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FY06 Commitment Accounting Rollover June 15, 2005

This agenda outlines critical dates and actions necessary for the FY06 accounting rollover process. Key tasks include ensuring all Direct Retro or FAS Manual PTs for FY05 transactions are submitted by June 13, 2005, and EFPs for FY05 are approved in eUMB by June 28. The document advises on handling funding sources ending before June 30, and highlights the importance of creating valid EFPs for active employees. It also covers the implications of not having a valid EFP before the actuals distribution process for FY06. Review and compliance with these deadlines are crucial for successful financial transitions.

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FY06 Commitment Accounting Rollover June 15, 2005

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  1. FY06Commitment AccountingRollover June 15, 2005

  2. Agenda • Key Dates and Deadlines • Finishing Up FY05 • Getting Ready for FY06 • Using the Funding Summary Report

  3. FY05 Cut Off Dates • Monday- 6/13/05 – all Direct Retro or FAS Manual PTs were due to FS-Payroll for FY05 transactions (e-mail was sent) • Direct Retros that are submitted after 6/13 will be processed during the week of 7/25 to 7/29 • FAS Manual PTs for 2nd close will only be processed for errors that occurred in PP#26 (Forms due by COB on 7/6)

  4. FY05 Cut Off Dates • Tuesday- 6/28/05 – all EFPs for FY05 must be approved in eUMB before 6 PM • EFPs entered but not approved will be deleted that night • This is the FY06 Rollover Date • Learn it, love it, live it…

  5. PP05-26 Distributions • 6/28: Actuals Distribution process is run for PP05-26 with no encumbrances • 6/29: Validate that payroll expenses were distributed correctly using PCD • 7/5: Validate that payroll expenses were distributed correctly using SPC

  6. PP05-27 Distributions • ESTIMATE: Calculated based on 05-26 and posted to FAS on 6/30 (Reversed in July) • Can only view on FASWeb Reports- not on SPC or PCD • ACTUAL: Calculated based on 06-01 distribution • Can view on PCD on 7/25 and on SPC on 7/26 • There may be differences between estimate and actuals- there’s nothing we can do

  7. What Should I Do Before FY06 Rollover? • Review all funding sources that end 6/30/05 or earlier and determine redistributions • Use EFP Query or Funding Summary Report (shown later) • Complete redistributions by entering new EFP for a Budget Retro

  8. What Should I Do Before FY06 Rollover? • Check ALL Funding End Dates: • No Funding End Date = no change required • Funding End Date > 6/30/05 = no change required

  9. What Should I Do Before FY06 Rollover? • Check ALL Funding End Dates: • Funding End Date < 6/30/05 = change now so that payroll expenses do not hit PCA • Funding End Date of 6/30/05 = OK to change now; must change later to avoid hitting PCA

  10. FY05 Redistributions After FY06 Rollover • FY05 EFPs: Cannot enter into eUMB (no Budget Retros) • Non-State Account Codes: Must use Direct Retro process to redistribute FY05 payroll expenses (posted in FY06) • State Account Codes: Cannot redistribute FY05 payroll expenses to/from state account codes

  11. Creating the Initial FY06 EFP • EFP in effect on 6/28/05 will be used to: • Create the initial 7/1/05 EFP • Create the “fix” EFP to be used for any FY05 payroll expenses distributed in FY06 (Note: Fix EFP will have a Funding Begin Date of 3/23/03, employee’s hire date, or date transferred to department -- whichever is latest)

  12. Creating the Initial FY06 EFP • EFPs will be created for both active employees and employees who were terminated between 1/1 and 6/28/05 • No action is required on your part for terminated employees (unless you have a payout in FY06) • Review initial EFP for active employees to be sure it is valid (check account codes, funding end dates, % distribution)

  13. Creating the Initial FY06 EFP • Warning! EFPs with account codes citing Funding End Dates of 6/30/05 or earlier will be created with a Funding End Date of 7/1/05 • Such account codes will require your immediate attention to avoid charges to PCA

  14. What Should I Do After FY06 Rollover? • Prior to actuals distribution (7/23/05) you create a valid 7/1/05 EFP for each active employee • You won’t have to worry about doing budget retros to redistribute your payroll expenses

  15. Creating Additional FY06 EFPs • 6/29 – 7/22: Departments review and create additional 7/1/05 EFPs as needed to reflect valid account codes, funding end dates, % distributions • EFPs created 6/29-7/10 will display the FY05 salary • EFPs created 7/11-7/22 will display the FY06 salary

  16. PP06-01 Distribution • 7/23: Actuals Distribution process is run for PP06-01 with encumbrances for 7/10/05-6/30/06 • Week of 7/25: Validate that payroll expenses were distributed correctly • PCD on Monday, 7/25 and SPC on Tuesday, 7/26

  17. PP06-01 Distribution • PP06-01 covers payroll expenses associated with both FY05 and FY06- when the actuals distribution process is run: • FY05 payroll expenses will be distributed based on the EFP “fix” EFP • FY06 payroll expenses will be distributed based on the 7/1/05 EFP in effect

  18. PP06-01 Distribution • What happens if I don’t get a valid EFP in before actuals distribution process is run? • Payroll expenses associated with earnings dates greater than the Funding End Dates on your EFPs will be distributed to your PCA • You will need to do a budget retro • You will have LARGE encumbrance balances on your PCA

  19. PP06-01 (and forward) Reminders • If you are paying an employee who was entered in eUMB AFTER 6/28 with an effective date prior to 7/1/05: • You will not be able to enter any hours in the WET pages prior to 7/1/05 • You MUST submit a PA form for retro pay- enter Account Code if you want pay to go to account other than what is effective on 7/9/05

  20. Using the Funding Summary Report • Before FY06 Rollover • Before first FY06 Actuals Distribution

  21. Checking EFPs Before FY06 Rollover Run Funding Summary Report using an “as of” date of 6/30/05 • Look for items marked as ‘DP’ • Look for items marked with a PCA indicator:*** • Look for Funding End Dates of 6/30/05 or earlier

  22. Setting Up Funding Summary Report: Checking EFPs Before FY06 Rollover

  23. Reviewing Funding Summary Report: Checking EFPs Before FY06 Rollover Displays EFPs in effect as of 6/30/05

  24. Checking EFPs Before First FY06 Actuals Distribution Run Funding Summary Report using an “as of” date of 7/9/05 • Look for items marked as ‘DP’ • Look for items marked with a PCA indicator: *** • Look for Funding End Dates of 7/9/05 or earlier

  25. Setting Up Funding Summary Report: Checking EFPs Before First FY06 Distribution

  26. Reviewing Funding Summary Report: Checking EFPs Before First FY06 Distribution ALERT! Funding sources expiring 07/01/2005 or marked with *** require your quick attention or your PCA will be charged. Displays EFPs in effect as of 7/9/05 07/09/2005 07/01/2005 *** REMINDER: If Funding Level = DP (Department Level Profile), employee DOES NOT HAVE EFP in eUMB. Payroll-related expenses will be charged to the departmental PCA!

  27. Checking EFPs using Query • Reminder that you can also use the queries to validate EFPs (recommend using pivot tables with download to Excel) • UMB_CA_EFP_BY_EMPL_ID • UMB_CA_EFP_BY_DEPT_ID

  28. Questions? • Please contact FS-Payroll if you have questions regarding this process • Phone: 6-1243 • E-mail: DL-BFPayrollHelp@admin1.umaryland.edu

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