Fiscal Year End Deadlines and Procedures

Transcription

1 Fiscal Year End Deadlines and Procedures July 2013

2 Agenda Year-End Overview General Ledger Payment and Procurement Services Deposits and Receipts Grants Suspense Budget Questions/Open Discussion 2

3 Year-End Overview Year-End Close Schedule September 10 1 st FY13 close September 23 2 nd FY13 close September 30 Final close FY13 3

4 Year-End Resources The following information will be on the Finance website and sent to you in modifiable format: This presentation Schedule Year-end checklist Contact list Please follow guidelines from your unit s Chief Business Officer, as internal deadlines could be earlier than those stated in this presentation. 4

5 General Ledger FY13 ChartField Requests Journal Entries Recurring Journal Entries Expense and Revenue Accruals Nancy Mears, Stephen Frangis 5

6 Journal Entries and SmartKeys Year-End Process Year-End Journal Entry Tasks and Deadlines August 23 August 30 September 5 September 10 September 18 September 19 Last day to submit requests to Controller s Office to create FY13 SmartKey or Chartfield. August journals not in Controller s office approval inbox may not post for 1st close. Journals will be posted daily (on business days) during the first close for University based journals. 5PM Healthcare, Clinic and University intercompany transactions complete for 1st close 1st FY13 close (1 st close complete at 5PM) 5PM Healthcare, Clinic and University intercompany transactions complete for FY 13 10AM August campus journals not in Controller s office approval inbox will not post for FY13. Grants and Contracts journals complete for FY13. 6

7 Journal Entries and SmartKeys Year-End Process (continued) Year-End Journal Entry Tasks and Deadlines September 23 2nd FY13 close complete September 26 September 30 September 30 5pm final cut-off for posting FY 2013 journals August journals not posted by 9/26/13 will be deleted Final close FY13 7

8 Journal Entries Journal Date for JEs created after 8/31/13 When you create a Journal Entry, the Journal Date defaults to the current date Accept the default for journals to be posted in FY14 Change the date to 8/31/13 for journals to be posted in FY13 Beginning 9/27/13, all journals must have FY 2014 date Expired August Journals The Controller s Office will send out an regarding expired journal entries If still needed, copy the JE and change the date to a FY14 date The Controller s Office will delete expired August journals on September 30,

9 Journal Entry Reminders Supporting Documentation Transfers For auditing purposes, all Journal Entries must have supporting documentation attached. DO NOT INCLUDE: Personally Identifiable Data (PID) including Protected Health Information (PHI) Reporting Tip: Use a meaningful line description to improve report results. Exception: Documentation is not required if the Journal Header sufficiently explains the reason for the journal entry. For example, To reverse journal XYZ which was entered in error When crediting an account in the 9xxxx range, there must be an offsetting debit in the 9xxxx range. Recharges Monitor your JE Approvals Recharges must have a debit and an offsetting credit. The account numbers for both the debit and the credit should be in the 8xxxx range. Run the Journal Inquiry to monitor the status of your journal entries General Ledger > Review Financial Information > Journals Search for a specific Journal ID or search for all JEs for your User ID 9

10 Recurring Journal Entries FY13 Recurring Journal Entries FY14 Recurring Journal Entries RJEs will run in Compass as is for the remainder of FY13. If the existing RJE does not meet your needs Ask the Controller s Office to stop the RJE, then you can create the July and August entries manually or Create a supplemental journal entry for July and August to adjust the amount to actual Most RJEs currently in Compass will end on 8/31/13. If your RJE should continue in FY14 In September, copy your August entry and make necessary changes. Process through workflow like a normal online journal entry. Send an to jljenkins@emory.edu requesting Journal XXX be set up as a Recurring Journal Entry for the remainder of FY14 If the amount of your entry changes each month The Controller s Office will not change the amount of your FY14 RJE once created in Compass. If the amount changes monthly Do not set up a RJE. Instead, copy the previous month s entry and change the amount or Set up a RJE and create a supplemental journal entry each month to adjust the amount to actual 10

11 Journal Entries Across Operating Units Reminder: Journal entries usually take place within an Operating Unit. In scenarios where the journal entry crosses Operating Units, it is important to inform the other Operating Unit. This notification is especially important at the end of the fiscal year. Procedure Notify the other Operating Unit of the transaction Add the appropriate Business Officer from the other Operating Unit as an ad hoc approver in Workflow If other Operating Unit does not agree with the transaction, the two Operating Units should negotiate and determine how to handle the transaction Run the EU_GL_JOURNALS_BY_OPU query to determine if your unit has been affected by another unit s journal entry 11

12 AP Accruals Year-End Process Year-End AP Accruals Tasks and Deadlines August 31 AP module closes in Compass September 1 Invoices Dated 8/31/2013 and prior Invoices Related to FY13 but Dated 9/1/2013 and forward Yearend A/P Accrual Process begins This process will be driven by invoice date Submit through workflow (Emory Express or Compass) by 9/10/13 for posting to FY13 Submit by 9/4/13 for automatic posting to FY13 To ensure the invoice will be considered for inclusion in FY13 if it is submitted to AP after 9/4/13: Submit by 9/10/13 and Send a request to ctrl@emory.edu along with the SmartKey, account, amount, voucher number (if available). Include documentation to show invoice relates to FY

13 AP Accruals Year-End Process Year-End AP Accruals Tasks and Deadlines September 5 Controller s Office will post 1st accrual file (ALL activity through workflows 9/1 9/4) September 6 Controller s Office will post 2 nd daily accrual file (activity for 9/5) Files will continue to post daily on business days through 9/16 September 10 Deadline for Check Request (formally invoice-attached) items to be through Workflow (department approval process complete) to guarantee inclusion in the yearend accrual process September 13 Last day for the Controller s Office to review invoices and accrue to E&G budgets (Fund 1xxx) through the automatic accrual process The Controller s Office will accrue any outstanding FY13 payroll bonuses or adjustments that missed the payroll deadline with chief business officer approval. These entries will post to account and include the related fringe as well 13

14 AP Accruals Year-End Process Year-End AP Accruals Tasks and Deadlines September 16 Last daily accrual file. Will NOT include any charges to fund 1xxx Smartkeys) Automatic accrual process ends Manual review of ALL expense and revenue accruals with the Controller s Office going forward Entries to E&G will be discussed with chief business officer September 19 10AM August campus journals not in Controller s office approval inbox will not post for FY13. Grants and Contracts journals complete for FY13. September 23 Additional central accrual file will post for activity week of 9/16 9/20. Only post to central Smartkeys and non-sponsored projects Capital project accruals (fund 7992) will be reviewed with Campus Services 14

15 AP Accrual Process AP Accruals Accounts Payable and Controller s Office will accrue invoices with a FY13 date submitted to AP (initial deadline of 9/10) through Monday, 9/16. Campus is responsible for working with the Controller s Office to manually accrue items beginning week of 9/16. Tips: If you have a FY13 invoice, send the invoice to AP by the 9/10/13 cutoff date to ensure it will be included in the accrual process. Daily accrual files will continue through Monday, 9/16. If you send an invoice to AP as noted above, do not make a manual entry. Manual accrual process begins 9/16. Be sure the invoice has a FY13 date (8/31 and prior) FY 13 invoices with an FY 14 date (9/1 and forward) should also include an with backup to ctrl@emory.edu in order to be accrued. 15

16 Manual Accrual Process Manual Accrual Entry in Compass Creating a Reversing Entry Begins 9/16/13 in conjunction with the Controller s Office Create a Reversing Entry Use the same SmartKey for debit and credit To accrue an invoice Debit your expense Credit Account (A/P - Other Accrued Payables) To accrue revenue Debit Account (Other Current Receivables) Credit your revenue account On the Journal Header page, click the Reversal: Do Not Generate Reversal link On the Journal Entry Reversal page, select Beginning of Next Period, and then click OK. The link on the Journal Header page displays as below 16

17 Payment and Procurement Services Payment Requests and Expense Reports P-Card Purchases Joy Coburn, Melanie Widmer 17

18 Accounts Payable Year-End Process Year-End Accounts Payable Tasks and Deadlines August 26 August 30 by 3:00 PM August 31 Payment Requests must be approved by department approvers and in Payment Services Workflow inbox Payment Services must approve Payment Requests in Workflow Travel and Expense Reports must be submitted into Workflow September 9 September 11 Travel and Expense Reports must have final Department approval in Compass Smart Solutions Workflow Incomplete FY13 Expense Reports will be deleted 18

19 Payment Requests and Expense Reports Approval Process Travel and Expense Reports The approval drives the posting of Payment Requests and Expense Reports If not approved by the deadline, the Payment Request or Expense Report will not post in FY13 If a trip begins in August and continues into September, the expense report charges will all post to the month of the latest expense date listed on the report Remaining incomplete FY13 Expense Reports will be deleted on September 11, 2013 Airfare Direct Billed to SmartKey The last prepaid file for airfare will be uploaded by 08/30/13 For any airfare booked that should be posted to FY13, check to see whether the airfare charges posted, If not, the charge must be accrued. 19

20 Accounts Payable Year-End Process Year-End Accounts Payable Tasks and Deadlines August 26 August 28 August 29 August 29 September 10 Deadline for outgoing Wire Transfer Requests to be entered into Emory Express 5PM Cutoff for AP Stop Payments Deadline for viewing, approving, and reallocating P-Card charges in the SAM/MARS System Deadline for viewing, approving, and reallocating P-Card charges in the PaymentNet System Deadline for Check Request (formally invoice-attached) items to be through Workflow (department approval process complete) September 12 Deadline to complete receiving for Emory Express invoices over $4,999 to ensure posting in FY13 20

21 Deposits and Receipts Clearing Accounts Cash Deposits for FY13 Gift Processing for FY13 Unclaimed Wires Petty Cash Vakela Miles, Sonya Hearn, Mike Schiavoni 21

22 Clearing Accounts Year-End Process Year-End Clearing Accounts Tasks and Deadlines During August September 12 Controller s Office sends out a list of clearing accounts The list will be distributed to the owners of the clearing accounts and will indicate the date for resolving the clearing accounts Any exceptions to the deadline will be listed The Controller s Office will work with account owners who have questions on clearing their accounts Reminders will be sent to clearing account owners during the month Deadline for resolving all clearing accounts By this date, all transactions in clearing accounts must be researched and resolved as to where each item should be reported All transactions must be appropriately reclassified out of the clearing accounts (for example, if the transaction is AR related, it should be recorded in AR) 22

23 Accounts Receivable Year-End Process Year-End Accounts Receivable Tasks and Deadlines September 9 Last day to get FY13 bills to General Accounts Receivable (Sonya Hearn) 23

24 Cash and Gift Processing Year-End Process Year-End Cash and Gift Processing Tasks and Deadlines August 30 September 6 4:30 PM Cutoff for FY13 cash deposits and gift processing All University Cash Receipts for FY13 are due in the Cashier s Office by 4:30 PM (Cashier s Office will extend if needed) to facilitate a hard close The Emory Departmental Deposits page defaults to the current system date and it cannot changed The Controller's Office will post revenue (deposit) accrual file. Accrual files will post daily through 9/16/13 as applicable Exception: There will be no accrual files posted between 9/7/13 and 9/10/13 due to completion of first close processes. The 9/11/13 file will catch up any activity that occurs this period All FY13 gift checks/cash should be delivered to the Gift Processing Office for appropriate processing 24

25 Accruing Deposits to FY13 To accrue a deposit to the old year (FY13) Create your Departmental Deposit as normal, and then From the Accounting Entries page, click the Deposit Control tab Locate the *Accounting date field Change the date to 08/30/13 and click Save Continue to process your EPay as normal The Controller s Office will locate all deposits with an Entered Date of August 30 and accrue that deposit to the old year (FY13) 25

26 Wire Receipts Year-End Process Year-End Wire Receipts Tasks and Deadlines July and August Campus claims wire receipts for FY13 Throughout July and August, the Controller s Office will send reminders on a periodic basis concerning wires waiting to be claimed September 4 Last day for campus to go online to claim wire receipts for FY13 Wires for FY13 must be claimed with a FY13 date 26

27 Wire Receipts Compass Procedures The procedures for claiming wire receipts in Compass is available in the Compass Online Reference Guide under Accounts Receivable and Billing > Wire Receipts 27

28 Wire Receipt Reminders Complete all steps of the process in one session It is critical that the wire claim process be completed from start to finish in one session Once you begin claiming a wire, do not exit the process until the last step is completed If the full process is not completed, the general ledger and/or wire claim page may not update accurately or in a timely manner Check the wire claim page Immediately after completing the wire claim process, check to make sure your wire receipt has been removed from the wire claim page Resolve issues quickly If you are expecting a wire receipt that does not display on the wire claim page, contact Vakela Miles immediately for assistance (vlkelly@emory.edu) 28

29 Petty Cash Year-End Process Year-End Petty Cash Confirm Tasks and Deadlines August 16 August 23 5 PM cutoff for all requests for setup of new Petty Cash accounts. The complete application packet must be received by the Controller s Office. Requests received after 8/16/13 will be processed after 8/31/13 in September (new year) business 4 PM cutoff for all requests for replenishment of existing Petty Cash funds. Voucher must be submitted in Compass and original documentation received in Controller s Office by 4 PM. September 13 Petty Cash checking account reconciliations due in Controller's Office 29

30 Grants Retroactive Salary Transfers Grants Proposal/Award Deadlines James Goff, Urvi Patel 30

31 Grants Year-End Process Year-End Grants Tasks and Deadlines August 9 August 16 August 30 11:59 PM August 30 Last day for campus submission of PAN requests for FY2013 Deadline for submitting awards to OSP Send awards to OSP as early as possible, but no later than August 16, 2013 The award must be generated and budget finalized for FY The contract does not have to be set up All awards received by 8/16/13 that have all required information by 8/20/13 will be set up in FY After these dates, OSP will make every attempt to set up the award Deadline for proposals to reach OSP (complete through Workflow in EPEX) Proposals with a due date of 8/30/13 or prior: If received in OSP by August 30, 2013 the proposal will be submitted in August 2013 Proposals with a due date of 9/1/13 or later: If received in OSP in August, the proposal will be submitted if complete and if time allows Deadline for OSP and OGCA to submit proposals and awards to be included in FY13 reports. Compass has a true calendar date cutoff. Proposals and awards submitted after 8/30/13 cannot be adjusted to include on 2013 reports 31

32 Grants Year-End Process Year-End Grants Tasks and Deadlines August 23 August 30 September 18 Deadline for clinical trial checks to be received in OGCA in order to be processed in FY 2013 August journals not in OGCA s approval inbox may not post for 1st close Final deadline for journal entries Journals must be through the Workflow process and to OGCA by 11:59PM on 9/18/13 in order to be processed in FY Year-End RST Task and Deadline September 10 Deadline for RSTs with supporting documentation to OGCA front desk Paper (hardcopy) RSTs must be approved and in the OGCA office by this date Electronic RSTs (done in the effort system) must be completed and APPROVED BY THE SCHOOL in the system by this date 32

33 Grants Reminders ORA Reports Compass uses a true cutoff by calendar date Whatever is processed by the due dates for proposals and awards will be included in the ORA reports for FY2013 Compass no longer offers the ability to make adjustments after the calendar date of 8/30/13 for 2013 reports 33

34 Suspense Used to be Grants (UTBG) Partially Funded by Grants (PFBG) Account Grants Dates Out-of-Bounds (GOOB) Gyorgyi Katai, Nancy Mears, Linda Erhard 34

35 Suspense Clearing What causes an item to be in suspense? Clearing Suspense Items Suspense items result from transactions that attempt to post to the Compass GL but contain invalid SmartKeys, Projects, or Accounts Four types of suspense items: UTBG (Used to be Grant) primarily salary transactions PFBG (Partially Funded by Grants) primarily salary transactions Suspense Accounts Payable and 3 rd party feeder systems GOOB (Grant Out of Bounds) 3 rd party feeder systems The same goal for all four types determining an active SmartKey for the charge Clearing GOOB or Account suspense items: Department enters a valid SmartKey and Account on the spreadsheet and returns to OGCA (GOOB) or Controller s Office (Account 16000) Tip: Return spreadsheet in the same format and with the same file name Clearing UTBG and PFBG suspense items: Department does RST to move the salary expense to the correct active grant account or departmental fund, and department does journal to move the non-salary expense to the correct active account or fund. 35

36 Suspense Clearing Year-End Process Year-End Suspense Clearing Tasks and Deadlines August 16 September 10 Deadline for September-July GOOB & Account suspense clearing information to be received 1st close September 10 September 30 Deadline for August GOOB & Account suspense clearing information to be received Final close 36

37 Budget FY13 Budget Deadlines Closing Out E&G Budgets Funding Deficits Belva White 37

38 Budgets Year-End Process Year-End Budgets Tasks and Deadlines August 30 August 30 September 13 Cutoff for pre-approved one-time funding requests for FY13 Deadline for budget revisions through Workflow to Budget Office for 1 st close Final FY13 deadline for budget revisions to be through Workflow and to the Budget Office 38

39 Funding Deficits What is a deficit? A deficit occurs when there is not enough funding to cover the expenses for an initiative. Deficits generally occur with projects All deficits must be funded or have a funding plan prior to the fiscal year-end close How is a deficit funded? MGT4446 Report There are two methods for funding a non-sponsored project deficit If a budget has been loaded for the project, use Account to transfer the necessary funds (does not impact KK budget) If a budget was not loaded, use Accounts and to transfer the necessary funds (does impact KK budget) For sponsored projects, contact OGCA The MGT4446 report (Fund Balance-Associated Projects) will be available to help you with many-to-ones 39

40 Year End Contact List Subject Matter Experts ChartField Requests Christine Baker Journal Entries Nancy Mears Recurring Journal Entries Terrence Jenkins Expense and Revenue Accruals Stephen Frangis Payment Requests and Expense Reports Joy Coburn P-Card Purchases Denise Hadley Clearing Accounts Kimberle Avery Accounts Receivable and Billing Sonya Hearn Cash Deposits Mike Schiavoni Gift Processing Untra Lindsey Josh Greenbaum 40

41 Contact List (continued) Subject Matter Experts Unclaimed Wires Vakela Miles Retroactive Salary Transfers James Goff Grants Proposals and Awards Urvi Patel Suspense UTBG/PFBG Gyorgyi Katai Suspense GOOB Linda Erhard Suspense Account Terrence Jenkins Reporting Larry Goldberg Budgets Jerry Lockamy Budget Journals Ronald Moody Closing Out E&G Budgets Belva White Funding Deficits (non-sponsored projects) Belva White 41

42 Contact List (continued) Funding Deficits (sponsored projects) Subject Matter Experts Evelyn Balabis Financial Attestation Scott Stevenson Inventory Deadlines Stephen Frangis Endowment Distribution Thomas Barr Interfaces David Giles 42

43 Information Only Reporting Inventory Deadlines School of Medicine and Emory Clinic Reconciliations Endowment Distribution Interfaces / Miscellaneous Deadlines 43

44 Reporting Recommended Reports Scopes Drill Down 44

45 nvision Report Listing 45

46 nvision Report Availability 46

47 MGT43xx Balance Sheet Reports 47

48 MGT44xx Fund Balance Reports 48

49 MGT4446 Fund Balance Associated Projects 49

50 Scopes Scopes Determines if the Report is for a Department, Project, Award, or PI Specifically What Department, Project, Award, or PI Example D:Department ID D: P:Project ID P:G P: A:Award Number (no leading zeros) A:7343 (Produces individual reports for all projects related to an Award) PI:PI User ID (upper case) (Produces individual reports for all projects related to a PI) PI:JSJOHNS 50

51 Scopes Summary Scopes Single Report with Subordinate Items Aggregated Example: UDPSxxxx (UDPSFIF1) Detail Scopes Potentially Multiple Report Outputs Produced Example: UDPDxxxx (UDPDFF01) Produces a Single Report With Data Aggregated From All Departments Within the: Controllers Office Financial Operations Grants & Contracts VP For Finance Produces Multiple Reports 1 For Each Department In the Controllers Office (UDPDFF02) Produces Multiple Reports 1 For Each Department In Financial Operations 51

52 Use Drill Down 52

53 Revised Summary Report Format Return 53

54 Inventory Year-End Process Year-End Inventory Tasks and Deadlines August 30 September 5 Departments must take physical inventory Inventory must be observed on 8/30/13; if inventory cannot be observed on 8/30/13, it must be observed prior to 8/30/13 If not observed on 8/30/13, departments must be prepared to roll forward the inventory or shut down operations until 8/30/13 to ensure the inventory reflects 8/30/13 balance Departments must be able to provide backup for the inventory balance Deadline for inventory counts and adjustments to Controller s Office 54

55 Interfaces / Miscellaneous Deadlines Year-End Miscellaneous Tasks and Deadlines September 4 September 4 September 13 September 4 Deadline for billings not recorded through the General Accounts Receivable Office to Controller s Office Deadline for term summary contracts extending past 8/30/13 to the Controller s Office Deadline for bank statements and reconciliations received outside the Controller s Office due to the Controller s Office Deadline for lease agreements extending past 8/30/13 to the Controller s Office September 17 Final August interface 55