Fiscal Year End Information for Year Ending June 30, 2017

Fiscal Year End Information for Year Ending June 30, 2017

Please refer to the sections below for instructions, deadlines and important information relating to the fiscal year (FY) 2017 closing process.

General Information

Expenses are to be charged to the fiscal year in which the goods or services are received.

Revenues will be recorded in the fiscal year the services or goods were provided.

Accounts Payable (AP)

Check Disbursements - AP will cease printing checks on Thursday, June 29, 2017 at 2:00 pm. Check printing will resume Thursday, July 6, 2017. Please submit all payment requests, including all travel expense vouchers for travel completed through the early part of June 2017 to AP no later than Friday, June 16, 2017 at 4:00 pm to allow sufficient processing time prior to disbursement cutoff.

Invoices - If you have received any invoices for services or goods provided/delivered prior to June 30, 2017, they must be submitted to Accounts Payable as soon as possible but no later than Monday, July 10, 2017.

Travel

All travel expense vouchers for travel taking place prior to and including June 30, 2017 must reach the Accounts Payable Office no later than the close of business on Monday, July 10, 2017. This will allow sufficient processing time for these expenses to be recorded in Fiscal Year 2017.

Review of Open Travel - Please review all travel approval requests in ESS to assure all open requests for trips prior to June 30, 2017 are finalized. Any trips planned and not taken should be canceled using the cancel option in ESS. It is important to complete all travel expense reports for trips completed prior to June 30, 2017.

Purchasing Card

The cutoff for use of the Purchasing Card for Fiscal Year 2017 is Friday, June 23, 2017. Use of the card may resume Friday, July 1, 2017. Transactions beginning July 1 will be recorded in the new Fiscal Year 2018.

Chargebacks

All chargebacks for FY 2017, including chargebacks for the month of June 2017, must be posted in SAP by Tuesday, July 18, 2017. If you send your entries to Deb Newman to post using GLSU, please have the information to her by Monday, July 17 so your chargebacks can be posted by July 18. If, after July 18, you determine that a chargeback for FY 2017 should have been made, please contact Deb at x4574. Please remember that for FY 2017 chargebacks entered on or after July 1, 2017, you will need to make sure your FB50 screen is modified. Please refer to Chargeback Instructions for Fiscal Year End 2017 for instructions.

Purchasing/Receiving

Delivery Date - Purchase Requisitions and Purchase Orders are encumbered in the fiscal year the delivery date falls. The delivery date needs to be the date you actually expect to receive the item or service. For any good/service that will not be received until after June 30, 2017, a delivery date of 7/1/2017 or later must be used. Funds must be encumbered in the fiscal year the expense will be posted against budget. Please do not use a 6/30/2017 or prior date for the purpose of using up available FY 2017 budget.

The posting date on goods receipts and invoice receipts determines which fiscal year the expense is charged, and the invoice receipt (IR) entered by AP MUST be in the same fiscal year as the goods receipt (GR).

The last day to post FY 2017 activity in MM/AP modules is Friday, July 21, 2017. This includes MIGO, MIRO and FB60 transactions. All items physically received on campus prior to July 1, 2017 must be received in SAP by COB July 21, 2017. Please see Fiscal Year End Instructions FY 2017 for complete details.

Journal Entries

The last day to post FY 2017 journal entries is Friday, July 21, 2017. Please refer to FB50 Instructions for Fiscal Year End 2017 for important information regarding creating FY 2017 entries and modifying the FB50 screen to accommodate FY 2017 entries made after June 30, 2017.

Accrual Entries - please use the GLSU Accrual Template when creating reversing entries (accruals, prepaid, receivables, etc.). All accrual entries using the template need to have "05" (make sure zero is not dropped) as the reversal reason and 07/01/2017 as the reversal date. The documents will be reversed out when the F.81 transaction is run for FY 2017.

Miscellaneous Deposits

All miscellaneous deposits received for services or activities that occurred prior to July 1, 2017 must be received in the Finance and Business Services department prior to July 21, 2017 so they can be recorded as a FY 2017 revenue/receivable.

Budget

All open travel documents (business trip commitments) and open funds reservations should be reviewed by the close of business Friday, June 9, 2017 to determine if they should be closed or submitted for payment. Please see Year-End Check Funds Reservations for instructions on how to view or cancel open reservations.

Funds Reservations for Services - FRs for services that are expected to be received on or after July 1 should not be entered until FY 2018 (beginning July 1, 2017) or entered with a posting date of 7/1/2017.

Budget Deficits - transfers must be entered to cover any deficit at the summary level of Other Expenses, Utilities and Leases-Real Estate. In general it is not necessary to cover deficits that occur at the individual six-digit commitment item or in the personnel area. To identify deficits, please use SAP reports or the Business Intelligence (BI) Budget Report.

The last day to enter budget transfers (pre-posted documents) between funds centers that are in different funds (to cover overall operating budget deficits) is Thursday, July 20, 2017. The last day to enter budget transfers (pre-posted documents) between funds centers that are in the same fund is Tuesday, July 25, 2017.

Commitment items - all open commitment items (Purchase Requisitions, Purchase Orders, Funds Reservations), along with related budget, will be carried forward beginning July 22, 2017 to FY 2018 budget.

Residual budget balances (available amounts remaining in FY 2017 after all expenditures have been posted) – will carryforward to new budget year FY 2018 beginning on August 12, 2017 for the following funds centers (this may take up to two weeks to complete): EandG General Fund (FC 1011), EandG Special Programs (FC 1012), EandG Self Supporting (FC 1013), Academic Enhancement (FC 1013) and Auxiliary (FC 102x). Please reference FY1718 New FY FYE 1617 Budget Instructions for details on the carryforward process and information on where all funds centers carryforward.

Payroll

Vartan Way will have all pay accruals (excluding student pay accrual) posted by June 29, 2017. For FY 2017, the accrual is based on Pay 15 (June 24-July 7, 2017) so a factor of 50% (Pay 15 has five days in June and five days in July) will be used for the calculations. The accrual will include the following:

  • 26-Pay Faculty regular salaries and percentage benefits – accrue pays 15, 16, 17, 18.
  • Hourly (Non-20/26-Pay Faculty) employees - regular salaries, percentage benefits and flat benefits – accrue 50% of pay 15
  • 26-Pay Faculty flat benefits – accrue 50% of pay 15
  • There will be no accrual for 20-Pay Faculty – last pay of FY 2017 is May 26, 2017
  • Exception – student pay accrual will not post until July 17, 2017

For FY 2017, Pay 14 is the payroll that has the liability that crosses fiscal years. Please see Pay 14 Correcting JE Instructions-FY 2017 if you need to make corrections to the Pay 14 expense postings.

FY 2017 Audit

Preliminary audit - June 5 - June 6, 2017.

Final audit – August 14 - August 18, 2017.

First FinRpt submission is due August 10, 2017.

Final FinRpt submission is due August 31, 2017.