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Procedures for end of FY2014
Your unit may have set earlier deadlines for certain activities.
The deadlines published here are for the University as a whole. Some colleges or departments set earlier deadlines to allow additional time for staff to process and approve activity locally. Please adhere to the deadlines your department or college has set, understanding that the published deadlines here are the absolute final deadlines.
For procurement and payables, please remember (and share with any concerned parties) that business does not need to cease; there are always ways to procure goods or services, and pay for them, on any given business day throughout the year. The pauses/deadlines noted in the memo are for recording transactions in the financial system during a brief period of time. Please use the University's Procurement Card (PCard) for urgently needed or emergency purchases during the period. Want to know more details about why there is a pause in procurement and payment transaction data entry? More information is available here.
Need a printed copy of "the memo"?
Printing this "memo" is not recommended. Use this web page instead. Please be aware that changes may be made to these procedures during the year end period, so check back occasionally and review the updates section below.
If needed throughout the year-end period, changes may be made to the procedures and the calendar. It is recommended that units refer back to this page frequently. All changes will be noted in this section and will include date of the change, what was changed, and a link to the updated information.
Date of change Description of change Link to relevant content May 8, 2014 Memo is posted for University community at 4:50 p.m. Versions older than this are no longer valid. not applicable May 9, 2014 Treasury section, minor language clarifications. Removed a deadline that didn't exist. Treasury May 14. 2014 Updated the PDF version of the special year-end purchasing instructions. There was a discrepancy between the PDF and the version on this page (the version on this page contains the correct information). Thanks to Cheryl Rogers! Special year-end purchasing procedures May 21, 2014
Accounts Receivable, giving departments additional time!
- Customer maintenance request submission deadline changed from June 24 to June 26.
- Fairview billing submission deadline changed from June 25 to June 26.
- Write-off deadline changed from June 24 to June 26.
- Merchants accepting credit/debit cards need to ensure all merchant account transactions are "closed" or "settled" by conclusion of business June 30 (rather than June 28).
- Last day for FY14 Lockbox deposits to be received changed from June 27 to June 30 (items still must be mailed in advance to arrive by that date).
- Removed an item from the Calendar of Events that related to a central process (6/20 deadline for processing AR customer refunds).
Accounts Receivable important deadlines May 21, 2014 Accounts Payable, added a time (noon) to June 24 the last day to submit requests for checks to be canceled or voided in 2014. Accounts Payable, void checks June 4, 2014
A workshop on completing the Accounts Receivable Reporting form is back after a hiatus of a few years. The number of questions about how to complete the form indicated that it makes good sense to have a focused session on this. The meeting is scheduled for:
Wednesday June 11 from 9AM - 10AM
in STSS 312, Science Teaching and Student Services building on the Twin Cities campus.
Please email firstname.lastname@example.org if you plan to attend.
An email was sent to those who may have need to attend this session.
- Major changes from last year
- Fiscal year-end summary
- Accounts Receivable/Billing
- Accounts Payable
- Asset Management (capital equipment and other assets)
- Chart of Accounts
- Contingent/Research June checks
- Employee Expenses
- General Ledger
- Human Resource Management System (payroll and HSA transactions)
- Internal sales
- Purchase Orders/Requisitions
- Sales tax procedures
- Sponsored activity procedures
- Unclaimed property
- XML interfaces to the system
- Year-end accounting forms
- Calendar of events
There are no major changes in the fiscal year-end events as compared to last year.
- There is a planned "lockout" of data entry of requisitions, receipts, purchase orders, vouchers, and travel-related documents beginning on June 24 and ending the morning of July 1. Please review the cutoff times in this memo for when to cease entry of these transactions.
- This four business day period where no data entry of requisitions in EFS will be allowed is necessary to complete processing for the fiscal year and prepare for the new year. While U Market shopping carts may still be created and saved, requisitions may not be created or updated in EFS during this period. This does not mean that 'no one may buy anything'. Unplanned for purchases may still be made. See the special year-end purchasing procedures contained in this document.
To help departments prioritize the year-end responsibilities and ensure the critical areas are resolved by year-end, the critical areas are identified below:
While the items identified above are the most critical areas, the other items in the year-end memo are also important. Please review the year-end memo and address the additional items not mentioned above.
- All purchase orders must be dispatched and not have any errors, e.g., match exceptions by the deadline. Purchasing Services will close any purchase orders not in a rollable status. Some rollable POs may not roll for various reasons; see the Purchasing section of this document.
- Requisitions do not roll into the next year. Any requisition not processed to a dispatched PO will not be available for further processing in the fiscal year being closed.
- All University of Minnesota Foundation (UMF) draw requests must be submitted by noon on the day of the deadline to guarantee the University receives the cash before the end of the fiscal year being closed.
- Budget entries for the new fiscal year must be completed.
- Departmental accounts must be reconciled (including balance sheet activity) to ensure the material accuracy of department and consolidated University financial statements.
Each fiscal year, the University is required to prepare consolidated financial statements in accordance with Generally Accepted Accounting Principles (GAAP). These financial statements provide an overview of the University’s financial position as of June 30 and its activities for the fiscal year (July 1 through June 30). The statements cover the entire University, including all coordinate campuses and its legally separate component units, e.g., University of Minnesota Foundation.
Why is fiscal year-end important to departments?
Fiscal year-end is important to departments for several reasons—accurate reports are required for management accounting, sponsors and donors care about accurate reporting, and the University must receive clean audits to maintain funding. To ensure that the University can meet the above requirements, all revenues must be recorded when they are earned and all expenses must be recorded when incurred.
All revenue and expense transactions must be recorded in a timely manner so the books can be closed to allow for sufficient time for preparation of the financial statements and allow timely management reporting within the departments. Therefore, it is imperative that all departments follow the transaction and reporting deadlines.
- Revenues are earned when a business transaction to sell goods or services has been completed, and those goods or services have been delivered or completed.
- Expenses are incurred when a business transaction to purchase goods or services has been completed, and those goods or services have been received by the University.
How does PeopleSoft Financials affect the year-end closing process?
PeopleSoft Financials is modular in nature. This means some modules are dependent on processing being completed in other modules before they can be closed. Transactions from other modules, e.g., vouchers from Accounts Payable and bills from Accounts Receivable/Billing, will need to be completed earlier to allow for complete processing in the module and posting in the General Ledger. Also, active purchase orders must not be in error status in order for them to be rolled over to the next fiscal year.
Please review the individual sections for each module for further details.
What needs to be done for year-end?
All bills must be fully posted in the Billing module. This means that bills must be complete and have successfully passed all edits. Credit invoices must be fully approved. A customer must exist for a bill to be entered. Any bills not completed by the deadline will be recorded in the new fiscal year. Any significant receivable items that were not completed by the deadline should be recorded via an online reversing journal entry in the General Ledger. Contact Accounts Receivable Services for advice on the proper balance sheet account to use. Bills that are not processed and no longer needed should be canceled (status = CAN). Cancelling a bill should not be confused with bad debt write-offs.
Foundation transfers must actually be requested from the respective foundations in order to record a receivable for the fiscal year that is closing/ending. This means that a bill has been entered in the system and all required documentation/signature forms have been sent to the foundation and the foundation has approved the transaction.
All deposits must be fully processed.
For check deposits submitted electronically this means that:
- the deposit must be fully entered in the financial system and
- the actual electronic deposit of the checks must be submitted to the bank AND
- the transaction must be approved by the department approver in the financial system by the end of business on June 30.
For cash deposits:
- the deposit must be entered in the financial system and
- the actual cash deposit (including a copy of the deposit detail report) must be dropped in an on-campus depository by noon on June 30;
- department approvers do NOT approve cash deposits.
For off-campus deposits taken directly to a bank:
- the actual deposit (checks, cash) must be delivered to the bank,
- a teller receipt obtained, and
- all documentation (including the teller receipt) retained.
- The deposit must be approved in the financial system by the department approver by the end of business on June 30.
Deposits that are no longer needed should be deleted.
Departments should also review their accounts receivable aging reports to be sure they accurately reflect the amounts owed to the University. Before the end of the year, departments should ensure bills have been entered for any EFTs (ACH or wire transfers) received by the University. This will ensure the most up-to-date and accurate information is included in year-end reports.
University of Minnesota Foundation: noon on May 15 is the deadline for University of Minnesota Foundation (UMF) bills. Documentation needs to be at the Foundation and approved by noon.
The foundation deadline is required to ensure cash payment to the University in the current fiscal year (the one that is about to end). Departments may continue processing requests to the foundation after this deadline, however the transaction will be reflected as a receivable for the current fiscal year (the one that is ending) and the cash payment will be made and recorded in the new fiscal year (the one that begins July 1). For additional information on year-end balances, see the section of this document on Monitoring of Year End Balances.
Customer maintenance requests are processed on an ongoing basis. Turnaround time is 48 hours. In order to allow time for the customer to be set up in the system and for the related bill to be fully processed before the deadline, all customer maintenance requests should be submitted to Accounts Receivable Services by 4:30 p.m. on June 26.
For those departments submitting Fairview billing to Accounts Receivable Services for processing, all Fairview billing for the fiscal year that is ending should be submitted by 4:30 p.m. on June 26.
All bills must be completed and in Ready (RDY) status by 2:00 p.m. on June 30.
All requests to write-off an outstanding non-sponsored receivable must be submitted to Accounts Receivable Services by June 26. This applies to receivables recorded in EFS billing (email Daryl Hexum at email@example.com) and those recorded in a departmental subsidiary system (email request to David Laden at firstname.lastname@example.org). This will allow time for the request to be reviewed/approved and time for the write-off transaction to be recorded in the current fiscal year (the one that is ending).
- Deposits dropped into a Bursar Depository Box by noon for Twin Cities campus.
- Off-campus deposits (checks, cash) must be complete by 2:00 p.m. (taken to the bank, a teller receipt obtained, etc.). These deposits must be approved in the financial system by the department approver by the end of business on June 30.
All merchants (departments that accept credit/debit cards as a method of payment) should ensure that all merchant account transactions are “closed” or "settled" by conclusion of business on June 30.
Accounts Receivable Reporting happens in two areas as outlined below:
- Non-EFS Accounts Receivable Reporting Form
This form should be completed for each department that maintained a departmental billing/accounts receivable system. Any billing activity that was completed outside of the EFS Billing Module that meets the following criteria should be included on the form:
The form is located in the Forms Library (Form UM 1591). The deadline for submitting a completed form is July 10.
- Had an accounts receivable balance on June 30 of the fiscal year prior to the one that is ending.
- Had any accounts receivable activity during the fiscal year that is ending.
- Had an accounts receivable balance on June 30 of the fiscal year that is ending.
- Sent an invoice or bill to a non-University customer during the fiscal year that is ending.
- EFS Accounts Receivable Reporting Process
No separate report form is necessary for billing activity completed using the EFS Billing module. Once Period 12 is closed, Accounts Receivable Services will compile a list of EFS AR balances for the fiscal year that is ending and the fiscal year prior to that. Accounts Receivable Services will contact individual RRC managers directly if additional information is needed to explain any material variance in balances from the previous fiscal year.
Accounts Receivable, Billing, Dept Deposits procedures
Audience: Cluster Billing Specialist, Department Deposit preparer, unit financial managers, Merchants, those who work with foundation billing.
- Complete bills for all EFTs (ACH and Wire) received.
- Complete foundation transfers.
- Review Aging Report, validate accurate billing. See Accounts Receivable Monitoring (pdf).
- Review Incomplete Bills (pdf).
- Review Incomplete Dept Deposits (pdf).
- Review Merchant Activity/Aging.
- Complete Accounts Receivable Reporting Form if needed.
All vouchers (including internal sales) for the fiscal year being closed must be fully posted in the Accounts Payable module. This means that all match and budget exceptions must be cleared and all approvals obtained, including third level approval by Accounting Services. Any voucher that is no longer needed should be closed (if posted) or deleted (if not posted).
The last day for processing PO‐related vouchers is June 24 by noon. Vouchers related to POs need to be posted and approved to ensure the PO rolls into the new year (see also the Purchasing section of this memo). Any voucher that is not completed by the deadline will not be posted and must be re-entered in the new fiscal year.
Any vouchers with an asset match exception, including “No Receipts”, must be resolved prior to 2:00 p.m. on June 24. All exceptions match rules will be turned off at 4:00 p.m. on June 24 allowing vouchers with match exceptions to automatically post. Vouchers with match exceptions including “No Receipts” will post on June 24 during the nightly batch job. If there are any vouchers in match exception status that should not be posted, the department must delete the voucher by 2:00 p.m. on June 24, otherwise it will post when the match rules are turned off.
PO vouchers: The budget checking process for PO vouchers will run at noon on June 24. Vouchers have to be processed all the way through to budget check by that time. If last minute transactions fail budget checking at that time, the transaction will be deleted and must be re-entered in the new fiscal year.
Non-PO vouchers: The budget checking process for non-PO vouchers will run at noon on June 24. Vouchers have to be processed all the way through to budget check by that time.
If last minute transactions fail budget checking, the transaction will be deleted and must be re-entered in the new fiscal year.
The last day for processing non‐PO vouchers (including internal sales) is June 24 by noon. All vouchers must have passed all edits and budget checks and be approved and posted. Any voucher that is not completed by the deadline will not be posted and must be re‐entered in the new fiscal year.
Vouchers entered after the cut-offs will be deleted by Disbursement Services and will need to be re-entered in the new fiscal year by the unit that entered the transaction.
Verify all invoices are received and scanned into ImageNow, and related vouchers are entered, posted, and approved, prior to the year-end cut-offs for vouchers. Follow accounting guidelines for accruing invoices not entered/posted prior to the year-end cut-off (complete and submit the Unrecorded Expenses form).
All vouchers must be in a posted status by the cut-off time. Navigate to Accounts Payable > Review Accounts Payable Info > Vouchers > Voucher Specialist Workbench, enter your Origin, and check all the exception type boxes at the bottom to identify activity that needs action.
Run inquiry on a regular basis to identify any vouchers that may have exceptions and resolve all exceptions prior to cut-off time. Any vouchers not resolved prior to cut-off time need to be deleted in the fiscal year being closed and re‐entered in the new year.
If unable to resolve a batch, match, or edit exception, contact the University Financial Helpline 612-624-1617 or email@example.com.
All vouchers must be in a posted status by the cut-off time established in the year-end memo. Navigate to Reporting Tools > Query > Query Viewer and use these queries to identify activity that needs action: UM_FAP_AGING_APPR_PENDING .
Any vouchers not resolved prior to cut-off time need to be deleted in from the current fiscal year and re‐entered in the new fiscal year.
- Run queries on a regular basis to identify any vouchers pending approval.
- Contact approvers and resolve all pending approvals prior to cut-off time.
All requests for foreign wires or drafts must be made via form UM 1732, Request Foreign Payment Wire or Draft, from the Forms Library.
Foreign wires/drafts for PO vouchers
All requests for foreign wires/drafts for PO-related vouchers need to be received in Disbursement Services by 2:00 p.m. on June 20 to allow time for the wire/draft to be executed and recorded in the system prior to the year-end cut-off time.
Foreign wires/drafts for non-PO vouchers
Foreign wires/drafts for non-PO-related vouchers need to be received in Disbursement Services by 2:00 p.m. on June 20 to allow time for the wire/draft to be executed and recorded in the system prior to the year end cut-off time.
Verify the ChartField string for the FedEx EDI (centrally billed FedEx interface) account is a valid ChartField string for the new year. If the ChartField string will not be valid in the new year, submit a FedEx enrollment form UM 1678 (pdf) to firstname.lastname@example.org listing FEDEX SPEEDCHART in the subject line of the email. If unsure which ChartField string is currently being billed, email email@example.com using the same subject line (FEDEX SPEEDCHART).
All sponsored project vendor checks must be deposited and the information must be received by Disbursement Services no later than 2:00 p.m. on June 20. In EFS, navigate to: Accounts Receivable > Payments > Create Deposit. Procedure information is posted on the Policy website.
Accounts Payable, Travel, PCard Procedures
Audience: Procurement Specialists, Voucher preparers, Requisition preparers, Requisition approvers, Voucher approvers, Cluster Director, Travel and Expense preparers, Travel and Expense approvers.
- Complete tasks outlined in this memo.
- Allow for time to route for approvals on high dollar transactions.
- Allow for time to perform imaging/document linking.
- Complete the Unrecorded Expenses form if needed.
Audience: Approvers for requisitions, vouchers (payments), travel authorizations, cash advances, expense reimbursements, journal entries, and PCard activity.
Ensure transactions are reviewed and acted upon by the deadlines.
Capital Asset Transfers
Capital asset transfer requests must be submitted to the University Financial Helpline at firstname.lastname@example.org by June 18. The Capital Equipment Asset Transfer Form, UM 1556, can be found in the forms library (pdf).
Any assets with significant and unexpected decline in service utility are considered to be impaired and may require financial adjustments to their values. Examples include decreased demand in use of a mainframe computer system or flood damage to a portion of a building. Departments that think they may have impaired assets should contact Accounting Services via the helpline 612-624-1617 or email@example.com.
Asset Management/capitalized equipment procedures
Audience: Procurement Specialist, Requisition Preparer, Receiver, Requisition Approver.
- Ensure receiving of capital assets completed by deadlines.
Complete forms as required by Accounting Services.
What needs to be done for year-end?
All DeptID, Program, ChartField 1, ChartField 2, and FinEmplID value requests must be submitted via BPEL. DeptID requests will be reviewed by the Budget Office; all other ChartField requests will be reviewed by Accounting Services. Beginning July 1, use the comments section in BPEL to identify values requested for prior fiscal year activity. Value requests received before the end of Period 12 will be made effective for the prior fiscal year. Value requests received after the close of Period 12 (beginning in Period 913) will be made effective for the new fiscal year only unless otherwise noted in the BPEL request.
BPEL requests are processed on an ongoing basis. Turnaround time for optional ChartFields is 48 hours. Program and DeptID requests are reviewed within 48 hours but may have a longer turnaround time if requests have complications. Be sure to allow sufficient lead time for requests to be reviewed before the deadline for which they are needed, e.g., a CF2 value needed for entry of a cash deposit should be requested at least 48 hours before the cash deposit entry deadline on June 27.
Certain ChartField values were inactivated in the new fiscal year (effective July 1 for the start of the fiscal year). These values included historical-only program values and clean-up (conversion) fund values and account values. Accounting Services will continue to work with departments to resolve any outstanding issues. When a value is inactivated, it can no longer be used for any budget or actual transactions.
Inactivation of remaining historical-only and other values will continue in the next fiscal year. For a ChartField value to be inactivated there must be no activity (or remaining available balance) on a ChartField string using that particular value. This means there are several tasks that departments must complete before a ChartField value can be inactivated:
- Any remaining available balance must be moved (via transfer codes) to a different ChartField string.
- All payroll/student charges must be moved to a different combo code
- Any internal department that may charge that ChartField string must be notified, e.g., U Market.
- All non-equipment capital assets must be transferred to another ChartField string. Equipment assets do not need to be transferred.
- All outstanding accounts receivable balances must be cleared, e.g., collected, written off.
To ensure that all June expense activity is actually recorded in June, checks for that month should be written by June 20. Check lists need to be sent to firstname.lastname@example.org (Treasury Accounting) by 2:00 p.m. on June 23. If you have any questions regarding this schedule, please contact Candice Kraemer at 612-624-8514.
What needs to be done for year-end?
All expense related documents for the fiscal year that is ending must be fully approved in the Employee Expenses module by June 24 at noon. This means that these documents must be processed, must have passed all edits and budget checks, and be approved. This includes travel authorizations (TAs), cash advances (CAs), and expense reports (ERs).
Travel and expense documents for the fiscal year being closed that are approved or submitted after the cut-off will not be processed. On July 1, entry of expense documents resumes. Documents sent back by Disbursement Services can then be resubmitted in the new fiscal year.
Clean up expense documents in statuses of Pending, Submitted for Approval, or Approvals in Process. For year-end (and throughout the year), it is important to ensure expense documents are fully processed or cleaned up. Use the expense report results (pdf) regularly during year-end:
- Ensure all Pending EX documents [travel authorizations (TAs), cash advances (CAs), and expense reports (ERs)] are submitted for approval or are deleted if they are duplicates of another expense document.
- Ensure all EX documents [travel authorizations (TAs), cash advances (CAs), and expense reports (ERs)] in Submitted for Approval status (SUB) or Approval in Process Status (PAR) are approved, sent back for modifications, or denied.
- Ensure that all expense reports (ERs) and travel authorizations (TAs) with budget errors are corrected in the current fiscal year, or in the new fiscal year if they will be rolled over.
- Travel and expense documents for the fiscal year being closed that are submitted or approved after the deadline will not be processed. On July 1, when regular processing resumes in the new fiscal year, documents sent back by Disbursement Services can be resubmitted by the department.
Beginning June 1, Disbursement Services will cancel TAs with ending dates prior to May 1 that are NOT tied to cash advances.
Approved travel authorizations (TAs) will be rolled over to the new fiscal year if they meet the following criteria:
The actual TA rollover process will start on June 24. The roll process should be complete and the new fiscal year open for travel business on July 1.
- The TA end date is on or after May 1 of the current year, regardless if it is referenced or not on a cash advance.
- The TA end date is prior to May 1 of the current year and the TA is referenced by a paid cash advance.
What needs to be done for year-end?
All journals need to be posted in the General Ledger prior to the close of the current fiscal year. In order for a journal to be posted, it must be valid (passed all edit and budget checks) and must be fully approved (department, and certified or Accounting Services if applicable).
Journal entries that are no longer needed should be deleted. As part of ongoing system maintenance, journal entries not completed/posted within a certain time after their creation will be deleted. This deletion process helps improve system performance. Any remaining journals from the fiscal year being closed that were not posted will be deleted centrally starting on August 9 (following the close of the first period in the new fiscal year).
There are public queries available that will allow for review of journals not posted by operator ID (initiator) (UM_FGL_JRNL_BY_X500) and Journal Class (DeptID) (UM_FGL_JRNL_BY_CLASS). These queries should be run in the reporting instance of EFS, rather than production.
Any journals for Period 12 must be valid and approved at the departmental and certified levels and submitted to Accounting Services (if required) by 2:00 p.m. on July 9. Period 12 will close the morning of July 10 but departments should not make entries into period 12 on July 10.
Period 913 will open immediately following the close of Period 12. A notice will appear on the EFS message screen when period 913 is available. Any journals for Period 913 must be valid and approved at the departmental and certified levels and submitted to Accounting Services (if required) by 2:00 p.m. on July 21. Period 913 will close the morning of July 22 but departments should not make entries into period 913 on July 22.
Note: the batch posting process runs only once per day, around 12:00 a.m. (midnight).
Budget Journals with next-day reversals for the fiscal year being closed may be posted through June 29. If a Budget Journal needs to be entered for the fiscal year being closed after June 29, follow this procedure (please read entire process before beginning data entry).
Budget Journal to create a combo code: Enter a journal for $1 in BUDGET_FIN but do not select next day reversal. Use a journal date of June 30 and select the open accounting period in which you will be entering a transaction. Do not set the original journal to automatically reverse. Reverse the journal the following day by manually entering a budget journal for -$1 using the same parameters.
Budget Journal to allow a journal on an expense Account (no combo code required): Enter a journal for zero dollars in KK_EXPENSE. Use a journal date of June 30 and select the open accounting period in which you will be entering a transaction. No reversal entry is needed.
- Budget Journal on a cost share string: Contact Sponsored Projects Administration (SPA) to determine whether the Project budget for the cost share string can be adjusted to allow for the transaction. A KK_EXPENSE journal is only necessary if a budget line does not yet exist for the Fund-DeptID-Program portion of the ChartField string.
Similar to actuals journals posted to the GL, an budget journals not in posted status by fiscal year end should be deleted.
All types of transactions, with the exception of new internal sales transactions and endowment related transactions, can be processed in Period 913. This includes sponsored and non-sponsored Journal Entries (including funding of cost share), and HSAs for sponsored and non-sponsored payroll expenses.
Period 913 transactions must be dated June 30 in order to be properly reflected in the financial statements and departmental reports for the fiscal year being closed. If you neglect to change the journal date, PeopleSoft will pop-up a warning message to change the date. The date must be changed to proceed. View the reference document for 913 JE entries (pdf). Certain transactions will be entered centrally in Period 913. Examples include transactions related to inventory, accounts receivable, investment income distributions, accounts payable and attribution of tuition revenue for summer session of the fiscal year being closed. Copies of these entries will not be provided to departments. The last day for central entries to post to departments is July 16. See also the Human Resources Management System HSA section below for information about enterprise assessment adjustments in period 913.
Departments can fund cost share ChartField strings in any period, including Period 913.
As a result of a change in process during fiscal year 2013, Period 914 has been eliminated.
Period 915 is for Accounting Services central adjustments ONLY. No departmental activity is allowed. Any departmental entries made in Period 915 will be deleted.
Any revenues recorded during the year that have not yet been earned by the end of the year should be recorded as unearned income on the balance sheet. Revenue is considered earned only when all of the following have occurred:
- A business transaction has been completed to sell goods or services,
- the goods or services have been delivered or performed, and
- cash has been collected or collection has been assured.
Contracts that call for donation of goods or services to the University must have a transaction recorded in PeopleSoft Financials for the value of the goods or services received. If such a contract exists, but no transaction has been recorded, contact the University Financial Helpline 612-624-1617 or email@example.com.
If you are aware of an organization that your department collaborates with and it is one of the following, please contact Doreena Cisewski in Accounting Services (612-624-6862 or firstname.lastname@example.org).
- Component unit: Legally separate organization for which the governing board and/or management of the University is financially accountable. Also, it can be another organization for which the nature and significance of its relationship with the University is such that exclusion would cause the University’s financial statements to be misleading or incomplete.
- Joint venture: Legal entity or other organization that results from a contractual arrangement and that is owned, operated, or governed by two or more participants as a specific activity subject to joint control, in which the participants retain an ongoing financial interest or an ongoing financial responsibility.
- Jointly governed organization: Similar to a joint venture, except that the participants do not retain an ongoing financial interest or responsibility.
- Related organization: Organization for which the University is accountable because the government appoints a voting majority of the board, but is not financially accountable.
Fiscal monitors and RRC managers are responsible for monitoring balances and deficits as outlined in the Administrative Policy for Budget Development and Oversight of Current Non-Sponsored Funds with the expectation that positive balances will be maintained, and if deficits arise, necessary corrective actions will be taken.
General Ledger procedures
Audience: Journal Entry preparer, Journal Entry Approvers, Cluster Director.
- All journals must be valid (edits and budget check) and approved in order to be posted.
- Journals that are no longer needed should be deleted.
- Complete COA setup requests.
- Ensure all JEs are fully processed or cancelled by the deadlines.
- Complete any of the fiscal year-end forms that might be required.
The deadlines for processing subcontract PO and voucher changes are the same as those noted in the Purchase Orders/Requisitions and Accounts (Vouchers) Payable and PCard sections.
All Cost Share budgets must be verified by June 20, including requests for any changes.
Remember that sponsored projects are multi-year projects, therefore fiscal year-end and ensuring transactions hit in the fiscal year being closed is not critical. For sponsored projects that end on June 30, Sponsored Financial Reporting’s standard business process is to automatically include all expense transactions that hit in July that are allowable and allocable to the grant period on the final report or invoice prior to submitting the report/invoice to the academic department for review. The F&A job is run daily and does not take the fiscal year into consideration. For example, for expenses that are forced into Period 12 after June 30, the corresponding F&A will have a July posting date and a June journal and accounting date, therefore reflecting as June activity on Sponsored Reports in UM Reports.
See also Sponsored activity procedures below for important dates.
What needs to be done for year-end?
All HSAs must be successfully posted in HRMS and sent to the General Ledger prior to the close of the fiscal year.
HSAs for Period 12 must be approved in HRMS by 4:30 p.m. on July 8.
HSAs for Period 913 must be approved in HRMS by 4:30 p.m. on July 15.
HSAs impacting non-sponsored, cost share, or sponsored ChartField strings are allowable in Period 913. No HSAs are allowed after July 15.
For HSAs that are done in July for pay periods in a previous fiscal year, the following rules apply:
- The HSA will post to whichever accounting period from the previous fiscal year is open, either Period 12 or 913, and have an accounting date of June 30.
- Once period 913 is closed, HSAs that only have non-sponsored (and NON cost share) accounting lines will NOT be allowed in the previous fiscal year. Only HSAs that have a sponsored or cost share line will be allowed, but will be dated in the new fiscal year regardless of whether the accounting lines are sponsored, non-sponsored, or cost share.
HSAs that are done against pay periods in the new fiscal year are dated with the current date and post to the current open accounting period in the new fiscal year, regardless of whether the accounting lines are sponsored, non-sponsored, or cost share.
If there are Effort Certification implications for the HSA, consult the Effort website for instructions.
The Enterprise Assessment will also be run for all Period 913 HSAs; this will be done on July 17 and then immediately prior to the close of Period 913 in the General Ledger, on the morning of July 22.
Note: The final run of the enterprise assessment (July 22) should have no impact to departments since the HSA cut-off is July 15 and the associated enterprise assessment will be posted on July 17. Departments should not move salary and fringe by journal entry. If a department moves salary and fringe by journal entry instead of an HSA, the final enterprise assessment will post additional charges. Departments will be unable to correct this in fiscal year 2014. Any corrections will need to be made to the carryforward balance in Period 1.
All salary and fringe encumbrances for the fiscal year being closed will be zeroed out on June 25. No new encumbrances for payroll or fringe will be recorded in the fiscal year being closed. Encumbrances for the new fiscal year will be recorded and available on approximately July 2 (if this information is available earlier, the community will be notified).
For HSAs that are done in July for pay periods in the previous fiscal year, the following rules apply:
- If accounting Period 12 is still open (from the previous fiscal year—the fiscal year being closed), then all HSAs will be dated June 30 and post to Period 12 of the previous fiscal year.
- If accounting Period 913 is still open (from the previous fiscal year—the fiscal year being closed), then all HSAs will be dated June 30 and post to period 913 of the previous fiscal year.
- Once Period 913 is closed for HSAs, the following will be true until the effort certification deadline for the first effort period is reached: no more HSAs that only have non-sponsored (and NON cost share) accounting lines will be allowed in the previous fiscal year. Only HSAs that have a sponsored or cost share line will be allowed, but will be dated with the current date and posted to the open accounting period in the new fiscal year.
For HSAs that are done against pay periods in the new fiscal year: all of them are dated with the current date and post to the current open accounting period in the new fiscal year, regardless of the whether the accounting lines are sponsored, non-sponsored, or cost share.
See Accounts Payable and Purchase Orders/Requisitions and U Market year-end sections of this document.
Procurement card activity posting with the bank by June 25 will be included in the June PCard activity. The Procurement Card billing period for June will end on June 25 and will be loaded into the system by June 26. Reconcilers and approvers have through July 7 at 5:00 p.m. to reconcile and approve June activity so the central reconciliation can be run. June PCard activity will post in Period 12 of the fiscal year being closed.
Reminder: Ensure that the PCard default ChartField string distributions are set up and valid in the new fiscal year.
All balances on the PCard default Account code must be transferred to the correct departmental account before the General Ledger closes for Period 12. Correcting entries for activity that took place in the fiscal year being closed cannot be done in the new fiscal year.
What needs to be done for year-end?
Most active purchase orders will be rolled over to the new fiscal year.
In order to be picked up by the PO rollover process, a purchase order must be dispatched and not have any errors, such as match exceptions or budget errors.
In an effort to reduce the number of POs that could potentially cause problems with the PO roll and jeopardize the year-end close process, the following POs will be closed by central staff and not be rolled over to the new fiscal year:
- All new or existing POs (for external vendors and U Market) with balances of less than $100 whether there has been activity or not (sponsored, non-sponsored).
- All new or existing POs with balances of less than $500 that do not have activity within the last 60 or more days (sponsored and non-sponsored). (Note that simply creating the order won't count as "activity".)
List of those purchase orders that may be closed will be posted on this page when/if it is available.
Do not duplicate orders: If the order closed by the above criteria was already dispatched at the time it was closed, do not enter duplicate orders after the new fiscal year opens in July. The vendor should ship goods based on the closed order. If you have questions about the status of U Market purchase orders, please call U Market Services 612-624-4878.
If the order was in process and was closed as not able to roll, determine whether the vendor received the original order or not. If the order had not dispatched to the vendor before it was closed, the vendor will need to be notified of the pending order.
Requisitions will not be rolled over to the new fiscal year.
Transaction clean up should be done monthly throughout the fiscal year: begin or continue your transaction clean up. Don't wait for fiscal year end to clean up problem transactions.
June 24 at 4:00 p.m.
The last day to process purchase orders for the current fiscal year (the fiscal year being closed) is June 24. By 4:00 p.m. on June 24, requisitions must be fully sourced to POs and the POs must be dispatched with no errors. June 24 is also the last day for any eProcurement activity (clean up on orders, approving), including U Market orders.
Requisition preparers, receivers, and procurement specialists will be "locked out" of the eProcurement and Purchasing modules at 4:00 p.m. on June 24. Access will be restored on the morning of July 1 by 9 a.m. Requisition preparers, receivers, and procurement specialists may still perform inquiry in ePro/Purchasing (use the reporting instance of EFS).
Purchasing Services will begin closing old, open requisitions, asset POs, and non-rollable POs after June 24 at 4:00 p.m. This means that departments will need to re-enter unsourced requisitions in the new fiscal year when it opens for activity, if the order is still needed.
Reminder: For POs that will roll to the new fiscal year, ensure that the ChartField strings are set up and valid in the new fiscal year.
Departments should plan ahead and place all orders prior to the cut-off. If a purchase does need to be made after the cut-off, see the special year-end purchasing procedures contained in this document. Everyone understands that purchasing activities cannot completely cease, even though transactions may not be entered into the financial system. If you encounter a true emergency situation where the purchase cannot wait and none of the processes below are acceptable to the vendor, contact Purchasing Services 612-624-2828 or the University Financial Helpline at 612-624-1617 for further assistance.
The deadline for departments to pull U Market shopping carts over into EFS and turn them into requisitions for the fiscal year being closed will be the same as for any requisition, June 24 at 4:00 p.m. U Market will remain open during the period June 24 to July 1. Shoppers will still be able to put items in carts and assign carts but no carts can be turned into EFS requisitions until July 1. Billing for U Market purchases will end with invoices received from the suppliers on approximately June 6. Additional supplier invoices may be processed after that date depending on timing.
Each year there is a period of time at the end of the year where requisitions and orders may not be processed in the system (the cut-off period). During the cut-off period no POs may be processed in the system for purchases. Vendor setup requests will NOT be impacted during this period. Everyone understands that purchasing activities cannot completely cease during this window. If you encounter a true emergency situation where the purchase cannot wait and none of the processes below are acceptable to the vendor, contact Purchasing Services 612-624-2828 or the University Financial Helpline at 612-624-1617 for further assistance.
There are a number of other methods for emergency purchases during this window when POs may not be processed, including the following:
- Phone orders will be accepted by U Market Services (formerly U Stores) for select items.
Only items offered by the supplier "U Market Stock" in U Market may be ordered by calling 612-624-4878. Departments must provide appropriate, active ChartField string information when ordering. These orders will not be billed until the new fiscal year. ChartField string information must be valid in the new fiscal year.
- $0 to $2,499.99
Use the PCard up to the limits ($2,499.99 per order and $10,000 per month). All normal PCard rules and procedures apply (no capital equipment may be purchased with the PCard, etc.).
- Any amount where the vendor requires a PO, in an emergency situation
There should be very few of these emergency orders. However, in cases where these emergency purchases must proceed, please call Purchasing Services to get an emergency paper PO prepared to send to the vendor. The department will need to enter the requisition into PeopleSoft after the new fiscal year opens.
- Existing Blanket Orders
Continue to order off existing blanket orders and enter the transactions after the new fiscal year opens.
- Professional Services up to $2,999.99 (VCPS)
Direct the vendor to perform the work and enter a VCPS in the new fiscal year on or after July 1. Services $3,000 and greater, call Purchasing Services for assistance.
Reminders: Contracts for Professional Services and amendments no longer require vendor or University ink applied signatures. Departments will continue to submit requests for amendments to CPSs to Purchasing, but the amendment does not have to wait for vendor signature.
Transactions entered during the period when POs are being rolled over can affect the year-end roll process. Because of this, people with these access roles will be "locked out" of the ePro and Purchasing modules for three business days plus one weekend (from 4:00 p.m. June 24 through the early morning of July 1).
Inquiry and reporting functions are available in the reporting instance of EFS for departments during the cut-off period.
To minimize disruptions and problems, please work with your departments to plan ahead as much as possible. Process any pending transactions.Once the new fiscal year is available in PeopleSoft for procurement, all purchasing activities will revert back to the University’s established policies and procedures.
Audience: Procurement Specialists, Voucher preparers, Requisition preparers, Requisition approvers, Voucher approvers, Cluster Director.
Fully process (or cancel) all requisitions and purchase orders. Work PO-related vouchers first, then purchase orders, then requisitions.
- Procurement Specialists Grid Training. (xls) This document provides detailed information on transactions that need to be reviewed and possibly edited or closed before June 24.
- Instructions for making purchases between June 24 at 4:00 p.m. and July 1, prior to the opening of the new fiscal year, are here.
For reference only, once the PO roll process is complete, rolled PO information is posted here under the heading for "Year End". Prior to the roll, lists of purchase orders that were or were not rolled over from the previous year-end process (one year ago) are posted. After the new fiscal year opens, Purchasing Services will post lists of what was rolled or not rolled for the most recent year-end process.
This information is for departments or areas that pay sales tax on a monthly or quarterly basis who also prepare their own JEs based on their entry to the State of MN payment system. Journal entries should be done in the month that the tax is paid, which is when the cash moves out of our bank account and not when the tax is incurred.
Sales tax collections for the fiscal year being closed:
- Month of June
- Quarter of April 1 through June 30
Since these sales tax periods above are not paid out until July, entries for recording these payments should not be done until July.
Note: If you are housing your sales tax in Account code 200150, the Sales Tax Payable balance sheet account, no entries need to be done at June 30. If you are housing your sales tax payable in with your departmental revenue or expense ChartField strings, you should debit those strings and credit your Fund, DeptID, Program (if any) and the Account 200150. In the new fiscal year, beginning in July, prepare the JE to record the payment that you entered into the State of Minnesota website for sales tax payments due by July 21.
Audience: Journal Entry preparer, Journal Entry Approvers, Procurement Specialist, Voucher Preparers, and Budget Prep preparers.
- Incorrect Analysis Type used on Journal Entry: clean up.
- Correct any incorrect Fund or Account codes (non-expense code) used to charge a project.
- Fund cost share on all projects that have an end date of June 30 or earlier by using An Type of CSR.
- Process F&A redistribution entry using RFA to move F&A revenue earned in program UM003 from detail ChartField string of Fund, DeptID, Program and Project to the Fund, DeptID, and Program.
- PO, AP, EE module errors due to Project date, Account not set up or incorrect Fund/DeptID used during Pre-Award cleanup.
- Verify that Cost Share ChartField string used in Projects will roll into the new fisal year for active projects.
- Budgeting for Combo Codes.
- Troubleshooting sponsored transactions (pdf).
- Resolving AP Project budget issues (pdf).
To allow enough time for SPA to review/process POs and sub invoices so they can be entered into the fiscal year being closed, the activity must be received in SPA by the following deadlines:
- Foreign sub invoice payments (wire/drafts) need to be received by SPA June 13 by noon.
- Domestic sub invoices need to be received by SPA June 17 by noon.
- For sub award POs SPA will need to have received the signed sub award agreement from the sub recipient (if Federal, all applicable FFATA (FSRS) and FCOI requirements have been met) by June 17 at noon.
What needs to be done for year-end?
The last day PeopleSoft endowment transactions can be entered into the Treasury module by departments is June 26 at 2:00 p.m. All PUF transactions must have an invoice to the University Foundation by the established due date in the billing/receivables section of this document.
All endowment transactions for the fiscal year being closed must be submitted by the department in the Endowments module by June 26 in order to be fully approved before June 30. The final endowment income distribution and GIP fees for the fiscal year being closed will post to Period 1 of the new fiscal year. Treasury Accounting will create journal entries to move the departments' income and fees out of Period 1 of the new fiscal year back into Period 913 of the fiscal year being closed. This will provide more accurate departmental reporting as well as more accurate University-wide financial statements.
The last day to process University endowment transactions (withdrawals, deposits, changes to income distribution ChartField strings) is June 26 at 2:00 p.m. Any endowment related transaction that is not completed by this deadline will be posted in the new fiscal year.
By end of business on May 16, report unclaimed property. Any non-payroll credits two years old or older as of June 30 that are tracked by departments outside of PeopleSoft Financials must be reported to Accounting Services. Accounting Services is responsible for reporting unclaimed property on behalf of the entire University. For example, accounts receivable credits or accounts payable-related over payments. Please report the information to email@example.com.
See the section of this document for the transaction type being interfaced into the system. In general, interfaced transactions should be sent at least one day before the deadline to ensure the transactions are in the system in time to fully process. The Module Support Team contact for your interface can assist with any clarification or specific instructions. Or contact the University Financial Helpline 612-624-1617 or firstname.lastname@example.org for assistance finding the right contact for your interface.
Departments are required to complete certain forms during the year-end closing process. These forms are used to facilitate accurate financial statements and financial reporting. All forms are due by the end of the day on July 10.
Forms you may need:
- Inventory (UM 1587) (docx)
- Livestock Inventory (UM 1588) (docx)
- Accounts Receivable (UM 1591) (doc)
Required for all units with any non-EFS billing or AR activity during the fiscal year, i.e., complete a form from departments whether or not they have outstanding AR at the end of the year.
- Unrecorded Expenses (UM 1590) (docx) (the official Forms Library has been updated with the new form)
- Capital/Operating Lease Questionnaire (UM 1589) (docx)
- Intangible Assets (UM 1725) (docx)
- Derivatives (UM 1781) (docx)
Who must complete this form
All departments with inventory balances at June 30 of the fiscal year being closed must complete this form. This includes internal sales units.
What this form covers
Any merchandise or tangible personal property held for resale or for consumption in providing goods or services for resale. Note that items held for department use in normal activities should not be included.
Indicate the method used for valuing the inventory (historical cost, retail cost, etc.). If the value of the inventory has declined because of theft, damage, or obsolescence, it should be valued at estimated fair market value or if applicable, written off. Revaluation of inventory because of theft, demurrage, obsolescence, write offs, etc. is not allowed in the internal sales operating fund.
Who must complete this form
All departments with any non-EFS AR/Billing activity in the fiscal year being closed must complete this form. This includes departments that have no balance at June 30, but did have accounts receivable activity during the fiscal year.
Required for all units with any non-EFS billing or AR activity during the fiscal year, i.e., complete a form from departments whether or not they have outstanding AR at the end of the year.
What this form covers
Any amounts that are/were owed from external entities for goods or services provided. All activity must be reported on the forms, including billings, cash receipts, allowances, write-offs and aging of year-end balances. This form should only be used to report AR/Billing activity that takes place outside of the EFS billing module. No separate report form is necessary for billing activity completed using the EFS Billing module.
Accounts receivable information should be included at the amounts billed, and if applicable, collected. If amounts will not be collected, they should be written off. All write offs greater than $25 require approval from Accounts Receivable Services. Requests for write-off should be sent to David Laden at email@example.com.
Who must complete this form
All departments with any unpaid invoices or unrecorded expenses in the fiscal year being closed must complete this form if:
A voucher has not yet been entered into PeopleSoft Accounts Payable module that is $50,000 or greater;
A journal entry has been entered to account for these expenses in the fiscal year being closed; and/or
- Department has a balance in accounts 200111 (A/P-Miscellaneous) and/or 210120 (Accrued Liabilities-Miscellaneous) in the fiscal year being closed.
What this form covers
Invoices or expenses purchased and received by the University that are unpaid and not entered into PeopleSoft Accounts Payable module for the fiscal year being closed.
Expenses should be reported at the amount shown on the invoice(s). Any estimates provided, e.g., invoice has not yet been received from the vendor, should be noted on the form itself.
Who must complete this form
All departments with significant capital or operating leases where the University is either the lessee or lessor must complete this form. Significant leases are those with a total commitment or receipts greater than $250,000 over the life of the lease.
What this form covers
Any lease of one year or longer with total commitments or receipts greater than $250,000. This does not include vehicle lease charges billed to the department by Fleet Services.
All costs and receipts (lease payments or receipts, etc.) should be included on the form.
Who must complete this form
All departments that acquired (through purchase, lease, or donation) or internally generated (or in the process of generating) an intangible asset during the fiscal year that is or will be valued at $500,000 or more when completed, must complete this form.
What this form covers
Any asset that has no physical substance, is non-financial in nature, and has an expected useful life greater than one year. Examples include software, patents, trademarks, copyrights, and easements. Note: items with these characteristics that are held primarily for generating income should not be included.
Accounting Services will work with the department to determine the appropriate valuation based on information provided on this form.
Who must complete this form
All departments that have entered into (intentionally or incidentally) a derivative instrument and either:
- Have not specifically reported it to Accounting Services’ attention to date.
- The reported derivative instrument facts and circumstances have changed since originally reported.
What this form covers
Contracts between two parties that appear to reduce price or certain risks and specifies certain conditions under which payments are to be exchanged. For example, a department signs a contract to buy 500 bushels of corn for $500. Department receives 100 bushels of corn to feed its livestock and resells the remaining 400 bushels for a profit.
Accounting Services will work with the department to determine the appropriate valuation based on information provided on this form. If you have any questions related to Derivatives, please contact Dan Hardzinski in Accounting Services 612-625-7133 or firstname.lastname@example.org.
Historically the Controller's Office has presented a workshop to help units with the specifics of fiscal year-end activities. The session walked through the processes and demonstrated some of the steps for the group. Attendance at live presentations of the workshop has declined significantly over the past several years. Collegiate and departmental staff report they are now familiar enough with PeopleSoft that in-person year-end workshops are not needed. Therefore we recorded last year's workshop and have made it available here for those new to year-end. Questions should be directed to the University Financial Helpline 612-624-1617 or email@example.com.
- Recorded workshop sessions. NOTE: the information below is from fiscal year-end 2012 but the steps apply to any year-end:
- Morning: https://umconnect.umn.edu/p36551597/
Procurement runs to approximately the 37:30 mark,
then there is a brief re-arrangement of speakers/presentation occurs, then
Accounts Payable begins at about the 45:10 mark and runs through 52:25 (end of this recording).
- General Ledger: https://umconnect.umn.edu/p54853427/ (16:04)
- Employee expenses and PCard: https://umconnect.umn.edu/p97697711/ (4:17)
- Accounts Receivable Reporting: https://umconnect.umn.edu/p42892231/ (31:00)
- PCard, see memo text above.
- Handouts referred to in the recordings. NOTE: the information below is from fiscal year-end 2012 but the steps apply to any year end:
Procurement handout 1 (handout1, a file called fy_2012_procspec.pdf, is no longer applicable), handout 2 (xls), handout 3 (pdf), handout 4 (pdf)
General Ledger one handout (pdf)
Accounts Receivable reporting form workshop presentation (pptx)
In order to reflect an accurate accounts receivable balance for the University, all departments with any non-EFS Accounts Receivable/Billing activity must complete the Accounts Receivable Reporting Form (ARRF). In past years, we have received many questions as individuals attempted to complete the form and follow-up conversations were often needed to obtain essential information for accurate accounts receivable reporting. This workshop is intended for preparers and approvers of the Accounts Receivable Reporting Form and is intended to assist you with the accurate and timely completion of the form.
05/15/14 Last day for University of Minnesota Foundation (UMF) bills (documentation at the Foundation and approved) @ noon. 05/16/14 Unclaimed property reports due to Accounting Services firstname.lastname@example.org. 06/06/14 RRCs submit finalized budgets to Budget Office. 06/09/14 Proactive Query: Run query UM_FBD_ZERO_DOLLAR_BUD to identify budgeting rows that have a $0 budget balance for Cost Share and Payroll only. The query results will initially be distributed to the Budget Office. If the number of corrections is manageable, the Budget Office will perform the correction. If not, the results will be distributed to the RRCs. This query will assist in limiting the number of budget checking errors we receive on the first few payrolls of the new fiscal year. 06/09/14 Proactive Query: Cost Share Chart Strings in current year that are missing the corresponding non sponsored budget in the new year. The query results should be distributed to the Budget Office. 06/13/14 FY15 budgets will be loaded into EFS and new FY15 combo codes created. 06/18/14 Capital Equipment Asset transfer forms due in Inventory Services. 06/18/14 Last day to prepare a JE to record sales tax payments entered into the State of Minnesota web site. 06/20/14 Last day to write Contingent/Research June checks. 06/20/14 Last day for user verification/change request of Cost Share budgets. 06/20/14 Last day for foreign wires/drafts to be received by Disbursement Services for PO‐related and non-PO-related vouchers @ 2:00 p.m. 06/20/14 Last day to deposit sponsored project vendor checks. Must be deposited and information due in Disbursement Services @ 2:00 p.m. 06/22/14 FYI, the regular monthly processes, "Req Recon" and "PO Recon" (excluding Subawards) will be run. 06/23/14 Last day for Contingent & Research check register uploads to Treasury Accounting. Contingent & Research check register uploads must be posted to GL (fully processed, approved, budget checked, and error-free) by 2:00 p.m. 06/24/14 Last day to submit requests for checks to be canceled or voided in the fiscal year being closed @ noon. 06/24/14 Last day to request write-off of uncollectable Accounts Receivable balances for the fiscal year being closed. This includes write-offs from both EFS billed transactions and transactions billed outside of EFS. 06/24/14 Non-PO voucher (including internal sales) cut-off @ noon. 06/24/14 Last day for voucher approval and budget exception cleanup. Must be fully processed, approved, budget checked, and error-free @ noon. 06/24/14 Last day for clearing match PO exceptions @ noon. Must be fully processed, approved, budget checked, and error-free. 06/24/14 Last day for entry of PO-related vouchers @ noon. Must be fully processed, approved, budget checked, and error-free. 06/24/14 Last day for ISO voucher uploads @ noon. Must be fully processed, approved, budget checked, and error-free. 06/24/14 Travel Authorization, Expense Report, and Cash Advance cut-off @ noon. Must be fully processed, approved, budget checked, and error-free. 06/24/14 Last day for ePro activity/Purchase Orders @ 4:00 p.m.
No activity in the PeopleSoft system until July 1, U Market orders included (carts may still be created in U Market but they cannot be pulled in to EFS for further processing). Requisitions must be fully sourced to POs. POs must be dispatched, that is, fully processed, approved, budget checked, error-free before 4:00 p.m. Last day to process requisitions and purchase orders (including U Market orders) in EFS. See special year-end purchasing procedures: http://controller.umn.edu/fye/#specialpurchasing.
06/24/14 Disbursement Services cancels TAs with that are NOT tied to cash advances. 06/25/14 Salary and fringe encumbrances for the fiscal year being closed will be zeroed out. Depending on budget checking errors, the latest the encumbrances will be zero is June 30. 06/26/14 Load final June PCard activity (through June 25). Card activity posted with the bank by June 25 will be included. 06/26/14 Last day for endowment activity, including estimate withdrawls (departments) @ 2:00 p.m. 06/26/14 Last day to submit June Fairview billing @ 4:30 p.m. For all departments billing Fairview via the central process, items to be included in the final Fairview billing for the fiscal year should be sent so that they arrive in AR Services by this deadline. 06/26/14 Last day for non-sponsored customer maintenance requests @ 4:30 p.m. While AR Services will continue processing customer maintenance requests after this date, to ensure set-up for billing related to the fiscal year being closed, requests should be in by this deadline. 06/30/14 Last day for FY14 Lockbox deposits to be received (must be mailed in advance so Lockbox processor receives them by this deadline). 06/30/14 Last day for cash deposits in the fiscal year being closed. 06/30/14 Last day for FY14 external Billing @ 2:00 p.m. in Ready (RDY) status. 06/30/14 Merchants to ensure that all merchant account transactions are "closed" by conclusion of business day. 07/01/14 Accounting Period 1 of FY2014 opens. 07/02/14 Payroll and fringe encumbering available in EFS for the new fiscal year. 07/07/14 Last day to reconcile June PCard activity @ 5:00 p.m. 07/08/14 Last day to post Period 12 HSAs in HRMS @ 4:30 p.m. 07/09/14 Period 12 GL Journal valid (passed edit/budget check) and any needing central approval must be submitted by 2:00 p.m. 07/10/14 All forms related to YE accounting due: inventory, non sponsored AR, unrecorded expenses, capital/operating leases, and intangible assets. 07/10/14 Period 12 closes. 07/10/14 Period 913 of FY14 opens. 07/10/14 Enterprise Assessment for Period 12 runs (morning). 07/10/14 Central revenue allocation is run. 07/13/14 Carryforward balance calculation for Period 12 and communication of posted balances. 07/15/14 Last day to post Period 913 HSAs for non sponsored & sponsored activity @ 4:30 p.m. 07/16/14 Cut-off for central entries hitting departments in Period 913 at 2:00 p.m. 07/16/14 List of combo codes that do not exist in the new year and will be inactivated distributed to RRCs. 07/17/14 Enterprise Assessment runs for Period 913 HSAs (morning). 07/21/14 Period 913 GL Journal valid (passed edit/budget check) and submitted for central approval by 2:00 p.m. Departments only, no central entries. 07/22/14 Close Period 913. 07/23/14 June Endowment Market Values uploaded into Endowment module, post to GL on July 27. 07/27/14 Q4 Endowment Income Distribution posted to GL. 07/27/14 Carryforward balance calculation for Period 913. Occurs during system maintenance window. 07/27/14 June Endowment Market Values post to GL (were loaded July 23).
Please contact the University Financial Helpline at 612-624-1617 or email email@example.com for assistance.