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Fiscal Year-End 2014

Calendar | Daily Emails

Resources

Fiscal Year-End Town Hall Meetings Wednesday, June 4, 2014, Eaton Humanities 150, 10:00-11:30 a.m. & 1:30-3:00 p.m. Register by email.
Meeting handouts and presentation below:
Employee Services FYE Payroll Processing
ABS FYE14 Town Hall Presentation
PSC Procurement FAQ
Departmental FYE Memo Boulder campus-specific instructions, tips, and essentials for FYE success
FYE 2014 InfoPacket for Departments
(plus added BONUS material)
Ensuring Posting and Payment in FY 2014
Ensuring Accrual to FY 2014: Forms, PVs, and POs
Ensuring Accrual to FY 2014: Travel Reconciliation and P-Card
Accruals and m-Fin Reports - Paper Forms, PVs, and POs
Accruals & m-Fin Reports - Travel Reconciliation & Procurement Card
■ BONUS—Accounting 101: Accruals CPE presentation handout
■ BONUS—Accrual example video – see how an accrual works
■ BONUS—Gearing Up for Fiscal Year-End CPE presentation handout
Customizable Calendar Basic Excel calendar suitable to add key dates that affect your area
OUC FYE Calendar
Also in Google format
Comprehensive, includes many System tasks not for departments
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.)

Year-End Close Calendar

Jul 18 Fri   Reminder: No more departmental FY14 June journals.
Jul 18 Fri   Report any errors >$10,000 to your Area Accountant.
Jul 21 Mon 4:00 Allocation changes and creates due for July business. Send to Maggie Young, or call 492-6375.
Jul 21 Mon 5:00 Time collection for monthly pay period ending July 31.
Jul 21 Mon 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 FY14 entries. Run reports using period 998 to pick up any 998 entries that may have been entered.
Jul 22 Tue   Departmental Administrative F&A and General Fund budget and cash carry forward are booked before July close.
Jul 22 Tue   Reminder: No more departmental FY14 June journals.
Jul 23 Wed   Moratorium ends on new account code creations effective FY15.
Jul 23 Wed   Moratorium ends on org tree changes. SpeedType inactivations, new orgs/nodes, reorgs, etc., may be processed.
Jul 23 Wed   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 8.
Jul 23 Wed 8:00a Final June close reports available in Cognos.
Jul 23 Wed Noon HR Production down for payroll processing. HRMS inquiry only.
Jul 24 Thu 5:00 Time collection for biweekly pay period ending July 19.
Jul 25 Fri 6:00 Gift expenditure cutoff for July 31 month-end CUF wire transfer.
Jul 28 Mon 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 Wed 6:00 Deadline for fully approved expense reports to upload this month.
Jul 31 Thu   Check for unposted July journals to correct, approve, or delete.
Aug 1 Fri   BJE cutoff for July. A&S units: submit budget change requests to the A&S Budget Office by its deadline.
Aug 4 Mon 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 28.)
Aug 5 Tue 10:00a Unposted July journals that are not copied and assigned a future date or saved in incomplete status will be deleted.
Date         Day Time Deadline Description

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Daily FYE Emails from ABS (June 5 – July 18)

The Campus Controller sends daily email reminders of tasks, deadlines, reminders, and information to help make the year-end close go smoothly. 

1. The FY2014 accounting period is now closed to departments.

2. Please notify your Area Accountant if you believe there is a need to create an additional JE for FY14 business.Reminder: Begin reporting any errors over $10,000.

3. Beginning July 28 select Period 998 for FY14 reports driven by accounting period. This will pick up entries that may have been posted to your FOPPS by the University Controllerafter the final close.

4. The OUC will process the final close Tuesday, July 22. The final close reports will be available Wednesday, July 23.

5. Wednesday, July 23, the moratorium ends for org tree changes (FOPPS inactivations, new orgs, etc.) and new account codes.

6. Wednesday, July 23, ABS will begin emailing requests for supporting documentation to those departments with balances in the following balance sheet accounts:

·       accounts receivable

·       allowance for doubtful accounts

·       unearned revenue

·       deposits held in custody, and

·       travel advances

Please supply the supporting detail by customer and return the completed reports to ABS, attention: Denise Rodriguez-Mora by August 8. Please click here for instructions or contact your Area Accountant with questions.

You each serve as a critical piece of the year end process and we could not complete it without your diligent efforts. I sincerely appreciate all of the additional time and effort you put into the Fiscal Year End close.  Thank you.

Thursday, July 17:

1. Today, 6:00 pm is the FINAL deadline for departments to enter FY14 June journal entries, including temporary BJEs. Please complete a final review of your FOPPS. 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 6/30/2014 for FY14 transactions.

2. Today is the last opportunity to request modifications to FY14 accruals that resulted from Concur or Marketplace transactions. Contact your Area Accountant to request any changes.

3. Review any June journals you either started or are responsible to approve, then finalize or delete them. Journal creators, please let your Approvers know when your journals are ready to review.

Wednesday, July 16:

1. Please look carefully at your 2nd close reports in order to identify any remaining corrections that may be needed. Correct any problems, errors, suspense, deficits, and clearing balances identified on these reports.

2. If you intend to allocate/itemize FY14 Procurement Card and Travel Card transactions other than where they accruedplease consult with your Area Accountant. Departments only have until tomorrow, July 17, to make accrual corrections.

Looking ahead:

Tomorrow, 6:00 pm, is the final cutoff for FY14 departmental journals.

Tuesday, July 15:

FY14 journals should not be created, validated, approved, or manually posted today because the OUC is running close procedures for the second preliminary June close.

Looking Ahead:

2nd close reports should be available in Cognos tomorrow, Wednesday, July 16 after 8:00 am.

Monday, July 14:

1.  The 2nd preliminary June close cut-off is today at 6:00 pm. Review any FY14 journal entries you may have started and complete them so they are included in the 2nd close. Let your departmental Approver know when you create a journal so that it can be “Approved to Post.”

2. Check to see if Friday night’s Concur or Marketplace accrual journals created deficits in any of your SpeedTypes. If the accrual caused a deficit, clear it either by transferring resources in or moving expenses out to an appropriate SpeedType. This must be completed by the July 17, 6:00 pm departmental FY14 journal cutoff. The various accrual journal IDs (ACCxxx) are explained in the FYE 2014 InfoPacket for Departments.

3. If you have FY14 expenses that missed the PSC automated accrual process, prepare a manual accrual. 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.

4. If you discover an error where a Concur expense accrued as a result of an approvedexpense report, correct it with a FY14 JE by the July 17th cut-off. 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 11:

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 Jim at James.Sheppard@colorado.edu, 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 for which you need to send documentation sent to SPA or ABS so they can approve them. See the SPA Journal Entry information for tips and insights on how to prepare sponsored project journals.

Looking ahead:

1. July 14, 6:00 pm is the 2nd preliminary June close cutoff.

2. Plan to review your SpeedTypes Monday, July 14, for any unexpected effects that may result from the Concur and CU Marketplace accruals that posted.

Thursday, July 10:

1. Here are the figures for unassigned FY14 card transactions through July 7, 2014: Procurement Card - $108,265 and Travel Card - $58,949. These will accrue to defaultSpeedTypes and account codes as explained in the FYE 2014 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.

 

2.  6:00 pm PET deadline – PETs for FY14 must be created and approved before6:00 pmtoday to be included as FY14 business and must use a journal date of 6/30/14 or earlier.

3.  Continue to clean up problems, errors, suspense, and clearing balances identified on the first June closing reports.

Looking Ahead:

Tomorrow 12:00 noon is the deadline for Fund 30/31 FY14 journals and Fund 34 FY14 journals for the 2nd preliminary June close on Monday. If you miss tomorrow’s deadline, journals are not guaranteed to be approved in time for 2nd close, but they will be in time for 3rd close.

Wednesday, July 9 — Today's year-end close tasks are:

1. Continue to clean up problems, errors, suspense, and clearing balances identified on the 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.

Looking Ahead:

Tomorrow,6:00 p.m.is thePETdeadline forFY14.  This is a great time to double-check that you have cleared all FY14 payroll suspense items.

Tuesday, July 8 — Today's year-end close tasks are:

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. Contact your Area Accountant if you have questions.

Looking Ahead:

1.      Thursday, July 10, 6:00 pm, is the final deadline to create and approve PETs to be included in FY14 business.

2.      Friday, July 11, Noon, is the cutoff for Fund 30/31 and Fund 34 regular journal entries to be included for 2nd close.

Monday, July 7 — Today's year-end close tasks are:

1. FY14 journals should not be created, validated, approved, or posted today because the OUC is running close procedures for the first preliminary June close. [This statement was incorrectly referenced as FY15 in the Thursday, July 3 email.]

2. Yesterday, July 6 was the accrual deadline for the Concur Travel & Expense System. Therefore, to avoid abnormal balances, the allocation and itemization of FY14 transactions should not be changed without first consulting with your Area Accountant. The accrual journals will post Friday, July 11, and you will be able to review the accrued expenses starting July 12.  

3. You may begin processing FY15 PSC forms, supplier invoices, and payment vouchers; and begin receiving in CU Marketplace. If you have unprocessed FY14 transactions that need to be accrued, contact your Area Accountant for assistance.

Looking Ahead:

1stclose reports should be available in Cognos on Tuesday, July 8 after 8:00 am.

Wednesday, July 3:

1.Tonight is the first preliminary June close. 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 noondeadline for the PSC to receiveFY14forms 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 FY14 expenditures.

3. Reminder:FY15journals should not be created, validated, approved, or posted and do not submit invoices or payment forms forFY15business or perform receiving onFY15POs untilJuly 7 or later.  

4. 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.

5. Continue to allocate and itemize FY14 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. Unassigned Procurement Card transactions are down, thanks to your continuing efforts, sitting at $228,311– lower than last year at this time. Great job! Unassigned Travel Card transactions are up from yesterday, at $115,230, just slightly above last year at this time. The final deadline to process these transactions isSunday, July 6, 6:00 p.m.

Looking Ahead:              

1. July 6, 6:00 pmis the 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 the 6:00 pm deadline, create a manual accrual journal entry. Please call your Area Accountant for assistance.

2. July 6, 6:00 pmis the accrual deadline for FY14 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 2014 InfoPacket for Departments.

3.July 6, 6:00 pmis the accrual deadline for the Concur System. This includes travel cards, cash advances, out-of-pocket expense reimbursements, and Procurement Cards. Make sure FY14 expenses are assigned, allocated, and itemized (note: out-of-pocket must be submitted to be accrued). The data in Concur as of 6:00 pm today will be used to create the accrual entry in the Finance System (Friday, July 11). This is the last opportunity to control where unposted FY14 card transactions accrue using the automated accrual process. Any card transaction not itemized and allocated will accrue to the default SpeedTypes and account codes.

Have a safe and enjoyable Independence Day holiday!

Wednesday, July 2:

1. Continue to work on unassigned FY14 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 FY14. 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 justtwo (2)business days leftto get FY14 transactions handled. You made outstanding progress the past two days, as you can see in the graph below. Let’s keep that momentum going.

2. Continue to assign any FY14employee reimbursementsto a Travel Reconciliation expense report and be sure tosubmitthe report by the July 6 accrual deadline so that these expenses are accrued.

3. If anyone in your department was issued a cash advanceand the trip is completed, reconcile that cash advance before the July 6 accrual deadline.

4. Review the Year-End Departmental Checklist and Accounting Tasks List and make sure all items are complete for those that apply to your unit.

5. To ensure an accurate acrrual 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 Thursday. 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.

Tuesday, July 1:

1. Pay attention to default dates. The Finance System now defaults to the current July FY15 date while PETs default to last year’s 06/30/2014 date until we are past our campus July 10th PET cutoff. Change these default dates as appropriate.

2. Do not submit FY15 PSC payment forms (PA, SSP, NR, and PV) or supplier invoices, and do not perform receiving on FY15 Purchase Orders until July 7 or later because forms, invoices, and receiving done from July 1 to July 7 will be assumed to be FY14 business. Refer to the FYE 2014 InfoPacket for Departments for details.

3. If your department received cash after yesterday’s OCM 3:00 pm cut-off and before midnight, it will need to be manually accrued by the department (see the OCM FY14 Cash Receipt Processing Memo). Debit account 000600–Deposits in Transit and credit an appropriate account (typically revenue). Be sure to use the journal ID prefix ACC so that the journal will automatically reverse in July. Contact your Area Accountant if you have any questions.

4. HR Production will be down today for the duration of the salary upload. When it becomes available, get your FY14 PETs in promptly, especially those for Fund 30/31 to give SPA enough time to review and approve. The campus PET deadline is July 10, 6:00 pm.

5. Emails are scheduled to be sent out today from the OUC to the fiscal certification/assessment population advising that the process is underway.

6. FY14 program encumbrances have been cleared and rolled to FY15 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 FY15 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 FY15.

7. Sponsored projects will not be retired during the month of July because June allocations are still running.

8. Continue to itemize and allocate FY14 card transactions. From here forward, we want to see a steady decrease in the unassigned category all the way through the July 6 accrual deadline. July 6th falls on a Sunday, which means there are only three business days until the accrual deadline (counting today).

Monday, June 30:

1. Midnight Monday is the end of FY14. All business transactions completed by midnight June 30mustbe recorded as FY14 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 FY14 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 noonis the deadline for the PSC to receive requests to cancel checks for FY14. These are checks the PSC sent to you and for whatever reason need to be cancelled instead of distributed. Contact the PSC if you have any of these.

6. Cash received through 3:00 pmtoday is due to the Office of Cash Management (OCM) by 4:30 pmtoday. FY14 cash received after the OCM cutoff will need to be manually accrued by the department. Debit account 000600–Deposits in Transit and credit an appropriate account (typically revenue). Be sure to use the journal ID prefix ACC so that the journal will automatically reverse in July. Contact your Area Accountant if you have any questions. 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. 6:00 pmdeadline and last day for departments to submit subsystem feeds to the Finance System (except JEs). These are mostly IN transactions fed electronically from departmental subsystems to the general ledger via the Black Box.

9. Auxiliary Fund 20 and 28 budget worksheets are due today to the Budget Office, email them to ucb.budget@colorado.edu. Funds 26 and 29 are optional, but recommended.

10. Petty Cash and Change Funds should becounted by this datewith 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 FY14 expenses in time to arrive at the PCS byJuly 3, 12:00 noon,to ensure accrual so that all FY14 expenses are recorded.

11. Departments that have inventory recorded in the Finance System should complete a physical countof 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 Thursday, July 3. Send by email, fax 2-5553, or campus mail to 579 UCB.

12. All checks on-hand in your department must be mailed or distributed bymidnight tonight.

13. 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 FY14. The deadline for the PSC to receive supplier invoices for FY14 is July 3, 12:00 noon. If this is not accrued through the PSC process, then create a manual accrual.

14. Submit a Gift-in-Kind Acceptance form to ABS accounting@colorado.edu for any non-cash gift that your department received in FY14 that is  valued at $5,000 or more; 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.

15. If your department conducted any activity in FY14 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.

16. For card activity, our focus now is to allocate and itemize unassigned FY14 transactions.

Looking Ahead:

1. The June monthly pay date shifts to Tuesday, July 1.

2. For FY14 business, the following must be at the PSC by Thursday, 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.

3. Payment Vouchers in CU Marketplace must be submitted and fully approved by 6:00 pm, July 6.

4. For goods/services received by June 30 but the Purchase Order has not been fully invoiced: do receiving in the Marketplace. Online receiving must be completed by 6:00 pm, July 6.

5.Do not submit FY15 business until July 7 and after.

Friday, June 27:

1. Monday, June 30 is the last business day of the fiscal year. Consult the ABS Departmental Year End Memo for a full look at what needs to be completed. I’ll go over it in detail in Monday’s email, but you may want to look ahead at the date to get started on the tasks required to close year-end.

2. 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 6 accrual deadline. If you have not yet responded to their request, please provide this information at your earliest convenience.

3.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 $719,791 in Procurement Card transactions and $341,006 in Travel Card transactions that did not post/pay and will be accrued. These amounts will continue to grow until all June transactions finally make it into Concur. The red columns show how much remains unassigned as of today. Our goal now is to get as many unassigned transactions as possible allocated and itemized by the July 6 accrual deadline. This way, you control where the expense accrues, resulting in accurate financial statements.

Thursday, June 26:

1. Now that the Travel Card and Procurement Cardpay/postdeadlines are behind us, we are in theaccrualphase for card transactions and reimbursements that missed the post/pay deadline. This means that all remaining FY14 card charges that missed their respective pay/post deadlines will be accrued at year-end, so it is doubly important to allocate and itemize them on an expense report.

2.5:00 pmcutoff for time collection for the June 21 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.

3. 6:00 pmdeadline to enter FY14 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 Jim Sheppard 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.

Wednesday, June 25— Today's year-end close tasks are:

1. 12:00 noondeadline for departments to submit “Termination for Cause” hand drawn check request forms to Employee Services. For assistance, please call Employee Services at 303-860-4200.

2. 4:30 pmdeadline for employees to pick up hand drawn express warrants from the Office of Cash Management in Regent Hall. Unclaimed warrants must be picked up by department payroll liaisons (HR Business Partners) on Thursday, June 26, 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. 6:00 pmdeadline for gift Fund 34 expenses in linked accounts to make the final cash transfer wire on June 30 from the CU Foundation. FY14 expenses entered after this deadline will result in a receivable that will be paid in FY15 by the July CUF wire transfer.

4. 6:00 pmis the post/pay 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 post/pay deadline will be accrued. The chart below shows that you have been working diligently and your efforts are appreciated! The more FY14 business that posts means a smaller accrual and fewer surprises when the accrual hits your FOPPS.

 

Tuesday, June 24:

1.12:00 noondeadline for departments to submit hand drawn request forms to Employee Services for the last off cycle payroll for FY14. (Termination for Cause hand drawn check deadline is Wednesday, June 25, 12:00 noon.) If you have a question about hand drawn checks, please call Employee Services at 303-860-4200.

2. Although the Travel Card posting deadline was yesterday, our job now is to allocate and itemize as much remaining FY14 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 $46,343.54 (23% of the total unassigned). Please keep it up!

3. Now is a good time to review your Purchase Orders (PO). All POs, including Standing Purchase Orders (SPOs) must have a minimum balance of $1.00 to roll forward into FY15. POs that your department no longer needs – but which have not been fully invoiced – should be closed. Contact the PSC at changeorder@cu.edu to have these POs closed.

Monday, June 23:

1.6:00 pmpost/pay deadline for FY14 Travel Reconciliation expense reports. Reports must be submitted and fully approved in Concur to ensure posting and payment in FY14. All remaining FY14Travel Card transactionsthat miss today’s post/pay deadline will accrue if they are available in Concur by the July 6 accrual deadline.Employee reimbursementswill accrue ifassignedandsubmittedby the July 6 accrual deadline.

As of this morning, the Boulder campus has$181,891.43 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 FY14 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 FY14. The deadline for the PSC to receive FY14 supplier 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 17 departmental FY14 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.

Looking Ahead:

Wednesday, June 25, 6:00 pm, is the deadline for fully approved procurement card expense reports to ensure posting and payment in FY14.

Friday, June 20 –Today's year-end close tasks are:

Reminder that HR Production will be down for payroll processing.

Looking Ahead:

Budget worksheets for auxiliaries that do not include internal sales are due on or before June 30. Funds 20 and 28 require budgets. Fund 26 and 29 budgets are currently optional; however, we recommend budget plans for all your business activities. Budget worksheets should be returned as an email attachment to ucb.budget@colorado.edu. PBA offers online budget development help

Thursday, June 19:

1. Today, 6:00 pm, is the deadline for the PSC to receive the following to ensure posting and payment in FY14:

  • Payment      Authorization (PA) form
  • Study      Subject Payment (SSP) form
  • Non-Employee      Reimbursement (NR) form
  • Supplier      invoices (subject to supplier payment terms), and
  • Payment      Voucher (PV) form in CU Marketplace.

All supporting documentation and approvals must accompany submissions. If you miss today’s post/pay deadline, FY14 forms/invoices will accrue if the PSC gets them by July 3, 12:00 noon (July 6, 6:00 pm for PVs). Do not submit any of the above items intended for FY15 business until July 7 or after, otherwise they will be assumed to be FY14 business. See the FYE 2014 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 FY14. 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 FY14.

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 FY14.

Looking Ahead:

Monday, June 23, 6:00 pm, is the deadline for fully approved Travel Reconciliation expense reports to ensure posting and payment in FY14.

Wednesday, 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. 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.

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 17 – Today’s year-end close tasks are:

1. Continue to clean up problems and errors identified on the May reports.

2. Continue to process procurement and travel card transactions.

Looking Ahead:

The following must be received by the PSC no later than this Thursday, June 19, 6:00 pm, to ensure posting and payment in FY14: Payment Authorization (PA) forms, Study Subject Payment (SSP) forms, Non-Employee Reimbursement (NR) forms, supplier invoices, and Payment Voucher (PV) forms via CU Marketplace. For faster delivery, scan PSC forms and documentation and send by email to APInvoice@cu.edu. Per Mail Services, campus mail sent to the PSC is delivered the same day if deposited by 1:00 pm if deposited at Regent Hall mail slot labeled “Denver” on the lowest level across from room 1B75.

Monday, June 16:

1. Keep working on those older unposted Travel Card and Procurement Card charges. Counting today, there are just6 business daysuntil theJune 23Travel Reconciliation (Employee Reimbursement) expense report post/pay deadline, and8 business daysuntil theJune 25Procurement 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:

  • Highest priority should be focused three things:
    • Travel that has been completed,
    • Reimbursements over 30 days old, and
    • Procurement Card transactions over 30 days old.

Assign, allocate, itemize, and submit the report in time to get it fully approved by the applicable June 23 or June 25 post/pay deadline.

  • Next, do the same thing for current transactions (0-30 days).
  • Finally, for any June transactions that miss the post/pay deadlines, allocate and itemize them on an expense report so that they accrue to the right place.

Here’s a mid-month snapshot of unposted card transactions.


Looking Ahead
:

HR Production will be down for payroll processing this Friday, June 20 after Noon. Get PETs in early, especially those for Fund 30/31 to give SPA enough time to review and approve.

Friday, June 13:

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 FY14 wire on June 30. The same 12:00 noon deadline applies for the CUF to receive manual transfer request forms for FY14 in order to make the June 30 wire. Requests received after this cutoff will be processed as FY15 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) 813-7949, 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 pettycash@colorado.edu.

3. Continue to clean up problems and errors identified on the May reports.

Thursday, June 12:

1. 5:00 pm cutoff for time collection for the June 7 biweekly payroll. This is a time of year when we see 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. Any transactions hitting payroll suspense will be cleared to the departmental payroll suspense FOPPS for departments to correct to the proper FOPPS via a PET. You can run the Summary Suspense Report prior to the cutoff to identify employees whose payroll funding distribution will cause their payroll to go to suspense. Please make the necessary corrections to the employee’s record before the cutoff. Refer to the HRMS Step-by-Step Guide for instructions to Running HRMS Reports or call Employee Services at 303-860-4200 for assistance. Biweekly accrual transactions are available for correction via the PET panels (except those that involve work-study). For more: ES Procedures Guide - Suspense: What is It? What Causes It And How To Prevent It?

2. Continue to clean up problems and errors identified on the May reports.

Wednesday, June 11:

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 noonaccrual 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. There is a helpful Procurement FAQ on the ABS year-end webpage that covers standard as well as unusual questions and situations. 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, especially those that are more than 30 days old.

4. Continue to clean up problems and errors identified on the May reports.

Tuesday, June 10:

1. You may recall from last week’s Town Hall Meeting thatJune 23is the deadline by which fully approved Travel Card and employee reimbursement expense reports will post and pay in FY14 and June 25is the deadline by which fully approved and submitted Procurement Card expense reports will post and pay in FY14. 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 FY14 transactions to an expense report, allocating to a SpeedType and itemizing to an expense type by the July 6 accrual deadline. Refer to the FYE 2014 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 prioritize those transactions over 30 days old. If you are a cardholder, delegate, or approver, please make every effort to get these card transactions:

  • assigned to an expense report,allocated to a SpeedType, anditemized to an expense type
  • submitted to approvers
  • approved by the appropriate June 23 or June 25 post/pay deadlines.

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 procurement.card@cu.edu 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. Therefore, the Area Accountants will be contacting departments that have unposted Travel Card and cash advance transactions to obtain default SpeedTypes to accrue any unassigned FY14 transactions.Preferably,allTravel Card transactions will be assigned, allocated, and itemized by July 6.If 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. As you can see, it is sweet and sour. Procurement Card went up and Travel Card went down. But overall, we are in good shape and as long as you continue to keep allocating to a SpeedType and itemizing to an expense type we’ll stay on top of these charges.

Monday June 9:

1. This is a general reminder that if you need to transfer FY14 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 6:

1. Today is the last day to submit requests to change allocation steps within existing groups for FY14 (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 Hourly to Work-study 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 6/21/14 or 7/5/14 pay periods.

4. Continue to clean up problems and errors identified on the May reports.

Thursday June 5:

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. Here are links to the materials that were presented:

2. 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:

  • For those FOPPS that utilize balance sheet reports (auxiliary funds, gift funds, and renewal & replacement plant funds), clean up any abnormal balances.
  • Make sure all assets have a debit (positive) balance (except allowance for doubtful accounts). Make sure all liabilities have a credit (negative) balance.
  • For your balance sheet items, make sure that your customer detail balances to the control dollars in the PeopleSoft Finance System.
  • For accounts receivable, prepare to calculate and adjust your allowances for doubtful accounts.
  • For inventory, make plans to conduct your actual count of year-end inventory on hand, cost it out, and adjust the Finance System value if needed.
  • If you have transactions that don't belong in a particular SpeedType, please correct them.
  • If you have any uncleared balances such as payroll suspense, get those cleared and posted to the correct FOPPS/account.

3. As noted in yesterday’s Town Hall meetings, the posting date for the Concur and Marketplace accruals has been moved up and will now take place on the night of July 11. This will give departments a little more time to see the effects of the accruals in their SpeedTypes. ABS online calendars, Departmental FYE Memo, and our June newsletter have been updated to reflect this change. If you printed out any of these materials prior to June 4, please update those materials from our FYE webpage (see next item).

4. The ABS year-end webpage contains resources, a calendar, and an archive of these daily emails as they are sent out. There is also a link to our year-end page on the ABS homepage: www.colorado.edu/abs.

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.