Cost Center Reporting
One of the most effective internal controls and important responsibility of every budget unit head (BUH) is the timely, adequate and independent review of all monthly cost center reports within your portfolio. Cost center reports reflect the transactions that have been posted to your cost center and include revenues, compensation and non-compensation activities. In an organization as large and complex as Temple, there are various situations that can cause inaccurate or erroneous charges to appear on your cost center reports. Examples range from innocent data entry error to possible inappropriate purchases.
A timely review is one that takes place within two-to-three weeks after the end of the previous month. An adequate review includes comparing the source documents, such as time sheets and invoices, for a transaction to the charge on the cost center report. An independent review is one that is performed by someone who did not initiate the transaction. In the case of BUHs who have other individuals with cost center responsibility reporting to them, you may want to put a mechanism in place to ensure those individuals are performing a timely review of their cost center reports.
Cost center reports can be reviewed using one of two reporting tools; Cognos or Self Service Banner. (Make both of these links. Cognos will have the below on the page, Self Service Banner it's own page as well)
Accessing Cognos Reports
Once you log into the portal, click on the Banner tab and scroll down to find the Cognos Reporting channel in the center column. Cost Center Summary and Transaction Detail Report links are available. The reports are presented in web format (html). You can also easily rerun the report in PDF or Excel format by clicking on the format presentation globe icon located in the upper right-hand tool bar.
The reports available and the financial activities associated with the centers are as follows:
Report GL210 Cost Center Summary – Revenue
Report GL211 Cost Center Summary - Expense
Report GL212 Cost Center Summary – Revenue and Expense
Report GL214 Cost Center Summary – Grants
Also available on the portal are prompted transactional reports. By following the instructions provided when you select a report, you can review revenues and expenses for your portfolio for various periods and combinations of funds, organizations and accounts. The transactional reports available are as follows:
Transactional Report GL050 – Revenue
Transactional Report GL051 – Compensation Expense
Transactional Report GL052 – Non-Compensation Expense
In addition to the transactional prompted reports, all transaction detail is provided in the cost center reports via a drill-through to supporting data from the appropriate account line and column.
For those interested in learning more about the COGNOS reporting tool, COGNOS training is available via request. Participants can learn how to schedule and run reports, save output, create report folders, and save report prompts. Please contact Amy Lavin at firstname.lastname@example.org.
Please do not hesitate to contact anyone in General and Research Accounting or the Budget Office if you have any questions or require any guidance in navigating through these reports. A directory of department personnel can be viewed at http://www.temple.edu/controller/directory.htm
Available Tutorials (linik to FAQ)