University of Minnesota
Controller's Office
http://controller.umn.edu/
612-624-1617 or controller@umn.edu

Procedures for end of FY2015

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 Purchasing 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.

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 periodically and review the updates section below.

Updates made after initial release of this information

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 15, 2015 Memo is posted for University community. not applicable
May 15, 2015 Clarified VCPS deadlines and Accounts Receivable/Billing dates. Calendar
May 18, 2015 FYE forms due date changed for all but the AR form: Accounts Receivable (UM 1591) form is still due July 10. All other forms are due July 22: Inventory (UM 1587), Livestock Inventory (UM 1588), Unrecorded Expenses (UM 1590), Capital/Operating Lease Questionnaire (UM 1589), Intangible Assets (UM 1725), Derivatives (UM 1781). Calendar
May 18, 2015 Non-PO voucher details clarified. Accounts Payable, non-PO voucher section
May 28, 2015

Internal Sales details updated, time set on deadline day (June 29, 2:00 p.m.).

Non-PO voucher details separated into UMN01 and UMNIS sections.

Added reminder about PO change orders needing to be fully approved/dispatched prior to deadline.

June 24 text updated.

Special year-end purchasing instructions PDF updated.

Clarified the two forms due on July 10, now includes Inventory (UM 1587).

Various sections

May 29, 2015 Last day for domestic sub invoices to be received in SPA moved to June 18 (adding more time for people to process these). Calendar
June 8, 2015 Updated special year-end purchasing section of this web page to match PDF version. Special year-end purchasing procedures
June 12, 2015 Added information for distribution data rollover event in HRMS section and a calendar item for June 12. Human Resources and
Calendar
June 16, 2015 PO close criteria updated. Purchasing
June 19, 2015 Department Deposits, added a time of day by which they must be entered/approved for the deadline (4:30 p.m.). Accounts Receivable/Billing and
Calendar
July 9, 2015 Updated links to the year-end forms in the Forms Library. Year-end accounting forms
July 15, 2015 Deadlines for period 913 processing have been extended for JE, HSA, and Retro transactions. General Ledger and HRMS HSA/ Retro Distribution

The Memo

CONTENTS


Major changes from last year

There are no major changes in the fiscal year-end events as compared to last year.

Reminders:

  • Every year there is a planned "lockout" of data entry of requisitions, receipts, purchase orders, vouchers, expense reports, and travel-related documents. Please review the cutoff times in this memo for when to cease entry of these transactions.

  • The period where no data entry of certain kinds of transactions in EFS 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.

Fiscal year-end summary

To help departments prioritize the year-end responsibilities and ensure the critical areas are resolved by year-end, the critical areas are identified below:

  1. 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.
  2. 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.
  3. 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.
  4. Budget entries for the new fiscal year must be completed.
  5. Departmental accounts must be reconciled (including balance sheet activity) to ensure the material accuracy of department and consolidated University financial statements.
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.

Introduction

Why is fiscal year-end important?

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.

  • 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.
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.

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.

Accounts Receivable/Billing

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.

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.

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 the last business day of the fiscal year (on or before June 30).

Cash Deposits

Applies to all cash deposits for the fiscal year that is ending:

  • Deposits dropped into a Depository Drop 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 the deadline (see calendar below).

All deposits must be fully processed by the deadline.

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 4:30 p.m. on the deadline.

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 the deadline;
  • 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 4:30 p.m. on the deadline.

Deposits that are no longer needed should be deleted.

AR Reporting

Accounts Receivable Reporting happens in two areas as outlined below:

  1. 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:
    • 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.
    The form is located in the Forms Library (Form UM 1591). See deadline in calendar section below.

  2. 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 contacts directly if additional information is needed to explain any material variance in balances from the previous fiscal year.

Important Deadlines

See Accounts Receivable/ Billing lines on calendar below.

Accounts Receivable, Billing, Dept Deposits procedures

Audience: Cluster Billing Specialist, Department Deposit preparer, unit financial managers, Merchants, those who work with foundation billing.

Accounts Payable

What needs to be done for year-end?

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).

Vouchers

PO vouchers

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. (It's a system limitation--if these were left available in the new year, these transactions would not process correctly.)

Matching

Any vouchers with an asset match exception, including “No Receipts”, must be resolved prior to the deadline. If there are any vouchers in match exception status that should not be posted, the department must delete the voucher before the deadline.

Budget Checking

PO vouchers: The budget checking process for PO vouchers will run at noon on the deadline day. 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. (It's a system limitation--if these were left available in the new year, these transactions would not process correctly.)

Non-PO vouchers: The budget checking process for non-PO vouchers will run at noon on the deadline day. 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. (It's a system limitation--if these were left available in the new year, these transactions would not process correctly.)

Non-PO vouchers

All non‐PO UMN01 vouchers must have passed all edits and budget checks and be approved and posted by the deadline. Any voucher that is not completed by the deadline will not be posted and must be re‐entered in the new fiscal year.

All non-PO UMNIS vouchers must have passed all edits and budget checks and be approved and posted by the deadline. Any UMNIS voucher that is not completed by the deadline may not be posted in the fiscal year that is closing. If still needed, these transactions may be corrected after July 1.

Vouchers entered after the deadlines 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. (It's a system limitation--if these were left available in the new year, these transactions would not process correctly.)

ImageNow

Verify all invoices are received and scanned into ImageNow, and related vouchers are entered, posted, and approved, prior to the year-end cutoffs for vouchers. Follow accounting guidelines for accruing invoices not entered/posted prior to the year-end cutoff (complete and submit the Unrecorded Expenses form).

Budget/Match/Approval and Edit Exceptions

All vouchers must be in a posted status by the cutoff 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 cutoff time. Any vouchers not resolved prior to cutoff 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 controller@umn.edu.

Missing approval

All vouchers must be in a posted status by the cutoff 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 .

  • Run queries on a regular basis to identify any vouchers pending approval.
  • Contact approvers and resolve all pending approvals prior to cutoff time.
Any vouchers not resolved prior to cutoff time need to be deleted in from the current fiscal year and re-entered in the new fiscal year.

Foreign Wires/Drafts

All requests for foreign wires or drafts must be made via form UM 1732, Request Foreign Payment Wire or Draft, from the Forms Library.

All requests for foreign wires/drafts need to be received in Disbursement Services by the deadline to allow time for the wire/draft to be executed and recorded in the system prior to the year-end cutoff time. There is only one deadline for foreign wires/drafts, regardless of whether the voucher is PO-related or non-PO-related.

FedEx EDI ChartField string

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 disbsvcs@umn.edu listing FEDEX SPEEDCHART in the subject line of the email. If unsure which ChartField string is currently being billed, email disbsvcs@umn.edu using the same subject line (FEDEX SPEEDCHART).

Sponsored Project vendor/supplier checks

All sponsored project vendor/supplier checks must be deposited and the information must be received by Disbursement Services no later than 2:00 p.m. on the deadline. In EFS, navigate to: Accounts Receivable > Payments > Create Deposit. Procedure information is posted on the Policy website.

Void checks

All checks to be voided in the fiscal year being closed should be submitted using UM 1733 located in the forms library to disbsvcs@umn.edu by noon on the deadline.

Important Deadlines

See Accounts Payable lines on calendar below.

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.

Approvers (all modules)

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.

Asset Management (capital equipment and other assets)

Capital Asset Transfers

Capital asset transfer requests must be submitted to the University Financial Helpline at controller@umn.edu by June 18. The Capital Equipment Asset Transfer Form, UM 1556, can be found in the forms library (pdf).

Capital Asset Impairment

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 controller@umn.edu.

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.

Chart of Accounts

What needs to be done for year-end?

All DeptID, Program, ChartField 1, ChartField 2, and FinEmplID value requests must be submitted via the COA Request form in EFS. DeptID requests will be reviewed by the Budget Office; all other ChartField requests will be reviewed by Accounting Services. Beginning July 1, be sure 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 request.

Important deadlines

COA 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.

Inactivation of ChartField values (not required for year-end)

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 or item type.
  • 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.

Contingent/Research checks written in June

To ensure that all June expense activity is actually recorded in June, checks for that month should be written by the deadline. Lists of checks need to be sent to treasury@umn.edu (Treasury Accounting) by 2:00 p.m. on the deadline. If you have questions, please contact Candice Kraemer at 612-624-8514.

Important Deadlines

See Contingent/Research Checks deadlines on calendar below.

Employee Expenses (including PCard reconciliation activity on Expense Reports)

What needs to be done for year-end?

All documents for the fiscal year that is ending must be fully approved in the Employee Expenses module by the deadline. 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, whether it is a PCard-related expense report and travel or out-of-pocket expense reimbursement).

Travel and expense documents for the fiscal year being closed that are approved or submitted after the cutoff will not be processed. On July 1, entry of expense documents resumes. Documents sent back by Disbursement Services can be resubmitted in the new fiscal year.

Clean up of Expense Documents

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 all kinds of 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 all kinds of 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 kinds of 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 all kinds of 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.
Canceling Travel Authorizations and TA rollover

Beginning in early June, 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 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.

The actual TA rollover process starts just after the transaction processing deadline. The roll process should be complete and the new fiscal year open for travel business on July 1.

Important Deadlines

See Travel, Expenses, and PCard deadlines on calendar below.

General Ledger

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 the deadline in the calendar below. Departments should not make entries into period 12 after the published deadline.

Period 913 will open immediately following the close of Period 12. A notice will appear in MyU > Key Links > PeopleSoft > EFS News 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 the deadline. Departments should not make entries into period 913 after the published deadline.

Note: the batch posting process runs only once per day, around 12:00 a.m. (midnight).

Budget Journals for the fiscal year being closed

Budget Journals with next-day reversals for the fiscal year being closed may be posted throughout the day of the deadline. If a Budget Journal needs to be entered for the fiscal year being closed after the deadline, follow this procedure (please read entire process before beginning data entry).

  • Budget Journal to create a combo code: 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 using the same parameters (if a dollar amount was used, reverse the dollar amount).

  • Budget Journal to allow a journal on an expense Account (no combo code required): 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 budget journal is only necessary if a budget line does not yet exist for the Fund-DeptID-Program portion of the ChartField string.
  • Batch runs for combo code set up happen at approximately 12:30 p.m. and again overnight. If budget journals are ready to process before noon, you likely will have a combo code created that afternoon.

Similar to actuals journals posted to the GL, an budget journals not in posted status by fiscal year end should be deleted.

Period 913 entry information

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 on the calendar below, prior to the deadline for departmental entry in period 913. See also the Human Resources Management System HSA section below for information about enterprise assessment adjustments in period 913.

Funding of cost share on sponsored projects

Departments can fund cost share ChartField strings in any period, including Period 913.

Period 914

As a result of a change in process during fiscal year 2013, Period 914 was eliminated. There is no period 914.

Period 915

Period 915 is for Accounting Services central adjustments ONLY. No departmental activity is allowed. Any departmental entries made in Period 915 will be deleted.

Unearned income

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.
Donated goods/services

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 controller@umn.edu.

Component units/joint ventures, jointly governed organizations, related organizations

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 cisew018@umn.edu).

  • Component unit: Legally separate organization for which the governing board 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.
Monitoring of Year-End Balances

Fiscal monitors, Chief Financial Managers, and RRC Contacts 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.

Important Deadlines

See General Ledger deadlines on calendar below.

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.

Grants/Projects/Contracts

Important Deadlines

See Sponsored deadlines on calendar below.

The deadlines for processing subcontract PO and voucher changes are the same as those noted in the Purchase Orders/Requisitions and Accounts (Vouchers) Payable sections.

All Cost Share budgets must be verified by the deadline, including requests for any changes.

Remember that sponsored projects are multi-year projects, therefore ensuring transactions hit in the fiscal year being closed is not critical (but it is important). 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 deadlines.

Human Resource Management System (payroll, Retro Distributions, and HSA transactions)

What needs to be done for year-end?

All HRMS 8.9 HSAs and 9.2 Retro Distributions must be successfully posted in the corresponding instance of HRMS and sent to the General Ledger prior to the close of the fiscal year.

Historical Salary Adjustment Transactions (HSAs) and Retro Distributions

HSAs for Period 12 or 913 must be approved in HRMS 8.9 prior to the deadline. Remember that the process to determine whether an HSA needs certified approval only runs overnight in the old HR system, so plan to enter transactions that hit sponsored accounts in advance of the last day.

HSAs impacting non-sponsored, cost share, or sponsored ChartField strings are allowable in Period 913.

For HSAs that are done in July for pay periods in a previous fiscal year, the following rules apply:

  1. 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.

  2. 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.

HSA transactions in HRMS 8.9 for non-sponsored activity will no longer be allowed, ever, after the deadline.

HSA transactions in HRMS 8.9 for sponsored activity will be allowed through the end of the first effort period (through approximately the end of October 2015). The HSA will cease to be available in HRMS 8.9 as the system moves to view-only mode.

Retro Distributions

The fiscal year-end deadlines for Retro Distributions in HRMS 9.2 are the same as those for HSAs from HRMS 8.9.

Enterprise Assessment

The Enterprise Assessment will be run for all Period 913 HSAs/Retros in July after period 12 closes, and then immediately prior to the close of Period 913 in the General Ledger.

Note: The final run of the enterprise assessment should have no impact to departments due to the timing of the HSA/Retro cutoff. Departments should not move salary and fringe for the fiscal year being closed by journal entry. If a department moves salary and fringe by journal entry instead of an HSA/Retro, the final enterprise assessment will post additional charges. Departments will be unable to correct this in the fiscal year being closed. Any corrections will need to be made to the carryforward balance in Period 1.

Encumbrances

All salary and fringe encumbrances for the fiscal year being closed will be zeroed out prior to the end of the fiscal year (see calendar below). No new encumbrances for payroll or fringe will be recorded after that 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/Retros that are done in July for pay periods in the previous fiscal year, the following rules apply:

  1. If accounting Period 12 is still open (from the previous fiscal year—the fiscal year being closed), then all HSAs/Retros will be dated June 30 and post to Period 12 of the previous fiscal year.
  2. If accounting Period 913 is still open (from the previous fiscal year—the fiscal year being closed), then all HSAs/Retros will be dated June 30 and post to period 913 of the previous fiscal year.
  3. Once Period 913 is closed for HSAs/Retros, the following will be true until the effort certification deadline for the first effort period is reached: no more HSAs/Retros that only have non-sponsored (and NON cost share) accounting lines will be allowed in the previous fiscal year. Only HSAs/Retros 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/Retros 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.

Distribution Rollover

PeopleSoft HRMS 9.2 requires that we create new distribution entries each fiscal year for all departments and funding levels. This Annual Distribution Rollover is a central process that automatically copies the most current distributions for all funding levels in a department and re-creates them as baseline funding for the new fiscal year. After the rollover occurs, please select the fiscal year row carefully when working with distributions. After the rollover, if you make any distribution changes to the current fiscal year that you will also need in the new fiscal year, you will have to manually add them to the new year as a duplicate entry. This job aid will explain the process in much more detail for those of you who work closely with distribution entry. It will also show you examples of what the new fiscal year rows will look like.

Internal sales

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. (It's a system limitation--if these were left available in the new year, these transactions would not process correctly.)

All non-PO UMNIS vouchers must have passed all edits and budget checks and be approved and posted by the deadline. Any UMNIS voucher that is not completed by the deadline may not be posted in the fiscal year that is closing. If still needed, these transactions may be corrected after July 1.

See also the Accounts Payable and Purchase Orders/Requisitions and U Market year-end sections of this document.

PCard

Procurement card activity is now reconciled in the Expenses module of EFS using an Expense Report transaction. Activity is fed daily from our banking partners to EFS and is available for reconciliation the day it is loaded into the system. Every effort should be made to reconcile and post PCard activity for the fiscal year being closed prior to the deadline for Expense Reports (see calendar below).

Procurement/Purchase Orders/Requisitions/Receiving

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.

Each year the University issues more than 100,000 purchase orders. 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 POs with a remaining encumbrance of less than $100 will be closed.
  • All POs created prior to May 1, 2015 (60 days prior to the end of the fiscal year) that have a remaining encumbrance of less than $500 and have not had any voucher activity since May 1 will be closed.
  • All blanket orders that total less than $50,000 and are more than three years old (created before June 15, 2012) will be closed. (This criteria is new this year--new for the FY15 close.) (For FY15 year-end there are fewer than 50 of these orders.)
  • All POs that were created before April 1, 2014 and have not had any voucher activity within the past 15 months (since May 1, 2014) will be closed. (This criteria is new this year--new for the FY15 close.) (For FY15 year-end there are fewer than 800 of these orders.)

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/supplier 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/supplier received the original order or not. If the order had not dispatched to the vendor/supplier before it was closed, the vendor/supplier will need to be notified of the pending order.

PO change orders must be fully approved with no errors and in dispatched status prior to the deadline for processing POs.

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.

Requisitions must be fully sourced to POs and the POs must be dispatched with no errors by the deadline. The processing deadline applies to 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 after the deadline. 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 the deadline--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.

What do I do if I need to make a purchase after the cutoff starts?

Departments should plan ahead and place all orders prior to the cutoff. If a purchase does need to be made after the cutoff, 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/supplier, contact Purchasing Services 612-624-2828 or the University Financial Helpline at 612-624-1617 for further assistance.

U Market year-end

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. U Market will remain open, irrespective of whether shopping carts can be brought into EFS for final processing and dispatch to suppliers. 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 in early June.

Special year-end emergency purchasing procedures

Printable version of the special year-end procedures for use in departments. (pdf)

Each year there is a period of time at the end of the year where requisitions, receipts, purchase orders, and PO change orders may not be entered in the financial system (the cut-off period). To minimize disruptions and problems, please work with your departments to plan ahead as much as possible.

This year EFS cannot be used for purchasing activities from June 25-June 30 (four business days).

Everyone understands that purchasing activities cannot completely cease during this window. Please start planning now to ensure adequate supplies (including oxygen, dry ice, and food/bedding for animals), equipment, and services are ordered ahead of time.

  • VCPS requisitions must be approved by 4:00 p.m. Tuesday, June 23.
  • All other requisition types (including U Market) must be approved by Wednesday, June 24 at 4:00 p.m.
  • Receipts must be entered by Wednesday, June 24 at 4:00 p.m.
  • PO change orders must be fully approved by Wednesday, June 24 at 4:00 p.m.

Note: transactions must be approved by 4:00 p.m. in order to be picked up by the last scheduled procurement jobs. Any requisition or PO not in dispatched status with a valid budget will be force closed by Purchasing Services.

There are a number of other methods for emergency purchases during this window when POs may not be processed, including the following:

  • Phone orders may 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. U Market shoppers may still create carts in U Market during this time but those carts cannot be turned into requisitions in EFS until July 1.

  • $0 to $2,500
    Use the PCard up to the limits ($2,500 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/supplier 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/supplier. 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/supplier to perform the work and enter a VCPS in the new fiscal year on or after July 1. For services $3,000 and greater, call Purchasing Services for assistance.

Requisition preparers, receivers, and procurement specialists may not process transactions in EFS during the cut-off period. Transactions entered during that time can affect the year end roll process and will be cancelled. Inquiry in the reporting instance and other reporting functions will not affect this processing and so may be performed by 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 prior to the deadlines.

If emergency situations arise and it is unclear what action to take, contact Purchasing Services at 612-624-2828 or the University Financial Helpline at 612-624-1617.

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.

Important Deadlines

See Purchasing deadlines on calendar below.

Procurement 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 edited or closed before the deadline.
  • Instructions for making purchases between the deadline 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.

Sales tax procedures

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 before the Sales Tax JE deadline in the calendar below.

If you have questions about the sales tax procedure, please contact Candice Kraemer at kraem046@umn.edu or 612-624-8514 or Rita Texidor at texid001@umn.edu or 612-624-2068.

Sponsored activity procedures

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 (vouchers) so they can be entered into the fiscal year being closed, the activity must be received in SPA in advance of the general deadlines for other orders and invoices/vouchers. See the Sponsored section of the calendar below for deadlines related to:

  • Foreign sub invoice payments (wire/drafts)
  • Domestic sub invoices
  • Sub award POs [SPA needs the signed sub award agreement from the sub recipient and if Federal, all applicable FFATA (FSRS) and FCOI requirements have to be met by the deadline]

Treasury

What needs to be done for year-end?

Endowment transactions can be entered into the Treasury module by departments by 2:00 p.m. on the day of the deadline (see calendar below).

All PUF transactions must have an invoice to the University Foundation by the due date for the Accounts Receivable/ Billing deadline.

All endowment transactions for the fiscal year being closed must be submitted by the department in the Endowments module by the deadline to ensure the activity is fully approved before the end of the fiscal year. 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.

Important deadlines

See Endowments deadlines on calendar below.

Unclaimed property

By end of business on the deadline, 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 ucp@umn.edu.

XML interfaces to the system

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 controller@umn.edu for assistance finding the right contact for your interface.

Year End Accounting Forms

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 the deadline (see Forms deadline on calendar below). Forms you may need:

  1. Inventory (UM 1587)
  2. Livestock Inventory (UM 1588)
  3. Accounts Receivable (UM 1591)
    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.
  4. Unrecorded Expenses (UM 1590)
  5. Capital/Operating Lease Questionnaire (UM 1589)
  6. Intangible Assets (UM 1725)
  7. Derivatives (UM 1781)

Inventory

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.

Valuation

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.

Accounts Receivable

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.

Valuation

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 laden003@umn.edu.

Accounts Payable and Unrecorded Expenses

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.

Valuation

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/supplier, should be noted on the form itself.

Leases

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.

Valuation

All costs and receipts (lease payments or receipts, etc.) should be included on the form.

Intangible Assets

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.

Valuation

Accounting Services will work with the department to determine the appropriate valuation based on information provided on this form.

Derivatives

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. 

Valuation

Accounting Services will work with the department to determine the appropriate valuation based on information provided on this form. If you have questions related to Derivatives, please contact Dan Hardzinski in Accounting Services 612-625-7133 or hard0204@umn.edu.

 

Calendar of events

Date Area Description
5/15/2015 Accounts Receivable/ Billing Last day for University of Minnesota Foundation (UMF) bills (documentation at the Foundation and approved) @ noon. 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.
5/15/2015 General Ledger Unclaimed property reports due to Accounting Services ucp@umn.edu.
6/5/2015 General Ledger Proactive Query run centrally 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 CFMs/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.
6/8/2015 Sponsored Proactive Query run centrally to identify Cost Share Chart Strings in FY15 that are missing the corresponding non sponsored budget in FY16. Results are distributed to the Budget Office.
6/8/2015 Endowments Last day for PUF endowment estimate withdrawls.
6/12/2015 Budget RRCs submit finalized FY16 budgets to Budget Office.
6/12/2015 Sponsored Last day for foreign sub invoice payments to be received by SPA @ noon.
6/12/2015 HRMS PeopleSoft HRMS--new rows of distribution data for the upcoming fiscal year created. PeopleSoft HRMS 9.2 requires that we create new distribution entries each fiscal year for all departments and funding levels. This Annual Distribution Rollover is a central process that automatically copies the most current distributions for all funding levels in a department and re-creates them as FY16 rows, which become the baseline funding for the new fiscal year. Please select the fiscal year row carefully. One important note: After the rollover, if you make any distribution changes to FY15 that you will also need for FY16, you will have to manually add them to FY16 as a duplicate entry. This job aid will explain the process in much more detail for those of you who work closely with distribution entry. It will also show you examples of what the new fiscal year rows will look like.
6/17/2015 Sponsored Last day for sub award POs. SPA needs the signed sub award agreement from the sub recipient and if Federal, all applicable FFATA (FSRS) and FCOI requirements have to be met by noon.
6/17/2015 Accounts Payable Last day for foreign wires/drafts to be received by Disbursement Services @ 2:00 p.m. Deadline applies to BOTH PO‐related and non-PO-related vouchers.
6/17/2015 Accounts Payable Last day to deposit sponsored project vendor/supplier checks. Must be deposited and information due in Disbursement Services @ 2:00 p.m. 
6/18/2015 Sponsored Last day for domestic sub invoices to be received in SPA @ noon.
6/18/2015 Asset Management Capital Equipment Asset transfer forms due in Inventory Services.
6/18/2015 Sales Tax Last day to prepare a JE to record sales tax payments entered into the State of Minnesota web site. 
6/19/2015 Contingent/ Research Checks Last day to write Contingent/Research June checks.
6/19/2015 Budget Budget Office finalizes overall FY16 budget.
6/19/2015 Sponsored Last day for user verification/change request of Cost Share budgets. (This deadline is typically set at one week prior to the last day of the first pay period in the upcoming fiscal year.)
6/19/2015 Accounts Payable Last day to submit requests for checks to be canceled or voided in the fiscal year being closed @ noon.
6/21/2015 Purchasing FYI, the regular monthly processes, "Req Recon" (excluding CPSs) and "PO Recon" (excluding Subawards) will be run.
6/23/2015 Contingent/ Research Checks 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.
6/23/2015 Purchasing All VCPS requisitions must be fully approved by 4:00 p.m. or they will not be picked up by the last process to generate VCPS payments. Any VCPS with errors or created after 4:00 p.m. will be "force closed" by Purchasing Services (if these are not "force closed" the transactions will error out later/will not process correctly).
6/23/2015 Accounts Payable Last day for UMN01 (supplier payments) voucher spreadsheet uploads. Must be fully processed, approved, budget checked, and error-free. (UMNIS deadline is later.)
6/23/2015 Accounts Payable Last day for XML (UMN01 and UMNIS) vouchers to be sent to EFS @ 6:00 p.m.
6/24/2015 Travel, Expenses, PCard Travel Authorization, Expense Report, and Cash Advance cutoff @ 2:00 p.m. Must be fully processed, approved, budget checked, and error-free. This includes Expense Reports related to PCard reconciliation. 
6/24/2015 Accounts Payable Non-PO voucher (including online entry of UMN01 and UMNIS vouchers) cutoff @ 2:00 p.m.
6/24/2015 Accounts Payable Last day for clearing match PO exceptions @ 2:00 p.m. Must be fully processed, approved, budget checked, and error-free.
6/24/2015 Accounts Payable Last day for entry of PO-related vouchers @ 2:00 p.m. Must be fully processed, approved, budget checked, and error-free.
6/24/2015 Purchasing

Last day for all ePro activity/Purchase Orders @ 4:00 p.m.

Requisitions, POs, and PO change orders must be approved (including any central approvals) by 4:00 p.m. to be picked up in the last scheduled procurement job. This ensures they can be budget checked, sourced, and dispatched as POs. Requisitions, POs, and PO change orders that are not in dispatched status will not roll into the new fiscal year and will be closed by Purchasing Services. After the deadline, departments will be unable to create requisitions/POs, PO change orders, and receipts in EFS until July 1, this includes U Market requisitions. U Market carts may still be created within U Market but cannot be pulled in to EFS for further processing until July 1. 

See also special year-end purchasing procedures.

Note: The VCPS deadline was yesterday. No VCPSs can be processed today.

6/26/2015 Accounts Receivable/ Billing 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. Customer maintenance requests are processed on an ongoing basis. Turnaround time is 48 hours. This deadline allows time for the customer to be set up in the system and for the related bill to be fully processed before the billing deadline. 
6/26/2015 Accounts Receivable/ Billing 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. All requests to write-off an outstanding non-sponsored receivable must be submitted to Accounts Receivable Services by the deadline. This applies to receivables recorded in EFS billing (email Daryl Hexum at hexu0007@umn.edu) and those recorded in a departmental subsidiary system (email request to David Laden at laden003@umn.edu). 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).
6/26/2015 Accounts Receivable/ Billing 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 Accounts Receivable Services by this deadline.
6/25/2015 Travel, Expenses, PCard Disbursement Services cancels TAs with that are NOT tied to cash advances.
6/26/2015 Endowments Last day for endowment activity by departments @ 2:00 p.m. The last day to process University endowment transactions (withdrawals, deposits, changes to income distribution ChartField strings). Any endowment related transaction that is not completed by this deadline will be posted in the new fiscal year.
6/25/2015 General Ledger Salary and fringe encumbrances for the fiscal year being closed will be zeroed out. 
6/30/2015 Accounts Receivable/ Billing Last day for cash deposits in the fiscal year being closed. Department Deposit transactions must be entered and approved by 4:30 p.m. See Accounts Receivable/Billing section above for details on process.
6/30/2015 Accounts Receivable/ Billing Last day for FY15 external Billing @ 2:00 p.m. in Ready (RDY) status. All external bills must be completed and in Ready (RDY) status.
6/29/2015 Accounts Payable Last day for UMNIS internal sales voucher spreadsheet uploads @ 2:00 p.m. Must be fully processed, approved, budget checked, and error-free. (UMNIS only)
6/30/2015 Accounts Receivable/ Billing Merchants to ensure that all merchant account transactions are "closed" by conclusion of business day.
7/1/2015

 

Accounting Period 1 of FY2016 opens.
7/2/2015 General Ledger Payroll and fringe encumbering available in EFS for the new fiscal year.
7/7/2015 Payroll Accounting Last day to post Period 12 Historical Salary Adjustments in HRMS 8.9 @ 4:30 p.m.
Last day for period 12 Retro Distributions in HRMS 9.2 @ 4:30 p.m.
7/9/2015 General Ledger Period 12 GL Journal valid (passed edit/budget check) and any needing central approval must be submitted by 2:00 p.m. 
7/10/2015 Forms

Inventory (UM 1587) form due.

Accounts Receivable (UM 1591) form due. Form is required for all units with any non-EFS billing or AR activity during the fiscal year, that is, complete a form from departments whether or not they have outstanding AR at the end of the year.

7/10/2015 Budget Central revenue allocation is run.
7/10/2015 Budget Enterprise Assessment for Period 12 runs (morning).
7/10/2015

 

Period 12 closes (morning). NO departmental entries are allowed today in period 12, the deadline for period 12 departmenal Journal Entries has passed.
7/10/2015 General Ledger Period 913 opens.
7/12/2015 General Ledger Central runs process for carryforward balance calculation for Period 12 and communication of posted balances. 
7/15/2015 General Ledger Cut-off for central entries hitting departments in Period 913 at 2:00 p.m.
7/16/2015 Payroll Accounting Last day to post Period 913 HSAs in HRMS 8.9 and Retros in HRMS 9.2 for non sponsored & sponsored activity @ 4:30 p.m. 
7/20/2015 Budget Enterprise Assessment runs for Period 913 HSAs and Retros (morning).
7/21/2015 General Ledger Period 913 GL Journal entries must be valid (passed edit/budget check) and submitted for central approval by 10:00 a.m. Departments only, no central entries. 
7/21/2015 General Ledger Period 913 GL journal entries must be valid (passed edit/budget check) and approved by noon. No entries are allowed after noon. Departments only, no central entries.
7/21/2015 General Ledger Starting at noon, Accounting Services will post all departmental journal entries that are in approved status. Any entry not in approved status by noon will not be posted. No entries are allowed after noon.
7/21/2015 General Ledger Close Period 913 and run Enterprise Assessment. See above calendar items for specific deadlines today. NO entries are allowed in period 913 after the published deadlines.
7/22/2015 Forms All other forms related to YE accounting due: Livestock Inventory (UM 1588); Unrecorded Expenses (UM 1590); Capital/Operating Lease Questionnaire (UM 1589); Intangible Assets (UM 1725); Derivatives (UM 1781).
7/22/2015 Endowments June Endowment Market Values uploaded into Endowment module.
7/24/2015 Endowments Q4 Endowment Income Distribution posted to GL.
7/27/2015 Endowments June Endowment Market Values post to GL (were loaded July 22).
8/2/2015 General Ledger Carryforward balance calculation for Period 913. Occurs during system maintenance window. 

Please contact the University Financial Helpline at 612-624-1617 or email controller@umn.edu for assistance.