Two new Cognos-based Financial Review and Control (FRC) monitoring reports are now available to help reviewers and managers oversee the progress and completion of the monthly FRC process more effectively.
Unlike the FRC application, which displays transaction data for only the most recent six-month period, the monitoring reports will hold all historical review data starting from when the application first went live in July 2015. With this web-based record, the need to print and retain a “signoff” sheet is eliminated.
The “FRC Monitoring – Summary” report provides a summary table view of the current status of transactions that have been reviewed (or not reviewed) in the FRC web application. This report may be used to track progress of the monthly review as it loads saved data from the FRC web application every five minutes. Users may also find this report helpful as it quickly shows total “Open Issues” that are not yet resolved (especially if they are approaching the six-month timeframe in the FRC application and will be rolling off soon). It is recommended that users access the “FRC Monitoring – Summary” report to track progress of the monthly review, then click on an underlined number to drill through to the “FRC Monitoring – Detail” report for further information.
The “FRC Monitoring – Detail” report provides a list of all transactions and corresponding details that appear in the FRC web application, with the addition of current information about the review of that transaction, including:
• Current status
• Reason description (if issue identified)
• Comment field
• Reviewed by (Kerberos ID)
• Review date
This report may be helpful to users who wish to view the details of transactions that appeared in the FRC application but have now rolled off due to the six-month limit. This report also provides information on who is currently reviewing a cost object if questions or issues arise.
For both reports, users must first select one or more fiscal period(s) and then select a limit (Profit Center, Cost Object, Supervisor or Fund Center). The report will populate available selections based on the limit selected.
The monitoring reports can be accessed from the “Report Links” drop-down menu in the upper-right hand corner of the FRC web application or via the Atlas Full Catalog (select “Reports,” then “Finance: Other Reports,” then “Financial Review and Control” once in Cognos).
VPF Financial Accounting and Reporting staff members are available to provide business assistance as needed. Technical issues or questions may be directed to the IS&T Help Desk.