4.0 Electronic Tools


Using Electronic Tools for Financial Review & Control

Monthly transactions are reported to users in the form of monthly accounting statements, primarily the MIT Summary Statement and the MIT Detail Transaction Report. The financial information contained in these reports can be viewed on paper, in SAP, in BrioQuery or online through Cognos.

These guidelines encourage the use of one of the available electronic tools, since more detailed information is available when questions arise. However any one of the choices described below is acceptable.

Paper

Users without access to SAP, or those who prefer a paper-based process, may continue to do the financial review using the paper statements mailed by the VPF.

(SAP, BrioQuery & Cognos reports can be printed, thus accommodating those who prefer to make notes or check marks on paper.)

SAP

Users who review a small number of cost objects, those who would like to review their transactions in real time, or those who use SAP's drill-down features extensively, may prefer to do the financial review using SAP on-line.

Detailed documentation on the SAP Summary Statement and Detail Transaction Report can be found at the SAP web site.

BrioQuery

MIT's Data Warehouse is a relational database developed at MIT to support ad-hoc reporting on financial, personnel, space, employee, and student data. Data from a number of MIT administrative systems, including SAP, is extracted daily and loaded to the Data Warehouse.

A query tool, BrioQuery, is available to MIT users for reporting on Data Warehouse data of all types. Templates developed using BrioQuery can be saved and rerun with different variables, again and again.

A number of standard BrioQuery templates have been developed and are available from the Data Warehouse web site.

The template titled “Financial Review & Control Procedures Reporting” was developed to support MIT’s FRC process and is particularly useful for users who would like to:

· Review more than one fiscal period at a time

· Review multiple cost objects

· Focus on certain transaction types or dollar amounts over (or under) a certain level

· Sort transactions in a nonstandard way (by posting date, PO number, or by vendor, for example).

Cognos

Cognos is a web-based reporting tool that accesses information stored in the Data Warehouse (similar to BrioQuery) and can be found at reports.mit.edu.

A number of standard Cognos reports are available to the community to assist in reviewing financial transactions.

The report titled “FRC Monthly Review Report” can be accessed by selecting Departmental Reports -> Financial DLC Reports -> Financial Review and Control. Users can select and filter data using different criteria such as Fiscal Period, Profit Center, Supervisor or Cost Object.

This report is designed to assist those who perform FRC duties for their DLC by highlighting a sampling of transactions that may be considered high risk.

FRC Monthly Review Application

Starting in FY16, MIT community members may carry out their monthly account reconciliations using a new online tool. Modeled on the FRC Monthly Review Report in Cognos, the tool is the result of collaboration between MIT community members, Information Systems & Technology (IS&T), and VPF.

The tool can be accessed online at http://frc.mit.edu or through Atlas by selecting Reports then FRC Monthly Review Application.

This tool is designed to assist those who perform Financial Review and Control duties for their DLC by highlighting high-risk transactions, providing web-based tracking of line items reviewed and issues to be resolved, and serving as an electronic record of FRC review for the DLC.

Updated 8/20/15