Extract Information Option

Use this option to copy current year information from the PowerSchool ERP Fund Accounting System for creating a new year budget or updating the current budget in the Budget Preparation System.

After you define your settings in the Extract Information page, the system copies the current year's Organization Chart, Account List, and Project List records from Fund Accounting, along with Expenditure, Revenue, and Project Ledger account records. This forms the basis for your Budget Preparation work file, which is separate from the live Fund Accounting database.

Menu Path:  Budget Preparation > Entry & Processing > Budget Preparation > Budget Administrator > select Extract Information in the Budget Administrator center's Actions section

Extracting Budget Information

The Extract Information option enables you to copy Fund Accounting data to either create a new budget year or update the current budget year.

• You can create a new year only once per year (the first time you extract data). The initial extraction increments the Budget Preparation Profile's year by one and sets up a budget for the next fiscal year.

• Prior to extracting the initial data, you may delete any organizations, accounts, and ledger records in Fund Accounting that you do not want to use in the new budget year.
  You cannot delete organizations/accounts that have transactions posted for the current year. However, you can inactivate Expenditure Ledger records and choose not to extract them. You can also delete table and ledger records in Budget Preparation after running the extraction.

• You may extract data to update your budget an unlimited number of times. Each time you run an extraction, the system updates budget records with the most current financial data from Fund Accounting.
  As an alternative, you can extract data from the original budget records posted to Fund Accounting for the current year. This replaces data that was previously extracted or changed in Budget Preparation.

As part of the extraction process, you can:

• Extract data from tables and ledgers or limit the extraction to tables.

• Extract data from Fund Accounting in its original form or extract data that has been changed through budget adjustments and transfers.

• Select the specific ledgers to use in the extraction.

• Select the period to use from the current fiscal year for extracting the data.

• Include or exclude inactive Expenditure Ledger records.

• Include or exclude the previous year's notes in Budget Preparation System Processing.

If your account structure needs to be changed in accordance with the Every Student Succeeds Act (ESSA), refer to the PowerSchool ERP Budget Preparation Account Structure Update User Guide for details on converting account structures.

System Processing

Following are descriptions of how the system updates Budget Preparation, based on your entries in the Extract Information page's Extract, Extract Type, Configuration, and Ledgers to Extract sections.

Extract Section

• Tables and Ledgers
  Choose this option to extract data from the following tables and ledgers in Fund Accounting:

Important

You should select this option for your initial extraction, since you need data from both the tables and ledgers to begin a new budget year.

Organization, Account, and Project Tables Only

• Choose this option to limit the extraction to data from Fund Accounting's Organization Chart, Account List, and Project List tables.

• You should not select this option when running your initial extraction.

• Following are conditions where you may want to update tables in Budget Preparation without replacing data in the Expenditure, Revenue, and project ledgers.

  • If changes were made to the Fund Accounting tables and you want to include the changes in your Budget Preparation tables.

  • If table records were deleted in Budget Preparation and you want to restore the original records from Fund Accounting.

Extract Type Section

• New Budget Year

  • Choose this Extract Type to create your Budget Preparation work file for the new year budget. Besides extracting table and ledger data, this option increments the year in the Budget Preparation Profile by one.

Important

You must run this option before using the Update Extracted Data option. Otherwise, all data extracted from Fund Accounting or added in Budget Preparation will be applied to the previous budget year.

• With this option, the system copies the following table and ledger records from Fund Accounting into Budget Preparation:

The New Budget Year option can only be used one time each year. The budget created is for the upcoming fiscal year. In the ledger records created, the Current Year Budget field is updated with the values from the corresponding ledgers in Fund Accounting.

The Current YTD Actual field is updated using:

• Year-to-date expenditures and encumbrances from the Expenditure Ledger

• Year-to-date receipts and receivables from the Revenue Ledger

• Year-to-date expenditures, encumbrances, receipts, and receivables from the Project Ledge
  
  Update Extracted Data

  • Choose this Extract Type to update your Budget Preparation work file with the most up-to-date Fund Accounting data. With this option, you can copy reference table and ledger account records that were added in Fund Accounting since you last performed an extraction.

  • The option also updates ledger account records with the latest budget and year-to-date transaction data for a selected fiscal year period. Depending on your Configuration setting, you can also choose to replace your current budget records with the original budget data stored in Fund Accounting.

  • If you delete any Organization Chart, Account List, Project List, Expenditure Ledger, Revenue Ledger, or Project Ledger records in Budget Preparation and run an extraction, all of the deleted records that still exist in Fund Accounting are reinserted into Budget Preparation. As a result, you should not delete reference table or ledger account records in Budget Preparation until after the last extraction of Fund Accounting data.

  • If you change the title of an organization, account, or project in Fund Accounting after the initial extraction, you must also change it in Budget Preparation. The extraction update process does not automatically update titles. Furthermore, if you do not change the titles in Budget Preparation, the system copies the original titles back to Fund Accounting when you use Post Budget's Create option to set up new ledgers.

Configuration Section

Your selection in this section determines the Current Year Budget field value for all ledger account records created or updated in Budget Preparation through the extraction process.

• Original
  If you select this option, then the Current Year Budget equals the amount recorded when the Expenditure, Revenue, or Project Ledger account's original budget was posted. Original budget transactions have the following transaction codes in Fund Accounting: 

• Current
  With this option, the Current Year Budget is calculated based on each ledger account's original budget amount plus all budget transfers and budget adjustments. In Fund Accounting, budget transfers and adjustments are identified by the following transaction codes: 

You cannot access the Configuration section if you selected Organization, Account, and Project Tables Only in the Extract section.

Ledgers to Extract Section

You can only access this section if you selected Tables and Ledgers in the Extract section.

The following checkboxes enable you to select the specific ledgers to extract from Fund Accounting:

• Expenditure Ledger

• Revenue Ledger

• Project Ledger

In your initial extraction, select all ledgers that apply to your budget. In subsequent extractions, you can limit the extraction to specific ledgers.

Untitled Section

The untitled section at the bottom of the Extract Information section includes the following fields:

• Select Latest Period for Budget and Expenditure or Revenue Data

  • From the drop-down list, select the period containing the expenditure, revenue, and project transactions you want to include in the extraction. The system uses the period in determining each ledger account's Current YTD Actual and Current Year Budget field values.

• Include Inactive Accounts in Extract to Budget Prep

  • Select the checkbox to extract inactive accounts from the current year. If the box is not selected, inactive accounts will be excluded.

• Update Prior Year Budget and Actual Data

  • Select the checkbox to extract data from Current Year Budget and Current YTD fields for the period selected. Clear the field if you do not want to extract the past year's data, which will leave all prior year fields set to zero. When updating a budget, you can select the checkbox to extract more recent data from the past year or clear it to avoid overwriting data that you entered manually.

• Include Closed Projects in Extract to Budget Prep.

  • Select the checkbox to include projects with the status “closed” in the Budget Prep Extract. Clear the field if you do not want to include closed projects. The project status can be updated in each project.

Creating a new year budget

1. Select Budget Preparation > Entry & Processing > Budget Preparation > Budget Administrator to display the Budget Administrator center.

2. Select Extract Information to display the Extract Information page.

3. Complete the page's sections as outlined above.
   As noted, you must select Tables and Ledgers in the Extract section when beginning a new budget.

4. Select OK.

5. In the first Confirmation dialog, select Yes to carry forward last year's budget notes or No to omit the notes.

6. In the second Confirmation dialog, select Yes to create a budget for the year indicated.

Updating an existing budget

1. Select Budget Preparation > Entry & Processing > Budget Preparation > Budget Administrator to display the Budget Administrator center.

2. Select Extract Information to display the Extract Information page.

3. In the Extract section, select Organizations, Accounts, and Project Tables Only.
   With this setting, you cannot access the Configuration and Ledgers to Extract sections.

4. In the Extract Type section, select Update Extracted Data.

   • Do not select New Budget Year after the initial extraction. This resets the budget year in the Budget Preparation Profile to the next year.

5. Complete the fields in the Untitled section, as outlined above.

6. Select OK.

7. In the second Confirmation dialog, select Yes to indicate you want to update the workfile for the budget year indicated.