Download
1 / 56
560 likes | 663 Vues
Introduction. Purpose Provide information to the university community about the year end closing and reporting process and deadlines Objective Facilitate an orderly, efficient and compliant year end closing process both at the departmental and institutional levels. Presenters. Barbara Manzi
E N D
Introduction Purpose Provide information to the university community about the year end closing and reporting process and deadlines Objective Facilitate an orderly, efficient and compliant year end closing process both at the departmental and institutional levels
Presenters Barbara Manzi Manager of Budget Systems • Jennifer Mayes • Financial Compliance Manager • Audit & Compliance • Toni Stephens • Executive Director of Audit & Compliance Finance & Budget Reda Bernoussi Director of Accounting & Financial Reporting Greg Argueta Assistant Director of Accounting Operations Karol Miller Treasury & State Accounting Manager Jené Janich Business Process Analyst Adam Cantwell Director of Payroll
Agenda • Overview of the Year-End Closing Process • Year-End Required Accounting Information • Procurement Management Deadlines and Reminders • Payroll Deadlines and Reminders • Budget Deadlines and Reminders • Account Reconciliation • Certification Process (Letters of Representation) • Audit & Compliance
Overview of Year-End Process • Steps necessary to properly close out the University’s financial systems for the current fiscal year • Timeline of critical tasks/processes required to ensure that all prerequisites are met before final ledgers and reports are generated • Mechanism for gathering data used in the year end reporting processes (e.g., Receivables, Inventory, etc.)
August 2013 (FY13 period 12) - YEAR END CLOSE WK 23 ‘13 WK 24 ‘13 WK 25 ‘13 WK 26 ‘13 WK 27 ‘13 June Reconciliations Due FinanceAccounting July ‘13 Month-End FY13 COA ChangesDeadline FY13 Submit Non-Catalog Purchase & Travel Vouchers, Print Shop Orders, Purchase Card Statements, Request AP Check/ Petty Cash FY14 budget load period; must be loaded by EOB 08/16 FY13 Last DayFor Catalog Vendor Purchases Purchasing Budget Benefits FY14 budget period open; Purchases Can Begin Last Day to Reallocate USAS Funds Aug 26 – Aug 30 Aug 05 -- 09 July 28 – Aug 02 Aug 12-- 16 Aug 19-- 23 28 29 21 30 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 22 23 24 25 26 27 28 29 30 01 02 31 Aug SM2 Timesheets Due Aug SM1 Timesheets Due PAF due for Aug Monthly Aug SM2 Confirm Aug SM1 Confirm PayrollHCM Aug MonthlyTimesheets Due Aug Monthly Confirm CampusSolutions Classes Begin: 16-wk and 1st 8-wk
September 2013 (FY14 period 1) WK 40 ‘13 WK 41 ‘13 WK 42 ‘13 WK 43 ‘13 WK 44 ‘13 Adjustment Period Final Close (Accounting) Aug ‘13 Month-End (Preliminary Close) AFR Due Date FinanceAccounting July Reconciliations Due Due Date for Adjustments LOR Distribution Process PO& Travel ROLL FY13 Budget Year Closed Purchasing Budget Benefits Campus Accruals Due Sept . 09 - 13 Sept. 16 - 20 Sept. 23 - 27 Sept. 02 -- 06 Sept. 30 – Oct. 04 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 01 02 03 04 05 Payroll HCM Aug SM3 Confirm (EOB) Aug SM3 Timesheets Due (noon) Labor Day Campus Solutions
Year-End Reports • The preliminary close will begin Thursday,September 5and ends on Tuesday, September 10. • The account reconciliation application will be updated for period 12 on Wednesday, September 11. • The final year-end close will occur on Monday, September 16. • The account reconciliation for period 12 starts on Tuesday, September 17.
Deadlines for IDTs and Automated Journal Entries • In order to accommodate this schedule and to ensure that transactions are processed in an orderly fashion, please ensure all Inter-Departmental Transfers for August business receive both departmental approvals with proper documentation and in the Finance Office no later than Wednesday, September 4. • The deadline for automated (spreadsheet) journal entries is Wednesday, September 4.
Material Adjustments After Preliminary Close • If you determine that material adjustments are needed to FY13 costs or revenues after the preliminary close, you will have until Friday, September 13 to contact the Finance Office (ext. 2602) to discuss the nature of these adjustments and the process to be followed.
Year-End Accounting Information • Inventory Adjustments • Physical inventory for FY13 is due to Kerry Freeman in Accounting, no later than Friday, August 23.
Revenue and Expenditures • IDT’s (Inter-Departmental Transfers) • Approvals by Wednesday, September 4 • Proper documentation with either Account Reconciliation or Ledger Inquiry screen shots • Adequate IDT description • Cost Overruns • Budget Transfers (if appropriate) • IDT to move expenditures to appropriate cost center • Payroll re-allocations • Receivables and Revenue • Forms will be sent to be completed and returned by September 6 • Have you invoiced for goods or services outside of the Accounting System and have not been paid? • Have you provided goods or services and not invoiced? • Is this revenue applicable to FY13 or FY14 (deferred revenue)?
Petty Cash • Last day to submit reimbursements for FY13 petty cash expenses: Friday, August 16 • All FY13 expenses must be reimbursed by this date. • Confirmation of all of the open petty-cash accounts balances and custodians: Friday, August 16. • Cash on hand + unreimbursed receipts must = total authorized fund amount. • New: Imprest fund forms must be completed annually • Signature of custodian confirms that fund is reconciled.
Purchasing Card Program Deadlines Purchasing Card deadline for posting of purchases against FY13 with ability to change Cost Center • Friday, August 16 Purchasing Card Program contact: • Christy Baxter, Joel Wilson or Maria Morris purchasingcard@utdallas.edu ONLY emergency orders should be placed with the purchasing card from the 8/17/13 to 8/31/13. Anything posted by Citibank after 8/17/13 will be charged against your default Cost Centerin FY13 budget and cannot be changed. Changes WILL NOT be allowed.
Accounts Payable Deadlines Purchase Vouchers and Request for Check • Friday, August 16 Accounts Payable contact: • Gina Niemann accountspayable@utdallas.edu
Travel Deadlines Travel Vouchers for actual reimbursement in FY13 • Friday, August 16 • Vouchers received after this date will be accrued if greater than $2,000 Travel Coordinator: • Trudy Muller and Becky Mickey travel@utdallas.edu Year end is here
Travel Deadlines • Airfare charges for travel taking place in July/August will be posted or accrued if booked with UT Dallas Travel Agents. • Airfare charges for travel taking place before 8/31/13,that has not yet been paid will be posted or accrued if booked with UT Dallas Travel Agents and greater than $2000.
Print Shop Deadlines Print/Copy Center Jobs: • Friday, August 16 Print Shop contact: • Chris Rench rench@utdallas.edu Copy Center contact: • Donna Lane donna.lane@utdallas.edu
Accrual Procedures Best practices require that we account for expenditures related to goods and services in the fiscal year they were actually received. If you are aware of an expenditure with a value of $2,000 or more that has been received but not yet invoiced, please advise Accounts Payable so it can be accrued.
Accrual Reminders • Do consider servicesgreater than $2000 that have been performed, but not yet been paid. • Do send estimated travel reimbursements for travel completed before 8/30 but not yet submitted for reimbursement. • Do send estimated business expense reimbursements for expenses that have been incurred, but not yet submitted for reimbursement. • Do send even if your account is negative; expenses should be reported in the correct FY. • Do not send airfare; we will accrue from reports from CTP and Anthony. • Do not send an expense to be accrued that you have already submitted for payment. Try to keep accruals at a minimum—send the actual payment request before 8/16, if possible, so we can pay instead of accrue.
Payroll Deadlines Semi-Monthly Payroll • August 20th payday – Forms due to Budget July 23rd – Time sheets due to Payroll Augusts 6th • September 5th payday – Forms due to Budget August 12th– Time sheets due to Payroll August 20th • Last FY 13 Semi Monthly Payroll – September 16th payday – Forms due to Budget by August 20th – Time sheets due to Payroll September 3rd at noon (Submit August 30th if possible) Monthly Payroll • September 3rdpayday – Forms due to Budget August 8th– Time sheets due to Payroll August 16th
Final Day to Process Budget Journals for FY 2013 • Wednesday, September 4 to the Budget Office • All budget journals must be initiated and sent through the proper approval workflow and to your budget analyst by this date. • Budget journals for FY 2013 created first week of September should be dated 8-31-2013. • NOTE: Departments are expected to adjust spending or process required transfers in order to eliminate deficits during FY 13.
Budget Processing Dates FY14 Operating Budget • The original budgets for FY14 will be loaded in PeopleSoft by August 16th. • Open purchase orders and their budgets will be rolled forward on September 2nd.
Use of Roll Forward Balances • Any FY13 net ending balances that roll forward into FY14 will be shown as Beginning Balance in the cost center by October 1 (after completion of fiscal year-end process). • To set up budget for these funds, a budget journal may be initiated at any time by the department during FY14. • The use and allocations of these funds are at the discretion of the department.
Salary Roster FY14 • Preliminary FY 14 approved Budget Workbooks sent to departments Friday, August 16 • FY14 Payroll Validation Query • Salary Rosters loaded to PeopleSoft HCM by Payroll by September 1.
Budget Reminders • If you have received goods or services from university departments and have not been billed, be sure to make provision for these costs when preparing your year-end budget journals. • Be aware of all charges that are to be billed to your cost center through year-end and make appropriate provisions.
Anticipate • Anticipate your Service Department charges and any other charges that will be posted to your cost center so that it will not be deficit at the end of the year. • Copy Center • Food Service • Print Shop • Gas • Postage • Staples Orders • Purchasing Card • IDTs
Manage Your Budget • Please make sure funds are available in the correct Cost Center/account by the Budget Journal deadline: Wednesday, September 4. • Payroll reallocation requests affecting State Funding cost centers need to be submitted to your Budget Analyst by Monday, August 19.
Manage Your Budget (con’t) • August payroll distribution query will be the only opportunity to change funding affecting state cost centers. • Query for monthly employees available Wednesday, August 28. All change requests due by 5pm Thursday, August 29. • Query for semi-monthly will be available Thursday, September 5. Change requests due by 5pm that same day.
Follow-Up • Budget Journals can take several days to process through workflow for required approvals • Monitor the progress of Budget Journals • Make follow-up phone calls or emails to expedite completion • If you have questions, please call your Budget Analyst, or Dave Gaarder in the Budget Office and we will be glad to assist you.
Account Reconciliation • Due Date for Period 12 reconciliations: October 1 • All FY 13 cost centers should be reconciled and approved by this date • If you do not believe the cost centers in your area will be reconciled and approved by October 1, please inform your fiscal officer. • In addition, please contact Jennifer Mayes (mayes@utdallas.edu), Office of Budget & Finance.
Account Reconciliation Status There is still over $24M in revenue needing reconciliation for periods 1-10. There is still almost $53M in expenses needing reconciliation for periods 1-10.
Year-End Certification Letters of Representation Cost Center Owner • All cost centers have been reconciled, reviewed and approved. • Funds were used in accordance with any restrictions. • Transactions were appropriate, allowable and properly recorded. • Reconciling items have been resolved or have been noted. • Segregation of duties have been maintained. • Any internal control weaknesses have been reported. • There is no known fraud, omissions or misstatements. • Those authorized to execute contracts comply with ethics certification. Dean or Division Head President, Finance & Audit UT Dallas Financial Statements FY 2013 UT System Financial Statements FY 2013 Chancellor, Controller & Chief Audit Exec
Purpose What is Audit and Compliance? What are the Plans for FY 2014? New Policies Audit & Compliance Tips
What Is the Difference between Audit and Compliance? Hotline Internal Audit Compliance Audits Consulting Reviews Fraud Follow-up Audits Financial Audits Operational Process Audits IT Audits Compliance
FY 2014 Compliance Plan • Work with high-risk areas on their risk assessment and monitoring plans • Conduct departmental reviews to ensure top compliance risks are being addressed • Implementation of UTS 180 • Training • Standards of Conduct Guide
Compliance Risks • IT Security • PeopleSoft Access • HIPAA Privacy • Time and Effort Reporting • Tax Compliance • Property (Controlled Assets) • Cash/Check/Credit Card Handling • Title IX • Code of Ethics – Financial Conflict of Interest (UTS 180) • Account Reconciliation & Segregation of Duties • Lab Safety • Emergency Management • University Events & Student Travel, including Summer Camps • Financial Aid • Purchasing Cards • Clery Act • Conflict of Interest in Research • Contract & Grants – Unallowable Costs, Cost Sharing • FERPA • Gramm Leach Bliley (PCI Compliance, credit cards) • Business Expense Reimbursements (Travel, Entertainment) • Export Controls • Human Subjects • Callier Medical Billing • Endowments & Gifts • Animal Care
