How Do We Get There? PEFs New Services Provided To Divisions Banking Changes Purchase Card Use Check Issuance Deposit service Reconciliation of Divisional Account Balances Allow Interest To Be Earned on All Idle Funds Financial Reporting Web Reports replace the need for Journal Registers Document Storage & Retrieval
Past:Amalgamated PEF HQ accounts Divisions accounts SEFCU Other PEF accounts CheckingSavings Various banks Divisions 2 nd Accounts Future: Bank Of America All PEF Headquarters accounts All Divisions accounts Purchase Cards OR OR Checking+Savings Accounts
Banking Change Goals Earn Interest 12/31/06 $40,000 was in interest bearing accounts Earning between 1.6% to 1.95% Future – Using the PEF Purchase Card Program All Divisions will earn interest (currently approx 4.6%) Interest will be added to you Purchase Card balance during the year Note: Divisions who choose to have a checking account cannot earn this higher level of interest. Local bank accessibility Eliminates need for 2 nd Accounts.
Bank Of America Coverage Areas
Division Cardholder PEF HQ Accounting Supplier BANK OF AMERICA Place order Receive goods Payment Request for authorization General ledger Payment Scheduled electronic data How Does a Purchasing Card Work? Create entries Merchant paid within 2 days of transaction One consolidated payment to bank Post-purchase, PEF receives a data transmission of transaction detail where default cost allocation is applied electronically and moved via an interface into PEFs G/L
The New Divisions Approval Process Bank of America Web Based Approval Software Purchase Card System PEFs New Web Reporting System
Online Review and Approval Easy Web Access Electronic review and approval notifications
Purchase Card Online System
Check Processing Service
Remote Deposit Service
How Remote Deposit Service works Bank of America ARC IRD Image Exchange PEF Bank Payor Bank
Benefits Convenience Faster check deposit processing Faster access to funds Faster notification of returned items Less work for Divisions to do !!!
Information Access - Online Reporting Goals: Eliminate the need for the Quarterly Journal Register Enable Divisions to manage effectively against their budgets Deliver instant access to up to date information Allow online access to scanned supporting documentation Solutions Purchase Card Dashboard PEFS Secure Web Based Reporting
Purchase Card Dashboard
Online Access To Reports
Recap of New Services: Use Purchase Cards Instead of writing checks Earn Interest On unspent monies PEF deposits checks for you Through our new Remote Deposit service PEF does your Financial Reporting You wont need to fill out Journal Registers any more PEF reconciles your Divisional Account Balances We will do all your account reconciliations for you PEF issues paper checks for you PEF handles your document storage We ensure your compliance with Federal and State record retention requirements.
Rollout Schedule PEF HQ Bank account changesPEF HQ Bank account changes May completed May completed Purchase Card Pilot ProgramPurchase Card Pilot Program October – December 2007 October – December 2007 Internal StaffInternal Staff Selected Regional CoordinatorsSelected Regional Coordinators January – March 2008January – March 2008 Volunteer DivisionsVolunteer Divisions Divisions Conversion to Purchase CardsDivisions Conversion to Purchase Cards April – Open to all Divisions April – Open to all Divisions