The following actions must be addressed prior to closing an account (WhoKey):
- Notify Controller’s Office
- Review Human Resources appointments
- Review Purchasing purchase orders
- Review Internal Vendor charges for University goods and services (General Stores, Facilities Management, etc.)
- Move Budget Allocations
- Reconcile Transaction Detail Reports (TDR’s)
- Review Revenue and Expense Institutional Account (IACT) balances and Balance Forward
- Review Balance Sheet Institutional Account (IACT) balances
- Refer to “Guidelines for Moving Budgets, Revenue & Expenditures within UI General Ledger”
- Review Capital Assets Management (Fund 900) balances
- Requests to close single WhoKeys (except for Funds 500 & 510) should be done through the WhoKey Administration application in Employee Self Service, through clicking on the “Close Account” link for that WhoKey. This will generate an email to the right central unit to handle the closure. If you have questions or need assistance, please direct them to the following:
- Grant Accounting Office:
- Gifts (Funds 520/525) contact Jeff Sebring (firstname.lastname@example.org)
- Grants (Funds 500/510) and cost share accounts (Grant/Program ID 3) are closed according to the terms of the award agreement.Questions can be sent to the appropriate GAO contact (http://gao.fo.uiowa.edu/contact-us)
- Capital Projects: (Grant/Program ID 6 and Plant Funds 600-799) contact Andrea Morrow (email@example.com) and Karlyn Larson (firstname.lastname@example.org)
- Financial Analysis: Service Centers (Fund 261) contact Ted Welter (email@example.com) and Denise Bruck (firstname.lastname@example.org)
- Accounting & Financial Reporting: all other accounts & funding sources not specified above send to email@example.com email account
- Change the WhoKey for future payroll periods for monthly and bi-weekly appointments through the Human Resources appointments using the Change of Status form online in the HR Transaction System; contact your HR Unit Representative for assistance or the Payroll Office at firstname.lastname@example.org. This change will impact future monthly and biweekly payroll expense and related encumbrances (journal ID 9ENCMPAY).
- To move payroll expense posted to the current fiscal year to another account, the preferred method is to process a retroactive Accounting-Only Change of Status. A PayCV will be processed by central HR staff for monthly appointments. The department will need to generate or request PayCV’s to be completed by Accounting & Financial Reporting or Grant Accounting for bi-weekly appointments. Refer to the “PayCV Guidelines” for additional details.
- An alternative method to change the WhoKey on Human Resources appointments is through the Budget and Salary Planning Application managed by the department of Financial Management and Budget. This application supports the annual budget process and the updates entered are effective on July 1st of the fiscal year.
- Change WhoKey on purchase orders. Contact Accounts Payable & Purchasing at Preqs@uiowa.edu or through a purchasing agent for assistance.
- May need to close purchase order for WhoKey being closed and re-open purchase orders with the new WhoKey.
- Relates to encumbrance journal ID’s 9PURCHENC (purchase orders) and 9ENCEPAY01 (eBuy).
Review Internal Vendor charges for University goods and services (E.g. General Stores, Facilities Management, etc.) (IACT’s 6000-7999)
- Change WhoKey for future expenses for recurring charges used by internal vendors to record purchases of goods and services.
- Identify journals for the WhoKey from the Transaction Detail Report (TDR) and move current fiscal year expenses through the WebCV application accessible through the TDR.
- To obtain journal contact names, see the Journal ID Search tool in Employee Self Service – General Ledger Reports or drill to the information within the TDR for specific posted transactions.
- If budget dollars must be reallocated to a different WhoKey, use the Budget Management (Web Budget) application in Employee Self Service. General Education Fund (GEF) 050 WhoKeys to move budgets/allocation within the GEF should be done this way and other budgeted non-GEF funded WhoKeys can also use it to make adjustments. They must be a one to one fund match. No grant funds are allowed. Contact Financial Management and Budget for assistance.
- All TDRs for the WhoKey for the current and prior fiscal year must be reconciled at a minimum before closing the WhoKey. Refer to the “Monthly Review of Transactions and Accounts” policy for additional information about reconciliation responsibilities. TDR’s are accessed through Employee Self Service – Electronic Financial Reports (EFR) Portal and the Monthly TDR Inbox or Ad-Hoc search functionality.
Review Revenue and Expense Institutional Account (IACT) balances (IACTs 3000-7999) and Balance Forward
- WebCV must be used to correct or move current fiscal year posting of individual revenue and non-payroll expense transactions to another WhoKey.
A transfer entry using IACT’s 35xx/75xx must be posted in the GL Journal Entry (GLJE) application to move a balance forward to another WhoKey. In general, a voluntary transfer IACT of 3550/7550 (Intra Org) or 3555/7555 (Intra Dept) should be used for this transaction. Entries using any transfer IACT’s (35xx/75xx) are not allowed to GEF (fund 050), Current Restricted Non Federal/Federal (funds 500/510) or Agency (funds 950-989) accounts. Refer to "Guidelines for Moving Budgets, Revenue and Expenditures within UI General Ledger" for further information.
- All balance sheet IACT’s for a WhoKey must be zero before the full closure/inactivation process can be completed. Refer to the Accounting Code Manual for IACT names and descriptions.
- Balances in the following IACT's are controlled by central, campus-wide systems and should not be modified with manual journal entries.Please use the contact information below if you have questions on how and when these IACT balances will be zero.
- IACT 1030-Cash and Change Advances- email@example.com (Accounting & Financial Reporting)
- IACT 1110-Accounts Receivable- University Billing Office
- IACT 2000-Accounts Payable Purchasing- firstname.lastname@example.org
- IACT 2020-Salaries Payable- email@example.com
- IACT 2021-Salaries Payable Other- firstname.lastname@example.org (Accounting & Financial Reporting)
- Additional questions: Accounting & Financial Reporting- email@example.com
- Balances in the following IACT’s are primarily controlled by the campus department that owns the WhoKey. The department is responsible for moving balances to a new WhoKey or closing out existing balances before the WhoKey can be closed. The department should use the WebCV application to move current year transactions if the IACT is allowed within WebCV. Otherwise, the department can use the GLJE application - Accrual type to move the balances. Contact Accounting & Financial Reporting at AFR-ElecFinTrans@uiowa.edu for assistance with questions related to GLJE or WebCV.
1100, 1101, 1102*, 1119, 1120*
*IACT’s 1102 and 1120 are allowed to be corrected/moved within WebCV, which is the recommended method for moving transactions.
*** NOTE: Cash (IACT 1000) is moved automatically with each journal that posts to expense, revenue and other balance sheet IACT’s. Fund Balance (IACT’s 2500-2999) is moved automatically with end of month accounting close processes that equals the total amount of expense and revenue posted to that WhoKey. Cash and fund balance will zero out when all other balance sheet IACT’s have cleared. Direct posting to cash and fund balance is not allowed.
- This document provides basic guidelines regarding which system to use when moving funds expenditures, revenue and budget.
- If a department, subdepartment or WhoKey is/will be closed, any remaining capital asset balances in Fund 900 will need to be updated to reflect changes in ownership of equipment, software, or building and infrastructure assets. See the Capital Assets Management forms and instructions to update these records.