Fiscal Year End Closing Deadlines_

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					Montana State University Year End Closing Procedures and Deadlines Year Ending June 30, 2009

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, 2009 and 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 2010. Be sure you have the correct information regarding summer salaries on your PTF‟s. Purchasing Requisitions - Reference End of Year Purchase Requisition Deadlines email dated XXXX, 2009, from the MSU Purchasing Director below. Fiscal Year End Closing Deadlines (end of business day unless otherwise noted): 1. Expenditure/Revenue Corrections 2. Warrants for Cancellation 3. Petty Cash Reimbursements 4. Cash Deposits/Refunds/Credit Cards 5. Claims (Outside Vendors) 6. Prepaid Expenses 7. Accruals 8. Revenue Recognition 9. Complete JD1‟s & JG1‟s 10. Initiate Inter Unit Journals 11. Federal Excise Tax 12. Purchase Requisition Deadlines Notice 13. Accrual Form June 19 June 22 June 23 June 30 June 30 June 30 July 2 July 10 July 6 July 10 July 10 5 PM 11 AM 11 AM 11 AM 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 09 must be received in University Business Services (UBS) on or before 5:00 PM June 19th to be in compliance with positive cash by June 26th. Please contact Sheron (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. Warrants for Cancellation: (Top) Any warrant that needs to be canceled must be received in UBS Accounting by 11 AM June 22 3. Petty Cash Reimbursements: (Top) Petty Cash funds must be reimbursed for the month of June by June 23th at 11 AM. 4. Cash Deposits/Refunds: (Top) All cash deposits must be receipted in University Business Services (UBS), Cashier Window by 11:00 AM, June 30th. For those departments that accept credit card sales, machines need to be closed (end of day batch process run) and balanced by 10:00 AM, June 30th. The deposit must be received by UBS Cashiers by 11:00 AM the same day. Cat Card (One Card) deposits also need to be received by UBS Cashers by 10:00 AM on June 30th. 5. 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 30th. OSP, AES and ES have until July 2nd 1st, 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 09 activity received after June 30th should be accrued- see accruals below. a. Please process invoices as soon as possible before June 30th; 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. c. Computer and Student Equipment Fees must be spent before June 30th. We cannot accrue these. d. FY 09 invoices due to other state agencies and MSU departments may continue to be received through July 10. See #10. Please read through the Accruals section below for more information. 6. Prepaid Expenses(Top) If you are prepaying a FY 10 expense in FY 09 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 09 and book it in FY 10. Examples of these types of things would be maintenance contracts and travel. Again there is a dollar limit we only NEED to know about items over $5,000. We will record a prepaid for less than $5,000 (but not less than $100) if we know about them by June 19th.

7. Accruals: (Top)

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Accruals are processed for expenditures to outside sources for which the goods or services have been received by June 30th, but 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. a. Expenditure Accrual Forms (Word and Excel versions are attached) must be in UBS Accounting, Room 103, Montana Hall, on or before 5:00 PM July 2 Please send us any that you know about by July 2 however if something comes in after the deadline that is material in amount (over $5,000) it should be accrued. Please call 5727 with the information and UBS will make sure it gets on the books. Purchasing, AES and ES have until the July 6. All departments, regardless of funding source (includes OSP funds), are subject to the following accrual procedures. 1. Amounts less than $100.00 will not be accrued; hold these and submit as FY 2010 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 invoices dated June 30 or earlier you may want to accrue them in aggregate; however, if yours is a $5 million fund, a few $4,000 accruals are not material. A lesser amount may be accrued to more accurately reflect your fund's 2009 operations if you deem it necessary. But remember- if a FY 2009 invoice is over $5,000 individually, you must accrue if the BPA is not submitted to UBS Accounts Payable by the June 30th 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. 5. Orders for computer equipment with „signed agreements‟ through ITC will automatically be accrued by ITC if the equipment is not received by June 30th following the PO accrual procedures for General Operating/Non-General Operating centers. Orders must be received by June 24. 6. Orders for facilities work will not be accrued by facilities. You will need to accrue that if it is to be paid from an appropriated fund. b. Complete the Expenditure Accrual Form as follows: 1. Only the current form will be accepted for FY 2009 accruals. 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 30th?” If your answer to this

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question is “yes”, you have a “B” accrual, most of our accruals are “B” type, the goods and services were received „B‟efore June 30th. If your answer to this question is “no”, you have an “A” accrual. The goods and services were received “A”fter June 30th. “A” accruals will only be accepted on General Operating funds. 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 ONLY on appropriated funds and only if a signed contract for those goods or services is in place at June 30. c. Purchase Order Accruals: (Top) 1. General Operating Indexes UBS Accounting will accrue all valid outstanding STATE OF MONTANA PURCHASE ORDER balances on General Operating indexes utilizing information from the Purchasing Department. General Operating indexes are those whose index numbers have a second digit of 1 or an „A‟ or an „R‟ alpha character (not to be confused with Federal Stimulus Grant indexes where „R‟ is the THIRD 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 index any DEPARTMENTAL PURCHASE ORDERS issued under your delegated departmental authority following the guidance in the „Accruals‟ section. 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 departments by July 6th, 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 departments must submit accruals for all valid outstanding obligations. Goods or services must be received before June 30th, to fulfill valid obligation criteria. 4. Submit the Expenditure Accrual Form to UBS Accounting Room 103, Montana Hall, on or before 5:00 PM, July 2nd. 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 2010 reports. To pay vendors, simply complete the BPA as you would any other and submit to UBS Accounts Payable beginning July 16, 2009.

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8. Revenue Recognition: (Top) Cash payments received during FY 09 but pertaining to FY 10 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 09 and subsequently record it in FY 10. As of June 30, 2009, the item will be accurately reflected as Cash and as Deferred Revenue rather than fund balance. Revenue accruals are due by July 10, 2009, at 5PM. 9. 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. Banner will default to the current date so be extremely careful that you are doing the entry into the year you want to record it in. If the entry is fiscal year 2009 and entered in July, it needs to be dated June 30, 2009 to process correctly. You will have to manually change the date on the journal entry screen. 10. Inter Unit Journals: (Top) Inter Unit Journals (IUJ‟s) are payments to other state agencies. IUJ‟s may be initiated through July 10th. Please continue to submit the BPA‟s to pay other state agencies to UBS Accounting until July 17th 5:00 PM. Do not accrue IUJ‟s. If you have any questions, please call Tom Zulauf in UBS Accounting. 11. Federal Excise Tax: (Top) Any Federal excise tax paid on gasoline purchased July 1, 2008 to June 30, 2009, 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
If you need to make purchases before the end of Fiscal Year 2009, the following time schedule is applicable for the types of purchases and dollar amount specified. Please Note: All dollar amounts shown represent Total Contract Value (TCV), which includes the value of any potential renewals. Other than controlled commodities, MSU-Bozeman Purchasing has the authority to process Requisitions with a total contract value (including renewals and options) up to $250,000. If the TCV of the PR exceeds $250,000, the MSU Purchasing Department will coordinate with the State Procurement Bureau for processing.

A.

REQUISITIONS FOR CURRENT FISCAL YEAR, FY 2009 Process Amount Due Date RFP Greater than $250,000 March 27, 2009 RFP $250,000 or less March 27, 2009 IFB Greater than $250,000 April 24, 2009 IFB >25,000 and < $250,000 June 1, 2009

Use of competitive bids and all other State requirements must be followed.

B.

REQUISITIONS FOR NEXT FISCAL YEAR FY 2010 Requisitions involving FY 2010 funds may be processed prior to July 1, 2009; however, the Department must indicate the following on the PR: NOTE: THIS IS A JULY ORDER.

Please remember that it is important to comply with the dates established above as the purchasing cycle time may take weeks for competitive bids, including issuance of an Invitation for Bid (IFB), securing bids, getting insurance information and awarding a Purchase Order. An RFP generally takes 60 -90 days depending on the complexity and the type of commodity. If funding is tentative, we can still begin the Purchasing process. Departments are requested to send the completed Requisition to Purchasing with a notation regarding the funding situation. We will issue the IFB with a “Subject to Available Funding” clause. The Purchasing Department will issue awards only upon the funding approval of the Department. If you have any questions about these dates, please call MSU-Bozeman Purchasing Department at 9943211 for clarification. Thank you.

Shawna
Shawna R. Lanphear Director of Purchasing Montana State University

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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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