Although your DLC may have its own distinct process for month-end financial review and control (FRC), you’ll find helpful guidelines and Institute-wide standards on the FRC application in Atlas.
Access the FRC application directly or through Atlas. To find the application in Atlas, select Reports from the menu and then FRC Monthly Review Application in the Finance section. Log in to access the profit centers and cost objects you are authorized to review.
When you log in to the FRC application, you will have two options on the left sidebar. The default option is the Cost Object report, but you can also select the Transaction Type report by clicking on the middle icon.
After you specify one or more profit centers, supervisors, or cost objects related to your review, choose Run Report to show unreviewed/unresolved items.
You also can rerun your report at any time to change your review options. The application doesn’t automatically save your work, so be sure to save your changes before running a new report.
The transactions displayed in your report will be color-coded according to the status of your review:
- Unshaded expenses require only a visual review.
- Yellow-shaded expenses require a detailed review.
You have the option to sort by all items in the G/L Accounts (default), by High Risk G/L Accounts, and by Low Risk G/L Accounts. In the Low Risk G/L Accounts View, you can select all transactions and click Submit Selected Reviews to expedite your review.
While reviewing your transactions individually, side-scroll to find the Review column. The column has two buttons, DR for Document Reviewed and IS for Issue.
Once you start selecting buttons in the Review column, transactions will be color-coded according to the status of the transaction:
- Green-shaded expenses have been marked as DR (Document Reviewed)
- Red-shaded expenses are those you have marked as IS (Issue).
Once you have started reviewing transactions, the Submit All Reviews button at the bottom of the page will become active. Use this button to update your transactions and save your progress.
Be sure to save any changes you want to remain in the system. The FRC application does not back up automatically. In addition, if you leave the application open for more than 60 minutes, the system will time out, and you will lose any unsaved changes.
The Details
Access the FRC application directly or through Atlas. To find the application in Atlas, select Reports from the menu and then FRC Monthly Review Application in the Finance section. Log in to access the profit centers and cost objects you are authorized to review.
When you log in to the FRC application, you will have two options on the left sidebar. The default option is the Cost Object report, but you can also select the Transaction Type report by clicking on the middle icon.
After you specify one or more profit centers, supervisors, or cost objects related to your review, choose Run Report to show unreviewed/unresolved items.
You also can rerun your report at any time to change your review options. The application doesn’t automatically save your work, so be sure to save your changes before running a new report.
The transactions displayed in your report will be color-coded according to the status of your review:
- Unshaded expenses require only a visual review.
- Yellow-shaded expenses require a detailed review.
You have the option to sort by all items in the G/L Accounts (default), by High Risk G/L Accounts, and by Low Risk G/L Accounts. In the Low Risk G/L Accounts View, you can select all transactions and click Submit Selected Reviews to expedite your review.
While reviewing your transactions individually, side-scroll to find the Review column. The column has two buttons, DR for Document Reviewed and IS for Issue.
Once you start selecting buttons in the Review column, transactions will be color-coded according to the status of the transaction:
- Green-shaded expenses have been marked as DR (Document Reviewed)
- Red-shaded expenses are those you have marked as IS (Issue).
Once you have started reviewing transactions, the Submit All Reviews button at the bottom of the page will become active. Use this button to update your transactions and save your progress.
Be sure to save any changes you want to remain in the system. The FRC application does not back up automatically. In addition, if you leave the application open for more than 60 minutes, the system will time out, and you will lose any unsaved changes.
