Fiscal Year-End Close FY 2016 Checklist for Budget Management

1. Preparing forfiscal year end close FY 2016 YEAR END

2. New schools

3. New schools

4. Budget query by org • Self Service Finance Budget Query • Select ‘Budget Status by Organizational Hierarchy. Click ‘Create query’. • Select desired data columns. Continue. • Required: fiscal year, fiscal period, chart of accounts ‘j’ and fund. • Enter the 3 digit rollup org. • Submit query. • You can select any department org in blue to drill down for more info.

5. YEAR-END CHECKLIST - july • Check open encumbrances. • Check available balances for Student salaries, Telephone charges, print shop charges, and mail center charges. • Plan purchasing card use • Use the year end prepay form to prepay now and post to next year’s budget. • CLEAN UP OLD ENCUMBRANCES – DO ENCUMBRANCE QUERIES IN SELF SERVICE.

6. DEADLINES • Purchasing will be open until September 28th • Plan purchasing needs now • Review encumbrances – know what is encumbering your budget

7. SEPTEMBER 30TH deadlines • Cash receipts in by 2:00 pm • Accounts Payable paperwork by Noon • Completed travel by Noon • PO’s ≥ $25.01 will roll to FY 2017 • No Change Orders to old PO’s

8. September 30th • PO’s ≤ $25.00 will be closed. • Po’s older than 2 years will be closed. • All ‘e’ docs – encumbrances will be closed. • All completed but unapproved reqs will be closed. • Self service will be removed until approximately October 10th.

9. ROLLED PO’S • If PO is at least $25.01 and less than 2 years old, it rolls to FY 2017 • the budget does NOT roll with it…. • However – remaining fy 16 operating budgets will be rolled into next fiscal year no later than November 30th.

10. Accruals & Year-End Prepays • We must use budget in the year goods are received • Accruals = get the goods before sept 30th but not paid yet (we must use this year’s budget) • Prepays = pay in fy 2016 before we get it in fy 2017 (we must use next year’s budget)

11. “ACCRUAL” – uses this year’s budget(“Pretend “we’ve already paid it) • FY 2016 BUDGET 72010- ‘j’ doc - Accrual $100 ___________ ___________ Total FY 2016 $100 • FY 2017 BUDGET 72010- ‘j’ doc Reverse ($100) 72010- Payment 100 ____________ _______ Total FY 2017 $0

12. You received item by 9/30 but no invoice? THAT’S ACCRUAL • Send signed receiving copy to AP • You’ll see - “FY16 Accrual” ‘j’ doc in transaction history • You’ll see –”Reversal” ‘j’ doc in October • You’ll see – Payment in FY17 when invoice is processed • Only effect on FY17 budget is if the invoice > PO

13. Prepays – uses next year budget(“Pretend” we will pay it in October) • FY 2016 Budget 71010 - DV/PO $100 71010 - Prepay (100) _________________ FY 2016 Total $0 • FY 2017 Budget 71010 – Prepay $100 _________________ FY 2017 Total $100

14. Year-end Prepay Requirements • Conference registrations • Memberships • Sometimesother travel issues • Use the year end prepay direct voucher • Must have original invoice + 1 copy • Notify Kevin McFry of anything Prepaid in july, august, or September for October/November

15. Year end prepay form • Complete vendor info • Complete description & attach supporting documents • Do not change the prepay account number!!! • Enter your entire foap • Clear instructions for check delivery • Send to procurement director

16. Current FY2016 Purchases • Through September 28th – normal • After September 28th – no more purchasing

17. REMEMBER!Encumbrance queries – do them! You will find some $$$

18. ENCUMBRANCE CARE • All ‘E’ docs will be closed – know what yours are that will need to be paid in October. • FACULTY RESEARCH GRANTS • Can’t carry over to FY 2017. • Make sure everything is received & paid for. • Must be completely closed out at September 30th.

19. Traveling Sept. 30th? • Email ACCOUNTSPAYABLE@jsu.eduwith estimated amount for ACCRUAL!

20. Let’s Talk….. • Look for ‘PENDING DOCUMENTS’ on Budget Queries – know what’s out there. • FGIENCD – one-stop encumbrance shop . • Learn how to do encumbrance queries in Self Service.

21. QUESTIONS???