Year End Information Document for 2015 Fiscal Year End Closing

Transcription

1 Office of the Vice President 207 Tigert Hall and Chief Financial Officer PO Box Finance and Accounting Division Gainesville, FL University Controller's Office Fax April 26, 2015 Year End Information Document for 2015 Fiscal Year End Closing Asset Management Schedule for 2015 Fiscal Year End Closing This schedule includes information on the deadline for departments to approve the roll-over of equipment that will be covered under the Equipment Maintenance Program. Friday, June 12, 2015 Confirm assets that will continue to be insured on the Equipment Maintenance program. Beginning in May, 2015, the representative from Specialty Underwriters will be contacting departments to obtain renewal information and to add any additional equipment not already on the plan. You should receive your renewal documents no later than May 15, Specialty Underwriter s campus contact is Andrew Paquin at apaquin@sugroup.com or extension Alternately, you may contact Purchasing Services at purchasing@ufl.edu or Please contact Sherry Adams at x409 or sadams@ufl.edu, if you have any questions.

2 Construction Accounting Schedule for 2015 Fiscal Year End Closing This schedule includes information on the deadline for Facilities Planning, Physical Plant, and IFAS Facilities Planning to send invoices to Construction Accounting for payment. Wednesday, June 17, 2015 Deadline for Planning, Design & Construction, Physical Plant, and IFAS Facilities to send invoices to Construction Accounting for processing in FY15. Please contact Lori Brewster at x353 or if you have any questions. Page 2

3 Budgets Schedule for 2015 Fiscal Year End Closing This listing provides the schedule for budget allocations, budget transfer availability, and the carry forward of committed and uncommitted balances of state funds. Each fiscal year-end, the Budget Office has the responsibility of allocating and loading the next year's Current and Carryforward budgets. The following is a timeline of the process: Budget Transfers Tuesday, May 5, 2015 System will be available to enter FY16 budget transfers for Waiver Authority fund 132. Friday, June 26, 2015 Deadline to process FY15 budget transfers for APPROP and STUGOV ledgers. Monday, July 6, 2015 System will be available to enter FY16 budget transfers for APPROP (All Funds) and STUGOV Ledgers CRRNT Budget Thursday, May 14, 2015 (Estimated) FY16 Appropriated funds will be allocated to Colleges. Departments may begin entering budget data in Hyperion Budget System. Friday, June 12, 2015 Departments will complete entering budget data in Hyperion Budget System. Monday, June 29, 2015 FY16 CRRNT budget will be loaded for APPROP Ledger funds , 105, 106, 107, 196, 221 & 222, Concession fund 192, and STUGOV Ledger fund CYFWD Budget Thursday, July 2, 2015 Current year budget (FY15) amounts that are committed, (outstanding purchase orders and travel authorizations), but not expensed at June 30 for E&G, IFAS, HSC, and Student Activities budget entities are carried forward and budgeted in the next fiscal year and recorded in the Commitment Control Ledger, budget reference CYFWD (Funds ) or CRRNT (Funds 191, 196, 221 & 222). The budget is recorded in the same Department ID, budgetary account, and program (if applicable) as shown on the commitment. Friday, July 17, 2015 Current year budget (FY15) amounts that have not been expensed or recorded as a commitment for E&G, IFAS, and HSC budget entities (Funds only) are reallocated to the appropriate major budgetary unit, e.g., Vice President, College Dean, and recorded in the Commitment Control Appropriations Ledger with a budget reference of CYFWD in FY16. Page 3

4 Friday, July 17, 2015 Unexpended balances with a budget reference of CYFWD in FY15 will be carried forward and budgeted in FY16. These will be recorded in the APPROP Ledger as budget reference CYFWD. The budget is recorded in the same Department ID, budgetary account, and program (if applicable) as shown in the APPROP Ledger at fiscal year-end. Please contact Sheri Austin at or sheri@ufl.edu if you have any questions. Page 4

5 General Accounting and Financial Reporting Schedule for 2015 Fiscal Year End Closing This listing provides information about the schedule for general ledger closing, distribution of nongrant negative balance reports, and deadlines to request new chartfield values and combination codes that will be used in the current fiscal year. It also includes deadlines for journal entries and the availability of final year-end financial reports. Wednesday, May 6, 2015 FY End Workshop, 3:30pm-4:30pm Sunshine Skyway, Enterprise Systems June 1, 2015 June 22, 2015 General Accounting will send negative balance reports weekly for non-grant funds. Please correct negative balances timely while the system is available for E2Es, deposit corrections, budget transfers, or cash transfers as appropriate. Friday, June 5, 2015 Deadline to request new DeptID s, Flex, and SOF for use in FY15. Wednesday, June 17, 2015 Deadline to request new payroll combination codes (formerly HRAC) for use in FY15. Note: Last retro for FY15 is 6/18/2015. Thursday, July 2, 2015 Deadline to create GL journal entries for June, Monday, July 13, 2015 General Ledger will be closed for FY15. Thursday, July 16, 2015 June Monthly Financial Reports will be available to campus. Tuesday, September 1, 2015 Component Unit Financial Statements and Component Unit Forms due to General Accounting and Financial Reporting Please contact for General Accounting and Financial Reporting if you have any questions. Page 5

6 Payroll and Tax Services Schedule for 2015 Fiscal Year End Closing This is a listing of the schedule for department budget table (distribution) rollovers, availability of the department budget table component for payroll processing and retros for the current fiscal year, and deadlines for payroll corrections that cannot be done through the retro process and therefore need to be done by a journal entry. The pay period ending (PPE) 7/2/2015 will be split between June and July (FY15 and FY16) in the general ledger and in commitment control. Thursday, June 4, 2015 Last day to edit existing FY15 department budget tables before the rollover occurs. Job actions to terminate employees should have Level 2 approval before the 6/05/2015 rollover date to prevent current FY department budget table (DBT) from being copied for the next FY. Friday, June 5, 2015 Fiscal Year End system rollover will occur for all existing FY15 department budget tables, which will result in the creation of FY16 department budget tables. The system will be locked at noon while this occurs and listserv s will be sent to communicate when this happens and when the system will be available again. Monday, June 8, 2015 Departments will be able to start reviewing the FY16 department budget tables. The department must activate all rollover department budget tables. If a grant that rolled over into the FY16 department budget table has an end date prior to 6/30/2016, you will receive an error message when an attempt is made to activate the department budget table. It is necessary to provide a contingent account for the remainder of the time period after the grant expires as employees must be distributed through 6/30/2016. Departments will have until noon on Thursday, 7/2/2015 to review and activate FY16 department budget tables. Until the FY16 department budget tables are activated they will appear on the FY16 DBT Not Activated List. An will be sent periodically to the listserv providing an updated FY16 DBT Not Activated list for employee s department budget tables and also the FY16 department level DBT DeptID defaults Not Activated list. The department DBT defaults will also need to be activated in addition to activating each employee s DBT. If the FY16 department budget tables are not activated, they will be deleted from the system in mid-july and departments will have to manually create a department budget table, if one is needed after that time. Do not activate the FY16 department budget table if the department budget table is not going to be needed for FY16 or if the employee is being terminated prior to 7/1/2015. Thursday, June 18, 2015 Last Payroll Retro for FY15 will run. Non-Grant funds need to be processed and entered by this date in order to be retroed in FY15. Please DO NOT enter anything after this date and expect a retro to happen in FY15 if you do, it will not occur until after 7/1/2015. Friday, June 19, 2015 For all new hires entered in myufl after 6/4/2015, departments will need to be sure to create the FY15 department budget table by noon. It is important that FY15 department budget tables are created by the noon 6/19/2015 deadline. If Page 6

7 the 6/19/2015 noon deadline is missed and the FY15 DBT is not created, these can be created by your cross college level or Vice President Office area processors. The Payroll Distribution/Retro Request (PDRR) form should then be submitted before noon 7/1/2015. Your cross college level or Vice President Office area will process the PDRR from noon on 7/1/2015 until noon on 7/2/2015. It is critical that employees have both the FY15 and FY16 department budget tables created in order to be paid correctly for PPE 7/2/2015. Any missing FY15 distributions for PPE 6/18/2015 must be entered by the departments no later than noon, Friday 6/19/2015. NOTE: After noon on Friday, June 19, 2015, the department budget table component will be locked to all users. No one will be able to enter or edit the department budget tables until Wednesday, July 1 st. Notification will be sent on the listserv to indicate when Departments may start entering and editing department budget tables. Thursday, July 2, 2015 The first retro for FY16 will run. Thursday, July 2, 2015 Last day to submit FY15 Non-Grant fund related journal entry requests to be included in FY15. Early payroll closing deadline is noon to enter all department budget tables needed for paying PPE 7/2/2015. FY15 is needed to pay the 6/19/2015 6/30/2015 portion of the PPE 7/2/2015 correctly. Monday, July 6, 2015 Inactivated FY16 department budget tables will be deleted sometime during the week of 7/6/2015-7/10/2015. Campus will be notified when this lock-out will occur. Also, see Please contact Susan Wilson at or smwilson@ufl.edu if you have any questions. Page 7

8 Purchasing and Disbursement Services Schedule for 2015 Fiscal Year End Closing Requisitions Thursday, May 7, 2015 Orders above $75,000 on appropriated funds that require competitive bidding should be submitted by this date to ensure that FY15 funds are encumbered. A sealed bid/solicitation requires at least days to specify, advertise, open, evaluate, award and post, before a purchase order can be issued. Friday, June 12, 2015 All appropriated fund requisitions for FY15 must be entered into the University s accounting system by this date to ensure POs are encumbered against FY15 appropriated funds. For FY15 requisitions after this date, contact Purchasing to coordinate any requests to encumber funds. After June 12, 2015, departments may begin to enter FY16 appropriated fund requisitions in the myuf Market but these will need to be saved and not submitted. Departments will be notified when FY16 budget is available and FY16 requisitions may then be submitted. If a requisition is submitted instead of saved, it will be rejected by myuf Market. Purchase Orders Any PO not currently needed should be canceled. This must be performed in the following manner: PO and/or PO lines not previously vouchered against Complete a change order to cancel the PO and forward to Purchasing. Instructions on completing change orders can be found at: The change order form can be found at: PO that has been vouchered against Finalize the PO. Retrieve voucher in Accounts Payable and finalize the PO by clicking on the Finalize icon. You will need to budget check to release the funds. Note: A PO that has had the entire amount vouchered for payment (open amount of $0.00) and has not been finalized will need to be finalized to close the PO. Outstanding Encumbrance Report The outstanding encumbrance report for open POs and TAs is available in Enterprise Reporting and can be found by navigating to the following: Enterprise Reporting>Access Reporting>Monthly Financial Reports>Select Type of Report>Open Encumbrance Report Page 8

9 Departments will be required to run this report and perform the below tasks for all outstanding POs and TAs: Appropriation Funds (101, 102, 103, 105, 106, 107, 111, 112, 113, 191, 196, 221 & 222) The following process should be followed: 1. POs no longer needed Cancel or finalize per the above instructions. 2. All amount only blanket POs must be cancelled or finalized. 3. Any POs that are not cancelled by Purchasing or finalized by the department will be carried forward. The following FY15 encumbrances are authorized to be carried forward: * Established POs to outside vendors for the purchase of goods, but no amount, only blanket POs. * An estimated amount to allow for the payment of June services for service PO s. The PO Rollover process will be initiated by Disbursement Services to roll remaining POs to FY16. The PO number will not change from the existing FY15 number. FY15 PO distribution lines will be cancelled and a new distribution line will be generated for the same amount and classified as FY16 CYFWD ( ) or CRRNT (191, 196, ). The FY15 budget balance equal to the total of POs not cancelled or finalized will be moved to the FY16 budget (CYFWD or CRRNT, as applicable) if adequate budget exists. Cash Based and the 201/209 Funds The cumulative budget feature of these funds will allow for POs to remain open across fiscal years. Although all POs funded by cash and budget based funds will remain open, departments should use this opportunity to clean up any POs no longer needed. Cancel or finalize POs per the instructions above. Friday, June 12, 2015 Last day to submit a change order to Purchasing to cancel a FY15 PO. Tuesday, June 23, 2015 Last day for departments to finalize a purchase order that has been vouchered against. Saturday, June 27, 2015 The PO rollover process will be initiated by Disbursement Services to roll remaining POs to FY16. Wednesday, July 1, 2015 The FY15 budget equal to the amount of POs/TAs not cancelled or finalized will be provided to the Budget Office for transfer to the FY16 budget (CYFWD or CRRNT, as applicable). Vouchers (including Revenue Refunds) Tuesday, June 23, 2015 is the deadline to approve invoices in myuf Payment Solutions (MPS) also includes upload through interfaces to ensure posting to FY15 funds. MyUFL Accounts Payable module and the MPS system will be closed for input at 5pm. Page 9

10 Friday, June 26, 2015 is the last day to clear all vouchers in myufl of match exceptions and budget errors. Disbursement Services will be reviewing these errors and contacting departments for assistance so all pending vouchers can be approved for year-end processing. Monday July 6, 2015 The Accounts Payable subsystem and MPS system will be available for FY16 transactions. Travel Authorizations Monday, June 22, 2015 Last day to input an Expense Report or TA to ensure payment from FY15 funds. It is also the deadline to cancel all TAs not needed in the Travel and Expense Module. The Open Encumbrance Report can be used to identify all open TAs on your budgetary cost centers. Disbursement Services will re-establish the TAs (TA number in FY16 will remain the same as the existing FY15 number) based on the following: Appropriation Funds ( , ) The FY15 budget balance equal to the total of TAs not cancelled or deleted will be moved forward to FY16 CYFWD budget reference for funds and to FY16 CRRNT for funds All Other Funds For all remaining TAs, the fiscal year and budget reference will be changed to FY16 CRRNT. Tuesday, June 23, 2015 is the last day to approve an Expense Report or TA to ensure payment from FY15 funds. Monday, July 6, 2015 Travel and Expense module will be available for input of FY16 transactions. Purchasing Card Because of timing issues with vendors submitting purchasing card transactions to their bank, there is no way to determine the exact date a transaction will be sent to UF by our bank and loaded into the PCard module. Tuesday, June 23, 2015 is the last day to approve PCard transactions on FY15 funds. Departments may continue to use the UF purchasing card and approve charges through the end of the fiscal year; however, all transactions received or approved as of 6/24/2015 or after, will be applied against FY16 funds. Page 10

11 If you have any questions concerning these procedures and deadlines, you can contact us at: or or by calling: Purchasing: Lisa Deal at x233 or Karen Frank at x236 PCard: John Edmands at x205 Accounts Payable: Randy Staples at x301 Travel: Brett Wallen at x309 Page 11

12 Treasury Management Schedule for 2015 Fiscal Year End Closing This provides deadlines and contact information for deposits relating to cash, checks, credit cards, and EFT/ACH, and deposit corrections. Deposit processing for the month of June will be similar to prior month-ends with the exception of the extended deadlines outlined below. Submit deposits timely during the month so only deposits for the last day are processed on 6/30/2015. Monday, June 29, 2015 To receive credit for your deposits for FY15, Cash Expense Refunds must be received by the University Cashiers/Treasury Management in S-113B Criser Hall. Tuesday, June 30, 2015 To receive credit for your deposits for FY15, all Cash and Check deposits must be received by the University Cashiers/Treasury Management in S- 113B Criser Hall by Tuesday, 6/30/2015 before 8:00 am in the drop box, or by noon over the counter in locked bags. (The extended noon deadline is just for 6/30/2015. The normal deadline of 10:30 am for over-the-counter deposits will resume on Wednesday, 7/1/2015.) Thursday, July 2, 2015 To receive credit for your deposits for FY15, all Credit Card deposits must be entered into myufl by noon on 7/2/2015. Deposits need to be entered daily, as soon as practical, but not later than the next day after the settlement date. It is even more critical to enter these deposits regularly during this last week so all the deposits are processed before the Accounts Receivable subsystem closes. Thursday, July 2, 2015 To receive credit of your deposits for FY15, all EFT/ACH and Wire deposits must be input into myufl and the addendum and any supporting documentation must be fax imaged to by noon on 7/2/2015. Deposits need to be entered, as soon as practical, but not later than the next day after receiving confirmation. It is even more critical to send these deposits regularly during this last week so all the deposits are processed before the Accounts Receivable subsystem closes. Thursday, July 2, 2015 All deposit correction journal entries (DPC journals) correcting FY15 deposits should be received in V/V status no later than end of business day. If you have questions please contact us at: or by calling: Cash and Check: Karen Gillespie at or Robin Levine at ACH/EFT/Wire and Credit Card: Jennifer Mitchell at or Jennifer Harrell at Corrections: Jennifer Mitchell at or Jennifer Harrell at Page 12

13 The fiscal year-end schedule can be found at: Thank you for your assistance in meeting our year-end requirements. Page 13