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Fiscal Year End Closing Schedule

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									                                       University of Colorado Denver
                                                      Interoffice Memo

DATE:         April 20, 2011

TO:           All Departments

FROM:         Ryan C. Yu, Associate Director

SUBJECT:           Fiscal Year-End Close Information and Schedule

June 30, 2011 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 6/30/11. 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 25 will be 100% expensed to June.
The biweekly payroll for the pay period ending July 9 will be 100% expensed to July.

       The biweekly payroll for pay period ending June 25 will be paid on July 8 and posted to June in PS
         on July 6.

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 22.

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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April 29, 2011 (Friday)
 PO/SPO Requiring Bids. Last day to submit PO & SPO requisitions requiring formal bids (purchases
   of goods or services over $500,000).

May 13, 2011 (Friday)
 PO/SPO with Quotes. Last day to submit PO & SPO requisitions requiring documented quotes
  (purchases of goods costing more than $10,000 or services costing more than $25,000).

May 27, 2011 (Friday)
 PO/SPO Requisitions. Last day to submit all other PO & SPO requisitions using FY11 funds.

June 1, 2011 (Wednesday)
 Organization Tree. Moratorium on changes to the org tree in the Finance System for FY11. We can
   still set up speed-types using existing org codes.

June 3, 2011 (Friday)
 Payroll Suspense. Date that Finance will distribute May payroll suspense items to departments.

June 9, 2011 (Thursday)
 Payroll Suspense. Final day to submit speed-types to clear May payroll suspense items to Kassi Bartow
   via email.

June 10, 2011 (Friday)
 AHEC – DDC. This is the last day of services performed by Auraria Higher Education Center
   departments that will be charged to FY11. This includes postage, telecom, events center, bookstore,
   reprographics, facilities management and conferences. Any AHEC items after this date will be
   processed in FY12.

June 21, 2011 (Tuesday)
 Payment Vouchers Accrual. Begin Payment Voucher Fiscal Year End accrual process – circle Total
   dollar amount and write „JUNE‟ underneath it.

June 22, 2011 (Wednesday)
 Payroll. Monthly payroll for June posts.

June 23, 2011 (Thursday)
 Payment Vouchers. Final day for PSC to receive payment vouchers and nonemployee reimbursements
   if you need the check issued by June 30.
 Payroll Suspense. Finance will distribute June payroll suspense items to departments.

June 27, 2011 (Monday)
 Payroll Suspense. Final day to submit speed-types to clear June monthly payroll suspense item
   worksheets to Kassi Bartow via email.
 Reimbursements. Final day for PSC to receive approved employee reimbursements in Concur if you
   need the check issued by June 30.
 Vendor Set Up. Final day to provide PSC with vendor information to set up new vendors in FY11.




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June 29, 2011 (Wednesday)
 Concur. Final posting of Concur expenses directly to FY11. Please allocate all FY11 procurement card
   expenses and approve all reimbursements for FY11 by today. After today, unallocated expenses will be
   accrued.

June 30, 2011 (Thursday)
 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 FY11.
 Check Cancellations. Final deadline is 12:00 noon for requests to PSC to cancel AP checks in FY11.
 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.
 Payroll Expense Transfers (PET). Deadline for payroll expense transfers (PET) for all pay periods prior
   to June 12. PET for FY11 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.

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 1, 2011 (Friday)
   Journal Entries. Deadline is 5:00 PM for the Finance Office to receive copies of journal entries for
    approval for 1st close. This includes both online journal entries and IN forms for entry by the Finance
    Office. 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 the Finance Office at Campus Box D129. Please complete all routine,
    monthly journals by this date to allow an opportunity for review of first close reports and entry of any
    needed final adjusting entries for second close.

 Starting today… Remember to change the date on all on-line transactions to 6/30/11 if transactions need
to be in FY11 and not FY12. This includes on-line receiving if the goods or services were received on or
before 6/30/11 (use the actual receipt date), marking invoices “June business” if received in June, dating
FY11 journal entries 6/30/11, and dating FY11 payroll expense transfers 6/30/11.


July 6, 2011 (Wednesday)
 Payroll Suspense. Finance will distribute any June 25 biweekly payroll suspense items to departments.
 Vouchers. Deadline is 5:00 PM to submit paper Payment Vouchers to PSC to ensure accrual to FY11.
 SPO Invoices. Deadline to submit paper SPO invoices dated June 30 and prior to ensure accrual to
    FY11.
 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.

July 7, 2011 (Thursday)
 SPO Voucher Approval. Deadline to approve SPO vouchers online that need to be accrued to FY11.
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   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.
   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.

July 9, 2011 (Saturday)
 Financial Reports. Cognos on-demand reports for first close available online after 8 AM.

July 11, 2011 (Monday)
 Financial Reports. Cognos burst reports for first close available after 12 noon.

July 12, 2011 (Tuesday)
 Concur. Final accrual of Concur expenses will be posted today. June charges approved before today
    will be accrued to the approved speed type; unallocated June charges will post to the department default
    speed type.
 Journal Entries. Final deadline is 5:00 PM for Finance to receive copies of journal entries for approval
    for FY11. These journals should only be fiscal year close adjusting entries, not routine journals. This
    includes both online journal entries and IN forms for entry by the Finance Office. 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 the Finance Office at Campus Box D129. After this date, journal entries will not be accepted for
    FY11.
 Manual Accruals. Final deadline to submit journal entries request to Finance for manual accruals, such
    as…
    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.ucdenver.edu:8080/policies/AcctsRec_080108.doc. 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 Ryan Yu at 315-2256 for help.

July 13, 2011 (Wednesday)
 Payroll Expense Transfers (PET). Final deadline for Payroll Expense Transfers (PET) for all FY11 pay
    periods (including biweekly pay period ending June 25). These PET should be input, saved, validated
    and approved by department approver by today; then these will post for second close. 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 department approver.

July 14, 2011 (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. This is the final close for campus
    journals; after this point only high-level accruals and large corrections by the Finance and Grants Offices
    may be processed. Transactions submitted by the deadlines detailed above will be posted for inclusion in
    this close.

July 19, 2011 (Tuesday)
 Fund 10 Cash Transfer Out Entries. Final deadline is 5:00 PM for Finance to receive copies of cash
    transfer journal entries from fund 10 to 72 for approval for FY11. This should be done at the college or
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    school level to minimize remaining budget available (DDC) or fund balance (AMC). Make sure your
    journal entry is dated June 30 and it is clearly marked for June business. Attach supporting report and
    send to Finance Office at Campus Box D129.

July 21, 2011 (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 (>$50,000) previously approved by Finance or OGC.

July 23, 2011 (Saturday)
 Financial Reports. Cognos on-demand reports for final close available online after 8 AM.

July 25, 2011 (Monday)
 Financial Reports. Cognos burst reports for final close available after 12 noon.
 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.

July 26, 2011 (Tuesday)
 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?
                    Fin Pro Help Desk 303-837-2161 for procurement-related questions.
             Ryan Yu 315-2256 or Linda Newsome 315-2265 for any other close-related questions.




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