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Year-End Brown-Bag

Learn about the necessary procedures, important dates, and best practices for the University's year-end activities. Ensure a smooth transition to the new fiscal year.

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Year-End Brown-Bag

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  1. Year-End Brown-Bag Beth Tapp May 10, 2017

  2. What is “Year-End” • University’s fiscal year-end is June 30th • Begins before June 30th • Ends at the end of October • Year-end finalizes the activity (revenues and expenses) for the fiscal year • Financial Statements & the Annual Report are completed

  3. Why is Year-End Necessary? • University’s Annual Report is used by various organizations. For example: • State of Minnesota • Legislators • Included in the State’s Annual Report • Sponsors & Donors • Accreditation Boards • Bondholders for University Debt • Rating Agencies • Parents of Students

  4. Important Dates • May 16th: • Last Day for UMF bills • Last day for PUF invoices for UMF • Unclaimed property reports due to Accounting Services • June 22nd: • Last day for requisitions and change orders requiring Purchasing Services review • June 23rd: • Last day for requisitions & change orders • Last day to enter PO-related receipts & vouchers • Last day for non-PO vouchers • Last day for PCard and Expense Reports

  5. Important Dates (cont’d) • June 30th- Last day for Cash Deposits • July 11th: • Last day for Period 12 Retros • Last day for Period 12 journal entries • July 12th: • Period 12 closes • Period 913 opens • July 13th- Last day for Period 913 Retros

  6. Important Dates (cont’d) • July 14th- Last day for Central entries posting to departments. • July 16th - Carryforward run for Period 12 • July 19th -Last day for Period 913 journal entries • July 20th - Period 913 closes • July 30th- Carryforward run for Period 913

  7. Best Practices • Best practices for departments charging other units: • Notify department of charges before making entry • Don’t post charges on the last day before the period closes • Consider not charging another unit within 3 business days of the period close. Example: • No charges to another unit after: • Period 12: July 7th • Period 913: July 14th

  8. Accounts Receivable • Invoices created in FY17 (non-UMF): • Cash not received: • You billed an invoice in FY17, it generated a positive amount in revenue and a negative amount for accounts receivable. The net effect is $0 and the invoice did not influence your bottom line. • In FY18, the beginning balance is $0 for this invoice. The payment is received, generating a positive amount in Accounts Receivable and a negative amount to a Central cash account. Now, your balance is positive in UM Reports.

  9. New PO Criteria for FYE 2017 • POs with an encumbrance of less than $2,500 will be closed • Regardless of when they were created • Regardless of when they were last paid • Reduces PO volume by approximately 4,000 POs (four less roll ranges) • Lower roll volume helps eliminate risks

  10. Other PO Reduction Closures • All U Market POs, except those with equipment-related categories/Accounts • POs created 15 months ago or longer with no voucher activity after 4/1/2016 • Blanket orders totaling less than $50K that are older than three years (created before 6/1/2014) • POs with errors or ineligible status

  11. Ineligible to Roll Examples • POs that are not in dispatched status with a valid budget • Partial receipts: receipt does not have a voucher; quantity or amount imbalance • POs with voucher errors (examples: match exceptions, budget exceptions) • POs with $0 lines

  12. Resolve Budget Errors Now • Budget errors are worst-case scenarios • If they are not resolved by FYE: • Purchasing has to force close them • Encumbrances will be forever trapped • These CANNOT be fixed or reversed • Reports will always show the encumbrances • FY17 will NOT be opened to fix these errors

  13. Requisition Cleanup Reminders • Procurement Specialists are strongly encouraged to attend FYE Sessions • Preparers: please clean up your requisitions • Thousands of old reqs haven’t been cancelled • 60 day old+ reqs will get closed starting June 1 • Do NOT cancel requisitions in budget error or they will forever be in error and show on reports • Contact the Financial Helpline for assistance

  14. Ordering from U Market • Plan ahead • U Market orders must be placed and approved by Friday, June 23 at 2:00 pm • During cut-off period • Phone orders will be accepted by U Market Services for “U Market Stock” items only

  15. PCard Reminders • Cardholders can continue to use cards • PCard files will continue to load daily • Cardholders may still access My Wallet • Activity that must be posted to FY 17 must be processed to an ER by the deadline • 90+ day unapproved transactions will be forced onto an ER starting June 1

  16. Resources • Year-end Calendar: • http://finsys.umn.edu/fye/index.html • Unclaimed Property: • http://finsys.umn.edu/general-ledger/unclaimedproperty.html • Annual Report: • http://finsys.umn.edu/index.html • note: PDF is on right-side • Questions: • Finsys@umn.edu

  17. Questions?

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