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Fiscal Year - End Closing Schedule

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					                                       University of Colorado Denver
                                                      Interoffice Memo

DATE:         May 18, 2009

TO:           All Departments

FROM:         Shaun McMullin, Deputy Controller

SUBJECT:           Fiscal Year-End Close Information and Schedule

June 30, 2009 is the end of the University of Colorado's fiscal year. Financial statements as of that date will
be prepared for audit and publication. Each department plays a critical role in ensuring that all financial
transactions for the fiscal year are entered correctly into the PeopleSoft (PS) general ledger (GL) to ensure
accurate reporting in conformity to Generally Accepted Accounting Principles (GAAP). All assets,
liabilities, revenues and expenditures should be correctly stated for the Fiscal Year ending 6/30/09. Listed
below are important notes and fiscal year-end closing dates. Please start planning now!

                        FISCAL YEAR-END PAYROLL ACCRUAL INFORMATION

Biweekly Payrolls - The biweekly payroll for the pay period ending June 27 will be 100% expensed to June.
The biweekly payroll for the pay period ending July 11 will be 100% expensed to July.

       The biweekly payroll for pay period ending June 27 will be paid on July 10 and posted to June in PS
         on July 2.

Payday Shift – The State of Colorado implemented a June pay date shift in 2003 to deal with the State‟s
budget problems. This means that the June salary for employees paid monthly will not be disbursed until
July 1. However, we will still record June salary expense to each speedtype for June 30. Instead of reducing
cash, payroll and benefits payable liabilities will be recorded in liability account 105102 (Accrued Salaries and
Benefits Paydate Shift). For budget-based funds (e.g. General Fund 10, and Restricted Funds 30, 31) you will
still compare your actual expenses, which will include the accrual for the June monthly payroll, to budgeted
amounts. Cash-based funds (e.g. Auxiliary Funds 20, 26, 28, 29; Gift Fund 34 excluding AEF; and restricted
projects without a budget) will reflect higher than normal cash balances at June 30 which will be offset by
the related payroll liability. On July 1 (new fiscal year), the liability will be paid and cash reduced. AEF
programs are analyzed in the same manner as before. The general ledger will automatically prepare these
accruals for you.

       The monthly payroll for pay period ending June 30 will be paid on July 1 and posted to June in PS
         on June 23.

The payroll detail will be available for correction via the normal Payroll Expense Transfer processes.


Note: Departments should continually review their financial statements for errors and correct errors as they are found.




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May 15, 2009 (Friday)
 PO/SPO with Quotes. Last day to submit PO & SPO requisitions requiring documented
  quotes.

May 29, 2009 (Friday)
 Expenditure Control. Last day to request changes to expenditure control rules for FY10.
  Fund 34 changes at AMC should be directed to Ginger Bentzen. All others should be
  directed to Shaun McMullin or Linda Newsome.
 Organization Tree. Moratorium on changes to the org tree in the Finance System for FY09.
  We can still set up speed-types using existing org codes.
 PO/SPO Requisitions. Last day to submit all other PO & SPO requisitions using FY09
  funds.

June 2, 2009 (Tuesday)
 SPO Encumbrance. Deadline to check allocation of SPO encumbrances between fiscal years.
   Make any changes on the “SPO Adjust” screen.

June 5, 2009 (Friday)
 Payroll Suspense. Date that Finance will distribute May payroll suspense items to
   departments.

June 10, 2009 (Wednesday)
 Payroll Suspense. Final day to submit speed-types to clear May payroll suspense items to
   Sarah Khwajazada via email.

June 12, 2009 (Friday)
 AHEC – DDC. This is the last day of services performed by Auraria Higher Education
   Center departments that will be charged to Fiscal Year 2009 (FY09). This includes postage,
   telecom, events center, bookstore, reprographics, facilities management and conferences.
   Any AHEC items after this date will be processed in FY10.

June 15, 2009 (Monday)
 Procurement Encumbrances. Deadline for procurement encumbrance issues to be reported
   to the Fin Pro Help Desk at 315-2846.

June 24, 2009 (Wednesday)
 Travel Vouchers. Final day for PSC to receive travel vouchers if you need the check issued by
   June 30.
 Payment Vouchers. Final day for PSC to receive payment vouchers if you need the check
   issued by June 30.
 Payment Vouchers Accrual. Begin Payment Voucher Fiscal Year End accrual process –
   circle Total dollar amount and write „JUNE‟ underneath it.
 Payroll Suspense. Finance will distribute June payroll suspense items to departments.

June 26, 2009 (Friday)




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   Vendor Set Up. Final day to provide PSC with vendor information to set up new vendors in
    FY09.
   IN/JE Form. – Deadline is 5:00 PM to submit IN/JE forms (Interdepartmental Invoice /
    Journal Entry) that must be data-entered by the Finance Office for inclusion in first close.
    Make sure entries are clearly marked for June business. Attach adequate backup documentation to
    substantiate entry (e.g.: invoice, copy of PS statement, email, voucher, cost transfer form, etc).
    IN//JE forms that need to be keyed into PeopleSoft should be sent to Data Control at
    Campus Box D129.
   Payroll Suspense. Final day to submit speed-types to clear June payroll suspense item
    worksheets to Sarah Khwajazada via email.
   Payroll Expense Transfers (PET). Deadline for payroll expense transfers (PET) for all pay
    periods prior to June 14. PET for FY09 should be input, saved, validated and approved by
    today. PET for Funds 30 and 31 will automatically route to OGC for approval. PET for
    Funds 10, 20, 26, 28, 29, 34 and 80 should be approved by departmental approver.

June 29, 2009 (Monday)
 Online Journal Entries. Deadline is 5:00 PM for the Finance Office to receive copies of
   online journal entries for approval for 1st close. Make sure your journal entry is dated June 30
   and it is clearly marked for June business. Attach adequate backup documentation to
   substantiate entry (e.g. copy of statements, emails, vouchers, cost transfer forms, etc) and
   send to Data Control at Campus Box D129. All routine FY09 entries should be processed by
   this date. Only fiscal year-end accrual and adjusting entries should be processed after this point.
 Concur Expense Reports. Final day to approve expense reports in the Concur expense
   system if you need the check issued by June 30.

June 30, 2009 (Monday)
 Cash Receipts. Final deadline is 12:00 noon for the Bursar‟s Office to receive cash receipts
   for June activity. All cash received by a department prior to and including June 30 should be
   deposited. After this time, cash receipts will be processed for July‟s activity.
 Mail Checks. All checks on hand in your department must be mailed by midnight.
 Goods and Services Received. All goods and services must be physically received by this date
   to be accounted for in FY09.
 Check Cancellations. Final deadline is 12:00 noon for requests to PSC to cancel AP checks in
   FY09.
 Inventory. Physical inventory of consumable goods (inventories>$35,000) completed on this
   date. Tom Johnston (315-2272) in the Finance Office is coordinating audits of inventory
   counts.

July 1, 2009 (Tuesday)
Starting today… Remember to change the date on all on-line transactions to 6/30/09 if
transactions need to be in FY09 and not FY10. This includes on-line receiving if the goods or
services were received on or before 6/30/09 (use the actual receipt date), marking invoices “June
business” if received in June, dating FY09 journal entries 6/30/09, and dating FY09 payroll
expense transfers 6/30/09. (Help aids for backdating Journal Entries and Payroll Expense
Transfers are included at the end of this document.)




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Note: You can only process Payroll Expense Transfers (PET) when the HR system is up. Refer
to the PBS payroll calendar for July to make sure you know when the HR system will be down
for payroll processing. When the HR system is down you cannot do PET.
http://www.cusys.edu/pbs/hrms/ps/calendar.html

July 2, 2009 – (Wednesday)
 First Close. First close for the campus is at 6:00 PM. Transactions submitted by the deadlines
    detailed above will be posted for inclusion in this close.
 IN/JE Forms. Final deadline is 5:00 PM for all IN/JE forms that must be data-entered by
    the Finance Office to be submitted for FY09. These will be processed for second close.
    Make sure entries are clearly marked for June business. Attach adequate backup
    documentation to substantiate entry (e.g. copy of statement, email, voucher, invoice, cost
    transfer form, etc). IN/JE forms that need to be keyed into PeopleSoft should be sent to
    Data Control at Campus Box D129. After this date, IN/JE forms will not be accepted for FY09.

July 4, 2009 – (Saturday)
 Financial Reports. On-demand financial reports available online in COGNOS after 8 AM.

July 6, 2009 (Monday)
 Vouchers. Deadline is 5:00 PM to submit Payment Vouchers and Travel Vouchers to PSC to
    ensure accrual to FY09.
 Financial Reports. COGNOS burst reports available after 12 noon. First close financial
    reports distributed on pink paper.
 Account 699999 Cleanup. Account 699999 is used as a default for certain vouchers
    submitted with an invalid account code. Please watch for balances in this account in your
    speed-types and move them via journal entry to a proper account by this date.
 Manual Accruals. Final deadline to submit journal entries request to Finance for manual
    accruals.
    o Accounts Receivable: Departments selling services or goods to external entities need to
        accrue the related revenue and accounts receivable by this date. See policy and
        procedures at http://www.ucdhsc.edu/admin/policies/documents/AccountsReceivable.pdf.
        Contact Tom Johnston at 315-2272 for help.
    o Prepaid Expenses: Another possible accrual entry is prepaid expenses, which are items for
        which we have paid in the old fiscal year, but we will not receive the goods or services
        until the new fiscal year. The threshold to defer such items is $10,000. Contact Shaun
        McMullin at 315-2270 for help.
 Online Journal Entries. Final deadline is 5:00 PM for Finance to receive copies of online
    journal entries for approval for FY09. Make sure your journal entry is dated June 30 and it is
    clearly marked for June business. Attach adequate backup documentation to substantiate
    entry (e.g. copy of statements, emails, vouchers, cost transfer forms, etc) and send to Data
    Control at Campus Box D129. After this date, journal entries will not be accepted for FY09.




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July 7, 2009 (Tuesday)
 SPO Invoices. Deadline to submit paper SPO invoices dated June 30 and prior to ensure
    accrual to FY09.
 Procurement Card. Final deadline is 3:00 PM to reallocate Procurement Card transactions
    with a date of June 30 or earlier. Account code 553200 (uncleared ACARD expense) should
    be zeroed out.
 Payroll Expense Transfers (PET). Final deadline for Payroll Expense Transfers (PET) for all
    FY09 pay periods (including biweekly pay period ending June 27). PET for FY09 should be
    input, saved, validated and approved by today. PET for Funds 30 and 31 will automatically
    route to OGC for approval. PET for Funds 10, 20, 26, 28, 29, 34 and 80 should be approved
    by the departmental approver.

July 9, 2009 (Thursday)
 Second Close. Second close for the campus is at 6:00 PM. This is the final close for UPI
    transactions (fund 80 and AEF), subsystem feeds, AP accruals, & campus PET. Transactions
    submitted by the deadlines detailed above will be posted for inclusion in this close.
 PO Receiving. Deadline is 6:00 PM to enter online receiving of PO items received on or
    prior to June 30. Unlike the rest of the year, receiving is required regardless of amount to get
    the item accrued. Remember to change the date to June 30.
 SPO Voucher Approval. Deadline to approve SPO vouchers (>$4,500) online that need to
    be accrued to FY09.

July 11, 2009 (Saturday)
 Financial Reports. On-demand financial reports available online after 8 AM.

July 13, 2009 (Monday)
 Financial Reports. COGNOS burst reports available after 12 noon. Second close financial
    reports will not be distributed on paper.

July 16, 2009 (Thursday)
 Third Close. Third close is at 6:00 PM. This is for accrual entries by Finance, OGC and
    designated departments only. Campus departments will not generally be allowed to submit
    transactions for this close except for material errors previously approved by Finance or OGC.

July 18, 2009 (Saturday)
 Financial Reports. Final on-demand financial reports available online after 8 AM.

July 20, 2009 (Monday)
 Financial Reports. COGNOS burst reports available after 12 noon. Final paper financial
    statements distributed.
 Period 998 Corrections. After this date, the System Controller may enter corrections. These
    corrections are entered in period 998. Because of this, it is important to run your financial
    reports using period 998, not period 12 – see help aids below.

July 27, 2009 (Monday)




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    Roll Forward Balances and Reversals. Beginning balances for balance sheet accounts,
     including cash, should now show in the system for the new fiscal year. Prior fiscal years
     balances on projects should now show in the system for the new fiscal year. Reversals of
     June accruals should now show in the system for the new fiscal year.



                                        Questions?
                 FinPro Help Desk 315-2846 for procurement-related questions.
    Shaun McMullin 315-2270 or Linda Newsome 315-2265 for any other close-related questions.




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                                                    HELP AIDS:

Running a report through period 998




Backdating a Journal Entry




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Backdating a Payroll Expense Transfer in Fin Production:

Payroll Expense Transfers in Fin Production are infrequent and only used for pay periods
ending between July 1, 2000 and March 31, 2003.




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Backdating a Correction Payroll Expense Transfer in HRMS




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Backdating a Retroactive Payroll Expense Transfer in HRMS




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Procurement Card Administration Contact Information
Helpline: 303.315.2846
FinProHelp@cu.edu
http://www.cusys.edu/psc/purchasing/procurementcard/
Year-End Instructions
ALL Procurement Card transactions with a transaction date of June 30, 2009 or before, MUST BE
REALLOCATED by 3:00 p.m. on Tuesday, July 7th. This means ALL transactions, including those you
have put in a hold or dispute status and those waiting for credits.

   Cardholders should request vendors to date transactions made in June with a June date and send
    through the transaction as quickly as possible. Transactions dated by vendors after June 30, 2009 will go
    into fiscal year 2010, even though the purchase may have actually been made in June.

   Daily e-mail reminders to reallocate June or earlier dated transactions will begin on June 15th, and
    continue through July 7.

   The ACARD system will allow reallocation of both June or earlier dated transactions as well as July dated
    transactions during the July 1, 2009 through July 7, 2009 timeframe. Reallocated transactions with a July
    date will feed to Finance System on July 8, 2009, and will appear in the fiscal year 2010.

   Changes in previous reallocations may be made on June or earlier dated transactions through July 8th.
    Changes in previous reallocations may be made on July or later dated transactions through FY 2010.

   If a June 30, 2009, or earlier dated transaction is not reallocated by July 7, 2009, at 3:00 pm, the
    transaction will feed to Finance System and charge the cardholder’s default speed type and 553200
    account code on July 8, 2009 into FY 2009. These unreallocated June or earlier transactions will remain
    open in the ACARD system and must be reallocated even after the July 7, 2009 date.

   Procurement Card transactions dated June 30, 2009, or earlier, and that are not downloaded by the
    bank to the ACARD system by July 7, 2009, will appear in fiscal year 2010.

   June and July Procurement Card statements will be available to print on the regular monthly schedule.
    June Procurement Card statements will contain transactions posted to the bank from May 25, 2009 through
    June 24, 2009. The July Procurement Card statement will contain transactions posted to the bank from June
    25, 2009 through July 24, 2009.

   Contact the FinPro Help Desk at 303.315.2846 immediately if you discover transactions that have
    mistakenly been reallocated to your department’s speed type by another department. You will need
    to have the Reference # (PCxxxxxx, EZxxxxxx, ACxxxxx, DCxxxxx) from your Finance System report,
    which is the ACARD transaction number. Procurement Card Administration will let you know who to
    contact to correct the error and whether to instruct him/her to go back into the ACARD system to
    change/correct the reallocation or do a journal entry, whichever is appropriate at the time and for the
    situation.

 For the timeframe July 1, 2009, through July 7, 2009, all transactions, regardless of transaction date, will be
    checked by the ACARD system at the time of reallocation against the July Finance System active
    speedtype/fopps/account code tables. This may result in June 30, 2009 or earlier dated transactions not
    being allowed to be reallocated to a speedtype/fopps/account code that was inactivated as of June 30, 2009.
    If you believe the transaction should be recorded to the inactive FOPPS, then you must contact your campus
    Controller‟s office to discuss the item.



Note: Year End procedures will be developed for the departments using the new Expense System during
the year-end process.




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                                University of Colorado
                                Procurement Service Center
                                Phone 303.315.2846 – Fax 303.315.2795


                                        AUTOMATED ACCRUALS

WHAT IS AN ACCRUAL?                   The recording of expenditure in one fiscal year for a good or service
                                      received in that year but actually paid for in the next fiscal year.
WHY DO IT?
                                      An item was received in the prior fiscal year so the expenditure belongs in
                                      that fiscal year.

                                          Generally Accepted Accounting Principles (GAAP) require that goods or services
                                           received on or before June 30, 2009 be expensed in fiscal year 2009. In other
                                           words, the University must record a liability for expenses incurred in 2009 that have
                                           not yet been invoiced or paid. Since the normal Accounts Payable process will post
                                           most of these entries to July, we have to accrue the expense in order to record it in
                                           the proper month (June).


WHEN CAN YOU DO IT?                   Only during the first few days of the new fiscal year…until 6:00 p.m. on Thursday,
                                      July 9.

                                          If you later notice something significant that should have been accrued, please
                                           contact your campus finance office for assistance.


HOW DO YOU DO IT?                     Depends on the type of expense, and how it is paid…

                                          The accrual process is slightly different for each type of voucher (Payment, Travel,
                                           Purchase Order, or Standing Purchase Order). See below for details.




 Non-PO Receiving accruals will look at the “June Business” checkbox. If it is checked, the system will change the
 Accounting Date to June 30, 2009. No accrual entry (ACC prefix) will be made. The voucher will appear as though it
 was entered on June 30, 2009 even though it was entered in July. The voucher record will show the actual entered date,
 only the accounting date will change.


                                             What Will You See on Your Reports?

    FY 2009 Activity                                                         FY 2010 Activity
    Activity entered in July for FY 2009 will only                           There will be no activity on FY 2010 reports for
    appear in FY 2009 reports with a 6/30/09                                 non-PO accrual entries.
    transaction date. Transactions will carry an AP
    source code.




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                                       How to Indicate Non-PO Receiving Accruals?

               …ON A PAYMENT              Write „JUNE‟ on the Payment Voucher. Follow these steps:
                     VOUCHER
                                             For expenses that can be paid on a Payment Voucher: complete the PV, print
                                              it out, circle the Total dollar amount, and write „JUNE’ underneath it. The
                                              PV must be complete, accurate, and fully signed. Attach required documents
                                              (itemized receipts, Scope of Work, Official Function, etc.). You may begin
                                              this process as of Thursday, June 25.
                                             The PSC will review the attached documentation to verify whether the
                                              expense should or should not be accrued.
                                             To ensure accrual PVs must be in the PSC by Monday, July 6.
                                             Be sure the vendor is in the financial database and approved (look in FIN8,
                                              Vendor Information). If not, fax a Vendor Request form to the PSC,
                                              303.315.2799. Include a CU W-9 form, completed and signed by the vendor
                                              (unless the payee is a CU employee, CU student, or government entity, or
                                              the payment is a refund or reimbursement).


 …ON A TRAVEL                             If the trip was completed on or before June 30 2009, the PSC will
     VOUCHER                              flag the expenditures to be accrued. (If the trip ends after 6/30/09,
                                          trip expenditures must be charged to fiscal year 2010.) Follow these
                                          steps:
                                             Complete the TV and print it out. The TV must be complete, accurate, and
                                              fully signed. Attach required documents (itemized receipts, Official
                                              Function, etc.). Do not combine June and July trips on one TV.
                                             To ensure accrual TVs must be in the PSC by Monday, July 6.



 …ON A STANDING                           Regardless of SPO INVOICE dollar amount, approve SPO invoices
       PURCHASE                           and mark them „June Business.‟ Follow these steps:
         ORDER                               If you receive the original invoice from the vendor: write on it, „OK TO
                                              PAY-JUNE‟ and sign your name. The invoice must be at Accounts Payable
                                              by end of day Tuesday, July 7th. If AP receives an original invoice dated
                                              prior to July 1, it will be saved as „June Business.‟
                                             If AP receives the original invoice: don‟t wait for notification that vouchers
                                              are in the system. Look online (use FIN8, Accounts Payable, Vouchers,
                                              Approval, SPO Voucher Approval and search under your Organization
                                              number). Check „Approve for Payment‟ and click „June Business‟ by 6:00
                                              p.m. on Thursday, July 9.
                                             SPO invoices received and processed through June 30, 2009 and not
                                              approved by July 9, 2009 will automatically get marked as “June Business”
                                              and accrued using an ACC entry.




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                                                     PO Receiving Accruals

 The process to accrue FY 2009 expenses that are referenced from a Purchase Order has not changed. Quantities received
 totaling an amount less than $50.00 will not be accrued. For PO Receiving accruals you must:

…ON A PURCHASE                       REGARDLESS OF PO DOLLAR AMOUNT, do online Receiving.
         ORDER                       Follow these steps:
                                         If you do Receiving after June 30, change Received Date to June 30 or earlier if the
                                          items were actually received in fiscal year 2009.
                                         Complete online Receiving (using FIN8, Purchasing, Purchase Orders, Receiving)
                                          by 6:00 p.m. on Thursday, July 9.




                                             What Will You See on Your Reports?
  FY 2009 Activity                                                       FY 2010 Activity
  Journal Entry with Journal ID of ACC- (dated                           Journal Entry with Journal ID of ACX- (dated 7/1/09)
  6/30/09) reflects expenditure in fiscal year 2009                      offsets accrual. This transaction will appear on your
                                                                         July month-end reports.
                                                                         Journal Entry with Journal ID of AP reflects the
                                                                         actual payment created by the source document (the
                                                                         voucher)
                                                                         These two transactions (the ACX and the AP) will net
                                                                         to zero in FY 2010.


 The Detail of Financial Transactions Report for FY 2009 will show an entry for each PO Receiving that is accrued.
 The journal will begin ACC- and will be dated 06/30/09. The Line Reference field will identify the voucher associated
 with that specific accrual entry.
 The Detail of Financial Transactions Report for FY 2010 will show the entry referenced in the above transaction
 reversed with a journal beginning ACX- and dated 07/01/09. There will be a charge to the same FOPPS in July with a
 journal source of AP and a reference of the voucher number representing the actual posting of the voucher.




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                                     How to Verify that Vouchers Will be Accrued

Is a Payment Voucher, Travel Voucher, or SPO voucher recorded in the correct year?
See if the June Business box is checked (use FIN8, Accounts Payable, Review, Vouchers, Voucher Inquiry or SPO
Voucher Inquiry).

Will a PO voucher be accrued?
See if the PO‟s Received Date is June 30 or earlier (use FIN8, Purchasing, Purchase Orders, Receiving).

                                               What will NOT Accrue
             Standing Purchase Orders (SPOs)                               Purchase Orders (POs)
    Invoices processed & approved in the system after     Invoices entered in the system in July against POs
    AP/PO final close on Thursday, July 9.                when online Receiving has not been done with 6/30/09
                                                          or prior date, regardless of dollar amount.
                                                          Invoices processed in the system after AP/PO final
                                                          close on Thursday, July 9.

Use the manual accrual process to accrue these items!

        If a manual accrual is needed, the accrual should be recorded in account 100100 with the appropriate expense
         account as the offset. Also, the JE ID should start with “ACC” (or it will not be automatically reversed in the
         next fiscal year). Note, if you are accruing good/services purchased from a Colorado State Agency (e.g.,
         Correctional Industries), please ensure the JE ID starts with “ACCS” so that it can be properly classified for
         state reporting.
        To facilitate follow-up on manual accruals, we request that you include the voucher and invoice number in the
         JE reference field.
        In addition, the OUC will work with the individual campus controller‟s offices to identify invoices related to
         fiscal year 2009 that have not been identified through the above process to ensure they are properly accrued.




                                    What happens to Procurement Card Transactions?

            PROCUREMENT CARD                 Credit card transactions are different. Your Procurement Card transactions
                TRANSACTIONS                 will not be flagged and created as accruals since they are based on journal
                                             entries that already posted directly to the appropriate fiscal year.

                                             To have these expenditures posted to fiscal year 2009, you must complete
                                             reallocations on time. Follow these steps:

                                                 Reallocate all Procurement Card transactions with a date of June 30 or
                                                  earlier. You must do this no later than 3:00 p.m. on Tuesday, July 7.




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