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Biennium Close Awareness Training

Biennium Close Awareness Training. University of Washington Financial Management March 2011. What we will cover:. Review course objective Important concepts Biennium Illustration (reporting periods) Biennium overview Budget impacts Best practices. Course Objective. Important Concepts.

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Biennium Close Awareness Training

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  1. Biennium Close Awareness Training University of Washington Financial Management March 2011

  2. What we will cover: • Review course objective • Important concepts • Biennium Illustration (reporting periods) • Biennium overview • Budget impacts • Best practices

  3. Course Objective

  4. Important Concepts

  5. Important Concepts New Biennium July 1st forward June 30th and prior Old Biennium

  6. Biennium Close Illustration Reporting Periods July 1, 2010-June 30, 2011Fiscal Year 2 July 1, 2009-June 30, 2010 Fiscal Year 1 Month 25 represents 2 open reporting periods. Transactions from the expiring biennium are posted to June (month 24) and transactions from the new biennium are posted to July (Month 1).

  7. Will biennium close affect me? • Yes, biennium close processes affect ALL budgets • Yes, even grants are impacted • The biggest impact to State funded budgets • See next slide for more details on how biennium close processes could impact your department

  8. How will Biennium Close Impact me? • All systems that contain financial data will be impacted • Strict cutoff dates for submitting financial records to our mainframe system (FAS) are inflexible • Regularly visible data may not be available • Each system that is impacted has a calendar to help you understand cutoff dates and system impacts

  9. Systems Information • MyFinancial.desktop • Budget balances will be unavailable from July through August • Periods of time exist where • Nightly uploads TO FAS are not possible • Daily updates FROM FAS are not possible • New system exists to submit expense transfers • Replaces paper JV, RST, RTE and OSET forms • Read more at: http://www.washington.edu/admin/finacct/office/fd/help/v2/abouttransactions

  10. Systems Information • (cont’d) MyFinancial.desktop • Last day to submit expense transfers, for posting to 2009-2011 biennium, is JULY 21st • Transfer expenses as early as possible to avoid complications • See the MyFD website for more information and for a printable calendar: http://myfd.washington.edu/help/biennium

  11. Systems Information • (cont’d) PAS The PAS system processes vendor checks and other payments every night except for 7/7/2011, which is the FAS biennium crossover. The PAS system cannot issue payments for new-biennium invoices before the FAS biennium crossover ARIBA View Ariba for the most up-to-date information about eProcurement transactions FIN Regular FIN run to close out Month-24. • Only interfaces are the Payroll File and APL Transactions. • No FASTRANS, PAS, SDB or FDI Interfaces. • BGT will have the last interface with FIN so budget activity for the month is recorded properly.

  12. Best Practices • Reconcile your budgets early • Familiarize yourself with the system cutoff dates See the recommended Biennium Close deadlines at http://f2.washington.edu/fm/ps/bienniumclose/cutoff • Sign up for the following newsletters for current information and news bulletins MyFinancial.desktop’s newsletter: http://myfd.washington.edu/help/myfdnews Biennium Close eNewsletters :(in development )http://f2.washington.edu/fm/ps/bienniumclose Register for up to the minute news from Procurement Services at:https://mailman1.u.washington.edu/mailman/listinfo/procurementservicesnews For more Tips and Tricks, see the Biennium Close website at http://f2.washington.edu/fm/ps/bienniumclose

  13. Web Resources Available • MyFinancial.desktop • http://myfd.washington.edu/help/biennium • Financial Management • http://f2.washington.edu/fm/ps/bienniumclose • Office of Planning and Budgeting • http://www.washington.edu/admin/pb/home/bienclose.htm

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