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University of Montana

University of Montana. FYE 2019 Training | Afternoon Session May 8 th Business Services. Agenda. Introduction Procurement Accounts Payable Budget Payroll UM Foundation Break Campus Cutoff Schedule Feed File Schedule Accounting Procedures JV Reminders.

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University of Montana

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  1. University of Montana FYE 2019 Training | Afternoon Session May 8th Business Services

  2. Agenda Introduction Procurement Accounts Payable Budget Payroll UM Foundation Break Campus Cutoff Schedule Feed File Schedule Accounting Procedures JV Reminders

  3. Business Services Contact List Accounting Services Tara Scott, Financial Manager Ext 5802 Barb Bybee, Accountant Ext 6261 Patrick Fagan, Accountant Ext 5742 Connor Smith, Accountant Ext 6628 Leia Plaza, Accountant Ext 5342 Nan Li, Accountant Ext 5716 Accounts Payable Nicole Thompson Ext 4935 Procurement Bob Hlynosky, Accounts Payable/Procurement Ext 2494 Vickie Voss Ext 2210 Systems Scott Klanecky, Finance Systems Manager Ext 5558 Frank Grady, Banner Finance Production Manager Ext 2940 Treasury Services Betty Davis Ext 4320 Management Dan Jenko, Associate Director Ext 5530

  4. FYE Websitehttp://www.umt.edu/business-services/Employees/Fiscal%20Year%20End/default.php

  5. Procurement

  6. Procurement 5/10Photocopiers 5/31 Bids less than $500k, not on a term contract. 6/1 Term Contracts & Requisition Requests 6/26 Encumbrance Cleanup deadline. PO’s must be set up before, NOT after purchase.

  7. Accounts Payable

  8. Accounts Payable Year End Dates • 6/1 Complete ProCard charges or else not in FY19 • **most merchant’s process weekly • 6/21 PO invoices need to be sent to A/P by 5:00 pmfor FY19 • (Travel, check request, Non-PO payments) • 6/24 Final ProCard download to Banner from US Bank for Cycle 12 • **Only ProCard charges through 6/21/2019 will appear in FY19. • 6/28 ProCard Cycle 12 closes at 5:00 pm • 7/2 Final check run for FY19 moved to Tuesday morning. All invoices approved by 5pm on 7/1 will print. • GrizMart department approvals by 5:00 p for FY19 • 7/3-5 NO Grizmart or Banner transactions posting • 7/8 GrizMart reopens & Cycle 01 Procard charges are downloaded to Banner for redistribution

  9. BUDGET

  10. Year End Checks General Funds (31xxxx) • Correct negative available balances per INDEX – (UMDW Operating Report) • Correct negative Personnel Services (Personal Services – UMDW Operating Report) • You can correct these negative balances by submitting… • RBC – Must be completed and turned in by 5/15/19 • JV • Payroll Redistribution

  11. Year End Checks Designated (33xxxx)/Auxiliary (34xxxx) • Correct negative fund balances • Consider impact of year end balances on FY20 budgets – Submit budget changes as needed • You can correct these negative balances by submitting… • RBC – Must be completed and turned in by 5/15/19 • JV • Payroll Redistribution

  12. Stacey Eve 243-6342 Nate Thomas 243-4738

  13. Payroll

  14. Fiscal Year End - Payroll Contacts: Andrea Scheuering: 243-5199 Andrea.Scheuering@umontana.edu For Redistributions please contact your Fund Accountant or Grant Accountant.

  15. Payroll: SP, BW, MO, MS • FY20 Expenses • SP14 • BW15 • Expensing, in total, at the department level FY19 Expenses SP13 BW13 BW14 MO7 MS7 • Health Insurance $1,054.00/month • New Rate Changes for FY20 • Unemployment .45% (subject to change) • PERS 8.77% • TRS 11.45% • TIAA-CREF10.676% (same as last year)

  16. Payroll: SP, BW, MO, MS 6/7 RPTs due for Monthly (MO) rosters 6/14 BW13 GTO Opens 6/18 RPTs due for Bi-Weekly (BW) rosters BW13 Closes @7p

  17. Payroll: SP, BW, MO, MS • 6/19 SP13 GTO Opens • 6/20 Noon MO Rosters due (No RPTs accepted for MO) • 6/21 SP13GTO Closes @5p • 6/24 Noon Manual Check Request Cut-Off • Due to the Fiscal Year End Cash Closing process – • no manual checks processed from June 24th to July 1st. • 6/26 BW13 Posts & Pays • 6/28 BW14 GTO Opens • Encumbrances released for all payroll cycles

  18. Payroll: SP, BW, MO, MS 7/1 MO7, MS7, SP13 Pay Payroll Redistribution Deadline BW14 Closes (No Redistributions) @ 7p • Redistributions into State/General fund indexes from other funding sources (such as designated, auxiliary etc.) will be reviewed by the Budget Office. • Sufficient budget authority, for both wages and benefits, must be in place for these to occur. 7/2SP14GTO Opens 7/5 SP14GTO Closes @ 5p BW14 Posts to ledgers, not paid until 7/10 7/10 BW14 Pays

  19. Payroll – Miscellaneous • There will be no accruals for bi-weekly wages, which ends June 29th. Nor will there be accruals for monthly wages, which ends June 30th. • No accruals may be made for student wages earned from June 19th to July 1st (which do not pay until July 15th) at the department level. These amounts will be expensed in FY20.

  20. Payroll Processing

  21. Payroll Redistributions

  22. FYE Payroll Redistributions Purpose: To correct a funding source (budget). Reminders: • Do not include benefits in the amount you are moving. • If partial move, please indicate. • JV / U-Approve is inappropriate. • Permanent fund moves require RPT (Request for Personnel Transaction) Deadlines • <90 Days = No justification, No Approval • >90 Days = Justification and Business Services Director Approval IMPORTANT BW14 Reminder: Review your GTO reports carefully upon completion. If there is an error – contact your HRA prior to process completion on July 1st. There will be no payroll redistributions for BW14 in FY19.

  23. Payroll Redistributions Forms: http://www.umt.edu/business-services/Employees/Forms.php Non-Grant Payroll Redistribution Form http://www.umt.edu/business-services/Employees/PayrollRedistForm1.xls Deadlines to have requests to Business Services… 6/5/18 – May (due by 3:00 PM) 7/1/18 – June (due by 12:00 PM) ** Payroll Redistributions for BW14 will not be allowed **

  24. UM Foundation

  25. UM FOUNDATION • Payments to UM • All other fiscal year 2019 expenses • Clear outstanding advances • Questions

  26. 10 MIN BREAK

  27. Systems

  28. Feed File Schedule • Due Tuesday, July 2nd by 3:00 PM- Invoice feeds • Dining Services invoices from CBORD • Facilities Services- Missoula and Dillon invoice systems • Due Wednesday, July 3rd by Noon - JV feeds • Facilities Services (work orders and postage) • Network port charges • Fixed phone charges • Long distance charges • UC Admin charges • JV uploads • Please do not send feedfiles with July transaction dates until Monday 7/8

  29. Other Critical Dates • 7/05FY19 Period 12 closes at 5:00 PM • 7/06 “GL and Encumbrance Roll” to FY20 • 7/08 Period 12 Reports available through • UMDW

  30. Fiscal Year 20 Begins • July 8 • Invoice Processing Resumes • Journal Voucher Entry • Reversing Entries • Automated reversals prior to July Month End closing • PRE-PAY and Deferred Revenue reversing transactions will be processed prior to July Month End closing

  31. Accounting Procedures Prepaid Expenses (PREPAY) Miscellaneous Accounts Receivable Accrued Expenses Deferred Revenue Capital Assets

  32. PREPAY EXPENSE

  33. Prepaid Expenses • over $500.00& going past June 30, 2019. **Not applicable to Grants.

  34. Additional Prepaid Guidelines/Tips/Updates • Updates/Reminders: • GRIZMART (Non-PO): Use the activity code PREPAY • 1905 account invalid in GrizMart • PROCARD: Appropriate to use 1905 account • Do NOT use PREPAY activity code • DEADLINE: 7/5/2019 All supporting documentation to Barb Bybee

  35. Miscellaneous Accounts Receivable

  36. Why so nosey? • Not everyone uses BANNER to invoice. • If you do not use BANNER your receivables are not on record with Business Services. Which means…you are shorting yourself revenue and your Fund Balance is not as high as it could be. • We need to add your accounts receivable (revenue) to our recordsso that you can recognize revenue in this fiscal year. • Why is this important? Next year, when you are paid for those services, we need to make sure that your income is not double counted.

  37. Miscellaneous Receivables Department Responsibility: • report correct receivables to Business Services • keep documentation to support the receivables. Business Services Responsibility: • review and record receivables • establish an allowance for doubtful accounts. NOTE: Individual receivables > or = $25,000 require Dean or Director approval

  38. Miscellaneous Receivables DEADLINE: 7/3Noon Connor Smith • Supporting Documentation Includes: • Invoices • Miscellaneous A/R reports

  39. Connor Smith Connor Smith

  40. Bad Debt Collection | Allowance What if I’m not paid?

  41. Establishing an Allowance| Account 1212Bad Debt … Collections • The longer it takes someone to pay you, the less likely you are to receive that money. • Allowance calculation based on aging from bill date. • 0 – 90 days 5% • 91-180 days 25% • 181+ 50% From 0 – 90 days, you can expect to receive 95% of the money owed to you. This is why 5% is written off to Account 1212 as “Bad Debt.”

  42. Establishing & Recording an Allowance for Bad Debt i.e. Library has an invoice for $444.84. The invoice is 0-90 days old, The allowance would be 5%

  43. Establishing & Recording an Allowance for Bad Debt

  44. Trial Balance Report

  45. Expenditure Accruals

  46. Expenditure Accruals Expenditures must be recognized in the accounting year incurred, which creates the necessity for recording expenditure accruals for valid obligations incurred but unpaid as of the end of the fiscal year. Departments must submit requests for expenditure accruals to Business Services on or before July 5th at 4:00 pm. The following information along with the backup documentation must be provided to Business Services: Identify type of accrual – ‘A’ accrual or ‘B’ accrual Explanation and supporting documentation Identify vendor (if vendor is another state agency, special accrual accounting is required) Department contact person and phone number

  47. Expenditure Accruals (Continued) • “A” Accruals • These are for State Funds Only • For Valid open orders of goods/services received After June 30th • “B” Accruals • These are for All Funds including State Funds • Valid open orders on goods/services received on or Before June 30th, but have not yet been paid. Note:Accruals over $25,000 must include backup documentation and will need approval by the Director of Business Services.

  48. Expenditure Accruals(Continued) Updates/Reminders: Only items $500.00 or more will be accrued Remember: An accrual may be necessary for ProCard purchases made during the last days of June (after 6/21/19) if the vendor does not process them in a timely manner Make sure to get supporting documentation in to Tara Scott (ext 5802) before 4pm on Friday, 7/5/19 Review accrual procedures on Business Services Fiscal Year End Website.

  49. Expenditure Accruals(Continued)

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