Emerson College FY19 Year End Process

1. Emerson CollegeFY19 Year End Process

2. Accounting (Actuals) – Chris Cullen • Budget Office (Budgets) – Monette Salud • Procurement – Walter Wickersham • Accounts Payable – April Jones Contacts

3. Introduction – Fiscal Year • Key Dates • Requisitions FY 19 • Purchase Order deadline for FY 19 items • Purchase Orders; all FY 19 PO to close • Date for FY 20 Purchase Orders • Accounts Payable activity • Chargebacks and Transfers Deadlines • Roles and Responsibilities • Your role in the close • Q&A Open Discussion Topics of Discussion

4. The fiscal year runs from July 1 to June 30. • Year End Close Memos– emailed via News on April 16. • Specific year end deadlines are set in order to close the books and prepare timely financial statements. • Auditors arrive in Early August. Emerson’s Fiscal Year - Deadlines

5. Purchasing: FY18 Deadlines • Last day for FY19 requisitions and POs is Wednesday, May 1st at 3:00 PM. • Marketplace orders invoiced by May 17thwill be posted in FY 19. • FY19 Purchase orders will be closed and not rolled in to FY20.

6. Beginning Monday, June 24th, you may start placing FY20 requisitions and ePOs in Workday. • Please review your current encumbrances carefully. To continue a service in FY20, new requisitions/POs must be created in Workday. • Requisitions for new blanket purchase orders for FY20 should be created after June 24th. • When communicating new requests to vendors, provide the FY20 PO numbers. Invoices referencing FY19 POs will not be processed. Purchasing: FY19 Purchases

7. Accounts Payable- Key Dates • All check requests, consultant payment forms, expense reports, SGA check requests and invoices are due in Accounts Payable by 5PM on Monday, June 3rd to be posted in FY19. • Paperwork can be emailed to: accountspayable@emerson.edu in order to make the June 3rd deadline. • Prepaids and accruals discussion

8. Interdepartmental Transfers – Due Tuesday, July 9th • Chargebacks – Due Tuesday, July 9th • Inventories – Due Monday, July 1st • Postage meter – Due Monday, July 1st • All final FY19 entries including grant activity must be submitted by noon Monday, July 15th Accounting – Key Dates

9. To review your ledgers and research any unusual or incorrect items, including payroll charges (should be done throughout the year). • Submit a Transfer form as soon as possible to the Controllers Office for incorrect items or postings no later than Monday, July 15th. • To be cognizant of the deadlines in the year end close memos. • If in doubt, call Financial Affairs at x8517, or refer to our closing deadline matrix for direct phone numbers. Your Role in the Close

10. Q&A – Submitted Questions How to identify journal entries to tell what expenses have hit from inter-college expenses. Review SSB budget to actual reports and monitor activity. How will we know when Marketplace orders will be invoiced? Put another way, what is the last day to make purchases to be sure they are invoiced before May 17th? May 10th. I have FY20 contracts that start on July 1, and I am invoiced for them on June 1. How do I arrange to pay them on time if I can only enter reqs for FY20 on June 24th? Thanks! Please coordinate with Finance (Accounting and Procurement/AP) as these will be prepaid expenses. We will work with you to get the invoices paid timely.

11. Q&A – Submitted Questions (cont.) Yes, how do I process expense reimbursement forms for faculty traveling in June? And for faculty whose travel spans two fiscal years (end of June to beginning of July)? Obviously the July 3 deadline won’t work for these cases. Please coordinate with Finance (Accounting and Procurement/AP). We recognize faculty will be travelling in June and may be traveling over year end as well. For the June activity, please submit expense reports as soon as possible. For travel spanning fiscal years, please discuss with Finance and we can work something out as these will likely be paid out of Workday. To clarify: Will all invoices received in June for work done in FY19 be charged to our FY20 budgets, or are the expenses able to be moved against our FY19 budget at a later date? Please coordinate with Finance (Accounting and Procurement/AP). Based on materiality, some charges may need to be entered into FY19 for audit purposes. VP approval for costs to be incurred in June may be requested.

12. Q&A – Submitted Questions (cont.) Given the how late this notice is arriving, how will the college handle spending in the bulk of June if we're not supposed to charge FY19 costs to FY20? Do we put everything on pcards? Obviously, business doesn't cease just because a deadline's been moved up. Faculty in particular tend to save their professional development work for the summer months and this change doesn't give many sufficient time to change plans which will have a financial implication for some. You say if it's spent in FY19 it should not be charged to FY20 but is this true for Faculty Development Funds that roll over from year to year? If we were to permit June FY19 faculty reimbursements from Faculty Development Funds to be submitted in July FY20 this would still enable these faculty to attend to their planned commitments. To the extent the spending can be held off until the start of FY20, that would be the preference. However, we understand that won’t be possible in all cases. We ask that you please coordinate with Finance (Accounting and Procurement/AP). VP approval for costs to be incurred in June may be requested. Additionally, note that unspent faculty development funds will carry over from FY19 to FY20.

13. Questions?