Fiscal Year End Procedures Workshop

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Fiscal Year End Procedures Workshop

• May 16, 2007

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Departments Presenting Today

• Business Office
• Purchasing
• Accounting Services
• Grants Contracts
• Payroll

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Departmental Deposits

• All deposits must be received at the Business
  Office no later than 200PM, June 29, 2007.
  Arrangements will be made for those whose
  deposits are picked up by courier.
• All chartfields MUST be valid. There is not an
  edit to detect incorrect chartfields.
• Submit one deposit form for all checks and cash
  and another deposit form for all credit cards.
• Deposits cannot contain negative amounts. Any
  cash short must be entered on the bottom of the
  deposit form with an attached Departmental
  Journal Entry.

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DepositForm
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Accounts Receivable Charges and Charge Reversals

• Manually posted accounts receivable charges and
  charge reversals must be received at the Business
  Office no later than June 28, 2007.
• Accounts Receivable charges and charge reversals
  WILL NOT be backdated.
• Make sure the correct form is used. Forms are
  available on the Business Office website at
  www.und.edu/dept/busoff.
• Charge reversals must have the total amount of
  the original charge submitted on the reversal
  form. Two authorized signatures are also
  required.
• Make sure the correct term is used. The term for
  Summer is 0740.

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Purchasing

• Purchase Orders Review and follow-up on all
  outstanding orders.
• Merchandise Delivery Departments are
  responsible for working with vendors to ensure
  that the invoicing and the delivery of
  goods/services occur on or before June 30.
  Delivery dates should be specified in the
  description of the requisition. Let the
  Purchasing Office know if you need assistance
  working with the vendor to ensure delivery.

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Purchasing (contd)

• Blanket Purchase Orders Submit purchase
  requisitions for FY08 blanket purchase orders
  before June 8, 2007.
• Purchase Requisitions Should be submitted to
  Purchasing by May 21 for items that department
  expects to be delivered on or before June 30,
  2007.
• Purchase Requisitions/Quotes/Bids Will continue
  to be processed after May 21, 2007.
• Reminder All purchases over 5,000 need to be
  processed through the Purchasing Dept on a Quote
  or Bid.
• Plan ahead Purchasing Policies and Procedures
  will not be ignored in order to facilitate a rush
  order near year-end.

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General Info

• Fiscal year-end procedures apply to all funds
• Appropriated (30000-39999)
• Grant Contract (40000-49999)
• Non-appropriated (all other ranges not included
  above)
• Please refer to the ConnectUND website for
  assistance with your report navigations.
• http//www.und.edu/cnd/index.htm
• Additional information is available on the
  Accounting Services website at
• www.und.edu/dept/accounts

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General Info

• TRAINING SESSION OFFERED
• Budget Inquiry and Ledger Cash Balance Inquiry
• Why do I need to monitor my cash and budget
  balances?
• How do I know whether I need to do a Budget
  Journal so that my payments/journal entries will
  be processed?
• If you are interested in attending a training
  session, contact U2 at 7-2128 to get on a waiting
  list.

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PeopleSoft Inquiries

• Budgets Overview
• to review outstanding encumbrance and
  unencumbered balance.
• to review budget balance by account.
• PO Inquiry
• Ledger - to review cash balances
• Please refer to the ConnectUND website for
  assistance with your report navigations.
  Navigation tools are on the Finance page.
• http//www.und.edu/cnd/index.htm

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PeopleSoft Inquiries

• Budgets Overview - to review outstanding
  encumbrance and unencumbered balance.

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PeopleSoft Inquiries

• Budgets Overview - to review budget balance by
  account.

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PeopleSoft Inquiries

• To view budget balance on an appropriated fund.
• Salary Operating Equipment

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PeopleSoft Inquiries

• PO Inquiry - to review POs by department

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PeopleSoft Inquiries

• Ledger - to review cash balances

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Reports

• Review and reconcile all funds to the general
  ledger. Funds need to be reconciled to the
  general ledger reports, as they reflect all
  actual activity. Reports used for reconciling
  include
• Budget Summary
• Budget Transaction
• General Ledger Summary
• General Ledger Activity
• Submit correcting entries (journal entry/import
  or journal voucher) no later than July 6, 2007.
• Corrections will not be processed after this
  date.

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Departmental Signature Authorization List

• Authorization list should include all
  individuals, including principal investigators
  for grant/contract funds, that are authorized to
  approve documents for your department.
• This listing should be revised, as needed, for
  any additions or deletions of authorized signers.

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Subscriptions

• New subscriptions will be processed from FY 2007
  funds through May 31, 2007.
• Subscription renewals expiring in FY 2008, must
  be paid for from FY 2008 funds.

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Memberships Maintenance Contracts

• Renewals for memberships maintenance contracts
  expiring in FY 2008 must be paid from FY 2008
  funds.
• Maintenance contracts for the period 7-01-07 thru
  6-30-08 should be paid from FY 2008 funds.
  Paperwork should be submitted on or after July 1,
  2007.

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Prepayments

• Departments should verify with the vendor that
  delivery will be made by June 29th. This
  verification should be documented on the Purchase
  Requisition and/or Voucher.
• If the vendor does not guarantee delivery by June
  29th, the payment can not be made from FY 2007
  funds.

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Vouchers

• If materials or services were received in June,
  with an invoice dated in July
• the department should clearly indicate, on the
  Requisition or Voucher, that the
  materials/services were received in June.
• materials or services will be charged to June.

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Vouchers (contd)

• If materials or services were received in July,
  with an invoice dated in June
• the department should clearly indicate, on the
  Requisition or Voucher, that the
  materials/services were received in July.
• materials or services will be charged to July.

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Vouchers (contd)

• Payments with a proforma invoice will not be
  processed. The department will be required to
  provide an actual invoice.

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Purchasing Card

• Departments should discontinue making purchases
  on their Purchasing Card from June 20 through
  July 2.
• Vendors may not be able to submit the
  transactions through the credit card system prior
  to July 2, 2007, therefore, these transactions
  will not be included on the June purchasing card
  statement. To ensure that transactions are
  applied to the correct fiscal year, we recommend
  suspending the use of your purchasing card from
  June 20 to June 30, 2007.
• Make sure any sales tax charged is refunded
  before June 22, 2007.
• Accounting Services will be loading your
  MasterCard transactions during the month of June.
  Example Transactions posted from June 1 thru
  June 24 will be loaded into PeopleSoft prior to
  the end of June, etc.

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Travel

• For travel that begins in June but ends in July
• departments should submit two separate travel
  vouchers (one for June expenses one for July
  expenses).
• Tickets that must be purchased in FY 2007, for
  travel in FY 2008, will be charged to FY 2007
  funds.

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Travel (contd)

• Departments should follow up with faculty to
  ensure that all Travel Expense Vouchers are
  submitted prior to their leaving for the summer.
• Registration fees, to reserve a spot at a
  conference, will be paid from FY 2007 funds for a
  conference to be held in FY 2008.

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Travel (contd)

• Submit Employee Ticket Authorization Form for all
  travel charged on the UND Visa Travel Card ASAP
• Internet tickets - submit ticket authorization
  and all supporting documentation immediately.
• Cancellation of transportation tickets
  (airline/AMTRAK, etc)
• Notify Bonnie, Accounting Services (7-2966) for
  any ticket cancellations

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Journal Entries Journal Imports

• June and July transactions can not be processed
  on the same journal entry or journal import.
• Separate journal entries/journal imports should
  be processed for June and July transactions.

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Early Cut-Off Dates for Year-End Processing

• Orders for Computer Software Site License, to be
  charged to FY 2007 funds, are due to the
  Telecommunications no later than Monday, June 18.
  
• Printing Center June 15.
• Campus Mailing June 15.
• Duplicating June 15
• Motor Pool June 15

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Appropriated Funds (Fund numbers 30000-39999)

• Expenses should not be transferred to an
  appropriated fund in order to use up appropriated
  dollars.
• Appropriated funds that are not spent by June
  30th, will not be carried forward to the new
  fiscal year.
• Refund checks and checks to be canceled should be
  forwarded to Accounting Services no later than
  June 29 at noon.
• Refund checks or checks to be cancelled that are
  received after this time, will not be processed
  for FY07.
• Refund checks for appropriated funds received
  after June 29 will not be credited to the
  appropriated fund.

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Provide Alternate Funding Source

• If your remaining balance in your fund(s) is near
  zero and you will be processing additional FY
  2007 payments
• Provide an alternate funding source for future
  Journal Entries/Journal Imports and Vouchers by
  sending an e-mail to both
• Lynette, Accounting Services at
• lynettefranks_at_mail.und.nodak.edu
• Lani,Purchasing at
• lanicaraway_at_mail.und.nodak.edu

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Capital Equipment

• Equipment items received in June
• Promptly notify Asset Management
• If the equipment is tagged, complete and return
  the location memo to Asset Management (PO Box
  8364) that is received from Central Receiving.
• If the equipment is not tagged, contact Hazel
  Lehman, Asset Management (7-3126), as soon as
  possible, to arrange for the equipment to be
  tagged or to provide the location.

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Inventory Reminder

• Spring inventories are due on May 18, 2007.
• Departments should return inventory verifications
  promptly to ensure that any deletions or
  corrections can be processed prior to fiscal
  year-end closing.

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Grants Contracts

• Grants Contracts projects follow same deadlines
  as all other funding sources with the following
  exception.
• Grants Contracts Administration has a drop dead
  date of 7-15-2007 for submission of final
  invoices on all state grants.
• All vouchers, etc on state grants must be in the
  appropriate office by no later than Friday, July
  6, 2007. Be sure to mark item as a RUSH and MUST
  BE ENTERED by 7-12-2007. Any items not included
  on the final billing become the responsibility of
  the department

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Grants Contracts

• Run the following information
• Run PI Report
• NavigationGrantsgtReportsgtNDU PI Report
• Run Project Resource Query
• NavigationReporting ToolsgtQuerygtQuery
  ViewergtNDU_GM_PROJ_RES
• Commitment Control

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Grants Contracts

• Review the grant project
• Compare remaining balance of KK to PI Report
• Review Outstanding Encumbrances
• Review remaining balance to ensure sufficient
  funds are left to cover any expenditures

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Payroll Form Reminders

• Prepare and submit forms as early as possible to
  approving offices. Do not forget signatures.
• Make sure you use valid Combo Codes if new
  Combo Code is to be used, you must contact Budget
  Office, or Grants/ Contracts
• New Employee packets are required for any
  employee that has not received a check from UND
  in calendar year 2006.

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Form Reminders (contd)

• Ask returning employees, if any information has
  changed (address, bank accounts, etc) If
  information has changed, have them come to the
  Payroll Office to make the necessary changes.
• Complete the Work Address block for your new
  employees. Will save you work later!
• Remember to terminate employees that no longer
  work for your department.

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Payroll Accruals

• July 13th Payday (Pay period June 16-30)
• Salary and all fringes will be accrued back to
  FY07
• After the accrual, Health, Life and EAP premiums
  will be charged back to FY08
• July 31 Payday (Pay period July 1-15)
• Salary and all fringes will be charged to FY08

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Budget Crossover

• Just deleting employees from your budget does not
  terminate them do the Payroll forms!
• All appointments cross over the fiscal year
• Salary increases for single occupant positions
  automatically crossover pool position occupants
  require completion of Payroll forms
• Only salary changes crossover all other changes
  require completion of Payroll forms

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Budget Crossover (contd)

• Position Funding as submitted through the Budget
  process, will become effective in Payroll for the
  July 31 pay date.
• If Annual funding as you submitted it to the
  Budget Process in NOT how you want that person
  funded for the July 1-15 pay period, you must
  submit a Position funding form to change it.
• Early forms are ALWAYS appreciated

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Payroll Retros

• The deadline to submit to the Budget Office any
  Payroll salary corrections (Retros) for FY 07
  expenses is July 6, 2007.

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Additional Resources

• Please refer to the ConnectUND website for
  assistance with your report navigations.
• http//www.und.edu/cnd/index.htm
• Fiscal Year-End Procedures Memo
• Fiscal Year-End Schedule

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PLEASE NOTE FY08 CHANGES

• Changes for FY08 include
• Effective August 1, 2007
• In-state mileage rate is increasing to .45/mile.
• In-state lodging rate is increasing to 55
  applicable taxes
• Anticipated Changes for FY08 include (Watch for
  Updates)
• Non-Employee/Student Travel traveler signature
  will be required for reimbursement to
  non-employee/student.
• An actual invoice/agreement will be required for
  payment of services.
• Departments will have the ability to change
  funding sources for purchasing card transactions
  prior to the charges posting to your funds.
  (example fund, account changes can be made by
  dept prior to posting)
• Journal Imports Post Dates a table indicating
  actual post dates for journal imports will be
  included on the Acct Svc website.
• Account Code Listing
• Procedural changes may take place on types of
  purchases (ex. Items not currently processed
  through the Purchasing Office may require
  Purchase Requisitions)
• New Account Code for Graduate Assistants

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Questions?

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• Thanks for Coming!
• Good Luck with Year-end Processing!