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Closing of Books

This resource provides information and guidelines for the closing of books in business services, ensuring accurate and timely financial reporting. It includes key dates, shared responsibilities, and valuable resources.

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Closing of Books

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  1. Closing of Books Business Services – All Campus May 22, 2019

  2. All Campus Closing of the Books... • Introductions • Desired Outcome • Key Dates Calendar • Shared Responsibilities • Open Discussion • Future Direction Format

  3. Information Resources • Purpose • Definitions • Key Dates Calendar • Accounting “Closing” Dates • Journal Vouchers • Payroll • Expense • Purchases & Liquidations • Revenues & Receivables • Gift Accounts & Pledges • Cash Deposits • Travel • Purchasing Card • Disposal of Assets • Unrelated Business Income • Open Discussion Index

  4. Business Services Website https://inside.sou.edu/bus-serv/accounting/index.html#year-end-closing https://inside.sou.edu/bus-serv/training/index.html#online-training Information Resourceshttps://inside.sou.edu/bus-serv/index.html

  5. CLOSING OF THE BOOKS • Ensures accounting records are complete and accurate. • Ensures revenues and expenditures are reported in the correct and appropriate periods. • Provides timely data for compilation of the USSE Annual Financial Reports for Southern Oregon University. • Provides timely data for SOU’s inclusion in the State of Oregon’s Comprehensive Annual Financial Report. Purpose

  6. Fiscal YearThe financial year is the date range of: July 1 – June 30. The fiscal year has 12 periods. • Fiscal Period The fiscal year begins in July, period 01, and ends June, period 12 Period 14 is final and includes accruals done for year end close. • Adjusting Entries • Prepaid ExpenseRecording of money paid out in the current financial year for goods and services that will be received in the next fiscal year.Example: Paying for “book” in advance of receiving it (by June 30) • Deferred RevenueMonies received in advance for services not yet earned.Example: Tuition or non-refundable deposits for conferences Definitions

  7. Key Dates Calendar Hand-out & Website https://inside.sou.edu/bus-serv/accounting/index.html#year-end-closing

  8. Period 12 close JULY 8th Financial Reports Available 7/9/2019 • Period 14 close JULY 22nd Financial Reports Available 7/23/2019 Accounting Closing Dates

  9. To process re-distributions, the JV cut-off is July 1st. • Service Center Deadlines: • To process period 12, the JV cut-off is July 5th @ noon • To process period 14, the JV cut-off is July 16th @ 5PM Journal VouchersTo move Expenses

  10. By June 28thAll payroll re-distributions for JUNE payroll must be received in the Payroll Office • FY 19 Student hoursAll student employment ends 6/12/2019. • FY20 Student hoursAll students who work hours 6/13 to 6/30, expense goes to next fiscal year budget Payroll

  11. Shared Responsibility • Purchase Orders for current year goods to be received by June 30, must be input and approved by June 12th. • Provide Receivingdocumentationfor all goods/services (always). • Service Center Deadline: • Invoices must be entered and approved by July 3rd. ExpenseCut-off Dates All Goods and Services Receivedin current fiscal year must be booked to June 30th.

  12. June 12th • Purchase order Liquidation • Encumbrance Liquidation • Request Contractors’ billing through June 30 June 30th • Fixed Assets must be booked prior to fiscal year end • Next Fiscal Year’s Fixed Assets cannot be booked during month of July • Invoices for fixed assets cannot be processed until June 30 Fixed Assets ledger reconciled PurchasesCut-off Dates

  13. Provide List to your Service Center Accountant of: 1) “Outstanding Donation & Gift Pledges” due directly to university as of June 30 • These expected resources need to be reflected in correct fiscal year • Do not include gifts or donations made through SOU Foundation 2) “Non-Student Accounts Receivable” that are outstanding as of June 30 • Other than grants Revenues & Receivables

  14. Gift Funds given to Dept. • These expected resources need to be reflected in correct fiscal year • SOU Foundation Gifts & Pledges • Foundation Transfers • No Overdrafts • Gift Fund Accounts cannot spend into deficit for June 30. • Request reimbursement from the Foundation for funds prior to SOU paying out funds. • Be mindful of P-Card pay out date of 25th each month. Gift Accounts & Pledges

  15. Cash Deposits Cut-off date is noon on June 28th. • Departmental Deposits must be delivered to Service Center by noon on June 28 • All other departments with cash receipting responsibilities must post cash receipts by 3:00PM on June 28. • The system will be shut down on June 28th at 5:00PM for Student SIS and Banner A/P system. • The system will re-open at start of day on July 1st.* Cash Deposits *Note: On July 1st, departments will be able to input changes to student accounts: Changes will not be processed in FIS Banner until system is turned back “on” The changes will be effective in the new fiscal year

  16. Expenses are posted to the year in which SOU receives the goods or services. • By June 15th“Travel Reimbursement Request” form must be submitted to Purchasing for all travel or mileage reimbursement completed prior to June 15th. • By July 3rdSubmit approved and completed “Travel Reimbursement Request” form for all travel completed through June 30th. * *Budgeted Exceptions arranged in advance with Accounting Central TravelCut-off dates Travel Note: To match revenues to expense in the current fiscal year, we cannot “receive” goods or services in this fiscal year and then post the expense to next fiscal year, which is next year’s budget. It does not match up.

  17. P-Card “use” cut-off is June 25th Any US Bank Purchasing Card transactions not appearing on US Bank Billing Statement cut-off dated June 25th, will not be in FY19 • By June 14th“cut-off” date P-Card transactions will be charged to 2018-19 funds. • June 15 through June 25P-Card transactions occurring AND goods “received” will be charged to FY19 • Be mindful of shipping method as goods must appear on US Bank 5/25/26/2019 Billing Statement to be FY19 • June 25 through June 30 P-Card transactions occurring subsequent to June 25, will be posted to FY20 https://inside.sou.edu/assets/bus_serv/docs/purchasing/P-CardProcedureManual_Campus.pdf Purchasing- Card Deadlines • *Note: Any P-Card purchases not on the June 25th statement are expensed to next budget year. • https://inside.sou.edu/bus-serv/purchasing/purchcard.html

  18. Policy on Disposal of Fixed Asset https://inside.sou.edu/bus-serv/purchasing/index.html • Procedures on Surplus Property https://inside.sou.edu/Bus-serv/purchasing/surplus-property.html Disposal of AssetsHow does it work? • Steps for disposal of surplus property: • Status of property? • Ownership (federal or state)? • State-owned computers • Trade-in • Transfer • Remaining surplus to FMP • Paperwork

  19. Survey May 23rd What to Report You would want to report any sources of income: Received from off-campus users (individuals or groups) Involves selling of goods, or performing certain services, where the university potentially competes with private businesses. Does not include fundraising resources going to SOU Foundation. Unrelated Business Income Southern Oregon University is responsible to report Income received from programs or functions, that are not substantially related to the accomplishment of the University's tax exempt purpose...Education

  20. Open Discussion • Questions? • Future Meeting Topics • Survey What topics would you like? • E-mail: fis-training@sou.edu All Campus https://inside.sou.edu/bus-serv/staff.html

  21. Business Services: https://inside.sou.edu/bus-serv/index.html Service Center: https://inside.sou.edu/sc/index.html Contacts Service Center 541-552-6700 Business Office 541-552-8528

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