Timetable and Reminders for Closing Fiscal Year 2014

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DATE:              May 1, 2014

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 2014

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 2014 BIWEEKLY PAYROLL

  1. The biweekly payroll for the period Sunday, May 25, 2014 through Saturday, June 7, 2014 due to be received in the Payroll Office no later than 5:00 PM Tuesday, June 10, 2014 will be charged against FY14 in the June (period 12) accounting period.  The payroll checks for the above period will be dated and issued June 17, 2014. Please submit ETRs as soon as possible to help the Payroll Office facilitate this process.

     

  2. The biweekly payroll for the period Sunday, June 8, 2014 through Saturday, June 21, 2014 due to be received in the Payroll Office no later than 5:00 p.m. Tuesday, June 24, 2014 will be charged against FY15 in the July (period 1) accounting period using the FY15 fringe rates.  The payroll checks for the above period will be dated and issued July 1, 2014 and will be accrued centrally for financial reporting purposes.  
     
  3. The biweekly payroll for the period Sunday, June 22, 2014 through Saturday, July 5, 2014 due to be received in the Payroll Office no later than 5:00 p.m. Tuesday, July 8, 2014 will be charged against FY15 in the July (period 1) accounting period.  The payroll checks for this pay period will be dated and issued July 15, 2014 and will be accrued centrally for financial reporting purposes. 

Questions may be directed to Dan Schropp (335-2382 or daniel-schropp@uiowa.edu).

2. SERVICE CENTERS - JUNE CHARGES

  1. General Stores: Will include orders made through the PReq catalogue or eBuy by 4:00 p.m. on June 30 and all special orders by June 13.
     
  2. Printing Service and Document Services: Will include charges through 4:00 p.m. on June 30.
     
  3. ITS - Administrative and Academic Computing and Telecommunications charges for long distance and repairs/installations:
    Will include charges through June 23.
     
  4. Facilities Management: Will include charges through June 30.
     
  5. Planning, Design & Construction labor charges will be included through June 30.
     
  6. Fleet Services: Will include charges through June 30.  
     
  7. Other:  Will include charges through June 30, whenever possible.

3. PURCHASING

  1. Orders to vendors outside the University to be charged to FY14 budgets must be received at the Purchasing Department by 4:30 p.m., June 13, 2014.  Requisitions received after that date may be held and charged to the budget for FY15.

    Please submit requisitions $25,000 and greater well in advance of June 13 to assure the processing of competitive bids and approval of requisitions before the end of the fiscal year.  All requisitions received after June 14 should identify the fiscal year to be charged, and those requisitions identified as FY14 will be processed and encumbered, time permitting.  Those requisitions identified as FY15 will be held until after July 1, 2014 for processing.  Requisitions without notations will be worked as time permits and could be delayed until FY15.  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. 
     

  2. 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, 2014. To prevent this, the final departmental approval must occur after June 30, 2014.

Questions concerning these dates may be directed to the Purchasing Department, John E. Watkins at 4-1340 or john-e-watkins@uiowa.edu.

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: 

      [1]  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;

      [2]  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 shelly-michel@uiowa.edu).  WhoKey Budget & Balance Close-out worksheet updates are due back to Accounting & Financial Reporting Org contacts by Friday, May 30th.

4. ENCUMBRANCES

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, 165-189 & 190-239).  Requests for corrections to encumbrance amounts will be accepted by your Accounting & Financial Reporting Org Contact until 4:00pm on July 9th, 2014. 

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, 2014.

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 blanket order encumbrance transactions from the regular June Close (period 12) Transaction Detail Reports (TDR) for fiscal year-end reporting purposes only.  They will be added back to the July statements (period 1 of FY15).

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, 2014 to be processed in FY14.  Vouchers processed through June 30, 2014 will have checks issued with a date of June 30, 2014.

Questions concerning these dates may be directed to the Accounts Payable and Travel Department, Dani Weber at 353-2503 or danielle-f-weber@uiowa.edu.

b.   ProTrav Travel Vouchers: Travel Expense vouchers to be recorded in FY14 for travel completed prior to June 1 should be in the Accounts Payable and Travel Department by June 6; 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 13.  For travel occurring after June 13, 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, 2014.

Questions concerning these dates may be directed to Dani Weber at 353-2503 or danielle-f-weber@uiowa.edu.

c.   Procurement Card Vouchers:

The June billing cycle has been modified in order to accommodate fiscal year spending. 

Modified billing cycles: 

June billing cycle:   May 28, 2014 – June 13, 2014
July billing cycle:    June 14, 2014 – July 28, 2014

Procurement card transactions that have a POST date on or before June 13, 2014 will be processed within FY14.  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 June 13, 2014.

June Procurement Card Vouchers complete (approved through workflow) by June 30, 2014 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 June 30, 2014 will post to the cardholders’ "default" account.   The default entry can be reversed up until July 10, 2014 once the voucher has been approved in workflow and approved by the Accounts Payable Department.

In order to accommodate year end posting during the July 1, 2014 – July 10, 2014 timeframe, 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.

 Questions may be directed to Dani Weber at 353-2503 or danielle-f-weber@uiowa.edu or john-e-watkins@uiowa.edu.

6. ACCOUNTING & FINANCIAL REPORTING

  1. 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 Tuesday, July 1 at 7 a.m.  Beginning July 1, users can choose between FY14 Preliminary Close (period 13) and July FY15 (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 timeframe.
     
  2. WebCV and PayCV entries will be accepted until 6:30 p.m. June 30 (normal cutoff). The applications will be taken down after that and will be available on Tuesday, July 1 at 7 a.m.  Entries submitted between July 1 and July 11 will be posted to Preliminary Close.
     
  3. The General Ledger Decision Support System (GLDSS) monthly data for June (period 12) is projected to be available July 2.  Distribution of Transaction Detail Reports (TDR) and Grant Reports through the EFR portal are projected to be available on July 2.
     
  4. GLJE journal entries for Preliminary Close (period 13) must be submitted by 5:00 p.m. July 11 (*early cutoff). 
     
  5. 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.

  6. GLDSS monthly data for Preliminary Close (period 13) is projected to be available July 14.  Distribution of Transaction Detail Reports (TDR) and Grant Reports through the EFR portal are projected to be available on July 14.   
     
  7. GLJE journal entries for Final Close (period 14) must be submitted by 5:00 p.m. July 16 (*early cutoff).  Beginning July 12, for users with the appropriate Org-level year-end security granted by your Budget Officer, they can choose between FY14 Final Close and July FY15 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 timeframe. You must have approval from the appropriate Org Unit Administrative Office to submit Final Close entries.

     

  8.  WebCV and PayCV journal entries for Final Close (period 14) must be submitted by 5:00 p.m. July 16 (*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.
     
  9. GLDSS monthly data for Final Close is projected to be available July 21.  Distribution of Transaction Detail Reports (TDR) and Grant Reports through the EFR portal are projected to be available on July 21.
     
  10. GLDSS daily July FY15 online reports are projected to include balance forward data from the roll-forward process on July 23.
     
  11. 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 Monthly 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 functionalities. 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 tamara-buchmayer@uiowa.edu) or Carolyn Gritton (335-0646 or carolyn-gritton@uiowa.edu) or to accounting-services@uiowa.edu. EFR/TDR questions should be directed to as-efr@uiowa.edu or Joel Uden (335-0063 or joel-uden@uiowa.ed) or Carolyn Gritton (335-0646 or carolyn-gritton@uiowa.edu).

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)

  1. Web Budget journal entries will be accepted until 6:30 p.m. June 30 (normal cutoff).  The application will be taken down after that and will be available on July 1 at 7 a.m.  Entries submitted between July 1 and July 11 will be directed to Preliminary Close.  
     
  2. Web Budget journal entries for Preliminary Close (period 13) must be submitted by 5:00 p.m. July 11 (*early cutoff).  Entries submitted between July 12 and July 16 will be directed to Final Close.
     
  3. Web Budget journal entries for Final Close (period 14) must be submitted by 5:00 p.m. July 16 (*early cutoff).

Questions may be directed to Cathy Hagen (353-0130 or cathy-hagen@uiowa.edu).

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 30 must be deposited to the University’s bank account no later than 3:30 p.m. on June 30.  Any monies received after 3:30 p.m. should be deposited at the bank on July 1.

b.   All eDeposits must be submitted before 10:30 a.m. on July 1 if the money is to be posted to the general ledger in FY14.  The eDeposits system will be unavailable after 10:30 am on July 1 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 FY15 financial activity.

c.   All eDeposits submitted after 10:30 a.m., July 1 will be posted to the general ledger in FY15.

 Questions may be directed treasury-edeposits@uiowa.edu.