Update to Reporting Tool – Monthly Financial Review Checklist Dashboard

May 20, 2020

Based on feedback from the Financial Compliance and central Procurement groups the monthly financial review checklist dashboard has been updated to align with Yale’s policy and procedures as follows:

  • Procedure 3215 Section: 2 Use of the Yale Purchasing Card paragraph 7 which reads:

All cardholders are expected to prepare and submit expense reports for PCard transactions, with supporting documentation, within thirty (30) days from the date the expense is incurred, as described in Procedure 3215 PR.01

Therefore, the two reports on the MFRC Dashboard “Unexpensed Credit Card Transactions” and “Unapproved Expense Reports” will both now be filtered to show transactions older than 30 days. Previously, these reports only showed transactions older than 45 days.

In addition, both reports will now show the status of “New” and “Pending.” Previously, these reports only displayed the “New” status.  Based on guidance from the Procurement team, the pending status represents when a transaction has been entered to an expense report that is still in process. The expectation is that the department business office (“DBO”) should monitor these pending items to completion during the monthly close. This change will now allow “DBOs” to monitor status and age of those pending items.

The purpose of the dashboard is to give a summarized view of key reports included in the monthly financial review checklist. Key reports have been filtered down to include summary information in an easy to read format. Individuals can now can view, at a high level, a subset of the close activities that should be focused on for the monthly review.

We intend to iteratively add to the dashboard based on user feedback and the roll out of new reports to support the monthly financial review checklist.  This enhancement is the first of these iterations that will continue.

Other relevant links are provided below.