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FY18 Year End Review

FY18 Year End Review. Bob Daley, Nancy Guisinger, Stephanie Nasson FAS Office of Finance/Admin Ops June 2018. Today’s Agenda. General Reminders for Invoices/Reimbursements Stephanie Nasson Fiscal Year End Reminders Nancy Guisinger Payroll Updates Bob Daley.

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FY18 Year End Review

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  1. FY18 Year End Review Bob Daley, Nancy Guisinger, Stephanie Nasson FAS Office of Finance/Admin Ops June 2018

  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 FY18 payments & reimbursements in a timely manner; contact ASAP for assistance • ALL Invoices MUST be in AP by Thursday June 28th at 5:00 p.m. • Hold FY19 payments & reimbursements until after FY18 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 FY18 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 • Reimb from 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)

  10. Best Practices • Review Budget to Actuals for current fiscal year in OBI: • Budget and Actual Comparison • GL Account Monitoring • If you are a Service Center, ensure your Internal Billings are up to date • Can be processed through the second close (Friday, July 13 @ 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, 2018 will be processed as FY19 donations.

  11. Fiscal Year End Reminders

  12. Here we go……………

  13. Journal Entry Best Practices • Use TLX Macro Spreadsheet for all reclass entries • Check Web ADI Journal Template version • Latest version is 1/25/18 • Review journals prior to submission for coding, amount and policy compliance • Journal submission deadlines:

  14. Year End Accruals • Accruals: to recognize goods/services received in FY18 that have not been paid for in FY18 • FAS Finance will send out a blank template to all Department contacts on July 9th • Departments add invoice information and return template with copy of invoice to FAS Finance. Accruals will be posted daily. • FAS Finance will send out information related to Invoices posted in FY19 with invoice dates in FY18 to affected Departments on July 11th. • Departments indicate if the lines should be accrued and return template to FAS Finance. Accruals will be posted daily. • Last day for Accruals is Friday, July 13th at 4pm. • FAS Finance will continue to monitor FY19 expenses through 3rd close and will work with affected Departments as necessary • NO PAYROLL TRANSACTIONS, SPONSORED FUNDS or INTERNAL TRANSACTIONS

  15. Year End Accruals Template

  16. Check your Balances • Review fund balances and move expenses to clear deficits. Fund Management Dashboard helps identify deficits. • 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 • Gift Expenses incurred in June will be assessed the Gift AEA in June financial results.

  17. 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

  18. 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

  19. 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 departments to gather additional information. Please respond to them quickly so they have time to do their work in the system. • Non Science Depts and Affiliate Tubs - All items sitting in Mass Additions must be cleared prior to Year-End • Questions regarding Oracle Assets? • Contact Maria Geovanos, geovanos@fas.harvard.edu, x 5-9107

  20. 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 June 27th at 5pm • AP Adjustment Forms must be Approved in HCOM by July 2nd 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

  21. 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 & lots of other information https://finance.fas.harvard.edu/close-fiscal-year

  22. Relax, it will be okay

  23. Year End ReviewPayroll

  24. Payroll Year-End Review and Reminders • July 1 Reappointments and New Appointments • Year End Payroll Posting Dates, Accruals and Paycheck Details • 7/1/18 Salary Increase Schedule • Payroll Salary Defaults • Absence Management Year-End Reminders • FY18 Floating Holiday Balances to Expire on 6/30/18 • Harvard Student Summer Object Code Change • Students – MA Sick Time Law

  25. July 1 Reappointments and New Appointments • PeopleSoft Auto-Term is scheduled to run on Saturday, June 30th terminating all appointments with a June 30, 2018 end date. • All FY19 reappointments must be completed and approved in Asperin/Aurora by Monday, June 18th to ensure that they are uploaded/direct submitted to PeopleSoft prior to the auto-term running. • Any 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.

  26. 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 7/1/18 appointments should be entered into Asperin/AURORA as soon as possible to avoid system and building access delays.

  27. Year End Payroll Posting Dates and Paycheck Details • The weekly and biweekly paychecks paid to employees on Friday, July 6 is for work performed from June 17 – June 30.  • This payrolls comprises FY18 work in its entirety. • The check itself will be posted to the General Ledger as a 6/30/18 entry.  No accrual entry will be necessary. 

  28. 7/1/18 Salary Increase Schedule Exempt employees receiving a 7/1/18 increase can expect the following: Monthly employees receiving a 7/1/18 increase will see the full amount reflected in their 7/31/18 paycheck.

  29. 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 for activity 799599 can be found by running the GL Account Monitoring report in OBI. • A Transaction Listing report will provide the detail of individual employee payments that must be corrected.

  30. 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%)

  31. Absence Management Year-End Reminders • All reported paid time off for FY18 through June 30, 2018 must be approved by 3:00pm, Thursday June 28th. • 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. • Absence Management has been updated to Fluid pages and has a new look and additional mobile capabilities. • https://trainingportal.harvard.edu/Saba/Web_spf/NA1PRD0068/common/resources/resourcedetail/simrs000000000008264/true

  32. FY18 Floating Holiday Balances to Expire on 6/30/18 • 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.

  33. Harvard Student Summer Object Code Change • On Sunday, May 27th, 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 be eligible to accrue and use sick time per MA Sick Time law guidelines during this period.

  34. Resources

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