1 / 66

fy 2008 Year End Training May 8, 2008

fy 2008 Year End Training May 8, 2008. Presenters: Budget Office Business & Financial Services Payroll Sponsored Programs. Overview. Presented by Lynn Johnson. Goals. Learn about closing the University financial records See some faces involved in the process Answer your questions.

metta
Download Presentation

fy 2008 Year End Training May 8, 2008

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. fy 2008 Year End TrainingMay 8, 2008 Presenters: Budget Office Business & Financial Services Payroll Sponsored Programs

  2. Overview Presented by Lynn Johnson

  3. Goals • Learn about closing the University financial records • See some faces involved in the process • Answer your questions

  4. Why Do We Do This?Or – “The View From 50,000 Feet” • Financial Statements • State of Colorado, Colorado State University System and Colorado State University • Who reviews our statements and why? • Financial Statement Accuracy • Accrual Basis of Accounting a.k.a. recognizing revenue when earned and expenses when incurred

  5. Changes for FY 2008 Good News!!! Only One Minor Change Accounts Payable - Accrued Liabilities Item to Note: Bursar’s and Cashier’s Offices have Moved - Cashier’s Office – 1st Floor LSC - Bursar’s Office – 1st Floor 555 S. Howes Street

  6. Budget Information Presented by Becky Trentlage

  7. Office of Budgets - Contacts • Becky Trentlage 491-0898 • Angie Nielsen 491-1689 • Nancy McDonald 491-6556

  8. Budget News New departments or re-mapping of existing accounts to a different department Deadline – June 9, 4:00 p.m. Designated Future Commitments (DFCs) Deadline – June 10, 4:00 p.m. New accounts needed to support new year staffing process Deadline – June 20, 4:00 p.m. Budget Change Requests (BCR) Deadline – July 7, 4:00 p.m.

  9. Budget News Current carryforward policy is: Up to 1.5% of unexpended year-end balances may be carried forward to the new fiscal year. The 1.5% limit applies to: Combined 13 and 16 funds Professional Veterinary Medicine (14 fund) Agricultural Experiment Station (15 fund) Cooperative Extension (17 fund) Colorado State Forest Service (19 fund) Funds in excess of the carryforward limit will be swept centrally unless approved exceptions are granted.

  10. Budget News Designated Future Commitments (DFCs) for specific purposes, such as; faculty start ups, large equipment purchases, renovations and/or multi-year projects. The Carryforward & Designated Future Commitments Policy and Process, and DFC request form are posted on the Office of Budgets Web site. DFC Submission Request Deadline: June 10, 2008 DFC requests should be submitted to Becky.Trentlage@colostate.edu and will be reviewed for approval by the Cabinet Finance Subcommittee. Please review the posted policy and request form at www.budgets.colostate.edu

  11. Accounts Payable Information Presented by Bob Loosley

  12. Accounts Payable & Central Receiving Contacts • Dan Kelso Dan.Kelso@colostate.edu Receiving on PO’s • Bob Loosley 491-6513 General Accounts Payable Questions • Jackie Riba 491-1363 Travel, AFE/PO Questions

  13. Why do we do this in Accounts Payable? • Liability on the Balance Sheet • Expenses incurred but not paid by June 30 • Expenses incurred if goods or services were received by June 30 • Payable entry recorded in batch YAPnnn

  14. Why do we do this in Accounts Payable? • College Business Officers will receive a listing of outstanding POs and AFEs during June • Accounts Payable will review documents paid after year end to determine if an accrual adjustment is necessary

  15. What’s on my report? • FY 2008 – payable entry (this is an estimate) We charge/debit your account (YAP batch) • FY 2009 – reverse payable entry and pay vendor 1. We credit your account (YAP batch) 2. We pay the vendor and charge your account again (APD batch) • Net effect of FY 2009 entries is zero (or close to zero)

  16. Authorization for Expenditures (AFE’s) • Fully routed and approved in CIS prior to June 30, 4:00 p.m. ü payable entry will charge your account for the unpaid balance on the AFE • Contact Accounts Payable in advance for known discrepancies

  17. Purchase Orders (PO’s) -- Charged to FY 2008 • Service & Maintenance POs (P3xxxxx) ü payable entry will charge your account for regular/cyclical (monthly, quarterly) payments as can be determined by Accounts Payable • Open POs (P9xxxxx) for invoices received by June 30 ü usually no payable entry • Other POs (P1xxxxx & P8xxxxx) ü payable entry will charge your account if goods were received by June 30

  18. SciQuestPurchase Orders SciQuest purchase requisitions/orders post encumbrance into FRS on the evening final approval is made in SciQuest. • G type purchase orders – orders shipped and charged by vendor on or before June 30th are recorded in 2008. Plan purchases to allow time for vendors to process to ensure transactions are recorded in FY2008. • S type purchase orders – charged to FY2008 if goods are received and invoice is sent to Accounts Payable by 4 p.m. on June 30th.

  19. Purchase Orders – Other Issues • Contact Accounts Payable in advance for known discrepancies • Orders over $5,000 with multiple line items will not automatically be received. • If you receive PO goods or services directly, notify Dan Kelso by June 30, 4:00pm. • Receiving status can be reviewed on FRS screens 228 or 239.

  20. Travel • Submit Travel vouchers with an end trip date of June 30th or prior by July 3, 4:00 pm to be expended in FY 2008 • This is especially important for travel on 5-3 accounts with a June 30, 2008 project end date

  21. Accounts Payable Issues - ACARD • ACARD üCharged according to the day Bank One posts the transaction üTransactions received by July 3, 6:00 p.m. with a transaction date prior to June 30, will be charged to FY 2008 üTransactions not reallocated by July 7, 6:00 p.m. will be charged to the default account in FY 2008

  22. Accounts Payable Issues-ACARD • Do not count on ACARD purchases that are made in late June to hit FY 2008. CSU is dependent upon the vendors to process your transactions through the banking system in a timely manner. We cannot control when these transactions will occur and we do not accrue for “late” ACARD transactions. All transactions processed thru the banking system after July 3 will be processed to FY 2009.

  23. Payroll Information Presented by Joanne Robel

  24. Payroll Contacts • Vickie Schultz 491-4969 • Joanne Robel 491-5853

  25. Payroll Issues • Final FY 2008 Hourly Timesheets Pay Period Ending June 20 (Payday July 3) Due June 24, 12:00 noon • Clear Salary Clearing Accounts (5394xx) Due June 30, 3:00 p.m. ü No salary may post to Salary Clearing Accts in June • Final FY 2008 Labor Redistributions Due July 7, 3:00 p.m.

  26. Payday Shift from June to July • June 20th hourly payroll pay period ending June 6th, paid on July 1st ü Please notify your hourly employees • June 30th salary payroll paid on July 1st ü Please notify your salaried employees

  27. Accounts Receivable Information Presented by Janet Fox

  28. Accounts Receivable Operations Contacts • Trish Torrez 491-6661 • Janet Fox 491-6663 ü TWARBUS and ARIES Billing System entries üDepartment Payment to Student Accounts (DPSA)

  29. Accounts Receivable Operations Issues - ARIES Billing System • Paper Documents (except DPSAs) Due June 20, 4:00 p.m. ü Load Sheets • Electronic Uploads to ARIES Billing System Due June 27, 5:00 p.m. ü Allow an extra day for new customers

  30. Accounts Receivable Operations IssuesDepartment Payment to Student Accounts DPSA’s • Uses ü Graduate Assistant Tuition Payments ü Discretionary Scholarships ü Fellowship/Sponsor Designated Scholarships (53 & 99 funds only) • Unapproved DPSA’s - Due June 20, 4:00 p.m. in Account Receivable Operations • Approved/routed DPSA’s - Due June 26, 4:00 p.m. in Accounts Receivable Operations

  31. Bursar/Cashier Information Presented by Brian Grube

  32. Bursar/Cashier Contacts Bursar’s Office – Howes Street • Brian Grube 491-6633 Cashier’s Office – Lory Student Center • Becky Everett 491-0597

  33. Bursar/Cashier Issues • Departmental Deposits created in June 30, 1:00 p.m. • Checks/Cash to Cashiers Office June 30, 2:00 p.m. • Please do not accumulate receipts for one final deposit!

  34. Petty Ca$h & Change Funds • Return Fund Confirmations by July 1st üAttach Custodian Change Form to Confirmations ü Use “Change in Fund Custodian” form found at busfin.colostate.edu/forms.aspx, under Treasury • Reimburse Petty Cash funds before Year-End by having approved CIS document completed by June 30, 4:00 p.m. • Reduce/close funds no longer needed ü Use “Change in the Amount of the Fund” form found at busfin.colostate.edu/forms.aspx, under Treasury

  35. Sponsored Programs Information Presented by Pam Harrington

  36. Sponsored Programs Contacts • Richard Batman 491-4637 Applied Human Sciences; Liberal Arts; Natural Sciences; Dept 1371 • Cliff Choury 491-0440 Agricultural Sciences; Experiment Station; Extension; VP for Administration • Pam Harrington 491-2389 Salary Clearing; Over Expenditures; Sweep: 88 Accounts; Special Issues • Clint McBlair 491-4038 64 Accounts; 88 Accounts; Cost Share Accounts

  37. Sponsored Programs Contacts • Darby Nabors 491-1562 Engineering - except Dept 1371 • Dawn Sharkey 491-4867 Werner College of Natural Resources • Judi Wadman 491-3599 Academic Administration; Veterinary Medicine; VP for Research; CSFS • Rhonda Wolschlager 491-3391-WCNR 491-3503-OSP Werner College of Natural Resources - mainly CEMML Veterinary Medicine - Clinical Sciences & Biomedical Science

  38. Sponsored Program Issues • Clear Salary Clearing Accounts (5394xx) üPPDA’s to clear any remaining balances are due June 30, 3:00 p.m. üNo salary, including hourly, may post to Salary Clearing Accts in June • Final journal entries to all accounts including departmental approvals, due July 8, 12:00 noon

  39. Sponsored Program IssuesState of Colorado Agency ProjectsEnding June 30, 2008 (530002 - 530799) There is only one opportunity to submit an invoice to the State of Colorado.  No revised invoices will be accepted. • Deadline: June 20, 4:00 p.m. ü Notify your Acct Tech to set up payables for any unpaid invoices or un-posted expenses (ex. Motor Pool, Mail & LD Phone Charges) that must be billed to sponsor. • Deadline: June 30, 4:00 p.m. ü All goods and services must be received. ü All encumbrances must be cleared. ü All final payables including ACARD, hourly payroll or Travel must be set up with your Acct Tech • All unspent budget funds revert back to the sponsor as of June 30, 2008

  40. Over Expenditures on 5-3 Accounts At year end, Sponsored Programs pulls weekly reports for overspent accounts on June 16, 23, 30, and July 7. Reports will be sent to the College Business Officers to aid in clearing account deficits prior to year end. CAUTION: An account may not be overspent on July 7 so will not appear on the over expenditure list generated that day. However, when indirect cost posts the night of July 8th, it may cause the account to go over budget. The over expenditure entries – subcode 5680 – that hit the designated college 13 or 16 accounts at year end will not be reversed.

  41. Gift Fund Issues • Account Range 643000-649999 (64 fund) • By June 29 all deficits must be cleared from 64 funds. Accounts must have positive cash or $0 balance! • Fund transfer request forms by June 19 • All 64 fund balances roll forward to FY 2008

  42. Business & Financial ServicesCampus Service Information Presented by Valerie Monahan

  43. Campus Services Contacts • Valerie Monahan 491-3001 Engineering, Natural Resources, Natural Sciences, VP Research, Colorado State Forest Service, External Audit Contact, Auxiliaries, VP Student Affairs • Janet Bebell 491-6655 Athletics, Applied Human Sciences, Veterinary Medicine, Liberal Arts, VP Advancement & Strategic Initiatives • Laura Streit 491-7099 Board of Governors, President’s Office, Provost, Agricultural Sciences (Agricultural Experiment Station), Business, VP Administrative Services, VP Enrollment, VP Public Affairs VP Information Technology, VP Outreach/Strategic Partnership, VP Graduate Affairs, VP Undergraduate Affairs

  44. Consumable Inventories, Why do we do this? • Balance Sheet Asset • Conduct Year End Inventory Count • Inventories < $100,000 counted every other year >= $100,000 counted yearly (State of Colorado policy)

  45. Consumable Inventories • Inventories counted on or before June 30, adjust to actual as of June 30 • Inventory certificates Due July 1, 12:00 noon

  46. Fund Receivables • Departments that do not use the ARIES Banner System will need to record their receivables using the CIS System. • Please send your Campus Services representative a copy of the Accounts Receivable aging report and reconciliation. • All revenue earned, but not billed in FY08 needs to be recorded in FY08 – Accrual Basis of Accounting • View the PDI on Accrual Accounting out on the BFS Web site

  47. Account Balances at June 30th • Credit Card Clearing ü Subcode 5650 must have a $0 balance • 24 Fund ü GL object code of 16xx must have a $0 balance ü All clearing entries need to be input by July 8, 12:00 noon

  48. Account Attributes • Changes to account attributes (account title, responsible person, etc) Due June 23, 4:00 p.m. to Campus Services • Accounts no longer needed should be zeroed out and deleted Due June 23, 4:00 p.m. to Campus Services

  49. Journal Entry Issues • Final journal entries to all accounts including departmental approvals, due July 8, 12:00 noon • Information on journal entry documentation requirements is available on the main B&FS website • Backup documentation for all Journal Entries must be maintained and be readily available for external audit inquiries during the months of August – November.

  50. Financial Reporting & Analysis Contacts • Gail Michaud 491-7134 Financial Reporting • Sally Tschirhart 491-2423 • Juliet Mehls 491-6693 • Jennifer Stamp 491-1871 • Sue VanderVliet 491-6750 Plant Funds & Leases • Janice Inman 491-6752 • Sheree MacNaughton 491-6242

More Related