Summary
Finance is a comprehensive solution for public sector organizations, providing support for streamlined processes and improved efficiencies.
Besides specific features that are available in Finance that relate to public sector, such as budget control, commitment accounting, posting definitions, project budgeting, and grant accounting, the following features help make the Public Sector solution all-inclusive:
- General Ledger - Fund entity and ability to use fund as a financial dimension, general ledger year-end public sector processing, purchase order encumbrance transferring across fiscal years, advanced ledger entry support, and customizable reporting hierarchies.
- Budgeting - Apportionment support, provisional budget support, and budget carry-forward at year-end.
- Procurement and Accounts Payable - Support for designating invoice amounts to specific vendor bank accounts, DUNS number improvements, 1099 United States improvements, and unplanned vendor purchase improvements.
- Accounts Receivable - Improvements to free text invoices to add billing code and billing classification functionality.
Other features in the Budgeting module in the public sector industry solution include:
- Carry-forward budget at year-end - Primarily addresses the automatic carrying forward of the budget of open purchase orders at year-end into the new year so that the new year's budget is increased to cover the cost of the associated invoices. You can also manually enter carry-forward register entries that are unrelated to purchase orders, and are unspent budget amounts from one year being processed forward to the new year.
- Provisional budget - Lets you create a temporary, preliminary budget for additional expenditures when approval of the original budget is delayed.
- Apportionment budget - Apportionments reflect a portion of the original appropriation or budget, typically for a designated period, such as a quarter. Apportionments is an optional setup in budget control.