Year-End Deadlines and Processes

 Year-End Deadlines

June 2, 2017 (Friday)

  • Orders using FY 2017 funding requiring a bid or request for proposal (RFP) to be performed by Purchasing must be submitted to Purchasing to ensure completion by the end of the year.

June 2, 2017 (Friday)

  • FY 2018-funded orders needing to be in place Sept. 1, 2017 and requiring a bid or RFP to be performed by Purchasing must be submitted to Purchasing for processing.

July 7, 2017 (Friday)

  • Renewal orders based on current FY 2017 orders must be submitted to Purchasing by July 7, 2017 to ensure processing and completion by the end of the year. (Examples: space and equipment rentals/leases, maintenance and service contracts, and multiyear bid awards for commodities)

July 31, 2017 (Monday)

  • Encumbrances on educational and general (E&G) funds (funds that start with a 10) only roll one year. The encumbrance should be expended by the second year; otherwise, the encumbrances will be systematically closed July 31, 2017

Aug. 4, 2017 (Friday)

  • E&G encumbrances that rolled from FY 2016 to FY 2017 will not roll to FY 2018. If there is a legitimate business need to re-establish or keep an encumbrance open, contact Purchasing

Aug. 18, 2017 (Friday)

  • Electronic Personnel Action Forms (EPAFs) must be applied by August 18th to run on MN9 payroll.
  • Employee one-time payments (EOPs) for monthly employees must be fully approved by Aug. 18 in order for payment to post against FY17 funds.

Aug. 24, 2017 (Thursday)

  • Budget will release payroll encumbrances after the 2016 semi-monthly payroll has posted.

Aug. 25, 2017 (Friday)

  • Non-catalog TechBuy orders using FY 2017 funding and not requiring bids must be submitted to Purchasing by Aug. 25, 2017 to ensure completion by the end of the year.

Aug. 29, 2017 (Tuesday)

  • Purchasing card (PCard) purchases for FY 2017 should be completed Aug. 29, 2017 to ensure posting by Sept. 1, 2017.

Aug. 31, 2017 (Thursday)

  • Requests for increases or releases of prior year encumbrances are due to Purchasing.
  • Punch-out and catalog TechBuy orders using FY 2017 funding must be submitted to the vendor by Aug. 31, 2017 to ensure completion by year end.
  • All purchase orders for FY 2017 must be completed, approved, and posted to Banner by close of business (5 p.m. MST). Any order not completed by Aug. 31, 2017 will be posted in September against FY 2018 funding.
  • Labor redistributions (LRDs) must be submitted by Aug. 31 in order to post against FY17 funds.

Sept. 1, 2017 (Friday)

  • All FY 2018 orders must have an accounting date of Sept. 1, 2017 or later.
  • No TechBuy punch-out orders using FY 2018 funding may be entered or submitted before this day.
  • Citi PCard statement close date is Sept. 1, 2017. Transactions will not be viewable until Sept. 5, 2017. Charges on Sept. 1, 2017 statements will be applied to FY 2017.
  • Travel applications to be applied against FY 2017 funds must be entered by 4:30 p.m. (MST).
  • EOPS for semi-monthly employees must be fully approved by Sept. 1 in order for payment to post against FY17 funds.

Sept. 5, 2017 (Tuesday)

  • FY 2017 cash receipts submitted through the Cash Receipts System must be entered and approved by intermediate approvers

Sept. 6, 2017 (Wednesday)

Sept. 8, 2017 (Friday)

  • PCard allocations should be made throughout August as purchases are made. All allocations must be completed by 2 p.m. (MST).
  • FY 2017 travel vouchers and required documentation are due to the Travel Office.
  • FY 2017 invoices and receiving reports are due to Payment Services.

Sept. 10, 2017 (Sunday)

  • The August 2017 accounting period (12 FY 2017) in Banner will close at the end of the day Sept. 10, 2017. An accrual period for FY 2017 will remain open for a period of time after that date. Any entries made during the accrual period will require approval from Accounting Services.

Sept. 11, 2016 (Monday)

  • The FY 2017 roll to FY 2018 will take place Sept. 11, 2017. All financial systems will be closed to transaction processing Sept. 11, 2017. Cognos will be available for reports and will reflect August balances.
  • Budget will roll positions to FY 2018 Approved Status and encumber salaries for FY 2018.

Sept. 12, 2016 (Tuesday)

  • Questions regarding fund balances for FY 2017 transaction details included in Cognos reports after August close are due Sept. 12, 2017. Deficits will be covered from backup FOPs Sept. 14, 2017, unless alternate FOP information is received by Sept. 13, 2017.

Sept. 14, 2017 (Thursday)

  • FY 2017 funding deficits will be covered from backup FOPs Sept. 15, 2017.

Year-End Processes

 

The month of August will be closed Sept. 10, 2017:

An accrual period for FY 2017 will remain open for a period of time after that date. Any entries made during the accrual period will require approval by Accounting Services.

 The FY 2017 roll to FY 2018 will take place Sept. 11, 2017:

All financial systems will be closed to transaction processing. Cognos will be available for reports.

Open encumbrance review process:

Review all open encumbrances in Cognos: Public Folders > HSC El Paso Finance > Encumbrances, Invoices and Checks >

Open Encumbrances by Fund and Organization

  • Review for validity:
    • Is order expected to be fulfilled before Aug. 31, 2017?
    • Have you received the order, but it has not yet been invoiced (paid)?
  • Request purchase order (PO)/encumbrance close from the PO and Encumbrance Change Request link if the PO needs to be closed.

Encumbrance adjustment process:

Requests for increases or releases of FY 2017 and prior year encumbrances must be received by Purchasing by Aug. 31, 2017. Departments are encouraged to review encumbrances in June and July in order to avoid problems associated with attempting to spend available funds in late August.

Encumbrances on E&G funds only roll one year. The encumbrance should be expended by the second year; otherwise, the encumbrances will be systematically closed July 31, 2017.

  • E&G encumbrances that rolled from FY 2016 to FY 2017 will not roll to FY 2018. If there is a legitimate business need to re-establish or keep an encumbrance open, contact Purchasing by Aug. 4, 2017.
  • The encumbrance roll process also rolls associated budgets to the next year to cover the encumbrance. The budget for E&G funds can only be used for the associated encumbrance.
  • Releasing/closing prior FY encumbrances on E&G funds does not release funding to be spent in the current FY. When prior FY encumbrances are closed the associated budgets will also be reversed.

 

Revenue should be recorded in the period that it is earned:

  • Deposits should be recorded as of the bank deposit date.
  • If the amount was earned in FY 2017 but not received in FY 2018, contract revenue should be accrued via the Contracting/Accounts Receivable System prior to Sept. 6, 2017. For non-contract revenue accruals, an IN form should be submitted to Accounting Services prior to Sept, 6, 2017. The IN form is available online. Please note that entry of revenue accruals via the IN form occurs under rare circumstances and is NOT the preferred method for most revenue accruals. Please contact Accounting Services if you are uncertain regarding how a specific revenue accrual should be entered.
  • If the amount was received in FY 2017 but not yet earned in FY 2018, it should be recorded as deferred revenue using the appropriate balance sheet account. Please contact Accounting Services for assistance in posting the related deposit to the correct account.
  • To keep the funds available beyond July 31, 2017 requires action involving multiple departments, so if there is a legitimate business need to re-establish or keep an FY 2017 encumbrance open, please contact Purchasing by Aug. 4, 2017.

 

Any award/PO/contract requiring approval at the August Board of Regents (BOR) meeting will need to be completed and ready for submission in early July.

An expense should be accrued if an invoice has not yet been received, but the item has been received or the service provided.

E&G Funds (100000-109999) should be fully expended or encumbered by the end of FY 2017 to avoid recapture.

Accounts Payable will record payments as a prepaid asset if applicable.

Changes in the reported inventory balance will be reclassified from expenses to assets.

Unclaimed wires and deposits:

  • Review the Holding Account Report on the Accounting Services website.
  • Review the Unclaimed Wires Database.
  • Amounts not claimed within six months will be swept to a scholarship account per HSCEP OP 50.35.