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University of Montana

University of Montana. FYE 2019 Training | Morning Session May 8 th Business Services. Agenda. Introduction Procurement Accounts Payable Budget Payroll UM Foundation Break Campus Cutoff Schedule Feed File Schedule Accounting Procedures JV Reminders.

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University of Montana

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  1. University of Montana FYE 2019 Training | Morning Session May 8th Business Services

  2. Agenda Introduction Procurement Accounts Payable Budget Payroll UM Foundation Break Campus Cutoff Schedule Feed File Schedule Accounting Procedures JV Reminders

  3. Business Services Contact List Accounting Services Tara Scott, Financial Manager Ext 5802 Barb Bybee, Accountant Ext 6261 Patrick Fagan, Accountant Ext 5742 Connor Smith, Accountant Ext 6628 Leia Plaza, Accountant Ext 5342 Nan Li, Accountant Ext 5716 Accounts Payable Nicole Thompson Ext 4935 Procurement Bob Hlynosky, Accounts Payable/Procurement Ext 2494 Vickie Voss Ext 2210 Systems Scott Klanecky, Finance Systems Manager Ext 5558 Frank Grady, Banner Finance Production Manager Ext 2940 Treasury Services Betty Davis Ext 4320 Management Dan Jenko, Associate Director Ext 5530

  4. Procurement

  5. Procurement 5/10Photocopiers 5/31 Bids less than $500k, not on a term contract. 6/1 Term Contracts & Requisition Requests 6/26 Encumbrance Cleanup deadline. PO’s must be set up before, NOT after purchase.

  6. Accounts Payable

  7. Accounts Payable Year End Dates • 6/1 Complete ProCard charges or else not in FY19 • **most merchant’s process weekly • 6/21 PO invoices need to be sent to A/P by 5:00 pmfor FY19 • (Travel, check request, Non-PO payments) • 6/24 Final ProCard download to Banner from US Bank for Cycle 12 • **Only ProCard charges through 6/21/2019 will appear in FY19. • 6/28 ProCard Cycle 12 closes at 5:00 pm • 7/2 Final check run for FY19 moved to Tuesday morning all invoices approved by 5pm on 7/1 will print. • Final GrizMart department approvals by 5:00 pm for FY19 • 7/3-5 NO Grizmart or Banner transactions posting • 7/8 GrizMart reopens & Cycle 01 Procard charges are downloaded to Banner

  8. BUDGET

  9. Year End Checks General Funds (31xxxx) • Correct negative available balances per INDEX – (UMDW Operating Report) • Correct negative Personnel Services (Personal Services – UMDW Operating Report) • You can correct these negative balances by submitting… • RBC – Must be completed and turned in by 5/15/19 • JV • Payroll Redistribution

  10. Year End Checks Designated (33xxxx)/Auxiliary (34xxxx) • Correct negative fund balances • Consider impact of year end balances on FY20 budgets – Submit budget changes as needed • You can correct these negative balances by submitting… • RBC – Must be completed and turned in by 5/15/19 • JV • Payroll Redistribution

  11. Stacey Eve 243-6342 Nate Thomas 243-4738

  12. Payroll

  13. Fiscal Year End - Payroll Contacts: Andrea Scheuering: 243-5199 Andrea.Scheuering@umontana.edu For Redistributions please contact your Fund Accountant or Grant Accountant.

  14. Payroll Acronyms PAY SCHEDULES: BW Bi-Weekly | Staff 26 pay periods SPSemi-Monthly | Student 24 pay periods MO Monthly | Administrator / Faculty / Professional MS Monthly | A Student that is on an Affiliate Campus (Not Missoula) http://www.umt.edu/hrs/Personnel%20Resources/Payroll/Pay%20Schedules.php RECORDING EMPLOYEE TIME: GTO Griz Time Online | You email payroll contact, your contact enters your time WTE Web Time Entry | Employees enter their time through CyberBear http://www.umt.edu/hrs/Personnel%20Resources/Payroll/Web%20Time%20Entry/default.php

  15. Payroll: SP, BW, MO, MS • FY20 Expenses • SP14 • BW15 • Expensing, in total, at the department level FY19 Expenses SP13 BW13 BW14 MO7 MS7 • Health Insurance $1,054.00/month • New Rate Changes for FY20 • Unemployment .45% (subject to change) • PERS 8.77% • TRS 11.45% • TIAA-CREF10.676% (same as last year)

  16. Payroll: SP, BW, MO, MS 6/7RPTs due for Monthly (MO) rosters 6/14 BW13 GTO Opens 6/18 RPTs due for Bi-Weekly (BW) rosters BW13 Closes @ 7p

  17. Payroll: SP, BW, MO, MS • 6/19 SP13 GTO Opens • 6/20 Noon MO Rosters due (No RPTs accepted for MO7) • 6/21 SP13GTO Closes @5p • 6/24 Noon Manual Check Request Cut-Off • Due to the Fiscal Year End Cash Closing process – • no manual checks processed from June 24th to July 1st. • 6/26 BW13 Posts & Pays • 6/28 BW14 GTO Opens • Encumbrances released for all payroll cycles

  18. Payroll: SP, BW, MO, MS 7/1 MO7, MS7, SP13 Pay Payroll Redistribution Deadline BW14 Closes (No Redistributions) @7p • Redistributions into State/General fund indexes from other funding sources (such as designated, auxiliary etc.) will be reviewed by the Budget Office. • Sufficient budget authority, for both wages and benefits, must be in place for these to occur. 7/2SP14GTO Opens 7/5 SP14GTO Closes @5p BW14 Posts to ledgers, not paid until 7/10 7/10 BW14 Pays

  19. Payroll – Miscellaneous • There will be no accruals for bi-weekly wages, which ends June 29th. Nor will there be accruals for monthly wages, which ends June 30th. • No accruals may be made for student wages earned from June 19th to July 1st (which do not pay until July 15th) at the department level. These amounts will be expensed in FY20.

  20. Payroll Processing

  21. Payroll Redistributions In Short: You paid someone from one money source (Index) and you want to change their payroll expenses to a different Index. Why would you move their expenses? Budget reasons…Not enough money in your budget.

  22. FYE Payroll Redistributions Purpose: To correct a funding source (budget). Reminders: • Do not include benefits in the amount you are moving. • If partial move, please indicate. • JV / U-Approve is inappropriate. • Permanent fund moves require RPT (Request for Personnel Transaction) Deadlines • <90 Days = No justification, No Approval • >90 Days = Justification and Business Services Director Approval IMPORTANT BW14 Reminder: Review your GTO reports carefully upon completion. If there is an error – contact your HRA prior to process completion on July 1st. There will be no payroll redistributions for BW14 in FY19.

  23. Payroll Redistributions Forms: http://www.umt.edu/business-services/Employees/Forms.php Non-Grant Payroll Redistribution Form http://www.umt.edu/business-services/Employees/PayrollRedistForm1.xls Deadlines to have requests to Business Services… 6/5/19 – May (due by 3:00 PM) 7/1/19 – June (due by 12:00 PM) ** Payroll Redistributions for BW14 will not be allowed **

  24. UM Foundation

  25. UM FOUNDATION • Payments to UM • All other fiscal year 2019 expenses • Clear outstanding advances • Questions

  26. 10 MIN BREAK

  27. Systems

  28. Feed File Schedule Due Tuesday, July 2nd by 3:00 PM- Invoice feeds Dining Services invoices from CBORD Facilities Services- Missoula and Dillon invoice systems Due Wednesday, July 3rd by Noon - JV feeds Facilities Services (work orders and postage) Network port charges Fixed phone charges Long distance charges UC Admin charges JV uploads Please do not send feedfiles with July transaction dates until Monday 7/8

  29. Other Critical Dates • 7/05FY19 Period 12 closes at 5:00 PM • 7/06 “GL and Encumbrance Roll” to FY20 • 7/08 Period 12 Reports available through • UMDW

  30. Fiscal Year 20 Begins • July 8 • Invoice Processing Resumes • Journal Voucher Entry • Reversing Entries • Automated reversals prior to July Month End closing • PRE-PAY and Deferred Revenue reversing transactions will be processed prior to July Month End closing

  31. Accounting Procedures Prepaid Expenses (PREPAY) Miscellaneous Accounts Receivable Accrued Expenses Deferred Revenue Capital Assets

  32. PREPAY EXPENSE In Short: You’re paying for an item or service that you won’t receive until after June 30.

  33. Prepaid Expense Checklist

  34. I have to pay an invoice:

  35. Steps 1 & 2 • Determine Grant or Non-Grant Index • Grant Index i.e. M28000 • Starts with M followed by 5 numbers • Determine Expense code (62xxx or other) • 63xxx is a capital purchase, NOT a prepaid

  36. Step 3 • Invoice > $500 • < $500 NOT a prepaid expense

  37. Step 4 • Is Invoice paid monthly or annually? • Annual = PREPAY • Monthly = NOT prepay

  38. Step 5 Cross fiscal years? Yes Prepay = Period goes beyond June 30 No = Does not extend beyond June 30

  39. Steps 6-8

  40. Step 9 Griz Mart: https://solutions.sciquest.com/apps/Router/Login?OrgName=Montana&Tmstmp=1526580244115295

  41. PREPAYBehind the scenes accountingT-Accounts

  42. Prepaid Transaction:T Accounts: Behind the Scenes • When paying an invoice, use GrizMartand remember to use the activity code: PREPAY • At Fiscal Year End, all your expense and revenue accounts are cleared (Revenue – Expense = Fund Balance) • Account 1905 (Prepaids) crosses fiscal years and is not cleared. • Since 1905 is not cleared, at the beginning of each fiscal year, Business Services reverses 1905 and places all amounts into your expense accounts.

  43. Remember: At the end of the year, all expenses and revenues are rolled into your Fund Balance. Revenue – Expense = Fund Balance

  44. Additional Prepaid Guidelines/Tips/Updates • Updates/Reminders: • GRIZMART (Non-PO): Use the activity code PREPAY • 1905 account invalid in GrizMart • PROCARD: Appropriate to use 1905 account • Do NOT use PREPAY activity code • DEADLINE: 7/5/2019 All supporting documentation to Barb Bybee

  45. Miscellaneous Accounts Receivable What are they? In Short: Someone owes you money and you invoice with your own system, NOT Banner.

  46. Miscellaneous Receivables Business Services is responsible for preparing financial records at the end of the year for all of UM. Some departments on UM campus, use their own invoicing system. When this happens, those transactions are not on UM books (meaning…they are not recorded in BANNER. So, we need your help to record money that people owe you.

  47. Why so nosey? The University operates under accrual accounting, not cash accounting. Meaning: We record revenue when services are rendered, NOT when cash money is received. So, we need to make sure we have all your Accounts Receivable (revenue) on our books before we prepare our financial statements.

  48. Miscellaneous Receivables Example Now it is fiscal year end…and John Smith and Jane Doe have NOT paid Mansfield Library. There is now a miscellaneous receivable hanging out and it needs to be recorded with UM Business Services. This is where you fill out the Miscellaneous Receivable form and Business Services records your receivable. Link for Miscellaneous Receivables form: https://www.umt.edu/business-services/Employees/Fiscal%20Year%20End/Miscellaneous-Receivables-FYE-Form-Updated-2019.xlsx

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