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Fiscal Year End Closing Deadlines__1_

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					Montana State University Year End Closing Procedures and Deadlines Year Ending June 30, 2007

Payroll/Personnel: Salary, Labor and Work Study Please reference monthly deadline dates published by Personnel & Payroll Services concerning salary/labor resignations and /or appointments for June, 2007and time card deadlines. Summer Instructional Salaries All summer instructional faculty and Graduate Teaching Assistants paid on or before July 10th, will automatically be charged for FY 2008. Be sure you have the correct information regarding summer salaries on your PDF‟s. Purchasing Requisitions - Reference End of Year Purchase Requisition Deadlines dated March 22, 2007, from the MSU Purchasing Director below. Fiscal Year End Closing Deadlines: 1. Expenditure/Revenue Corrections 2. Cash Deposits/Refunds/Credit Cards 3. Petty Cash Reimbursements 4. Claims (Outside Vendors) 5. Warrants for Cancellation 6. Accruals 7. Prepaid Expenses 8. Revenue Recognition 9. Initiate Inter Unit Journals 10. Complete JD1‟s & JG1‟s 11. Federal Excise Tax 12. Purchase Requisition Deadlines Notice 13. Accrual Form June 15 June 29 June 25 June 29 June 20 July 3 June 29 July 6 July 9 July 6 July 10 5 pm 11 am 11 am 5 pm 5 pm 5 pm 5 pm 5 pm 5 pm 5 pm 5 pm

1. Expenditure/Revenue Corrections: (Top) All requests for corrections to be made for FY 07 must be received in the Controller‟s Office on or before 5:00 pm June 15th to be in compliance with positive cash by June 25th. Please contact Jeana (ext. 5727) if you need corrections made after this date. Corrections for entries more than 90 days old will be done only if time permits if they are received after this date.

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2. Cash Deposits/Refunds: (Top) All cash deposits must be receipted in University Business Services (UBS), Cashier Window by 11:00 am, June 29th. For those departments that accept credit card sales, machines need to be closed and balanced by 10:00 am, June 29th. The deposit must be received by UBS Cashiers by 11:00 am the same day. One Card deposits also need to be received by UBS Cashers by 11:00 am on June 29th. 3. Petty Cash Reimbursements: (Top) Petty Cash funds must be reimbursed for the month of June by June 25th at 11 am. 4. Claims (Outside Vendors): (Top) All invoices with BPA‟s (Banner Payment Authorizations) must be received by UBS Accounts Payable, Room 103, Montana Hall, before 5:00 pm, June 29th. OSP, AES and ES have until July 3rd, 5:00 pm. These BPA‟s will be routed to the Purchasing office for review and should be returned to UBS for data entry no later than July 6. Invoices for FY 07 activity which you receive after June 29th should be accrued if material- see accruals below. a. Please process invoices as soon as possible before June 29th; this will greatly reduce “last day” workloads and the number of accruals. b. Please anticipate your needs early and order accordingly; acquire items only in a reasonable quantity that will be consumed in the current fiscal year. Invoices for large quantities that obviously are being created to utilize remaining funds will be questioned and possibly rejected. c. Computer and Student Equipment Fees must be spent before June 29th. We cannot accrue these. d. FY 07 invoices due to other state agencies and MSU departments may continue to be received through July 9th. See #8. 5. Warrants for Cancellation: (Top) Any warrant that needs to be canceled must be received in UBS Accounting by 5:00 pm, June 20th. 6. Accruals: (Top) Accruals are processed for expenditures to outside sources for which the goods or services have been received by June 29th, but the payment was not processed by that date. This applies to all expenditures INCLUDING THOSE ON GRANT FUNDS. This satisfies financial reporting requirements, rather than budgetary timing restrictions.

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a. Expenditure Accrual Forms (MSWord copy and Excel version have been attached) must be UBS Accounting, Room 103, Montana Hall, on or before 5:00 pm July 3th. Purchasing, AES and ES have until the 5th. All departments, regardless of funding source, are subject to the following accrual procedures. 1. Amounts less than $100.00 will not be accrued; hold these and submit as FY 2008 claims (BPAs). 2. We only require expense accruals for items exceeding $5,000. Lesser items can roll into the next fiscal year without materially misstating either year's financial information. Please use your judgment when deciding whether or not to accrue- for example, if your department has several $4,000 accruals you may want to accrue them in aggregate; however, if yours is a $1 million fund, a few $4,000 accruals is not material. A lesser amount may be used to more accurately reflect your fund's 2007 operations if you feel it is necessary. But remember- if a FY 2007 invoice is over $5,000 individually, you must accrue if the BPA is not submitted to UBS Accounting by the June 29th deadline. 3. Expense accrual guidelines for state-appropriated funds remain as in the past- we will permit accruals for all items over $100 to ensure that you are able to expend state funds before the close of the year, so they are not subject to reversion.
4.

There is no need to accrue items for on-campus expenditures or payments to other State Agencies.

5. Orders for computer equipment with „signed agreements’ through ITC will automatically be accrued by ITC if the equipment is not received by June 29h following the PO accrual procedures for General Operating/Non-General Operating centers. Orders must be received by June 25. 6. ‘Signed contracts’ with Facility Services for repairs and maintenance that have not been completed by June 29th will be accrued by Facility Services.

b. Complete the Expenditure Accrual Form as follows: 1. Only the current form will be accepted for FY 2007 accruals.

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2. Complete the entire form. Please complete all the blanks for Dept Name, Contact person and Phone#. It is especially important that you answer the question “Were goods or services received on or before June 29th?” If your answer to this question is “yes”, you have a “B” accrual, most of our accruals are “B” type, the goods and services were received „B‟efore June 29th. If your answer to this question is “no”, you have an “A” accrual. The goods and services were received “A”fter June 29th. To complete the form, enter the index number and expenditure account code that should appear on your reports, the total dollar amount and the vendor name. If there is a Purchase Order number, place it on the encumbrance number line. Be sure to sign the form.

3. Regular accruals for items received prior to year-end remain as "B" accruals, and items ordered but not received prior to year-end can be accrued as "A" accruals (this uses up budget authority but does not record an expense for accounting purposes). c. Purchase Order Accruals: (Top) 1. General Operating Centers UBS Accounting will accrue all valid outstanding STATE OF MONTANA PURCHASE ORDER balances on General Operating Centers utilizing information from the Purchasing Department. General Operating Centers are those whose index numbers have a second digit of 1 or an alpha character.  DO NOT submit accruals for STATE OF MONTANA PURCHASE ORDERS (Purchase Orders issued by MSU Purchasing are STATE OF MONTANA PURCHASE ORDERS).  You must accrue on a General Operating Center any DEPARTMENTAL PURCHASE ORDERS issued under your delegated departmental authority. Please contact MSU Purchasing if there are any questions concerning the status of your center‟s purchase orders. 2. The Purchasing office will contact General Operating Centers by July 5th, concerning delivery of goods and services on all Purchase Orders. Please be prepared to indicate if delivery was made on or before June 30th. Timely information is critical to submission of accrual forms. Failure to provide this information when contacted will result in non-submission of your purchase order accrual and possible reversion of the funds. 3. Other MSU Centers must submit accruals for all valid outstanding obligations. Goods or services must be received before June 29th, to fulfill valid obligation criteria. Please pay

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strict attention to receipt date, some noncompliance was identified in a recent financial audit. 4. Submit the Expenditure Accrual Form to UBS Accounting Room 103, Montana Hall, on or before 5:00 pm, July 3h. DO NOT include vendor invoice copies at this time. All Accruals will be reversed in the new Fiscal Year. Departments will see a credit to the expenditure on their July FY 2008 reports. To pay vendors, simply complete the BPA as you would any other and submit to UBS Accounts Payable beginning July 13, 2007.

7. Prepaid Expenses(Top) If you are prepaying a FY 08 expense in FY 07 please note that on your BPA or your purchasing card report. We will forward the information onto the appropriate person who will reverse the expense in FY 07 and book it in FY 08. Examples of these types of things would be maintenance contracts and travel. Again there is a dollar limit we will only record a prepaid expense for items over $5,000. 8. Revenue Recognition: (Top) Cash payments received during FY 07 but pertain to FY 08 activity, such as deposits for next season's Football Stadium Skybox rental, result in Deferred Revenue. For any such significant items, please prepare a memo addressed to UBS Accounting noting the amount of such revenue and what index/account code in which it was deposited. UBS Accounting will record an entry to back the revenue out of FY 07 and subsequently record it in FY 08. As of June 30, 2007, the item will be accurately reflected as Cash and as Deferred Revenue rather than fund balance. Revenue accruals are due by July 6, 2007, at 5pm. 9. Inter Unit Journals: (Top) Inter Unit Journals (IUJ‟s) are payments to other state agencies. IUJ‟s may be initiated through July 9th. Please continue to submit the BPA‟s to pay other state agencies to UBS Accounting until July 18th 12:00 pm. Do not accrue IUJ‟s. If you have any questions, please call Tom Zulauf in UBS Accounting. 10. Journal Entries: (Top) Those departments doing their own journal corrections using a JD1 Journal type, must complete those journals in Banner no later than July 6th at 5:00 pm. If the entry is fiscal year 2007 and entered in July, it needs to be dated June 30, 2007 to process correctly.

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11. Federal Excise Tax: (Top) Any Federal excise tax paid on gasoline purchased July 1, 2006 to June 30, 2007, will be included in the State‟s Application for Refund if the necessary information is submitted to UBS Accounting by July 10th. Contact Andrea Gullickson if you need an application form.

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END OF YEAR PURCHASE REQUISITION DEADLINES
Fiscal Year-End deadlines are approaching for the purchases of goods and services on FY 2007 funds. MSU Purchasing has established the following deadlines for purchases that will require a signed contract or purchase order by June 30, 2007. Requests received after these dates may not be able to be completed by fiscal year end.  (RFP‟s)   March 30, 2007 – Requisitions due for Request for Proposals April 27, 2007 – Requisitions due for Invitation for Bids (IFB‟s) May 1, 2007 – Requisitions due for renewals that occur on or before July 15, 2007 (We need to prepare the renewals and have them signed before they expire). Renewals require a signed purchase requisition as authorization for the renewal.

If you have contracted for a product/service under a purchase order/contract that has no renewals left and will be expiring on or before July 15, 2007, we must issue a new IFB or RFP. Please submit a requisition by the required date listed above. If you have questions or concerns, please call the Purchasing Department at 994-3211 or e-mail us at purchase@montana.edu Shawna ******** Shawna R. Lanphear Director of Purchasing Montana State University 104 Montana Hall, PO Box 172600 Bozeman, MT 59717 (406) 994-5016 (406) 994-3000 (fax)

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EXPENDITURE ACCRUAL FORM

Department_______________________ Contact Person____________________ Phone Number____________________

E-mail Address_____________________________

Transaction Description_____________________________________________________________ Were Goods or Services received on or before June 30?____________________ SEQ JRNL.TYP INDEX ACCT AMOUNT D D D D
D

VENDOR NAME

1 JAC 2 3 4 5

PO/

Encumbrance Number________________________

Authorized Signature______________________________

Revised 4/2006


				
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