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FY17 Year End Review

FY17 Year End Review. Bob Daley, Nancy Guisinger, Stephanie Nasson FAS Office of Finance/Admin Ops June 2017. Today’s Agenda. General Reminders for Invoices/Reimbursements Stephanie Nasson Fiscal Year End Reminders Nancy Guisinger Payroll Updates Bob Daley.

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FY17 Year End Review

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  1. FY17 Year End Review Bob Daley, Nancy Guisinger, Stephanie Nasson FAS Office of Finance/Admin Ops June 2017

  2. Today’s Agenda • General Reminders for Invoices/Reimbursements • Stephanie Nasson • Fiscal Year End Reminders • Nancy Guisinger • Payroll Updates • Bob Daley

  3. General Reminders for Invoices/Reimbursements

  4. Important Dates

  5. General Reminders for AP • Submit FY17 payments & reimbursements in a timely manner; contact ASAP for assistance • Web Reimbursements submitted by June 23rd • Concur reports submitted by June 26th • Invoices submitted on June 23rd will be available in reports on June 30th • ALL Invoices MUST be in AP by Thursday July 6th. • Hold FY18 payments & reimbursements until after FY17 has closed • Transfer all low dollar, high volume transactions to PCard (FedEx, Data Shredder, Poland Spring) • When an invoice is not provided, use the “In Lieu of” form • Be mindful of additional PCard sweeps during the year end close • Review the ‘Receiving’ tab in HCOM to confirm FY17 POs have been received. • Review holds report, contact AP customer service to request release of invoice payment

  6. Committed Funds Dashboard • Not just for FY End! • Unbilled Items (“Quantity Received” > “Quantity Billed”) • Contact vendor for invoice copy and mail to AP • Invoices on hold (“Unposted Amt” > 0) • Holds report for reason, contact AP to release invoice payment • Unspent POs/Remaining Balances (“Open Commitment” > 0) • Confirm if PO can be closed/cancel, contact AP to close PO • Payment Requests (PR), Nonemployee Reimbursements (NR), Employee Reimbursements (WR) – should only appear for a few days

  7. Committed Funds Dashboard Tips • Report DOES NOT show POs where invoices are on hold only for price – Items to be received or credit to be processed • Sort and remove the following: • Amounts less than a dollar • FedEx App POs • BCD Transactions with minimal amounts remaining • Foreign Wire Transfer balances • Posted Amount = 0 • - Nothing was processed (lost in the mail, never turned in, processed against something else) • Marketplace PO Receiving Amount = 0 • - Nothing was received. If this true, please follow up with vendor • Email AP customer service to close out POs, and WRs • - ap_customerservice@harvard.edu

  8. Recognize Cash Received • Cash can come in as check, cash, wire transfer • To deposit checks and cash, use the Credit Voucher form • Remember to use separate vouchers for cash and checks! • Cash Receipts Office is located at 1033 Mass Ave., 2nd floor. • Questions related to coding can be directed to Miguelina Rodriguez, mrodriguez@fas.harvard.edu, x6-6238

  9. Unclaimed Wires Dashboard in OBI • Unclaimed Wires Dashboard in Cash Management section • Look for receipts from external parties related to your department. While you may be expecting a check, the vendor may have paid via wire. • Claim wires as funds are received. • To claim a wire, email Cash Receipts (cash_receipts@harvard.edu) and provide the following information to process the income transfer: • Receipt number (IW#) and receipt date • Actual amount of the wire • Complete 33 digit string of coding • Description of wire to be recorded on GL • Reimbfrom XXX for J. Smith travel 4/1-4/15 (code to expense) • Refund from XXX for overpmt of invoice XXX (code to expense) • Income from XXX for rent Jan-Mar (code to income) • The deadline for claiming a wire for FY17 is Friday, June 30th at noon.

  10. Harvard Phone Fiscal Year 2018 FY18 Budget Guidance: Units were advised to plan for FY18 expenses related to new VOIP lines to be similar to FY17 expenses. Transition Year (FY17): • Phone Charges are posted at a Tub Level and then distributed out to a unit level using an ADI journal posted by the FAS Office of Finance for all tubs based on data captured from TORTE on July 5, 2016. • Units received a recurring monthly charge throughout FY17, regardless of conversion timing. • Any modest level of savings realized during the conversion have been used to fund the required infrastructure upgrades, leaving FAS break even in FY17. Transition Year 2 (FY18): • Harvard Phone conversion is still in progress. • The FAS Office of Finance will provide all units with an inventory of phone lines and GL codes for validation late in July (via email / excel file). • Units should review for any outdated GL codes or changes to phone lines and email the updated excel file to FAS Finance by Friday, August 18th. • FAS Finance will create a monthly ADI journal based on the inventory files. • Units will have an opportunity throughout the year to make coding changes by e-mailing FAS Finance. (more information will be provided in August) • All other service requests should continue to be made by e-mailing the HUIT service desk.

  11. Best Practices • Review Budget to Actuals for current fiscal year • Budget Variance • Summaries Actual and Budget • If you are a Service Center, ensure your Internal Billings are up to date • Can be processed through the second close (Friday, July 14 @ 2:00 p.m.) • Save the envelopes for gifts received though the U.S. mail for proof of receipt of late June gifts. Please include the envelope when sending gifts to the ADS for processing. • Gifts postmarked after June 30, 2017 will be processed as FY18 donations.

  12. Year End ReviewAccounting

  13. Year End Accruals and Deferrals • The minimum amount for an AP Accrual, Prepaid Expenses, Deferred Revenue and Accounts Receivable is $10K • Don’t forget accruals for recovery of salary, fringe and awards! • Use a new template each time you submit an ADI journal • Review journals prior to submission for coding, amount and policy compliance • Use the new Web ADI Template and Check for Errors and the new COA Validator spreadsheet to verify coding before submitting journal to finjrnl@fas.harvard.edu to upload • Journal submission deadlines: • Do not post journals beyond the 2:00 p.m. deadline of the 3rd close!

  14. Year End Accruals and Deferrals • Accruals: to recognize goods/services received in FY17 that have not been paid for in FY17. • On July 18th FAS Finance will e-mail list of invoices >=$10K paid in FY18 with an invoice date in FY17 to Departments • Review and indicate on the Invoice Processed- NonCIP tab if • invoice should be accrued, • has already been accrued, or • should not be accrued (is an FY18 good/service) • Also identify any other accruals that need to be made on Additional Accruals- Non CIP tab • Include items charged to Object code 68xx (equipment >$5K) that are >$100K • Return to FAS Finance by July 20th • NO PAYROLL TRANSACTIONS • NO SPONSORED FUNDS • If you would like accrue expenses before July 20th, create journal entry and submit Web ADI with appropriate back up documentation to finjrnl@fas.harvard.edu - Back up includes quotes/vendor correspondence/invoice

  15. Year End Accruals and Deferrals • Deferrals: to recognize goods/services for FY18 that were paid for in FY17 or sale of goods/services in FY17, payment in FY18 • Includes: • Prepaids: paid in FY17 for goods/services in FY18 • Accounts Receivable: sale of goods/service in FY17, payment in FY18 and recovery of salary, fringe • Deferred Revenue: payment in FY17 for sale of good/service in FY18 • Create journal entry and submit Web ADI template with appropriate back up documentation to finjrnl@fas.harvard.edu • Back up includes quotes/vendor correspondence/invoices and detail listing report outlining expenses • NO SPONSORED FUNDS • We cannot defer any expenses related to sponsored activity.

  16. Year End Accruals and Deferrals Worksheet and CheatSheet

  17. Check your Balances • Identify funds with zero/low dollar balances and spend down/close funds • Write off gift balances +/- $50 via Journal Entry • Review Centrally-controlled funds to ensure charges are correct: • 000760, 000770, 000775, 000780, 000795, 000800-000802 • Review fund balances and move expenses to clear deficits • NEW FOR FY17 Gift Expenses incurred in June will be assessed the Gift AEA in June financial results.

  18. How to Write Off a Gift Balance +/- $50 • If a restricted gift fund is no longer being used and every effort has been made to spend a positive balance to zero, the balance can be written off using object code 7765, Fund Balance Write-Offs. • The balance can be a deficit or surplus of up to $50.00 • These balances should be transferred to the 000001 fund. If this fund is not available, use a general Unrestricted Designated fund. • Example of a write-off entry for a fund with a positive balance: • DR Tub-Org-7765-3XXXXX-600300-XXXX-XXXXX • CR Tub-Org-7765-000001-600300-XXXX-XXXXX • If you have a fund with a negative balance, then your entry will be the reverse of the example above. • Please contact Linda Kuros (l_kuros@harvard.edu, x 6-3934) if you believe you have a situation that warrants a write-off.

  19. Chart of Accounts Cleanup • Review your department’s chart of accounts for unused chart values • Once the account has a zero balance, a determination by the Department should be made to keep the account open or to close it. • To close UD funds, Activity, SubActivities, Roots – contact FAS Applications Security (appsec@fas.harvard.edu) • Closing a Gift Fund • If the fund terms are general and there’s a possibility that future gifts will be received, it’s permissible to keep the account open. • If additional gifts will not be received, it’s best to close the account. • To close a Gift Fund contact- Keith Bitely (keith_bitely@harvard.edu, x6-8832) with the following information: • Tub • Fund name and number • Confirmation that the Fund balance is $0.00

  20. Capital Assets / Oracle Assets • Science Depts – Jess McCall and Connor Crowley from the Capital Assets Team are scrubbing the data (purchases coded to 68xx) sitting in Mass Additions within Oracle Assets. They are reaching out to depts to gather additional information if they have questions. Please respond to them quickly so they have time to do their work in the system. • Questions regarding Oracle Assets? Contact Maria Geovanos geovanos@fas.harvard.edu, x 5-9107

  21. AP Adjustment Form (for Equipment) • Capital equipment coding corrections • The purpose of the form is to correct any errors within the 33-digit G/L coding for equipment charged to the 68xx series • AP Adjustments Forms must be entered into HCOM by July 5th at 5pm • AP Adjustment Forms must be Approved in HCOM by July 10th at 12pm • If you are aware of adjustments now, please start processing now • Do NOT journal corrections involving 68xx! • Questions on how to use the form? Please contact Maria Geovanos geovanos@fas.harvard.edu, x 5-9107

  22. How to… • Clear a gift fund deficit : http://hwpi.harvard.edu/files/fas_finance/files/how_to_clean_up_a_restricted_gift_fund_deficit.pdf • To accept a credit card as payment (one time or ongoing): • http://otm.finance.harvard.edu/credit-card-merchant-accounts • To deposit a check or cash: • http://otm.finance.harvard.edu/complete-credit-voucher-form

  23. Resources

  24. Year End ReviewPayroll

  25. Payroll Year-End Review and Reminders • July 1 Reappointments and New Appointments • Year End Payroll Posting Dates, Accruals and Paycheck Details • 7/1/17 Salary Increase Schedule • Payroll Salary Defaults • Absence Management Year-End Reminders • FY17 Floating Holiday Balances to Expire on 6/30/17 • Harvard Student Summer Object Code Change • Students – MA Sick Time Law

  26. July 1 Reappointments and New Appointments • PeopleSoft Auto-Term is scheduled to run on Saturday, June 24th terminating all appointments with a June 30, 2017 end date. • All FY18 reappointments must be completed and approved in Asperin by Monday, June 19th to ensure that they are uploaded to PeopleSoft prior to the auto-term running. • Any Asperin generated reappointments received and processed after the auto-term runs will fail because we cannot reappoint on a terminated position. • Inadvertently terminating a position may have an impact on employee benefits.

  27. July 1 Reappointments and New Appointments • Please take special note of reappointments for Research and Emeritus Professors who have annual paid appointments. If they are inadvertently terminated, it will affect their retirement benefits. • Review and monitor your current scheduled Term Appointments by running the Appointment Listing report in AURORA. • New 7/1/17 appointments should be entered into Asperin/AURORA as soon as possible to avoid system and building access delays.

  28. Year End Payroll Posting Dates, Accruals and Paycheck Details The weekly and biweekly paychecks paid to employees on Friday, July 7 is for work performed from June 18 – July 1.  Because the payrolls essentially comprises FY17 work in its entirety (7/1/17 is a Saturday), the check itself will be posted to the General Ledger in June 2017 as a 6/30/17 entry.  As this is not an accrual entry, it will not be reversed in July. 

  29. 7/1/17 Salary Increase Schedule Exempt employees receiving a 7/1/17 increase can expect the following: Monthly employees receiving a 7/1/17 increase will see the full amount reflected in their 7/31/17 paycheck.

  30. Payroll Salary Defaults • FAS Payroll will be providing a list of all employees from your department or center currently in default that require a journal transfer. • Payroll default account review - Summary Actual report for activity 799599. • The Summary Actual will return payroll object codes that have been charged to default. A detail listing report will provide the detail of individual employee payments that must be corrected.

  31. Payroll Salary Defaults • Select your department’s ‘Student/Temp’ PeopleSoft department number, not the ‘Parent’ number. • Costing for all students hires should include the following earnings codes (Earn Code): • Regular (Leave Earn Code blank) • OTP – Overtime Premium • WST – Enter even if the student is not currently work-study eligible • Enter the % Distribution (One line of costing must have 100% entered. Multiple lines must add up to 100%)

  32. Absence Management Year-End Reminders • All reported paid time off for FY17 through June 30, 2017 must be approved by 3:00pm on Thursday, June 29th. • This will ensure accurate reporting of the University's vacation liability and full reimbursement as we close out the year. • Please take a moment to review any new or outstanding requests and take the appropriate action.

  33. FY17 Floating Holiday Balances to Expire on 6/30/17 • All floating holiday balances expire at the end of each fiscal year. • Any unused floating holiday time will be forfeited. • Employee balances are eligible for payout upon transfer or termination only. • We encourage you to run the Comp Time Balance report in PeopleSoft to view floating holiday balances by Time & Labor group(s) or by individual employee. • Employees can view their balances in both Time & Labor and Absence Management.

  34. Harvard Student Summer Object Code Change • On Sunday, May 28th, Harvard students in object code 6110 changed to 6120 and FICA eligible status. • The Temp fringe rate will be applied to object 6120. • There is no change to the student job code and eligible returning students will automatically be returned to object code 6110 in September. • Student Temps will now be eligible to accrue and use sick time per MA Sick Time law guidelines.

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