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Senior Fiscal Officer Meeting

Senior Fiscal Officer Meeting. May 27, 2010. PeopleSoft Certification. Deadline: Friday, June 4, 2010. PS Access Certification. Log in to Blackboard using your SSO ID https://blackboard.missouri.edu Click on

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Senior Fiscal Officer Meeting

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  1. Senior Fiscal Officer Meeting May 27, 2010

  2. PeopleSoft Certification Deadline: Friday, June 4, 2010

  3. PS Access Certification • Log in to Blackboard using your SSO ID https://blackboard.missouri.edu • Click on • Administrative Services Controllers St. Louis (under My Organizations, left hand side) • Certifications (gold border, left hand side) • PeopleSoft Access Certification UMSL Senior Fiscal Officer Meeting, January 15, 2009

  4. Budget Items Joann Wilkinson

  5. Shared Services Larry Westermeyer

  6. Accounting Randy Vogan

  7. FY 2010 Closing Schedule • No access to Finance Production instance between July 1 and July 3. This includes: • Non-PO Voucher Create, Requisitioning, Approving, Receiving, and eProcurement • Budget entry, AR/BI, GL Journal Import, and Grants Module • Web applications that will be available include: • Web JE, MoCode Create, PS Financial Reports, CRR • No nightly processing will take place (July 1–July 3)

  8. FY 2010 Closing Schedule • Last day to enter non-PO vouchers in FY 10 is June 30 • Verify that the ChartFields entered on each voucher are appropriate and budgeted • Vouchers (non-PO and PO) posted in FY 11 between July 4 and July 9 with invoice dates prior to July 1 will be accrued back to FY 10 • First day to enter vouchers in FY 11 is July 4 • Check invoice dates entered during this period

  9. FY 2010 Closing Schedule • Last day for departments to edit Purchasing Card transactions in PaymentNet is July 1, Noon • Departments have until July 10 to fax signed Statement of Accounts to Procurement Services

  10. FY 2010 Closing Schedule • Last day to enter web JEs in FY 10 is July 16 • Between July 1 and July 16, if FY 10 entry, enter 6/30/10 journal date • Last day to import FY 10 data into GL is July 7 • Between July 4 and July 7, use 6/30/10 date • Last day to enter FY 10 CRRs is June 30 • Accounting will review CRRs prepared between July 1 and July 9 for cash in transit entry

  11. FY 2010 Closing Schedule • The last day to enter FY 10 AR/BI invoices is June 30 • The last day to enter FY 10 ARRs is June 30

  12. Prepaid Expenses • Expenses vouchered in FY 10 for goods or services that will not be received until FY 11 are considered prepaid expenses • Accounting will check for prepaid expenses greater than $5,000 (excluding grants) and transfer the expense to FY 11 as appropriate • Accounting will transfer prepaid expenses less than $5,000 to FY 11 at fiscal officer’s request

  13. Accrued Expenses • Expenses vouchered in FY 11 for goods or services that were received in FY 10 • Vouchers posted between July 4 and July 9 with invoice dates prior to July 1 will be transferred back to FY 10 using original ChartFields • Vouchers over $10,000 posted between July 10 and August 6 with invoice dates prior to July 1 will be transferred back to FY 10 using high level ChartFields (Grants use original ChartFields)

  14. Deferred and Accrued Revenue • Revenue should be deferred to FY 11 if the good or service will be provided in FY 11, even though payment may be received in FY 10 • Revenue should be accrued in FY 10 if the good or service was provided in FY 10, even though payment will not be received or recorded until FY 11 • Use a revenue threshold of $5,000

  15. Expense or Revenue • Check for year to year consistency and the dollar amount when considering whether an expense or revenue item should be recorded in the current or new fiscal year

  16. Summer Session Payroll • In FY 10, Accounting will transfer summer session payroll charges from Fund 0000 DeptIDs with Program S8880 to a higher campus level DeptID • Entry will be reversed in FY 11, transferring payroll charges back down to department level DeptIDs • In FY 11, prepare 392000 – Revenue Transfer to close the S8880 Programs to zero

  17. Summer Session Fees/Expenses • Student Related Fees • Record 50% as current year revenue • Record 50% as deferred revenue • Scholarships • Record 50% as current year expense • Record 50% as prepaid expense • June 30 entries use high level campus DeptIDs • Entries will be reversed in FY 11

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