DATE: May 7, 2013
TO: Budget Officers and General Ledger Decision Support List Service Subscribers
FROM: Steve Romont, Director of Accounting & Financial Reporting
Carolyn Gritton, Assistant Director, Accounting & Financial Reporting
RE: Timetable and Reminders for Closing Fiscal Year 2013
As we approach the end of the fiscal year, careful planning will be required in order to prevent overdrafts in State Appropriated expense accounts and to close all accounts for the fiscal year on a timely and efficient basis. To assist with planning, we have prepared the following list of due dates and reminders.
1. PAYROLL SCHEDULE FOR THE JUNE & JULY 2013 BIWEEKLY PAYROLL
a) The biweekly payroll for the period Sunday, May 26, 2013 through Saturday, June 8, 2013 due to be received in the Payroll Office no later than 5:00 PM Tuesday, June 11, 2013 will be charged against FY13 in the June (period 12) accounting period. The payroll checks for the above period will be dated and issued June 18, 2013. Please submit ETRs as soon as possible to help the Payroll Office facilitate this process.
b) The biweekly payroll for the period Sunday, June 9, 2013 through Saturday, June 22, 2013 due to be received in the Payroll Office no later than 5:00 p.m. Tuesday, June 25, 2013 will be charged against FY14 in the July (period 1) accounting period using the FY14 fringe rates. The payroll checks for the above period will be dated and issued July 2, 2013 and will be accrued centrally for financial reporting purposes.
c) The biweekly payroll for the period Sunday, June 23, 2013 through Saturday, July 6, 2013 due to be received in the Payroll Office no later than 5:00 p.m. Tuesday, July 9, 2013 will be charged against FY14 in the July (period 1) accounting period. The payroll checks for this pay period will be dated and issued July 16th and will be accrued centrally for financial reporting purposes.
Questions may be directed to Dan Schropp (335-2382 or firstname.lastname@example.org).
2. SERVICE CENTERS - JUNE CHARGES
a) General Stores: Will include orders made through the Preq catalog or eBuy by 4:00 p.m. on June 28 and all special orders by June 14.
b) Printing Service and Document Services: Will include charges through 4:00 p.m. on June 28.
c) ITS - Administrative and Academic Computing and Telecommunications charges for long distance and repairs/installations: Will include charges through June 23.
d) Facilities Management: Will include charges through June 30.
e) Planning, Design & Construction labor charges will be included through June 30
f) Fleet Services: Will include charges through June 30.
g) Other: Will include charges through June 30, whenever possible.
a) Orders to vendors outside the University to be charged to FY13 budgets must be received at the Purchasing Department by 4:30 p.m., June 14, 2013. Requisitions received after that date may be held and charged to the budget for FY14.
Please submit requisitions $25,000 and greater well in advance of June 14 to assure the processing of competitive bids and approval of requisitions before the end of the fiscal year. All requisitions received after June 15 should identify the fiscal year to be charged, and those requisitions identified as FY13 will be processed and encumbered, time permitting. Those requisitions identified as FY14 will be held until after July 1, 2013 for processing. Requisitions without notations will be worked as time permits and could be delayed until FY14. Notation on PReqs should be made on the Internal Comments section.
Adherence to these procedures is necessary to allow sufficient time before the close of the fiscal year on June 30 to complete the following purchasing functions: Secure quotations or bids, determine the best source of supply, and process the purchase orders for items to be encumbered to current fiscal year budgets.
b) Departments using the PReqs application should be aware that any requisition entered and approved under $5,000 will be encumbered if received and approved on or before June 30, 2013. To prevent this, the final departmental approval must occur after June 30, 2013.
Questions concerning these dates may be directed to the Purchasing Department, John E. Watkins at 4-1340 or email@example.com.
Items encumbered against the current fiscal year budgets will have a balance forward to fund the encumbrance in the next fiscal year if one of the following conditions are met:
 the ending free balance of the WhoKey is greater than or equal to zero or the ending free balance is a deficit that is equal to the encumbrance amount, and the WhoKey does not close-out to another WhoKey;
 the WhoKey closes out to another WhoKey using the Budget Close-out (valid only for Funds 050 and between 230-239), and the balance-option is blank, which includes encumbrances in the calculation of the amount to close-out, and the move-option is blank, which moves a surplus or deficit balance.
Questions on the close-out status of a WhoKey or the close-out process may be directed to Shelly Michel in Accounting & Financial Reporting (335-0195 or firstname.lastname@example.org).
a) Correcting journal entries for encumbrances will be processed by Accounting & Financial Reporting only for errors that occur during the June accounting period and are on appropriated funds (050-060, 170-239). Requests for corrections to encumbrance amounts will be accepted by your Accounting & Financial Reporting Org Contact until 4:00pm on July 8th, 2013.
Encumbrances are produced from Purchasing (POs and eBuy), Payroll, and Facilities Management. If encumbrance amounts are not accurate for transactions posted prior to June, you are responsible for working with the source of the transaction to make the correction; otherwise, the encumbrance amount will remain on the accounting statement through the fiscal year close and will need to be corrected in the next fiscal year.
To remove encumbrances related to Purchase Orders and eBuy transactions please contact the appropriate Purchasing Agent by 4:30 PM June 27,2013.
b) For state appropriated accounts, funds carried forward for the prior year’s encumbrances are subject to reversion if not expended for those items ordered.
c) Accounting & Financial Reporting will remove encumbrance amounts for blanket orders from your accounting statements for fiscal year-end reporting. They will be added back to the July statements (period 1 of FY14).
5. ACCOUNTS PAYABLE AND TRAVEL
a) EVouchers: All Evouchers, payable to outside vendors, must be completed through workflow and all documentation submitted to Accounts Payable and Travel, 202 PCO, no later than 4:30 p.m., June 27, 2013 to be processed in FY13. Vouchers processed through June 28, 2013 will have checks issued with a date of June 28, 2013.
Questions concerning these dates may be directed to the Accounts Payable and Travel Department, Dani Weber at 353-2503 or email@example.com.
b) ProTrav Travel Vouchers: Travel Expense vouchers to be recorded in FY13 for travel completed prior to June 1 should be in the Accounts Payable and Travel Department by June 7; this includes EVouchers for travel. Please keep in mind that it takes several days for a voucher to move through all the channels of approval and arrive for processing. Therefore, for travel already ended, this process should be started immediately. For travel ending after June 1, the voucher should be submitted immediately upon return if it is to be processed this fiscal year. Unless travel is occurring in the last week of June, all vouchers that must be processed this fiscal year should be in the Accounts Payable and Travel Office no later than June 14. For travel occurring after June 14, all vouchers that must be processed for this fiscal year must be complete through workflow and all required documentation submitted to the Accounts Payable and Travel Department no later than 4:30 p.m., June 27, 2013.
Questions concerning these dates may be directed to Dani Weber at 353-2503 or firstname.lastname@example.org.
c) Procurement Card Vouchers:
The June billing cycle has been modified in order to accommodate fiscal year spending.
Modified billing cycles:
June billing cycle: 5/28/13 - 6/14/13
July billing cycle: 6/15/13 - 7/29/13
Procurement card transactions that have a POST date on or before 6/14/13 will be processed within FY13. Note: Post date is often days later than the actual transaction date. It's the department/cardholders responsibility to be sure they are monitoring their account to be sure transactions that need to post to this current fiscal year appear on their Procurement Card Statement on or before 6/14/13.
June Procurement Card Vouchers complete (approved through workflow) by 06/30/13 will post to the Master File Keys (MFKs) listed on the voucher.
Procurement Card Vouchers not complete (still in workflow or voucher not reconciled) by 6/30/13 will post to the cardholders’ "default" account. The default entry can be reversed up until July 10, 2013 once the voucher has been approved in workflow and approved by the Accounts Payable Department.
In order to accommodate year end posting during the 07/01/13 - 07/10/13 time frame, the following journal ids will truncate with an alpha character.
- 1PCRDFLT00 (Procurement Card Voucher default) will post as 1PCRDFLT0A, 1PCRDFLTOB accordingly.
- 1PCRDREV00 (Default reversals), will post as 1PCRDREV0A, 1PCRDREVOB accordingly.
- 1WEPCARD1 (Regular Procurement Card Voucher) will post as 1WEBPCARDA, 1WEBPCARDB accordingly.
6. ACCOUNTING & FINANCIAL REPORTING
a).GL Journal Entry (GLJE) journal entries must be submitted by 6:30 p.m. June 30 (normal cutoff). The application will be taken down after that and will be available on Monday, July 1 at 7 a.m. Beginning July 1, users can choose between FY13 Preliminary Close (period 13) and July FY14 (period 1) accounting period by selecting the appropriate button. The journal header will clearly indicate which period and fiscal year the journal has been created for. The application will default to a July date for entries created during the year end close time frame.
b) WebCV and PayCV entries will be accepted until 6:30 p.m. June 30 (normal cutoff). The applications will be taken down after 6:30 p.m. and will be available on Monday, July 1 at 7 a.m. Entries submitted July 1 and after will be posted to Preliminary Close.
c) The General Ledger Decision Support System (GLDSS) monthly data for June (period 12) is projected to be available July 3. Distribution of Transaction Detail Reports (TDR) and Grant Reports through the EFR portal are projected to be available on July 5.
d) GLJE journal entries for Preliminary Close (period 13) must be submitted by 5:00 p.m. July 11 (*early cutoff).
e) WebCV and PayCV journal entries for Preliminary Close (period 13) must be submitted by 5:00 p.m. July 11 (*early cutoff).
The Preliminary and Final Close periods are intended for posting corrections and finalizing the year-end. Entries representing new charges or activities for the fiscal year being closed should be posted prior to June 30th. Submission of new charges during preliminary and final close should not be made and can cause delays with the central close-out process. WebCV is the preferred mechanism for making non-salary expense and revenue transaction corrections, rather than the GLJE application due to the audit trail associated with WebCV transactions.
f) GLDSS monthly data for Preliminary Close (period 13) is projected to be available July 13. Distribution of Transaction Detail Reports (TDR) and Grant Reports through the EFR portal are projected to be available on July 15.
g) GLJE journal entries for Final Close (period 14) must be submitted by 5:00 p.m. July 17 (*early cutoff). Beginning July 12, for users with the appropriate Org-level year-end security granted by your Budget Officer, they can choose between FY13 Final Close and July FY14 accounting periods by selecting the appropriate button. The journal header will clearly indicate which period and fiscal year the journal has been created for. The application will default to a July date for entries created during the year end close time frame. You must have approval from the appropriate Org Unit Administrative Office to submit Final Close entries.
h) WebCV and PayCV journal entries for Final Close (period 14) must be submitted by 5:00 p.m. July 17 (*early cutoff). Beginning July 12, for users with the appropriate Org-level year-end security granted by your Budget Officer, all entries submitted will be posted to Final Close. You must have approval from the appropriate Org Unit Administrative Office to submit Final Close entries.
i) GLDSS monthly data for Final Close is projected to be available July 24.
j) Transaction Detail Reports (TDR) and Grant Reports information: Fiscal year-end TDRs and Grant Reports for all periods will be available through the EFR portal in the TDR Inbox and Grant Inbox, based on various roles that have been established. In addition, these reports will be available through the Ad-Hoc version of each report through EFR. TDRs and Grant Reports will be created as follows:
- Period 12 – TDR and Grant Reports will be exactly like the standard periods 1 – 11 (period 12 transactions and all standard TDR functionality is available).
- Period 13 – TDR and Grant Reports will be available with period 13 transactions. TDRs will have WebCV functionality only (must have WebCV period 14 permission) but without comments or reconciliation functionality. Account Reviewers are not expected to reconcile Period 13 TDRs.
- Period 14 – TDR and Grant Reports will be available and will include transactions for both periods 13 & 14. All standard TDR functionality is available, and Account Reviewers will be expected to reconcile period 14 TDRs, which will include period 13 transactions.
Web application questions for GLJE, WebCV, PayCV or GLDSS data and reports may be directed to Tammy Buchmayer (335-0108 or email@example.com) or Carolyn Gritton (335-0646 or firstname.lastname@example.org) or to email@example.com. EFR/TDR questions should be directed to firstname.lastname@example.org or Joel Uden at 335-0063.
End of year calendar and close deadline information will be posted to the Accounting & Financial Reporting website (http://afr.fo.uiowa.edu/).
7. BUDGET DEVELOPMENT OFFICE (Budget Management)
a) Web Budget journal entries will be accepted until 5:00 p.m. June 30. The application will be taken down after 5:00 p.m. and will be available on July 1 at 7 a.m. Entries submitted between July 1 and July 12 will be directed to Preliminary Close.
b) Web Budget journal entries for Preliminary Close (period 13) must be submitted by 5:00 p.m. July 11. Entries submitted between July 12 and July 17 will be directed to Final Close.
c. Web Budget journal entries for Final Close (period 14) must be submitted by 5:00 p.m. July 17.
Questions may be directed to Cathy Hagen (353-0130 or email@example.com).
8. GIFTS, GRANTS AND CONTRACTS
It is always important for gifts, grants or contracts that are closing in a given month or in deficit status be reviewed in a timely manner, but for those with a June 30 end date, it is necessary for the Principal Investigator, Department Administrator, and/or Org Administrator to expediently review and take action since we are also working against the closing of the fiscal year. Questions should be directed to the appropriate Grant Accountant (contact list can be found at http://gao.fo.uiowa.edu/contact-us).
9. TREASURY OPERATIONS (eDeposits)
a) Money received on or before June 28th must be deposited to the University’s bank account no later than 3:30 p.m. on the 28th. Any monies received after 3:30 p.m. should be deposited at the bank on July 1st.
b) All eDeposits must be submitted before 10:30 a.m. on July 1st if the money is to be posted to the general ledger in FY13. The eDeposits system will be unavailable after 10:30 am on July 1st until all system reconciliation work has been completed.
IMPORTANT NOTE: Only the eDeposits that are reconciled with bank deposits will post to the general ledger. Unreconciled eDeposits will carry over and become part of the FY14 financial activity.
c) All eDeposits submitted after 10:30 a.m., July 1st will be posted to the general ledger in FY14.
Questions may be directed to Laurie Lentz (335-1398 or firstname.lastname@example.org)