Account (WhoKey) Closure Guidance

View/Print WhoKey Closure Guidance PDF

The following actions must be addressed prior to closing an account (WhoKey):

Notify Controller’s Office

  • 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 (jeff-sebring@uiowa.edu)
    - 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)   
  • Financial Analysis:
    - Capital Projects (Grant/Program ID 6 and Plant Funds 600-799) send to Andrea Morrow (andrea-morrow@uiowa.edu) and Karlyn Larson (karlyn-larson@uiowa.edu
    - Service  Centers (Fund 261) send to Ted Welter (ted-welter@uiowa.edu) and Denise Bruck (denise-bruck@uiowa.edu)  
  • Accounting & Financial Reporting: all other accounts & funding sources not specified above send to afr-chartfield-whokey@uiowa.edu email account

Review Human Resources appointments (IACT’s 5000-5998)

  • 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 payroll-web@uiowa.edu. 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 and 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.

Review Purchasing purchase orders

  • 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 (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 Journal ID List, Journal ID Search tool in Employee Self Service – GL General Ledger DSS or drill to the information within the TDR for specific posted transactions.

Move Budget Allocations

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 Cathy Hagen (cathy-hagen@uiowa.edu) for assistance.

Reconcile Transaction Detail Reports (TDR’s)

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) and the Monthly TDR Inbox or Ad-Hoc search functionality.

Review Balance Sheet Institutional Account (IACT) balances (IACT’s 1000-2999)

  • All balance sheet IACT’s must be zero before a WhoKey can be closed.Refer to the Accounting Code Manual for IACT names and descriptions.
  • Balances in the following IACTS 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.
  • Balances in the following IACT’s are primarily controlled by the campus department.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 the balances on a transaction basis 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 accounting-services@uiowa.edu for GLJE questions if assistance is needed.

Description

Institutional Accounts

Accounts Receivable

1100, 1101, 1102*, 1119, 1120*

Due-from Interdepartment

1170

Inventory Supplies

1300

Prepaid Expense

1350

Accounts Payable-Other

2001

Deferred Revenue

2010

Deferred Revenue-Interdepartment

2011

Due-to Interdepartment

2170

*IACT’s 1102 and 1120 are allowed with WebCV, which is the recommended method for moving transactions.

Refer to “Guidelines for Moving Budgets, Revenue and Expenditures within UI General Ledger

This document provides basic guidelines regarding which system to use when moving funds/expenditures.

Review Capital Assets Management (Fund 900) balances

If a department or subdepartment is closed, capital asset balances in Fund 900 may 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.