Fiscal Year End Deadlines and Procedures

Transcription

1 Fiscal Year End Deadlines and Procedures August 2011

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 8 1 st FY11 close September 23 2 nd FY11 close September 30 Final close FY11 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 We will also Communicate through to the campus Hold a live presentation in early August Deliver a series of webinars covering individual topics 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 FY11 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 26 August 31 September 8 September 16 September 23 September 30 September 30 Last day to submit requests to Controller s Office to create FY11 SmartKey or Chartfield. Deadline for journals through Workflow to Controller s Office for 1 st close Journals still in Workflow may not make 1 st close. 1 st FY11 close FY11 deadline for journals to be through Workflow and to the Controller s Office or OGCA. Journals still in workflow may not make 2 nd close. 2 nd FY11 close August journals that did not complete Workflow by 9/27 will be deleted Final close FY11 6

7 Journal Entries Journal Date for JEs created after 8/31/11 When you create a Journal Entry, the Journal Date defaults to the current date Accept the default for journals to be posted in FY12 Change the date to 8/31/11 for journals to be posted in FY11 Beginning 9/21/11, all journals should have a FY12 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 FY12 date Important: Be sure to check Recalculate Budget Date The Controller s Office will delete expired August journals on September 30 7

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 FY11 Recurring Journal Entries FY12 Recurring Journal Entries If the amount of your entry changes each month RJEs will run in Compass as is for the remainder of FY11. 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 8/31/11. If your RJE should continue in FY12 In September, copy your August entry and make necessary changes. Important: Be sure to check Recalculate Budget Date Process through workflow like a normal online journal entry. Don t change the reference field values Send an to nmears@emory.edu requesting that Journal XXX be set up as a Recurring Journal Entry for the remainder of FY12 The Controller s Office will not change the amount of your FY12 RJE once created in Compass. If the amount changes from 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. When not, 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 13 Invoices Dated 8/31/2011 and prior Invoices Related to FY11 but Dated 9/1/2011 and forward Deadline for submitting FY11 dated invoices to be included in AP accrual process Submit by 9/13/2011 for posting to FY11 This process will be driven by invoice date, so please work with vendors to obtain an invoice dated 8/31 or prior in order to be included in FY11 when possible Submit by 9/3/2011 for automatic posting to FY11 To ensure the invoice will be considered for inclusion in FY11 If it is submitted to AP after 9/3/2011 Submit by 9/13/2011 and Send an electronic copy of invoice support to along with the SmartKey, account, amount, and voucher number 11

12 AP Accruals Year-End Process (continued) Year-End AP Accruals Tasks and Deadlines September 3 Controller s Office will post 1 st accrual file Accrual files will post daily through 9/17 Exception: There will be no accrual files posted between 9/5 and 9/8 due to completion of 1 st close processes. The 9/9 file will catch up any activity that occurs during this period September 15 September 24 Manual accrual of invoices and revenue Entries must be made in conjunction with the Controller s Office Entries to E&G will be discussed with chief business officer The Controller s Office will review invoices and accrue to E&G budgets until 9/14/2011 and non-sponsored projects until 9/27/2011 at 10:00 AM 12

13 AP Accrual Process AP Accruals Accounts Payable and Controller s Office will accrue invoices with a FY11 date submitted by 9/13 via the accrual process Campus is responsible for working with the Controller s Office to manually accrue items after the 9/13 cutoff. Tips: If you have a FY11 invoice, send the invoice to AP before the 9/13 cutoff date If you send an invoice to AP, do not make a manual entry Be sure the invoice has a FY11 date If you have unbilled items, work with vendors to obtain all invoices and submit them to AP by 9/13 13

14 Manual Accrual Process Manual Accrual Entry in Compass Creating a Reversing Entry Begins 9/14 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 14

15 Payment and Procurement Services Payment Requests and Expense Reports P-Card Purchases Joy Coburn 15

16 Accounts Payable Year-End Process Year-End Accounts Payable Tasks and Deadlines August 26 August 31 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 12 Deadline for departments final approval of Travel and Expense reports in Workflow Incomplete FY11 Expense Reports will be deleted 16

17 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 FY11 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 FY11 Expense Reports will be deleted on September 18 Airfare Direct Billed to SmartKey The last prepaid file will run in mid-august For any airfare charged between 8/15 and 8/31, check to see whether the airfare charges posted. If not, the charge must be accrued 17

18 Accounts Payable Year-End Process Year-End Accounts Payable Tasks and Deadlines August 25 August 30 August 30 September 13 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) September 16 Deadline to complete receiving for Emory Express invoices over $1,500 to ensure posting in FY11 18

19 Deposits and Receipts Clearing Accounts Cash Deposits for FY11 Gift Processing for FY11 Unclaimed Wires Petty Cash Confirmations Stephen Frangis, Vakela Kelly, Sonya Hearn, Mike Schiavoni 19

20 Clearing Accounts Year-End Process Year-End Clearing Accounts Tasks and Deadlines During August September 15 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) 20

21 Accounts Receivable Year-End Process Year-End Accounts Receivable Tasks and Deadlines September 9 Last day to get FY11 bills to Financial Operations (Sonya Hearn) 21

22 Cash and Gift Processing Year-End Process Year-End Cash and Gift Processing Tasks and Deadlines August 31 September 3 4:00 PM Cutoff for FY11 cash deposits and gift processing All University Cash Receipts for FY11 are due in the Cashier s Office by 4:00 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 9/17 as applicable Exception: There will be no accrual files posted between 9/5 and 9/8 due to completion of first close processes. The 9/9 file will catch up any activity that occurs this period All FY11 gift checks/cash should be delivered to the Gift Processing Office for appropriate processing 22

23 Accruing Deposits to FY11 To accrue a deposit to the old year (FY11) Create your Departmental Deposit as normal, and then From the Accounting Entries page, click the Deposit Control tab Locate the *Entered date field (in the Control Data section) Change the date to 08/31/2011 and click Save Continue to process your EPay as normal The Controller s Office will locate all deposits with an Entered Date of August 31 and accrue that deposit to the old year (FY11) 23

24 Wire Receipts Year-End Process Year-End Wire Receipts Tasks and Deadlines July and August Campus claims wire receipts for FY11 Throughout July and August, the Controller s Office will send reminders on a periodic basis concerning wires waiting to be claimed September 2 Last day for campus to go online to claim wire receipts for FY11 Wires for FY11 must be claimed with a FY11 date 24

25 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 25

26 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) 26

27 Petty Cash Year-End Process Year-End Petty Cash Confirm Tasks and Deadlines During August August 15 August 18 September 15 September 15 All Petty Cash Custodians will receive a Petty Cash confirmation letter The letter will list the Petty Cash Funds the custodian is in charge of Custodian must confirm balances, accounts, custodian and alternates 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 will be processed after 8/31 in September (new year) business 5 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 5 PM. Petty Cash checking account reconciliations due in Controller's Office Petty Cash confirms due in Controller's Office 27

28 Grants Retroactive Salary Transfers Grants Proposal/Award Deadlines James Goff, Urvi Patel 28

29 Grants Year-End Process Year-End Grants Tasks and Deadlines August 18 August 31 11:59 PM August 31 Deadline for submitting awards to OSP Send awards to OSP as early as possible, but no later than August 18 The award must be generated and budget finalized for FY The contract does not have to be set up All awards received by 8/18 that have all required information by 8/20 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 or prior: If received in OSP by August 31, the proposal will be submitted in August 2011 Proposals with a due date of 9/1 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 FY 2011 reports. Compass has a true calendar date cutoff. Proposals and awards submitted after 8/31 cannot be adjusted to include on 2011 reports 29

30 Grants Year-End Process Year-End Grants Tasks and Deadlines August 25 August 31 September 16 Deadline for clinical trial checks to be received in OGCA in order to be processed in FY 2011 Deadline for journals through Workflow to OGCA for 1 st close Journals still in Workflow may not make 1 st close. Final deadline for journal entries Journals must be through the Workflow process and to OGCA by 11:59PM on 9/16 in order to be processed in FY Year-End RST Task and Deadline September 12 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 30

31 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 FY2011 Compass no longer offers the ability to make adjustments after the calendar date of 8/31 for 2011 reports 31

32 Suspense Used to be Grants (UTBG) Grants Dates Out-of-Bounds (GOOB) Partially Funded by Grants (PFBG) Account James Goff 32

33 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: 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 The same goal for all four types determining an active SmartKey for the charge For all four types, the department receives a spreadsheet listing with the suspense items and instructions for clearing 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. 33

34 Suspense Clearing Year-End Process Year-End Suspense Clearing Tasks and Deadlines August 20 Deadline for September-July suspense clearing information to be received August 21 September 2 September 8 September 13 September 15 September 30 Controller s Office will provide update to business officers of the status of the outstanding items for September through July Last day for feeds to hit Compass for 1 st close 1 st close Deadline for August suspense clearing information to be received Controller s Office will provide update to business officers of the status of the outstanding items for September through August to determine fiscal year-end close action required Final close 34

35 Budget FY11 Budget Deadlines Closing Out E&G Budgets Funding Deficits Belva White 35

36 Budgets Year-End Process Year-End Budgets Tasks and Deadlines August 31 August 31 September 16 Cutoff for pre-approved one-time funding requests for FY11 Deadline for budget revisions through Workflow to Budget Office for 1 st close Final FY11 deadline for budget revisions to be through Workflow and to the Budget Office 36

37 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 37

38 Contact List Subject Matter Experts FY11 ChartField Requests Jessica Pounde Journal Entries Mike Gable Recurring Journal Entries Nancy Mears Expense and Revenue Accruals Stephen Frangis Payment Requests and Expense Reports Joy Coburn P-Card Purchases Tasha Short Clearing Accounts Stephen Frangis Accounts Receivable and Billing Sonya Hearn Cash Deposits Mike Schiavoni Gift Processing Drew Smith Ben Tompkins 38

39 Contact List (continued) Subject Matter Experts Unclaimed Wires Vakela Kelly Petty Cash Confirmations Vakela Kelly Retroactive Salary Transfers James Goff Grants Proposals and Awards Urvi Patel Suspense UTBG Julie Anne Autrey Suspense GOOB Julie Anne Autrey Suspense Account Nancy Mears Suspense Projects with Fund 2002 Mike Gable Reporting Steve Hall Budgets Jerry Lockamy Budget Journals Ronald Moody 39

40 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 Natalia Panteleyeva Interfaces David Giles 40

41 Information Only Reporting Inventory Deadlines School of Medicine and Emory Clinic Reconciliations Endowment Distribution Interfaces / Miscellaneous Deadlines 41

42 Reporting Recommended Reports Scopes Drill Down 42

43 nvision Report Listing 43

44 nvision Report Availability 44

45 MGT43xx Balance Sheet Reports 45

46 MGT44xx Fund Balance Reports 46

47 MGT4446 Fund Balance Associated Projects 47

48 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 48

49 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 49

50 Use Drill Down 50

51 Revised Summary Report Format Return 51

52 Inventory Year-End Process Year-End Inventory Tasks and Deadlines August 31 September 3 Departments must take physical inventory Inventory must be observed on 8/31; if inventory cannot be observed on 8/31, it must be observed prior to 8/31 If not observed on 8/31, departments must be prepared to roll forward the inventory or shut down operations until 8/31 to ensure the inventory reflects 8/31 balance Departments must be able to provide backup for the inventory balance Deadline for inventory counts and adjustments to Controller s Office 52

53 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 53

54 Interfaces / Miscellaneous Deadlines Year-End Miscellaneous Tasks and Deadlines September 2 September 2 September 2 September 15 September 2 September 19 August interface for 1 st close Deadline for billings not recorded through the General Accounts Receivable Office to Controller s Office Deadline for term summary contracts extending past 8/31 to the Controller s Office Deadline for bank statements received outside the Controller s Office due to the Controller s Office Deadline for lease agreements extending past 8/31 to the Controller s Office Final August interface 54