a popular request and one we understand would be highly beneficial to campus users.  Our teams will be prioritizing this enhancement request as well as researching the scope and feasibility of this effort in the future.

Q. How long will MyFD keep my reconciliation information?
A. In accordance with the University of Washington’s financial records retention guidelines, MyFD keeps all information for the current biennia plus 3 biennia.
Learn more:  http://f2.washington.edu/fm/recmgt/retentionschedules/gs/general

Q. Is it mandatory for our unit to use MyFD?
A. Using MyFD is not mandatory, but is a convenient electronic alternative that can replace manual, paper based practices. Discuss using MyFD, for your department specific needs, with your administrator.

Project Teams

Several teams help guide the design, tactical, and strategic decisions related to the FDI extension project deliverables.  These teams include representation from across campus. See who's working on the new Online Reconciliation deliverables in MyFinancial.desktop! Learn more about who's working on the project!

Interested in learning more?

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