Fiscal Year End Deadlines and Procedures

Transcription

1 Fiscal Year End Deadlines and Procedures August 2012

2 Subject Areas 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 FY12 close September 21 2 nd FY12 close September 28 Final close FY12 3

4 Year-End Resources The following information will be on the Finance website and sent to you in modifiable format: This presentation 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 FY12 ChartField Requests Journal Entries Recurring Journal Entries Expense and Revenue Accruals 5

6 Journal Entries and SmartKeys Year-End Process Year-End Journal Entry Tasks and Deadlines August 24 August 31 September 10 September 14 September 21 September 28 September 28 Last day to submit requests to Controller s Office to create FY12 SmartKey or Chartfield. Deadline for journals through Workflow to Controller s Office for 1st close University only journal entries New for this year: Journals will be posted daily (on business days) during the 1st close for University-based entries 1st FY12 close (1st close complete 5 PM) Final deadline for FY12 journals. Journals must be through the Workflow process and to Controller s Office by 11:59 p.m. on 9/14/12 to be processed for FY12. 2nd FY12 close complete August journals that did not complete Workflow by 9/27/12 will be deleted Final close FY12 6

7 Journal Entries Journal Date for JEs created after 8/31/12 When you create a Journal Entry, the Journal Date defaults to the current date Accept the default for journals to be posted in FY13 Change the date to 8/31/12 for journals to be posted in FY12 Beginning 9/14/12, all journals should have a FY13 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 FY13 date The Controller s Office will delete expired August journals on September 30,

8 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 8

9 Recurring Journal Entries FY12 Recurring Journal Entries FY12 Recurring Journal Entries RJEs will run in Compass as is for the remainder of FY12. 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 8/31/12. If your RJE should continue in FY13 In September, copy your August entry and make necessary changes. Process through workflow like a normal online journal entry. Don t change the reference field values Send an to richard.gable@emory.edu requesting Journal XXX be set up as a Recurring Journal Entry for the remainder of FY13 If the amount of your entry changes each month The Controller s Office will not change the amount of your FY13 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 9

10 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 Run the EU_GL_JOURNALS_BY_OPU query to determine if your unit has been affected by another unit s journal entry 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 10

11 AP Accruals Year-End Process Year-End AP Accruals Tasks and Deadlines August 31 AP module closes in Compass September 1 A/P automatic accrual process begins based on invoice date September 10 Deadline for invoice-attached items to be through Workflow (Department approval process complete) to be included in AP accrual process. Invoices Dated 8/31/12 and prior Invoices Related to FY12 but Dated 9/1/12 and forward Submit by 9/10 for posting to FY12 This process will be driven by invoice date. Submit by 9/5 for automatic posting to FY12 To ensure the invoice will be considered for inclusion in FY12 if it is submitted to A/P after 9/5 Submit by 9/10 and Send an electronic copy of invoice support to ctrl@emory.edu along with the SmartKey, account, and amount 11

12 AP Accruals Year-End Process (continued) Year-End AP Accruals Tasks and Deadlines September 6 September 11 September 24 Controller s Office will post 1st accrual file (will include ALL invoices) Accrual files will continue to post daily through 9/15/12 Manual invoice accrual process (covers all FY 12 invoices submitted to A/P after the 9/10 deadline) Accrual entries must be made in conjunction with the Controller s Office (send an to ctrl@emory.edu with proper backup) Reminders The Controller s Office will review invoices and accrue to E&G budgets until 9/11 through the automatic accrual process. Any accrual entries to E & G budgets after that date will be reviewed with the chief business officer. Accrual entries will continue to be posted to non-sponsored projects until 9/24 September 14 The Controller s Office will accrue any outstanding FY12 payroll bonuses or adjustments that missed the payroll deadline with chief business officer approval. These entries will post to account

13 AP Accrual Process AP Accruals Accounts Payable and Controller s Office will accrue invoices with a FY12 date submitted by 9/10/12 via the accrual process Campus is responsible for working with the Controller s Office to manually accrue items after the 9/10/12 cutoff. Tips: If you have a FY12 invoice, send the invoice to AP by the 9/10/12 cutoff date If you send an invoice to AP, do not make a manual entry Be sure the invoice has a FY12 date (8/31 and prior) FY 12 invoices with an FY 13 date (9/1 and forward) should also include an with backup to ctrl@emory.edu in order to be accrued. 13

14 Payment and Procurement Services Payment Requests and Expense Reports P-Card Purchases 14

15 Accounts Payable Year-End Process Year-End Accounts Payable Tasks and Deadlines August 27 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 10 September 11 Travel and Expense Reports must have final Department approval in Compass Smart Solutions Workflow Incomplete FY12 Expense Reports will be deleted 15

16 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 FY12 If a trip begins in August and continues into September, the expense report charges will all post the month the expense report is created Remaining incomplete FY12 Expense Reports will be deleted on September 11, 2012 Airfare Direct Billed to SmartKey The final Travel Agent Direct Bill files will run in mid-august For any airfare charged between 8/15/12 and 8/31/12, check to see whether the airfare charges posted. If not, the charge must be accrued if travel occurred prior to fiscal year end. 16

17 Accounts Payable Year-End Process Year-End Accounts Payable Tasks and Deadlines August 27 August 30 August 30 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 invoice-attached items to be through Workflow (department approval process complete) - to be included in A/P accrual process September 13 Deadline to complete receiving for Emory Express invoices over $4,999 to ensure posting in FY12 17

18 Deposits and Receipts Clearing Accounts Cash Deposits for FY12 Gift Processing for FY12 Unclaimed Wires Petty Cash 18

19 Clearing Accounts Year-End Process Year-End Clearing Accounts Tasks and Deadlines During August September 13 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) 19

20 Accounts Receivable Year-End Process Year-End Accounts Receivable Tasks and Deadlines September 10 Last day to get FY12 bills to Financial Operations (Sonya Hearn) 20

21 Cash and Gift Processing Year-End Process Year-End Cash and Gift Processing Tasks and Deadlines August 31 September 6 4:30 PM Cutoff for FY12 cash deposits and gift processing All University Cash Receipts for FY12 are due in the Cashier s Office by 4:30 PM (Cashier s Office will extend if needed) to facilitate a hard close The Controller's Office will post revenue (deposit) accrual file. Accrual files will post daily through 9/15/12 as applicable All FY12 gift checks/cash should be delivered to the Gift Processing Office for appropriate processing 21

22 Accruing Deposits to FY12 To accrue a deposit to the old year (FY12) 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 08/31/12 and click Save Continue to process your EPay as normal The Controller s Office will locate all deposits with an Accounting Date of August 31 and accrue that deposit to the old year (FY12) 22

23 Wire Receipts Year-End Process Year-End Wire Receipts Tasks and Deadlines July and August Campus claims wire receipts for FY12 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 FY12 Wires for FY12 must be claimed with a FY12 date 23

24 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 24

25 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 Kelly immediately for assistance (vlkelly@emory.edu) 25

26 Petty Cash Year-End Process Year-End Petty Cash Confirm Tasks and Deadlines August 16 August 17 September 14 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 8/16/12 will be processed after 8/31/12 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. Petty Cash checking account reconciliations due in Controller's Office 26

27 Grants Retroactive Salary Transfers Grants Proposal/Award Deadlines 27

28 Grants Year-End Process Year-End Grants Tasks and Deadlines August 10 August 17 August 31 11:59 PM August 31 Last day for campus submission of PAN requests for FY2012 Deadline for submitting awards to OSP Send awards to OSP as early as possible, but no later than August 17, 2012 The award must be generated and budget finalized for FY The contract does not have to be set up All awards received by 8/17/12 that have all required information by 8/21/12 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 8/31/12 or prior: If received in OSP by August 31, 2012 the proposal will be submitted in August 2012 Proposals with a due date of 9/1/12 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 FY12 reports. Compass has a true calendar date cutoff. Proposals and awards submitted after 8/31/12 cannot be adjusted to include on 2012 reports 28

29 Grants Year-End Process Year-End Grants Tasks and Deadlines August 23 August 31 September 14 Deadline for clinical trial checks to be received in OGCA in order to be processed in FY 2012 Deadline for FY12 journals through Workflow to OGCA for 1 st close New for this year journals will be posted daily during the first close Final deadline for journal entries Journals must be through the Workflow process and to OGCA by 11:59PM on 9/14/12 in order to be processed in FY Year-End RST Task and Deadline August 24 September 11 Deadline for RSTs with supporting documentation to OGCA front desk (1 st close) Deadline for RSTs with supporting documentation to OGCA front desk (2 nd close) 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 29

30 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 FY2012 Compass no longer offers the ability to make adjustments after the calendar date of 8/31/12 for 2012 reports 30

31 Suspense Used to be Grants (UTBG) Grants Dates Out-of-Bounds (GOOB) Partially Funded by Grants (PFBG) Account Fund 2002 Suspense Projects 31

32 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 Five types of suspense items: GOOB (Grant Out of Bounds) 3 rd party feeder systems 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 Suspense Projects 2002 primarily salary transactions The same goal for all five 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 and journal to move the non-salary expense to the correct active account or fund. 32

33 Suspense Clearing Year-End Process Year-End Suspense Clearing Tasks and Deadlines August 2 Deadline for September-July GOOB, UTBG and PFBG & Account suspense clearing information to be received August 20 September 5 Controller s Office will provide balances of GOOB & Suspense Account activity to Business Officers Last day for feeds to hit Compass for 1st close September 10 September 11 September 13 September 28 1st close Deadline for August GOOB, UTBG and PFBG & Account suspense clearing information to be received Controller s Office will provide balances to Business Officers of all suspense accounts (UTBG, GOOB, PFBG, Fund 2002 projects and Account 16000) to determine fiscal year-end close action required Final close 33

34 Budget FY12 Budget Deadlines Closing Out E&G Budgets Funding Deficits 34

35 Budgets Year-End Process Year-End Budgets Tasks and Deadlines August 31 August 31 September 14 Cutoff for pre-approved one-time funding requests for FY12 Deadline for budget revisions through Workflow to Budget Office for 1 st close Final FY12 deadline for budget revisions to be through Workflow and to the Budget Office 35

36 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 36

37 Contact List Subject Matter Experts ChartField Requests Christine Baker Journal Entries Nancy Mears Recurring Journal Entries Mike Gable Expense and Revenue Accruals Stephen Frangis Payment Requests and Expense Reports Joy Coburn P-Card Purchases Tasha Short Clearing Accounts Kim Avery Accounts Receivable and Billing Sonya Hearn Cash Deposits Mike Schiavoni Gift Processing Drew Smith Ben Tompkins 37

38 Contact List (continued) Subject Matter Experts Unclaimed Wires Vakela Kelly Petty Cash Vakela Kelly Retroactive Salary Transfers James Goff Grants Proposals and Awards Holly Sommers/ Nikki Simmons Suspense UTBG Julie Anne Autrey Suspense GOOB Linda Erhard Suspense Account Nancy Mears Suspense Projects with Fund 2002 Mike Gable Reporting Jessica Adams Budgets Jerry Lockamy Budget Journals Ronald Moody 38

39 Contact List (continued) Subject Matter Experts Closing Out E&G Budgets Belva White Funding Deficits (nonsponsored projects) Funding Deficits (sponsored projects) Belva White Evelyn Balabis Financial Attestation Scott Stevenson Inventory Deadlines Stephen Frangis Endowment Distribution Thomas Barr Interfaces David Giles Payroll Beth Cox Data Services Susan Newborn 39

40 Information Only Reporting Inventory Deadlines Endowment Distribution Interfaces / Miscellaneous Deadlines 40

41 nvision Report Listing 41

42 nvision Report Availability 42

43 MGT43xx Balance Sheet Reports 43

44 MGT44xx Fund Balance Reports 44

45 MGT4446 Fund Balance Associated Projects 45

46 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 PI:PI User ID (upper case) PI:JSJOHNS 46

47 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 47

48 Use Drill Down 48

49 Revised Summary Report Format Return 49

50 Inventory Year-End Process Year-End Inventory Tasks and Deadlines August 31 September 4 Departments must take physical inventory Inventory must be observed on 8/31/12; if inventory cannot be observed on 8/31/12, it must be observed prior to 8/31/12 If not observed on 8/31/12, departments must be prepared to roll forward the inventory or shut down operations until 8/31/12 to ensure the inventory reflects 8/31/12 balance Departments must be able to provide backup for the inventory balance Deadline for inventory counts and adjustments to Controller s Office 50

51 Endowments Year-End Process Year-End Endowment Tasks and Deadlines August 31 State Street market value feed for July September Pool 1 State Street feed for August posted 51

52 Interfaces / Miscellaneous Deadlines Year-End Miscellaneous Tasks and Deadlines September 3 September 3 September 4 September 5 September 13 September 17 Deadline for billings not recorded through the General Accounts Receivable Office to Controller s Office Deadline for term summary contracts extending past 8/31/12 to the Controller s Office Deadline for lease agreements extending past 8/31/12 to the Controller s Office August interface for 1 st close Deadline for bank statements received outside the Controller s Office due to the Controller s Office Final August interface 52