In this guide, we show How to Complete Finance Handover Verification Checks after the Finance Module Setup has been completed.
This guide is broken down into 3 sections:
1. How to Complete Initial Checks
2. How to Complete Additional Checks
Pre-requisites: Wait to receive email notification that the Finance Setup has been completed and that the Bromcom Finance Module is ready to be handed over.
1. How to Complete Initial Checks
Although we have verified the Data in the system against the information sent to us, we always ask that this is also verified by the School before it starts transacting. As a minimum, we advise that the following Initial Checks are undertaken. In the unlikely event of there being an irregularity, please contact the assigned Customer Success Manager for further guidance.
1.1. Compare Chart of Accounts to Chart of Accounts Review – Ledger Codes
This check is performed to ensure the Income and Expenditure in Bromcom match the Income and Expenditure in FMS. The check focuses on Actuals.
To begin, go Modules > Finance > Finance Home Page > General Ledger > Chart of Accounts Enquiry.
Make a note of the Expenditure Actual figure.
Next, format the FMS Chart of Accounts Review – Ledger Code Excel into a table.
Note how to filter by type.
Filter the table by Ledger type ES and EX and total the Actual Column. This figure should equal the figure in the Bromcom Chart of Accounts Enquiry page.
Next, repeat the above process for Income. Make a note of the Income Actual figure in the Bromcom Chart of Accounts Enquiry page.
In the FMS Chart of Accounts Review – Ledger Code table, filter by Ledger type IN and total the Actual Column. This figure should equal the figure in the Bromcom Chart of Accounts Enquiry page.
Finally, in the filters in Bromcom Chart of Accounts Enquiry, select everything except Expenditure (EX), Income (IN), and Salary Expenditure (ES).
Take note of the Actuals.
In the FMS Chart of Accounts Review – Ledger Code table, remove Ledger types ES, EX and IN from Column D and compare the Actuals. The figures should match.
1.2. Compare Cost Centre Enquiry to Chart of Accounts Review – Cost Centres
This is another check to ensure the Income and Expenditure in Bromcom match the Income and Expenditure in FMS, this time focussing on Cost Centres.
To begin, go Modules > Finance > Finance Home Page > General Ledger > Cost Centre Enquiry.
Make a note of the Expenditure Actual and Income Actual figures and take the Income Actual figure from the Expenditure Actual figure. In this example that is £4,149,395.70 minus £74,109.43, which equals £4,075,286.27.
Next, format the FMS Chart of Accounts Review – Cost Centres Excel into a table.
Sort the table Largest to Smallest and remove any Zero lines.
Make a note of the Actuals Total. This should equal the figure from the Cost Centre Enquiry page calculated above, which in this example is £4,075,286.27.
Next, compare the individual lines of the Cost Centre Enquiry and the FMS Chart of Accounts Review – Cost Centres Excel.
First, export the Cost Centre Enquiry grid to a CSV.
Then open the file from the Browser’s Dowloads.
The information contained in this file should be compared to the information contained in the FMS Chart of Accounts Review – Cost Centres file. This can quickly and easily be done by using Pivot Tables. The figures for the Cost Centres should match.
For users unfamiliar with Pivot Tables, the information in the files can be manipulated so that it can be manually compared, achieving the same result.
Here is one way of doing that:
- In both the Cost Centre Enquiry Excel table and the FMS Chart of Accounts Review – Cost Centres Excel table, sort the columns to the same parameters, for example Actuals: Largest to Smallest, as in the example below
- In the FMS Chart of Accounts Review – Cost Centres table, delete all columns except from Curr Budget, Commitment, Actual and Remaining Budget and then add in a blank column to the right of these columns
- Title the pairs of columns FMS and Bromcom and then add shading to them
- In the blank Bromcom columns, copy and paste the figures from the corresponding column in the Cost Centre Enquiry Excel table
- Remove any lines that have zeros in every column
- Working across the lines, compare the FMS figure to the Bromcom figure
The figures in the pairs of columns should match.
1.3. Compare Cost Centre Allocation to Historical Expense Analysis (Cost Centres)
To check that the Budget has been correctly imported, compare the Cost Centre Allocation in Bromcom to the Historical Expense Analysis (Cost Centres). The total of the Income and Expenditure in Bromcom should match the total of the Annual Budget Column from the Historical Expense Analysis (Cost Centres).
Go to Modules > Finance > Finance Home Page > Budgeting > Cost Centre Allocation.
In the Cost Centre Allocation, note the figures for Budget Allocated (£) and Income Budgeted (£) and add them together. In the example below, £5,125,126 plus £59,453 equals £5,184,579.
Using an Excel of the Historical Expense Analysis (Cost Centres), total the Budget Allocation. This sum should equal the figure from the Cost Centre Allocation. In the example below, it matches at £5,184,579.
1.4. Compare the Top Lines of Chart of Accounts Enquiry to the Top Lines of Cost Centre Enquiry
Go to Modules > Finance > Finance Home Page > General Ledger > Chart of Accounts Enquiry and Cost Centre Enquiry.
Open the Chart of Accounts Enquiry and Cost Centre Enquiry in separate tabs in the browser. Having the tabs next to each other makes it easy to switch between them.
The check the Expenditure and Income figures in Chart of Accounts Enquiry…
…against those in Cost Centre Enquiry. They should match.
When completing Finance Verification Checks, a mismatch signals a missing Cost Centre Ledger Link. In the example above, Actual Expenditure in Chart of Accounts Enquiry does not match Actual Expenditure in Cost Centre Enquiry. This needs to be investigated.
Note: Trial Balance should always be zero. A Trial Balance that isn’t zero should be investigated, unless it matches what is shown in Central, as in the example below.
1.5. Check the Brought Forward and In-Year Fund Allocation
Go to Modules > Finance > Finance Home Page > Budgeting > Fund Allocation.
Both the Brought Forward and Total Fund Allocation figures can be seen in the Totals row.
The Brought Forward Fund Allocation can be checked against the Opening Balance Journal in the Journal Browser. Go to Modules > Finance > Finance Home Page > General Ledger > Journal Browser. Then use the filter to find and select the Opening Balance Journal.
In the Opening Balance Journal below, the total of the differences of the Funds equals the figure shown above in Fund Allocation: (£4,787,842.49 – £4,568,903.87) + (£21,360.39 – £13,512.45) + (£27,438.53 – £18,265.41) = £235,959.68.
The Total Fund Allocation can be checked against the Fund Review document from FMS. In Fund Allocation, make a note of the Total Fund Allocation.
And then compare it to the Allocated Total in the Fund Review document from FMS.
2. How to Complete Additional Checks
In addition to the above checks, we recommend checking and, if necessary, adding to the following areas before transacting.
2.1. Check Purchase Order Definition
Go to Modules > Finance > Finance Home Page > Maintenance > Purchase Order Definition.
Make sure Purchase Order Definition is configured to the School’s requirements. Review the system defaults by working through this guide: How to Configure Purchase Order Definition. Make any required changes. Pay particular attention to section 4. Email Settings.
2.2. If Using Accounts Receivable, Check AR Configuration
Go to Modules > Finance > Finance Home Page > Maintenance > AR Configuration.
If using Accounts Receivable, make sure AR Configuration is configured to the School’s requirements. Review the system defaults by working through this guide: How to Configure Accounts Receivable. Make any required changes. Pay particular attention to the Return Email Address and Email Information in Email Settings.
2.3. Check BACS Configuration
Go to Modules > Finance > Finance Home Page > Maintenance > BACS Configuration.
Make sure BACS Configuration is configured to the School’s requirements. Review the system defaults by working through this guide: How to Configure BACS Settings. Make any required changes. Pay particular attention to section 4. Send Remittance Advice PDF via Email.
See also: How to Check BACS SMTP Settings for Remittances.
2.4. If Using Printed Cheques, Check Cheque Definition
Go to Modules > Finance > Finance Home Page > Maintenance > Cheque Definition.
If using printed Cheques, make sure Cheque Definition is configured to the School’s requirements. Review the system defaults by working through this guide: How to Set Up Cheque Definition and Complete a Cheque Run. Make any required changes.
3. How to Contact Bromcom
If support has been purchased through Bromcom, please use this link to book a Transition Call with the allocated Customer Success Manager should you need assistance: Finance Customer Success Team Booking Link.
We also offer a bespoke Salary Transition Call to support with the additional configurations required to map Salaries to the Finance Module. Please ensure Finance Transition – First Set Up of Salaries is selected when making this booking. Again, use this link: Finance Customer Success Team Booking Link.