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WEDGE 2.0 Web-based Electronic Data Gathering Environment

WEDGE 2.0 Web-based Electronic Data Gathering Environment

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Page 1: WEDGE 2.0 Web-based Electronic Data Gathering Environment

WEDGE 2.0

Web-based Electronic DataGathering Environment

Page 2: WEDGE 2.0 Web-based Electronic Data Gathering Environment

WEDGE 2.0Welcome to

Page 3: WEDGE 2.0 Web-based Electronic Data Gathering Environment

Katie MadoniaFinancial

Reporting

Gregg EasterlySystems

Administration

Instructors

Page 4: WEDGE 2.0 Web-based Electronic Data Gathering Environment

Purpose This training session is intended to assist agencies

in the preparation and transmission of Shared Fund GAAP packages to the Illinois Office of the Comptroller (IOC) The deadline for Shared Fund GAAP packages,

excluding GRF and federal activity funds, is Tuesday 8/23/11

The deadline for GRF packages is Friday 9/2/11 The deadline for shared funds with federal

activity is Friday 9/16/11

Page 5: WEDGE 2.0 Web-based Electronic Data Gathering Environment

FORM OVERVIEWFinancial Reporting

Page 6: WEDGE 2.0 Web-based Electronic Data Gathering Environment

General Information Agencies will have access to post/update their GAAP

information into WEDGE, and when finished, transmit the package to the IOC

Once packages are transmitted, agencies will only have access to view and/or print packages All changes subsequent to transmission will need to be made by

IOC staff

Required forms not included on WEDGE must be completed and sent to the IOC by the appropriate due dates

Amounts entered should be rounded to the nearest thousand

Page 7: WEDGE 2.0 Web-based Electronic Data Gathering Environment

Shared Funds Shared Fund

A fund in which multiple agencies prepare GAAP packages for the same fund

Agencies are not responsible for ensuring the statement of position balances

Revenue and expenditure amounts are uploaded from SAMS into the agency records column on the SCO-512

The SCO-511 (Statement of Position) and SCO-512 (Statement of Change) are available for inquiry only

Adjusting and reclassifying entries are posted to the statement of position and state of change on various forms in the GAAP package.

Page 8: WEDGE 2.0 Web-based Electronic Data Gathering Environment

Shared Fund Forms Available on WEDGE 2.0

SCO-510 Explanation of GAAP Account Changes SCO-511 Shared SAMS Funds Adjustments for Assets,

Liabilities, and Fund Equity SCO-512 Shared SAMS Funds Revenue and Expenditure

Adjustments SCO-530 Account Summary Analysis SCO-531 Shared SAMS Funds Cash Reconciliation SCO-544 Miscellaneous Journal Entry Form SCO-547 Reclassifying Journal Entries SCO-548 Adjusting Journal Entries SCO-549 Summary of Liabilities SCO-565 Inter-fund Payable/Receivable Analysis

Page 9: WEDGE 2.0 Web-based Electronic Data Gathering Environment

Shared Fund Forms Manual Forms required to be submitted with

all Shared Fund GAAP packages SCO-546 Government-wide Adjusting Journal

Entries SCO-551 SAMS to GAAP Reconciliation –

Accounts Receivable SCO-553 Fund Balance to Net Asset

Reconciliation

Page 10: WEDGE 2.0 Web-based Electronic Data Gathering Environment

Summary of Shared Fund Forms SCO-510

Explanation Of GAAP Account Changes The purpose of the Explanation of GAAP Account

Changes is to identify and explain material changes in GAAP accounts from the prior year to the current year

Page 11: WEDGE 2.0 Web-based Electronic Data Gathering Environment

Summary of Shared Fund Forms SCO-511

Shared SAMS Funds Adjustments for Assets, Liabilities, and Fund Equity This form summarizes the Statement of Position

by showing adjustments made at the agency, IOC, and auditor levels

Form is for inquiry only; no data entry is made to this form

Page 12: WEDGE 2.0 Web-based Electronic Data Gathering Environment

Summary of Shared Fund Forms SCO-512

Shared SAMS Funds Revenue and Expenditure Adjustments Revenue and expenditure amounts are uploaded from

SAMS into the agency records column This form summarizes the Statement of Change by

showing the balance uploaded from SAMS, prior year GAAP adjustments, and by showing adjustments made at the agency, IOC, and auditor level

Form is for inquiry only, no data entry is made to this form

Page 13: WEDGE 2.0 Web-based Electronic Data Gathering Environment

Summary of Shared Fund Forms SCO-530

Account Summary Analysis Form summarizes all journal entry postings, by

account number Form is for inquiry only; no data entry is made to

this form

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Summary of Shared Fund Forms SCO-531

Shared SAMS Funds Cash Reconciliation This form is now an electronic form (previously

manual form) Form summarizes cash on hand and cash in transit This form allows the agency to post an automatic

journal entry, which will carry directly to theSCO-548

Page 15: WEDGE 2.0 Web-based Electronic Data Gathering Environment

Summary of Shared Fund Forms SCO-544

Miscellaneous Journal Entry Form New form for FY11 Form is used to post reclassifying and adjusting

journal entries that are not otherwise posted via another form on the system

Entries on this form will carry directly to the SCO-547 or SCO-548, as applicable

Page 16: WEDGE 2.0 Web-based Electronic Data Gathering Environment

Summary of Shared Fund Forms SCO-547

Reclassifying Journal Entries Form has been revised for FY11, and is now a

summary form; no data entry is made to this form Form is populated with entries posted on other

forms, including the new miscellaneous journal entry from, SCO-544

Page 17: WEDGE 2.0 Web-based Electronic Data Gathering Environment

Summary of Shared Fund Forms SCO-548

Adjusting Journal Entries Form has been revised for FY11, and is now a

summary form; no data entry is made to this form Form is populated with entries posted on other

forms, including the new miscellaneous journal entry from, SCO-544

Page 18: WEDGE 2.0 Web-based Electronic Data Gathering Environment

Summary of Shared Fund Forms SCO-549

Summary of Liabilities Form summarizes liabilities to be recorded in the

GAAP package Form has been revised in FY11 so that an

automatic journal entry can be posted after summarizing liabilities

Page 19: WEDGE 2.0 Web-based Electronic Data Gathering Environment

Summary of Shared Fund Form SCO-565

Interfund Payable/Receivable Analysis Form summarizes the detail of amounts due to/from other

funds and due to/from component units The totals on this form should agree to the total amounts as

reported on the SCO-511 Amounts reported on the SCO-567/SCO-568 forms will be

automatically populated into this form The form currently does not have edit checks in place to ensure

totals on this form agree to the totals reported on the SCO-511; This will be addressed in future updates once we determine the effects of reporting of held warrants

Page 20: WEDGE 2.0 Web-based Electronic Data Gathering Environment

QUESTIONS/COMMENTSFORMS OVERVIEW

Page 21: WEDGE 2.0 Web-based Electronic Data Gathering Environment

SYSTEM TRAININGShared Fund Package