|Departmental FYE Memo||Boulder campus-specific instructions, tips, and essentials for FYE success|
|FYE 2013 InfoPacket for Departments||■ Ensuring Posting and Payment in FY 2013
■ Ensuring Accrual to FY 2013: Forms, PVs, and POs
■ Ensuring Accrual to FY 2013: Travel Reconciliation and Procurement Card
■ Accruals and m-Fin Reports - Paper Forms, Payment Vouchers, and POs
■ Accruals and m-Fin Reports - Travel Reconciliation and Procurement Card
■ Procurement FAQ
|Year-End Town Hall Meeting||Wednesday, June 5, 2013, 10-11:30 & 1:30-3:00, Eaton Humanities room 150. PSC presentation. ABS presentation. Employee Services handout.|
|Sponsored Project JE Tips||Speed up your fund 30/31 JE approvals by SPA|
|Customizable Calendar||Basic Excel calendar suitable to add key dates that affect your area|
|OUC FYE Calendar||Comprehensive, includes many System tasks not for departments|
|OUC FYE Google Calendar||Adaptable Google format. Read more about it.|
|Get Ready for Year-End||Tips on how to prepare for fiscal year-end|
|Accrual Illustration||Accounting view of automated & manual accruals – what to do, what to avoid|
|OCM Year-End Memo||Cash processing instructions from the Office of Cash Management|
|Supporting Details Request||Instructions for balance sheet account details (A/R, deposits, etc.)|
|May 31||Fri||Check for unposted May journals to correct, approve, or delete.|
|Jun 3||Mon||BJE cutoff for May. A&S units: submit budget change requests to the A&S Budget Office by its deadline.|
|Jun 4||Tue||6:00||Finance System campus close for May. Do not create, validate, approve, or post May journals after 6:00 pm—they do not post and are deleted. (Cutoff for fund 3x journals was May 28.)|
|Jun 4||Tue||6:00||Gift expenditure cutoff to make next Friday CUF wire transfer.|
|Jun 5||Wed||10:00a||Unposted May journals that are not copied and assigned a future date or saved in incomplete status will be deleted.|
|Year-End Close Town Hall Meetings at 10:00-11:30 am and 1:30-3:00. Find out more or you can sign up now. Please bring copies of the Departmental Year-End Memo (pages 1-12).|
|Jun 6||Thu||May reports available in Cognos after CIW refresh is completed.|
|Jun 7||Fri||4:00||Requests to change (add, delete, modify) allocation steps within existing groups for FY13 due to Maggie Young, 492-6375.|
|Jun 7||Fri||4:30||PET requests involving hourly (407600) to work-study (407700) due to Student Employment Office. Contact: Brenda Duran, 492-3548.|
|Jun 11||Tue||6:00||Gift expenditure cutoff to make next Friday CUF wire transfer.|
|Jun 13||Thu||5:00||Time collection for biweekly pay period ending June 8.|
|Jun 14||Fri||Noon||Deadline for gift transfer requests ≥$500K and for FY13 manual transfer requests to CU Foundation in time for 6/28 EOM wire.|
|Jun 14||Fri||5:00||Send any changes to petty cash fund contact, custodian, or location to email@example.com including corresponding paperwork.|
|Jun 18||Tue||5:00||Time collection for monthly pay period ending June 30.|
|Jun 18||Tue||6:00||Gift expenditure cutoff to make next Friday CUF wire transfer.|
|Jun 19||Wed||4:30||PET requests to move employer share of work-study earnings (407700) to another ST are due to Student Employment Office.|
|Jun 20||Thu||HR Production down for payroll processing. HRMS inquiry only.|
|Jun 20||Thu||5:00||Forms due to PSC to ensure posting and payment in FY13. Includes Non-Employee Reimbursement, Payment Authorization, Study Subject Payment, supplier invoices, and Marketplace PVs.|
|Jun 20||Thu||5:00||Vendor information to set up new vendors due to PSC.|
|Jun 24||Mon||5:00||Deadline for fully approved travel reconciliation/employee reimbursement expense reports in Concur to post and pay in FY13.|
|Jun 25||Tue||Noon||FY13 hand drawn requests due to Employee Services.|
|Jun 25||Tue||6:00||Gift expenditure cutoff for June 28 month-end CUF wire transfer.|
|Jun 26||Wed||Contact subawardees for an invoice or best estimate of work done through 6/30 so that the expense can be manually accrued.|
|Jun 26||Wed||4:30||Deadline to pick up payroll hand-drawn checks from OCM.|
|Jun 26||Wed||5:00||Deadline for fully approved procurement card expense reports in Concur to post and pay in FY13.|
|Jun 26||Wed||6:00||Creation, validation, and departmental approval of cost transfers and PETs for fund 30/31 projects and fund 34 gift journals for the 1st June preliminary close. No exceptions.|
|Jun 28||Fri||June pay date shifts to July 1.|
|Jun 28||Fri||ISC rate/budget sheets due to ABS, firstname.lastname@example.org with a signed copy to Leila McCamey, 579 UCB, 492-0794.|
|Jun 28||Fri||FY14 auxiliary funds 20 and 28 budget sheets due to PBA, Jan Baker, 492-8926 (funds 26 and 29 are optional).|
|Jun 28||Fri||Physical count of inventories must be completed by this date.|
|Jun 28||Fri||Petty cash and change funds counted by this date, adjustment JEs entered if needed, and Payment Authorization form submitted to replenish the fund in order to record all FY13 expenses.|
|Jun 28||Fri||Gift-in-kind forms and Unrelated Business Income Tax forms due. For assistance, contact Stefanie Furman, 492-2396.|
|Jun 28||Fri||Noon||Deadline for PSC to receive requests to cancel AP checks in FY13.|
|Jun 28||Fri||5:00||Time collection for biweekly PPE June 22. All accrued to FY13.|
|Jun 28||Fri||6:00||Final department subsystem feeds using the Black Box (except JEs).|
|Jun 30||Sun||PET date now defaults to 6/30/13 through 2nd close, July 11.|
|Jun 30||Sun||All checks on hand must be distributed or mailed by midnight.|
|Jun 30||Sun||All FY14 periods open for Actuals ledger in the Finance System.|
|Jun 30||Sun||12:00||All goods and services must be physically received by this date in order to be accounted for in FY13.|
|Jul 1||Mon||Start using 06/30/2013 for all your FY13 June journals.|
|Jul 1||Mon||Do not submit FY14 forms, invoices, or PVs and do not enter receiving for FY14 business until after July 4. See FYE InfoPacket.|
|Jul 1||Mon||Fiscal certification/assessment process gets underway.|
|Jul 1||Mon||Moratorium on retiring sponsored projects begins; runs thru July.|
|Jul 1||Mon||11:00a||All cash received by midnight June 30 must be deposited with the Office of Cash Management in order to be recorded as FY13 business. See the OCM year-end memo.|
|Jul 2||Tue||HR Production down during salary upload process.|
|Jul 3||Wed||Review, finalize, and post all unposted journals possible.|
|Jul 3||Wed||Inventory reports and copies of final inventory adjusting JEs due to Maggie Young, 579 UCB, 492-6375, fax 492-5553.|
|Jul 3||Wed||Noon||Accrual deadline for NR, PA, SSP forms, and supplier invoices.|
|Jul 3||Wed||5:00||Accrual deadline for FY13 fully approved PVs in Marketplace.|
|Jul 3||Wed||5:00||Accrual deadline to enter FY13 PO receiving in Marketplace.|
|Jul 3||Wed||6:00||Payroll accrual is booked for the biweekly PPE 6/22/13.|
|Jul 3||Wed||6:00||1st JUNE PRELIMINARY CLOSE No June journals after 6:00.|
|Jul 5||Fri||Do not create, validate, approve, or post June journals today.|
|Jul 6||Sat||8:00a||June’s 1st preliminary close reports available in Cognos.|
|Jul 8||Mon||5:00||Accrual deadline for Concur System. Includes travel card, cash advances, out-of-pocket expense reimbursements, and procurement card. FY13 expenses should be assigned, allocated, itemized, submitted, and fully approved for an accurate accrual.|
|Jul 9||Tue||6:00||FY13 PET deadline for all departments, all funds.|
|Jul 9||Tue||6:00||Concur System and Marketplace accruals post tonight.|
|Jul 10||Wed||Review your FOPPS to determine if last night’s Marketplace and/or Concur accrual journal created a deficit. Take action as needed.|
|Jul 10||Wed||Noon||Creation, validation, and departmental approval of cost transfers and PETs for fund 30/31 projects and fund 34 gift journals for the 2nd June preliminary close. No exceptions.|
|Jul 11||Thu||Review, finalize, and post all unposted journals possible.|
|Jul 11||Thu||5:00||Time collection for biweekly PPE July 6. All expensed to FY14.|
|Jul 11||Thu||6:00||2nd JUNE PRELIMINARY CLOSE No June journals after 6:00.|
|Jul 12||Fri||Do not create, validate, approve, or post June journals today.|
|Jul 13||Sat||8:00a||June’s 2nd preliminary close reports available in Cognos.|
|Jul 16||Tue||6:00||FINAL JUNE CLOSE FOR DEPARTMENTAL FINANCE SYSTEM ENTRIES This is the last time departments can enter a FY13 June journal. Review all FY13 unposted journals and finalize, approve, or delete.|
|Jul 17||Wed||Reminder: No more departmental FY13 June journals.|
|Jul 17||Wed||Report any errors >$10,000 to your Area Accountant.|
|Jul 18||Thu||6:00||Final campus close for ABS/PBA. Final June reports are based on this close. After today, we enter period 998 and only the OUC can make FY13 entries. Run reports using period 998 to pick up any 998 entries that may have been entered.|
|Jul 19||Fri||Booked before July close: Departmental Administrative F&A and General Fund budget and cash carry forward.|
|Jul 19||Fri||4:00||Allocation changes and creates due for July business. Send to Maggie Young, or call 492-6375.|
|Jul 19||Fri||5:00||Time collection for monthly pay period ending July 31.|
|Jul 20||Sat||8:00a||Final June close reports available in Cognos.|
|Jul 22||Mon||Moratorium ends on new account code creations effective FY14.|
|Jul 22||Mon||Moratorium ends on org tree changes. SpeedType inactivations, new orgs/nodes, reorgs, etc., may be processed.|
|Jul 22||Mon||ABS emails balance sheet detail requests to support accounts receivable, allowance for doubtful accounts, unearned revenue, and deposits held in custody. These are due back to ABS August 9.|
|Jul 23||Tue||HR Production down for payroll processing. HRMS inquiry only.|
|Jul 25||Thu||5:00||Time collection for biweekly pay period ending July 20.|
|Jul 25||Thu||6:00||Gift expenditure cutoff for July 31 month-end CUF wire transfer.|
|Jul 26||Fri||6:00||Creation, validation, and departmental approval of cost transfers and PETs for fund 30/31 projects and fund 34 gift journals for this month. No exceptions.|
|Jul 30||Tue||5:00||Deadline for fully approved expense reports to upload this month.|
|Aug 1||Thu||Check for unposted July journals to correct, approve, or delete.|
|Aug 1||Thu||BJE cutoff for July. A&S units: submit budget change requests to the A&S Budget Office by its deadline.|
|Aug 2||Fri||6:00||Finance System campus close for July. Do not create, validate, approve, or post July journals after 6:00 pm—they do not post and are deleted. (Cutoff for fund 3x journals was July 26.)|
|Aug 5||Mon||10:00a||Unposted July journals that are not copied and assigned a future date or saved in incomplete status will be deleted.|
Wednesday, July 17 — Today's year-end close tasks are:
1. This is my final daily reminder email for the FY13 close.
2. No more departmental FY13 journals because the June 2013 accounting period is now closed to departments. If you discover an error or if you believe there is a need for a correction JE for FY13 business, please notify your Area Accountant as soon as you discover it so that we can determine how to properly handle the error. Report all errors over $10,000.
3. After next week, for any FY13 online report that is driven by accounting period, you should select Period 998 to ensure that you pick up any entries that may have been posted by the University Controller to your FOPPS after the final close.
4. By Monday, July 22, ABS will email requests for supporting documentation to those departments with balances in the following balance sheet accounts: accounts receivable, allowance for doubtful accounts, unearned revenue, and deposits held in custody. Please complete these reports and supply the supporting detail by customer and return to ABS. Instructions are posted online.
5. The OUC will process the final close this Friday, July 19. On Monday, July 22, the moratorium on org tree changes (FOPPS inactivations, new orgs, etc.) and new account codes ends.
Thank you for all your cooperation, focused attention, and extra effort that you put into the fiscal year close. I truly appreciate it!
Tuesday, July 16 — Today's year-end close tasks are:
1. 6:00 pm today is the FINAL deadline for departments to enter a FY13 June journal entry including temporary BJEs. Please do your final review of your FOPPS to identify errors and enter corrections. Make sure all assets, liabilities, revenues, expenses and transfers are properly stated and all clearing FOPPS are cleared. Remember to change the journal date to 6/30/2013 for FY13 transactions.
2. Today is the last chance for departments to correct accruals from Concur. If you think an accrual needs to be corrected, confer with your Area Accountant to determine the proper approach to take.
3. Review any June journals you have started or that you are responsible for approving and either finalize or delete them. Journal creators, please let your Approvers know when your journal is ready to review.
4. After today you can stop changing the Journal date to 6/30/2013 for FY13 journals because the June 2013 accounting period will be closed to departments. Unposted journal entries with a June date will be deleted.
Monday, July 15 — Today's year-end close tasks are:
1. Please look carefully at your 2nd close reports in order to identify any remaining corrections that may be needed. Clean up problems, errors, suspense, deficits, and clearing balances identified on these reports.
2. Some of you may encounter extra accrual JEs during review of the 2nd close reports. These were recorded in order to address discrepancies from the first accrual. Not everyone will see these correction journals because it affected a relatively small number in relation to the total number of accrued transactions.
3. If you discover an error where a Concur expense accrued as a result of an approved expense report, correct it with a FY13 JE by tomorrow, 6:00 pm. For Concur accrual errors that resulted from anything other than an approved report, the solution may require a corrected expense report and a manual accrual JE. Discuss the circumstances with your Area Accountant to determine an appropriate course of action.
Friday, July 12 — Today's year-end close tasks are:
1. FY13 journals should not be created, validated, approved, or posted today because OUC is running close procedures for the second preliminary June close.
2. If you intend to allocate/itemize remaining FY13 Procurement Card and Travel Card transactions somewhere other than where they accrued, please consult with your Area Accountant to determine the proper course of action in order to avoid abnormal balances in your FOPPS. Departments have only until Tuesday, July 16 to make accrual corrections.
Thursday, July 11 — Today's year-end close tasks are:
1. Tonight is the 2nd preliminary June close and the cutoff is 6:00 pm. Review any FY13 journal entries you may have started and complete them so they are included in the second close. Let your departmental Approver know when you create a journal so that it can be “Approved to Post.”
2. There were issues with the July 9th Concur and Marketplace accruals, explained below. Please review current reports and any accrual journals that affect your SpeedTypes and feel free to contact your Area Accountant if you spot anything unusual or have questions.
3. Continue to clean up problems, errors, suspense, and clearing balances identified on your current reports.
4. Review the Year-End Departmental Checklist and Accounting Tasks List and make sure all items that apply to your unit are complete.
Wednesday, July 10 — Today's year-end close tasks are:
1. 12:00 noon cutoff for Fund 30/31 and Fund 34 regular journal entries in time for 2nd close. All required documentation must be furnished to SPA/ABS. These journals require departmental approval and should be put in their own journal, separate from other Funds and from each other to speed up the SPA/ABS approval process. Contact Brendon Johnson, 492-2620, or Linda Johnson, 735-6678, with project cost transfer questions, and Liz Spencer, 492-1071, about gift journal approvals. Keep checking for unposted journals that you need to correct and validate, approve to post, or that need documentation sent to SPA or ABS so they can approve it. See the SPA Journal Entry information for tips and insights on how to prepare sponsored project journals.
2. Check to see if last night’s Concur or Marketplace accrual journal created deficits in any of your SpeedTypes. If the accrual caused a deficit, clear it either by transferring resources in or moving expense out to an appropriate SpeedType. This must be done by the July 16, 6:00 pm departmental FY13 journal cutoff. The various accrual journal IDs (ACCxxx) are explained in the FYE 2013 InfoPacket for Departments.
3. If you detect an error in where a Concur expense accrued as a result of anapprovedexpense report, correct it with a FY13 regular JE by July 16, 6:00 pm. Fixing accrual errors that resulted from anythingotherthan an approved report may require a corrected expense reportanda manual accrual JE. Discuss the circumstances with your Area Accountant to determine whether this is an appropriate solution. Do this as soon as you become aware of it.
4. Prepare manual accruals for any unposted FY13 expenses that missed the PSC automated accrual process. For details, consult the Accruals section in the ABS Departmental Year End Memo. Please contact your Area Accountant if you have any questions about how to create a manual accrual or whether one is appropriate.
5. Continue to clean up problems, errors, suspense, and clearing balances identified on those first closing reports.
Tuesday, July 9 — Today's year-end close tasks are:
1. Continue to clean up problems, errors, suspense, and clearing balances identified on those first June close reports.
2. Review the Year-End Departmental Checklist and Accounting Tasks List and make sure all items that apply to your unit are complete.
3. 5:00 pmPET final deadline – PETs for FY13 must be created and approved before 5:00 pm today to be included as FY13 business and must use a journal date of 6/30/13 or earlier.
4. Yesterday was the accrual deadline for the Concur Travel & Expense System. Therefore, to avoid abnormal balances, the allocation and itemization of FY13 transactions now on expense reports should not be changed without first consulting with your Area Accountant. Likewise, unassigned FY13 transactions should not deviate from the default accrual SpeedType/account. The accrual journals will post tonight and you will be able to review the accrued expenses tomorrow.
5. Here are the final figures for unassigned FY13 card transactions: $116,815 (Procurement Card) and $55,211 (Travel Card). These will accrue to the default SpeedTypes and account codes as explained in the FYE 2013 InfoPacket for Departments. I know that the amount of time available to get June transactions on reports is condensed during fiscal year-end, and I appreciate all your hard work! You beat last year’s Travel Card total and came close on the Procurement Card. Well done!
2. Plan to review your SpeedTypes tomorrow for any unexpected effects that may result from the Concur and CU Marketplace accruals that post tonight.
Monday, July 8 — Today's year-end close tasks are:
1. The 1st preliminary month-end close reports are available in Cognos. Begin review of your first June close statements to correct errors, make final adjustments, and clear out suspense accounts and clearing FOPPS. It is especially important to correct all sponsored project errors in the year in which they occurred due to our Cost Transfer policy and change in fringe benefit rates for FY14.
2. 5:00 pm accrual deadline for FY13 Concur transactions. The data in Concur as of 5:00 pm today will be used to create the accrual entry in the Finance System. This is the last opportunity to control where unposted FY13 card transactions accrue using the automated accrual process. Any card transaction not itemized and allocated will accrue to the default SpeedTypes and account codes which may not be the best choice. Last year, you managed to get unassigned Procurement Card transactions down to $101,806 and the Travel Card down to $68,532. Let’s see if we can beat that!
3. 5:00 pm accrual deadline for FY13 employee reimbursements. Must be assigned to a Travel Reconciliation expense report and submitted to ensure accrual.
Friday, July 5 — Today's year-end close tasks are:
1. FY13 journals should not be created, validated, approved, or posted today because the OUC is running close procedures for the first preliminary June close.
2. Employee Services resumes processing hand drawn check requests starting today for FY14.
3. If you received emails this week or last week from your Area Accountant asking for SpeedType information to be used to accrue unassigned travel expenses, please respond by today if you haven’t already.
4. Continue to allocate and itemize remaining FY13 Procurement Card and Travel Card transactions. The accrual deadline is Monday, July 8, so there are just 2 business days left to get these unassigned transactions on a report. There was a large spike up since Wednesday because of the last FY13 transactions hitting Concur along with the break over the 4th of July. This is the homestretch and every assigned transaction counts!
Wednesday, July 3 — Today's year-end close tasks are:
1. Tonight is the first preliminary June close and the cutoff is 6:00 pm. Please review any journal entries you started and complete them so they are included in the first close. Let your departmental approver know when you create a journal so that it can be “Approved to Post.” You don’t want a journal sitting there that the approver is either not aware of or is not available to approve before the deadline.
2. 12:00 noon deadline for the PSC to receive FY13 forms and invoices to ensure accrual, including Non-Employee Reimbursement form (NR), Payment Authorization form (PA), Study Subject Payment form (SSP), and supplier invoices. Petty cash fund custodians should submit a PA form for all remaining unreimbursed FY13 expenditures.
3. 5:00 pm accrual deadline to complete online receiving for POs in CU Marketplace for goods and services received by midnight June 30 but where the PO has not been fully invoiced. This applies to POs in any dollar amount. If receiving is not done by today’s 5:00 pm deadline, create a manual accrual journal entry. Please call your Area Accountant for assistance.
4. 5:00 pm accrual deadline for FY13 Payment Vouchers to be created in CU Marketplace. Supporting documentation and full approval is required. For more on all accrual deadlines, refer to the FYE 2013 InfoPacket for Departments.
5. Reminder: do not submit invoices or payment forms for FY14 business or perform receiving on FY14 POs until after July 4.
6. Inventory reports and copies of final JEs adjusting inventory and cost of goods sold are due today to Maggie Young. Documentation can be emailed to Maggie, faxed to 492-5553, or sent by campus mail to 579 UCB to Maggie’s attention.
7. Continue to allocate and itemize FY13 Procurement Card and Travel Card transactions. If travel has been completed and all transactions have been assigned to an expense report, go ahead and submit it for approval. The same goes for older procurement card transactions—if they are on expense reports, submit them. Approvers: please review and approve submitted reports as appropriate. The total unassigned transactions continue to go down because of your continuing efforts. Thank you! We have 3 more business days and we may still see some FY13 straggler transactions hit so don’t let up.
Have a safe and enjoyable Independence Day holiday tomorrow!
Tuesday, July 2 — Today's year-end close tasks are:
1. HR Production will be down today for the duration of the salary upload. When it becomes available, get your FY13 PETs in promptly, especially those for Fund 30/31 to give SPA enough time to review and approve. The campus PET deadline is July 9, 5:00 pm.
2. Continue to work on unassigned FY13 Procurement Card and Travel Card transactions. Card charges accrue according to transaction date, so even if you assign a June card transaction to a July expense report, the system will accrue only the June expenses to FY13. The important thing is toitemize and allocate those June card transactions to ensure that the expense accrues to the appropriate FOPPS/account. Counting today, there are just 4 business days left to get these FY13 transactions handled. You made outstanding progress yesterday, as you can see in the graph below. Let’s keep that momentum going.
3. Continue to assign any FY13 employee reimbursements to a Travel Reconciliation expense report and be sure to submit the report by the July 8 accrual deadline so that these expenses are accrued.
4. If anyone in your department was issued a cash advance and the trip is completed, reconcile that cash advance before the July 8 accrual deadline.
5. Review the Year-End Departmental Checklist and Accounting Tasks List and make sure all items are complete for those that apply to your unit.
2. Payment Vouchers for FY13 business must be in CU Marketplace by tomorrow, 5:00 pm, to ensure accrual (with all approvals and documentation). The same 5:00 pm deadline applies to receiving in CU Marketplace for goods/services received by June 30 but where the PO has not been fully invoiced. Refer to the FYE 2013 InfoPacket for Departments for details.(Remember, don’t submit FY14 business until July 4 or later.)
3. Tomorrow, 6:00 pm is the first June preliminary close.
Monday, July 1 — Today's year-end close tasks are:
1. Pay attention to default dates. The Finance System now defaults to the current July FY14 date while PETs default to last year’s 06/30/2013 date until we are past our campus July 9th PET cutoff. Change these default dates as appropriate.
2. Do not submit FY14 PSC payment forms (PA, SSP, NR, and PV) or supplier invoices, and do not perform receiving on FY14 Purchase Orders until after July 4 because forms, invoices, and receiving done from July 1 to July 3 will be assumed to be FY13 business. Refer to the FYE 2013 InfoPacket for Departments for details.
3. 11:00 am cash cutoff - all money received as of midnight 6/30/2013 must be deposited with the Office of Cash Management in Regent Hall by 11:00 am this morning clearly labeled as “FY 2012-2013 Business.” All money received July 1 and later must be separately deposited as FY 2014 business. Follow the procedures in the OCM FY13 Cash Receipt Processing Memo.
4. Emails are scheduled to be sent out today from the OUC to the fiscal certification/assessment population advising that the process is underway.
5. FY13 program encumbrances have been cleared and rolled to FY14 where appropriate (except manual encumbrances and encumbrances in project funds 30, 31, & 71). If you run a June report today, for example, you will not see encumbrances. Any PO (including the POs created with the SPO form) will roll into FY14 as long as there is a balance remaining. If there is no balance, it will not roll forward and cannot be used for payments in FY14.
6. Sponsored projects will not be retired during the month of July because June allocations are still running.
7. As expected, unassigned Procurement Card and Travel Card totals increased over the weekend due to June transactions that are still hitting the Concur system—$657,834 and $162,504 respectively. Continue to itemize and allocate FY13 card transactions. From here forward, we want to see a steady decrease in the unassigned category all the way through the July 8 accrual deadline.
8. To ensure an accurate accrual for travel expenses, the Area Accountants will send out a 2nd round of emails today asking for SpeedType information for travel card transactions and cash advances that have occurred since the first email they sent last Monday. Today’s Round 2 contains new recent transactions and is not a duplicate of the previous email. Please work with your Area Accountant to supply this information.
Friday, June 28 — Today is a big day! June 30 falls on a Sunday. Therefore, practically-speaking, most year-end deadlines that normally apply to the last calendar day of the fiscal year apply to today, June 28—the last business day of the fiscal year.
1. Midnight Sunday is the end of FY13. All business transactions completed by midnight June 30 must be recorded as FY13 activity in the correct FOPPS and accounts—this is why I stress the importance of assigning, itemizing, and allocating those Procurement Card and Travel Card transactions.
2. Revenue – all goods and services provided to customers by midnight, June 30, must be recorded either as cash received or accounts receivable if cash has not yet been received. All interdepartmental sales and purchases of goods and services must be recorded appropriately as either IN revenue (Internal Service Centers/EPC 2100), ID revenue, or auxiliary enterprise revenue (EPC 2000).
3. Expenses – all goods and services received by midnight, June 30, must be recorded either by payment, automated accounts payable accrual or manual accounts payable accrual.
4. Journal Creators and Approvers, please proactively check that your journals have been “Approved To Post” as soon as possible. If those journals represent FY13 business (#1, 2, 3, above), they need to post! Creators—let your Approver know the journal is ready. If the journal is not valid, delete it. Approvers—go into the Finance System and review those journals awaiting your review and take appropriate action.
5. 12:00 noon is the deadline for the PSC to receive requests to cancel checks for FY13. These are checks the PSC sent to you and for whatever reason, they need to be cancelled instead of distributed. Contact the PSC if you have any of these.
6. Cash received through 3:00 pm today is due to the Office of Cash Management (OCM) by 4:30 pm today. Cash received after 3:00 pm through midnight Sunday, June 30 is due to the OCM by 11:00 am Monday, July 1 for OCM accrual. These deposits must be clearly labeled “FY 2013 Business” and deposited separately from FY 2014 business received after 12:00 am Monday, July 1. Refer to the OCM Cash Receipt Processing Memo.
7. Departments that accept credit card payments must comply with the OCM year-end processing deadlines in #6 above. Please put Visa/MasterCard/Discover on one cash receipt and American Express on a separate cash receipt.
8. 5:00 pm cutoff for time collection for the June 22 biweekly payroll. Please run the payroll Suspense Report and make sure your funding distribution is correct and approved for all payments to avoid payroll suspense, especially for those persons on payroll throughout the summer. This biweekly payroll is fully accrued.
9. 6:00 pm deadline and last day for departments to submit subsystem feeds to the Finance System. These are mostly IN transactions fed electronically from departmental subsystems to the general ledger via the Black Box.
10. Internal Service Center (Fund 28) Excel worksheets to calculate FY14 ISC rates and to create an initial budget for upload are due today to ABS email@example.com with a signed paper copy to Leila McCamey, 579 UCB.
12. Petty Cash and Change Funds should be counted by this date with any needed over/under adjustments recorded to account code 552630 – Cash Over/Short. Petty cash fund custodians should submit a Payment Authorization form for all unreimbursed FY13 expenses in time to arrive at the PCS by July 3, 12:00 noon, to ensure accrual so that all FY13 expenses are recorded.
13. Departments that have inventory recorded in the Finance System should complete a physical count of its inventory and, if necessary, make adjustments in the Finance System to reflect actual count/value of the inventory on-hand as of fiscal year-end. Submit your inventory reconciliation and a copy of your adjusting JE to Maggie Young in ABS by Wednesday, July 3. Send by email, fax 2-5553, or campus mail to 579 UCB.
14. All checks on-hand in your department must be mailed or distributed by midnight, Sunday, June 30.
15. Sponsored Projects – If you have issued a subcontract to another entity, the work done through June 30 must be reflected as an expense in our records for your project. Please contact those entities and ask them to furnish an invoice for the actual work or their best estimate for work done through June 30 in time for entry into the Finance System for FY13. The deadline for the PSC to receive vendor invoices for FY13 is July 3, 12:00 noon. If this is not accrued through the PSC process, then create a manual accrual.
16. Submit a Gift-in-Kind Acceptance form to ABS firstname.lastname@example.org for any non-cash gift that your department received in FY13 that is valued at $5,000 or more; or is valued at any amount and is an addition to an existing university collection (subject to one exception); or is valued at any amount and is attached to a written contract or agreement or subject to additional reporting requirements (such as NCAA reporting). Follow the guidance in the Gift in Kind section of the Accounting Handbook.
17. If your department conducted any activity in FY13 that is substantially unrelated to the university mission of instruction, research, and public service, it may qualify as unrelated business taxable income. Some examples are advertising, catering, and entertainment events. Review the ABS Policy and Procedure on Unrelated Business Income Tax (UBIT) and report any activities you conduct that may qualify as unrelated business income using the UBIT Questionnaire form and send the completed form to Stefanie Furman, 492-2396.
18. For card activity, our focus now is to allocate and itemize unassigned FY13 transactions. The trend has generally been down all week—thank you! However, it will likely spike up due to card transactions that continue to hit the system over the weekend.
2. For FY13 business, the following must be at the PSC by Wednesday, July 3, 12:00 noon, to ensure accrual: Payment Authorization (PA) form, Study Subject Payment (SSP) form, Non-Employee Reimbursement (NR) form, and supplier invoices. Payment Vouchers in CU Marketplace must be submitted and fully approved by 5:00 pm, July 3. Do not submit FY14 business until after July 4.
Thursday, June 27 — Today’s year-end close tasks are:
1. The Area Accountants emailed departments earlier this week to obtain SpeedType information that will be used to accrue Travel Card transactions and cash advances that remain unassigned by the July 8 accrual deadline. If you have not yet responded to their request, please provide this information at your earliest convenience.
2. Now that the Travel Card and Procurement Cardpostingdeadlines are behind us, we are now in theaccrualphase for card transactions and reimbursements that missed the posting deadline.
Since the beginning of the week, you have reduced unposted card transaction totals considerably. Thank you! As you can see in the blue columns below, we have $926,210 in Procurement Card transactions and $491,553 in Travel Card transactions that did not post and will have to be accrued. These amounts will continue to grow until all June transactions finally make it to Concur next week. The red columns show how much remains unassigned as of today. Our goal now is to get as many unassigned transaction as possible allocated and itemized by the July 8 accrual deadline. This way, you control where the expense accrues, resulting in accurate financial statements.
Wednesday, June 26 — Today's year-end close tasks are:
1. 11:00 am deadline for FY13 Termination for Cause hand drawn check requests. For assistance, please call Employee Services at 303-860-4200. Employee Services will resume processing hand drawn check requests on Friday, July 5.
2. 4:30 pm deadline for employees to pick up hand drawn express warrants from the Office of Cash Management in Regent Hall. Unclaimed warrants will be returned to department payroll liaisons on Thursday, June 27, to be forwarded to employees. Please review the Cash Receipt Processing Memo from the Office of Cash Management for year-end procedures concerning departmental deposits, credit card transactions, advance deposit transactions, unclaimed revenue, and cash-related topics.
3. 5:00 pm is the posting deadline for Procurement Card expense reports. These must be submitted and fully approved by all department and campus approvers in order to post. Transactions that appear in Concur after today’s posting deadline will be accrued. The chart below shows that you have been working diligently! The more FY13 business that posts means a smaller accrual and fewer surprises when the accrual hits your FOPPS.
4. 6:00 pm deadline to enter FY13 Fund 30/31 and 34 journals and to submit all required documentation to SPA/ABS to ensure approval for June’s 1st preliminary close. These journals require departmental approval and should be put in their own journal, separate from other Funds and from each other to speed up the SPA/ABS approval process. Contact Brendon Johnson, 492-2620, or Linda Johnson, 735-6678, with project cost transfer questions, and Liz Spencer, 492-1071, about gift journal approvals. Check for unposted journals that you need to correct and validate, approve to post, or that need additional documentation sent to SPA or ABS so they can approve it. Refer to the SPA Journal Entry information for tips on how to prepare sponsored project journals.
Tuesday, June 25— Today's year-end close tasks are:
1. 12:00 noon deadline for FY13 hand drawn check requests are due to Employee Services. Hand drawn requests received after this deadline cannot be guaranteed to be included in FY13. (Termination for Cause hand drawn check deadline is Wednesday, June 26, 11:00 am.) If you have a question about hand drawn checks, please call Employee Services at 303-860-4200. Employee Services will resume processing hand drawn check requests on Friday, July 5 (excepting tomorrow’s Termination for Cause deadline).
2. 6:00 pm deadline for gift Fund 34 expenses in linked accounts to make the final cash transfer wire on June 28 from the CU Foundation. FY13 expenses entered after this deadline will result in a receivable that will be paid in FY14 by the July CUF wire transfer.
3. If you submitted an accounts receivable write-off request to me and did not receive an email copy when it was forwarded to CCS, please contact me.
4. Although the Travel Card posting deadline was yesterday, our job now is to allocate and itemize as much remaining FY13 Travel Card business as possible to ensure that it accrues to the SpeedType and account code where it belongs. You made good progress yesterday because the unassigned travel transactions went down by $70,868 (34% of the total unassigned). Please keep it up!
5. Continue to process Procurement Card transactions especially the older ones. Those over 30 days old now total $358,470.
Monday, June 24— Today's year-end close tasks are:
1. 5:00 pm post/pay deadline for FY13 Travel Reconciliation expense reports. Reports must be submitted and fully approved in Concur to ensure posting and payment in FY13. All remaining FY13 Travel Card transactions that miss today’s post/pay deadline will accrue if they are available in Concur by the July 8 accrual deadline. Employee reimbursements will accrue ifassignedandsubmittedby the July 8 accrual deadline.
As of this morning, the Boulder campus has $242,448 of unposted Travel Card transactions over 30 days old. In most cases, this represents travel that is completed and is the highest priority to assign to a report, submit, and approve. The more FY13 business that posts means a smaller accrual and fewer surprises when the accrual hits your SpeedType(s), both in terms of resources (budget/cash) and location (SpeedType/account code).
2. If you have issued a subcontract to another entity, the work done through June 30 must be reflected as an expense in our records for your project. If you haven’t already, please contact those entities and ask them to furnish an invoice for the actual work or their best estimate for work done through June 30 in time for entry into the Finance System for FY13. The deadline for the PSC to receive FY13 vendor invoices is July 3, 12:00 noon, in order to accrue through the PSC automated accrual process. If not accrued through the PSC process, then create a manual accrual by the July 16 departmental FY13 journal cutoff—but first, check to see if the invoice was already entered before creating a JE.
3. Continue to clean up problems and errors identified on the May reports.
Friday, June 21–Happy Summer!Today's year-end close tasks are:
1. Continue to clean up problems and errors identified on the May reports.
2. Continue to work on Travel Card/reimbursements and Procurement Card transactions.
The chart below shows that since Monday, all category totals have gone down by a healthy amount ranging from 12-27%. Thank you for all your effort! Please keep the momentum going.
Thursday, June 20–Today's year-end close tasks are:
1. Today, 5:00 pm, is the deadline for the PSC to receive the following to ensure posting and payment in FY13:
All supporting documentation and approvals must accompany submissions. If you miss today’s post/pay deadline, FY13 forms/invoices will accrue if the PSC gets them by 12:00 noon, July 3 (5:00 pm for PVs). Do not submit any of the above items intended for FY14 business until afterJuly 3, otherwise they will be assumed to be FY13 business. See the FYE 2013 InfoPacket for Departments from the OUC and PSC for details.
2. Petty cash fund custodians: submit a Payment Authorization (PA) form if you want to receive a check to reimburse the petty cash fund in FY13. If not submitted by today’s post/pay deadline, be sure to submit a PA form by the July 3, 12:00 noon, accrual deadline in order to accrue those expenses paid by petty cash in FY13.
3. Continue to clean up problems and errors identified on the May reports, and keep plugging away on Travel Card/reimbursement and Procurement Card transactions. Tomorrow, we’ll take a look and see how we’re doing.
4. Today is the last day to provide the PSC with vendor information to set up new vendors in FY13.
5. Reminder that HR Production is down today for payroll processing.
2. Internal Service Center (ISC) Fund 28 rate sheets are used to calculate FY14 ISC rates and to prepare budgets for upload and are due to ABS email@example.com by June 28. ISC rate sheets with instructions are available online. Please contact your Area Accountant if you need help with this calculation.
Wednesday, June 19–Today's year-end close tasks are:
1. Today is the last day for the Student Employment Office to receive payroll expense transfer requests to move the employer share of work-study earnings (account 407700) from one FOPPS to another. Complete the online Suspense Transfer Request form on the Student Employment website. Completion of this form does not guarantee that a transfer will occur. Transfers will be contingent upon availability of the system. Payroll expense transfer requests must be received at the Student Employment Office by 4:30 pm. Contact Brenda Duran, 492-3548, for assistance.
2. Continue to clean up those Travel Card and Procurement Card transactions over 30 days old and stay on top of recent card transactions.
3. Look ahead and plan for year-end tasks that affect your department such as taking inventory and counting petty cash and change funds. The ABS Year-End Checklist can show what you can cross off your list and what you still need to do.
Tuesday, June 18–Today's year-end close tasks are:
1. 5:00 pm cutoff for time collection entries for June monthly pay period. Make sure funding distributions for all positions are correct and approved to minimize payroll suspense entries. Please run the Summary Suspense Report to identify employees whose payroll funding distribution will cause their payroll to go to suspense.
2. Continue to clean up problems and errors identified on the May reports.
Monday, June 17–Today's year-end close tasks are:
1. Keep working on those older unposted Travel Card and Procurement Card charges. Counting today, there are just 6 business days until the June 24 Travel Reconciliation expense report post/pay deadline, and 8 business days until the June 26 Procurement Card post/pay deadline. All card transactions eventually have to end up on a fully approved report and getting them done now ensures that they post accurately to the correct SpeedType and account code. Here is a 3-step strategy to consider:
Here’s a mid-month snapshot of unposted card transactions. Overall, this year’s numbers are much improved over last year at this time, especially those over 30 days old. This tells me you’re working hard. I appreciate it!
Friday, June 14–Today's year-end close tasks are:
1. 12:00 noon deadline to get gift transfers of $500,000 or more entered into the Finance System so that the CU Foundation (CUF) can process it in time for the final FY13 wire on June 28. The same 12:00 noon deadline applies for the CUF to receive manual transfer request forms for FY13 in order to make the June 28 wire. Requests received after this cutoff will be processed as FY14 business. Although most CUF gift fund transfers occur automatically in the Finance System, the Request for Liquidation of Principal of Quasi Endowment or Transfer to Speedtype form is still required for 1) liquidation of principal of an endowment or quasi-endowment; 2) transfer of CUF funds to a non-Fund 34 such as Fund 50 (loan) or 71 (capital construction); 3) correction of errors in deposits; and 4) transfers when donor specifies certain signatures for spending. The form is available online. Contact Marilyn Coppage, (303) 541-1231, at the CUF if you have questions or one of the other CUF Finance and Accounting staff.
2. If you have a petty cash fund or change fund, please review the setup information and notify ABS of any changes; for example, contact information, physical location, etc. Send updates to firstname.lastname@example.org.
3. Continue to clean up problems and errors identified on the May reports.
Thursday, June 13 – Today's year-end tasks are:
1. 5:00 pm cutoff today for time collection entries for the June 8 biweekly payroll. This time of year sees a high number of payroll suspense entries because funding distributions have not been updated for those persons on (or remaining on) payroll throughout the summer. Make sure funding distributions for all positions are correct and approved. Run the Summary Suspense Report to identify employees whose payroll funding distribution will cause their payroll to go to suspense and make the necessary corrections to the employee's record before the cutoff. To run the report, log on to HRMS (via myCUinfo portal) and go to Reports and Reviews > Funding and Suspense > Suspense Reports > enter the information specific to your department and run the report. Refer to the instructions on Running HRMS Reports or contact Employee Services at 303-860-4200 or email@example.com for assistance.
2. Continue to clean up problems and errors identified on the May reports.
Wednesday, June 12 – Today’s year-end tasks are:
1. In the year-end meetings, James Lei reminded those departments that have subawards issued to another entity to get an early start on obtaining either an invoiced estimate for work done through the month of June, or an estimate if an invoice cannot be furnished in time for the July 3 noon accrual deadline. If received at the PSC after this deadline, or if no SPO invoice was provided, enter a manual accrual for the June estimate that the subawardee provided, but double check that the invoice was not in the system by July 3. If you have questions, feel free to contact the project’s grant accountant.
2. We added a Procurement FAQ on the ABS year-end webpage that touches on some questions others—perhaps you—have had. Amy Gannon, Director of Procurement Systems & Payable Services, covered some of this at the year-end meetings, but this is an excellent review and a good resource for those who were not there.
3. Continue to catch up on Travel Card and Procurement Card transactions that are more than 30 days old.
4. Continue to clean up problems and errors identified on the May reports.
Tuesday, June 11 – Today's year-end tasks are:
1. You may recall from last week’s Town Hall Meeting that June 24 is the deadline by which fully approved Travel Card and employee reimbursement expense reports will post and pay in FY13 and June 26 is the deadline by which fully approved Procurement Card expense reports will post to FY13. These post and pay deadlines are the ones to target for June (and earlier) expenses. If these post/pay deadlines are missed, you can still control where the expense is accrued by assigning FY13 transactions to an expense report, allocating to a SpeedType and itemizing to an expense type by the July 8 accrual deadline. Refer to the FYE 2013 InfoPacket for Departments from the OUC and PSC for more about these and other procurement posting and accrual deadlines.
Continue to process current Procurement Card and Travel Card transactions in your routine business workflow and take care of those transactions over 30 days old. If you are a cardholder, delegate, or approver, please make every effort to get these card transactions:
Feel free to contact your Area Accountant if you need advice or want to receive a list of your unit’s unposted card transactions to help you track them down and get them done. You can also receive these reports automatically by sending a request to firstname.lastname@example.org and include the report you want, the org number, and the frequency.
Unlike the Procurement Card, the Travel Card and cash advances do not have a default SpeedType to which unassigned transactions will accrue. The Area Accountants are contacting departments that have unposted Travel Card and cash advance transactions to obtain default SpeedTypes to accrue any unassigned FY13 transactions. Preferably, all Travel Card transactions will be assigned, allocated, and itemized by July 8. But in case they aren’t, they will accrue to default SpeedTypes and account codes.
The graph below shows unposted card charges that are over 30 days old for the Boulder campus as of today compared to one year ago. You can see that we are in better shape than at this point last year because 2013 totals are significantly lower. As Leila McCamey pointed out in the year-end meetings, we’ve had time to practice and it shows. Stay in tune, keep playing, and let’s end on a high note!
Monday June 10–Today’s year-end tasks are:
1. In the year-end town hall meetings, Brendon Johnson discussed the 3Ds: Deadlines, Department approval, and Documentation. If you need to transfer FY13 expenses related to Fund 30/31 sponsored projects—particularly travel, tuition remission, consultant/contractual services, honoraria over $100, official functions over $500, and (normally) indirect costs—please refer to Journal Entry information from Sponsored Projects Accounting (SPA). Use these instructions to help speed the approval process. Note that Fund 30/31 journals need departmental approvalbefore SPA can review them and should be by themselves in their own separate journals. SPA processes roughly three times the normal number of JEs for June and appreciates your help during this extra busy time of the year.
2. Please note that Fund 34 gift JEs also need departmental approval and separate journals so that ABS can provide timely secondary gift journal approval.
3. ABS will step up its monitoring of journal entries written for June but not yet posted throughout year-end. We will notify departments to finalize these and either complete or delete them but we encourage proactive review by journal creators and approvers.
4. Continue to clean up problems and errors identified on the May reports.
Friday June 7–Today’s year-end tasks are:
1. Today is the last day to submit requests to change allocation steps within existing groups for FY13 (add, delete, or modify). Get them to Maggie Young, 492-6375, before 4:00 pm.
2. Attention Payroll Liaisons: This is the time of year when departmental payroll suspense increases because Funding Distributions have not been updated for those persons on (or remaining on) payroll throughout the summer. If a Funding Distribution expires, paid salary defaults to a departmental payroll suspense SpeedType. This is new suspense that departments have to deal with in addition to any old suspense that they are still working on clearing. Now is an ideal time to review and update Funding Distributions on both monthly and biweekly employees to be sure payroll information is correct and to avoid additional payroll suspense.
3. 4:30 pm today is the deadline for the Student Employment Office to receive payroll expense transfer requests for hourly (account 407600) to work-study (account 407700). Complete the online Payroll Expense Transfer Request available under Forms on the Student Employment website,. Completion of this form does not guarantee that a transfer will occur. Hourly to work-study transfers are contingent upon availability of funds and student eligibility. Contact Brenda Duran for information or assistance, 492-3548. No hourly to work-study transfer requests processed for the 6/8/13 or 6/22/13 pay periods.
4. Continue to clean up problems and errors identified on the May reports.
Thursday June 6 – Good Morning. This is the first of the daily updates that I will send to remind everyone of the tasks that need to be done to prepare for and get us through the year-end close. You will get these every day through the June final departmental close. The year-end close is a large and complex undertaking. These daily emails are intended to provide timely information and effective coordination to help us work together for a successful close. As always, thank you for your dependable assistance during this annual event.
1. Thank you everyone who attended one of yesterday’s Year-End Town Hall Meetings. I’m sorry that I could not attend—an important prior family commitment kept me away. But I heard that the meetings were a big success and all went well. Here are links to the materials that were presented:
2. As pointed out in the meetings, the deadline to allocate travel reconciliation and procurement card transactions for their accrual is July 8. Some earlier materials incorrectly pointed to July 9, but all information has been corrected. If you printed out copies of the ABS Departmental FYE Memo or the Ensuring Accrual to FY 2013: Travel Reconciliation and Procurement Card PDF prior to yesterday, you should reprint them for the corrections. They are identified as “version 6/5/13” and “Revised 06.04.13” in the footer, respectively.
3. The month of May is closed and May reports are available in Cognos. Now is the time to thoroughly go through your May statements to identify and correct problems, verify balances, and make any necessary adjustments:
5. ABS looks forward to helping you throughout the year-end close. Please do not hesitate to contact your Area Accountant or any of the other ABS staff specialists if you have questions or need assistance.
6. My prior commitment will keep me away for a few more days so Barry Northrop will be sending these daily emails through Friday, June 14.
Campus Controller and Director of ABS