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2016 Fiscal Year End Training

Join our training session on budget planning and financial reporting for the fiscal year end. Learn about budget transfers, legislative actions, sponsored programs accounting, purchasing avenues, and financial reporting requirements.

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2016 Fiscal Year End Training

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  1. 2016 Fiscal Year End Training Division of Financial Services

  2. Presenters • Budget • Ethan Erickson, Assistant VP for Budget Planning • Mandy Cole, Associate Director • Sponsored Programs Accounting • Roger McBride, Assistant Director • Laura Hohenbary, Fiscal Analyst • Purchasing • Carla Bishop, Director • General Accounting • Memory Buffington, Assistant Director

  3. Contact Information • Budget 532-6767 • Financial Reporting 532-1853 • General Accounting 532-6202 • Purchasing 532-6214 • Sponsored Programs 532-6207

  4. Budget

  5. Budget • DEADLINE • Monday, June 20, 2016 by 5:00 PM • Allocated Budget Transfer Form • Non-Allocated Funds Transfer Form

  6. Budget Year End Process • The year end balance in each account (project, source, and organization) will not close out at the end of the fiscal year. • The year end balance, positive or negative, will carry forward in each account. • The general use close-out process will occur after balances carry forward to July of the new fiscal year.

  7. Budget Year End Process (cont.) • The general use close-out transactions will appear on the July month-end transaction report. • The general use carry forward amount will be manually transferred back to the designated accounts. • The general use original budget for the new fiscal year will be interfaced into FIS in July.

  8. Legislative Action FY 2016 • Prior to adjourning the Legislature: • Included a proviso that lifts the cap on tuition for FY 2017 • Left it to the Governor to find $82 million in additional cuts/revenues to balance the budget • Included a proviso stipulating that any Higher Ed State funding cuts be calculated by including entire GU & RU budget • This means that KU and KSU will receive a higher proportion of the State appropriations cuts (Governor could veto this provision).

  9. Sponsored Programs Accounting What we do: -Resource for grant-related questions -Train dept business staff one-on-one; college level or refresher training by request -Prepare invoices and financial reports -Financial compliance with federal/sponsor regs

  10. Sponsored Programs Accounting • Limit cost transfers by charging to the correct account when payments are made. • NEVER charge to a grant with the intention of transferring to a different account later!

  11. Sponsored Programs Accounting • Check out our website for: http://www.k-state.edu/finsvcs/sponsoredprograms/

  12. Purchasing Avenues • Contracts www.k-state.edu/finsvcs/purchasing • State Use Catalog • Printing/Copying Services • KSU Departments/State Agencies • Local Authority up to $5,000 • Special Authority

  13. Financial Reporting • CONSUMABLE SUPPLIES/CAPITAL OUTLAY REPORT • The report for consumable supplies/capital outlay items on hand as of June 30, 2016 is due to Division of Financial Services by July 18th. • The form is located in Eforms and the instructions are located at http://www.k-state.edu/policies/ppm/6510.html. • Only report full lots of items (i.e. a ream of paper in the storage cabinet would be included but not the paper already in the printer).

  14. If the total cost of consumables on hand is less than $5,000 it is not necessary to break down the costs on the form – just be sure to mark the box indicating this. • All departments should submit a signed form – either with the form filled out or the box checked.

  15. Financial Reporting • Account Receivable • Accounts receivable outstanding as of June 30, 2016 are due to Division of Financial Services by July 18th. If you do not have receivables, a report does not need to be completed. • Instructions are located at http://www.k-state.edu/policies/ppm/6210.html • If charges are assessed through the KSIS student information system, do NOT include those receivables on the annual report.

  16. Accounts Receivable Report • The Annual Accounts Receivable Form can be located in Eforms https://dfs.ksu.edu/eforms/

  17. Asset Management • FIXED ASSET REPORTS • Annual Certification Reports were due Monday, April 18th so if you have not submitted yours, please do so as soon as possible. • April Monthly Reports are due to Division of Financial Services by May 18th. • May Monthly Reports will be sent out on June 2nd and due to Division of Financial Services by June 24th.

  18. Asset Management • June Monthly Reports will be sent out early July and will need to be returned to the Division of Financial Services by July 22nd. • Information provided from the monthly/annual reports is due to Topeka and the State’s Audit firm shortly after the end of the fiscal year – please help us ensure K-State is able to meet these very critical deadlines.

  19. Asset Management • Example of Monthly Fixed Asset Report

  20. Asset Management • Example of Completed Template

  21. Asset Management • FIXED ASSET REPORTS • If there are multiple payments for an item (property number) where the project and fund source are the same, they should be combined into one lump sum. • You will be notified via the FASSETS-LISTSERV when the Discoverer Reports are available following the update of the Fixed Asset System. • Review the information on the reports and contact us if you see any errors.

  22. Accounts Payable Deadlines • June 15th by 5:00 pm • Repayment of Imprest Funds • All outstanding Imprest must be repaid by this date, unless an exception has been granted. Exceptions will be granted for International Travel Advances where travel has not been completed. • June 17th by 5:00 pm • Business Procurement Card Vouchers • The June 2016 card cycle will close on June 1, 2016 to allow for additional processing time to accommodate the earlier deadline.

  23. AP Deadlines (cont.) • June 17th by 5:00 pm • Travel Vouchers • Agency Payment Vouchers • Interdepartmental Interfund Vouchers • State Agency (KSU Initiated Interfunds) • All Interfunds created by a KSU Department to another State Agency

  24. AP Deadlines (cont.) • June 21st by 5:00 pm • State Agency Reciprocated Interfunds Due • All Interfunds created by Division of Financial Services for payment to another State Agency • June 23rd by NOON • Expedite Vouchers (Utility/Essential Payments)

  25. AP Deadlines (cont.) • June 23rd by NOON • Encumbrance Forms • Division of Financial Services does not require departments to encumber FY16 expenditures. The transaction date will be used for University Financial Reporting purposes. • FY16 payments will be determined by the date of service/invoice date.

  26. Encumbrances Are Optional • Departments who wish to utilize encumbrances to communicate FY16 obligations within their department/college may continue to do so. • Keep in mind, to use an encumbrance on a payment, the transaction date must be a FY16 date (the invoice/date of service must be FY16). • Projects that start with the letter “G” should not be encumbered for departmental use.

  27. Transaction Date Overview • Important to Note • Statements that include multiple payment for services or commodities that cross fiscal years must be paid on separate payment vouchers. • For example if you received a statement that included invoices for: 6/12/15, 6/18/15, 7/2/15, 7/5/15 • The two invoices for June would be paid on one voucher and the July invoices on another. Exceptions will be granted for low dollar, immaterial transactions such as Fedex.

  28. Additional Important Dates • June 23rd by 5:00 • Final transfers of non-payroll payments and/or corrections.

  29. Other Year End Items • Change Funds • July 11th is the deadline for submitting ALL Change Fund Reconciliation forms, “Cash Count” forms and short/long change fund logs, as of June 30, 2016. The forms are available in Eforms, https://dfs.ksu.edu/eforms under the Accounting Section. • Verify that all Custodians are current and send updates on the Change Fund Maintenance form located in Eforms under the Accounting Section. • Year End Notice (Notice 16-02) • http://www.k-state.edu/finsvcs/notices/index.html • Provides a comprehensive listing of important dates to consider.

  30. Reminders • FIS Statements will not be available until approximately the 2nd or 3rd week of July • Check your Outstanding Documents in Eforms • Update Trustees, Signature Authority, BPC Changes • Travel Rates – Updated on April 1, 2016 (only OCONUS/INTL. changed) • Please visit the General Accounting website for additional information, http://www.k-state.edu/finsvcs/generalaccounting/ .

  31. FY17 Updates/Changes • BPC Cards • All New BPC EMV Chip Cards are available for pick up in 220 Anderson for Main Campus Cardholders • Current cards will expire after May 31, 2016 • Piloting of Single Event Travel Cards • Piloting of Paperless Workflow • Look for upcoming updates to PPMs • Federal Travel Rates will Update on October 1, 2016 for CONUS, OCONUS and International

  32. FY17 Updates/Changes • Move • General Accounting and Purchasing will be relocating to the 5th Floor of the old Foundation Tower beginning in July (tentative start date). • Sponsored Programs Accounting, Fund Balancing, and Systems will be relocating to the 6th Floor. • Changes you will see now • Transfer of Payments must be submitted with Warrant Cancellations • Beginning June 1, 2016 all special request APV payments (those with an “A” in the payment indicator) will be sent directly to the document creator listed on the APV via campus mail. Departments will no longer be required to send a second copy of APVs with an “A” in the payment indicator. Departments are encouraged to use the BPC for expedite payments.

  33. FY17 Updates/Changes • Processing of Payments After Move • Departments may submit payment documents via Campus Mail, via the mailboxes located in the basement of Anderson Hall, or in Person to the 5th Floor of The Tower (Anderson Tower) • Imprest Requests, Foreign Wires, and U.S. Dollar Wire may be sent via email to bpc@ksu.edu or dropped off in person to the 5th Floor • Imprest Requests will still be available for pick up in the Cashier’s office and all unused funds returned to the Cashier’s Office • BPC Cards will be available for pickup at our new location on the 5th Floor

  34. Housekeeping Items • W-9s • Must be clearly legible or we cannot submit the vendor for processing. Recommend having vendor use fillable PDF located at, https://www.irs.gov/pub/irs-pdf/fw9.pdf. • Fellowships/Scholarships • Attach flag certifying individual is not a current KSU student when using E5620. • Travel • How to enter time and personal time? • QUESTIONS?

  35. Division of Financial Services Website • http://www.k-state.edu/finsvcs/ • General Accounting • Purchasing • Sponsored Programs Accounting • Cashiers and Student Accounts • Financial Reporting • Fund Balancing • Systems

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