Budget and Financial Planning

Department Balancing

Reconciling Your Budget

Each department is responsible for managing their budget. The Budget Office recommends reconciling the monthly budget using the Banner Self Service System and either Quicken or Excel. Quicken can be purchased at local retailers or at Phillips Bookstore.

The Banner Self Service System should be utilized as a starting point to gather information related to the budget. Reconcile to the monthly e-print reports or access the Self Service Budget query screens:

  • to view balances
  • to view transactions
  • to view open commitments (encumbrances)

Access the Quicken software to create a new FILE. A Quicken FILE is a collection of accounts. If Quicken does not automatically ask to create a new file, click on File, New and choose New File. Create a new file name such as YR20052006 or 262400. The software will walk you through the steps to set up a new file.

A Quicken ACCOUNT is a list of transactions for single expense categories, such as Operating, Travel and Equipment.

When the program comes to the screen to create ACCOUNTS, set up as CHECKING accounts. Set up an account name for each account such as Operating. Also a description name will need to be set up such as the account code 74000. The program will ask if you know how much the asset is worth--click yes. Enter the beginning budget balance for that account. The beginning date will be July 1 of the fiscal year. Additional Accounts may be set up by clicking on File, New and choose New Account.

Once budget accounts have been set up, enter the individual transactions for the month by account. Quicken will automatically balance the account using the "reconcile" feature. Debits should be noted in the decrease column and credits in the increase column. Accounts may be reconciled anytime using Banner Self Service, or monthly from e-print reports.

Quicken has a reporting feature to explore as you become familiar with the software. The report that will list transactions can be found by clicking on Reports, Banking and Transactions. Another report that might be helpful is the Report on My Spending, which is found find by clicking on Planning at the bottom of the screen.

If you are proficient in Excel and prefer to setup your own spreadsheet of transactions, that is acceptable. Using Banner Self Service allows you to reconcile anytime during the month because you have access to real time balances. If you have any questions, please contact the Budget Office @5790 or e-mail us at budget@mtsu.edu.