Year-End Deadlines and Processes

 Year-End Deadlines

 

Date Event
 
 
 
MAY
25
Friday
May 2018
Orders using FY 2018 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.
FY 2019-funded orders needing to be in place Sept. 1, 2018 and requiring a bid or RFP to be performed by Purchasing must be submitted to Purchasing for processing.
 
 
 
JULY
09
Monday
July 2018
Renewal orders based on current FY 2018 orders must be submitted to Purchasing by July 9, 2018 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.)
31
Tuesday
July 2018
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, 2018.
E&G encumbrances that rolled from FY 2017 to FY 2018 will not roll to FY 2019. If there is a legitimate business need to reestablish or keep an encumbrance open, contact Purchasing.
 
 
 
AUGUST
18
Saturday
August 2018
Electronic Personnel Action Forms (EPAFs) must be applied by August 18 to run on MN9 payroll.
Employee one-time payments (EOPs) for monthly employees must be fully approved by Aug. 18 for payment to post against FY18 funds.
22
Wednesday
August 2018
Budget will release payroll encumbrances after the semimonthly 16 payroll has posted.
27
Monday
August 2018
Non-catalog TechBuy orders using FY 2018 funding and not requiring bids must be submitted to Purchasing by Aug. 27, 2018 to ensure completion by the end of the year.
28
Tuesday
August 2018
Purchasing card (PCard) purchases for FY 2018 should be completed Aug. 28, 2018 to ensure posting by Sept. 1, 2018.
31
Friday
August 2018
Requests for increases or releases of prior year encumbrances are due to Purchasing.
Punch-out and catalog TechBuy orders using FY 2018 funding must be submitted to the vendor by Aug. 31, 2018 to ensure completion by year end.
All purchase orders for FY 2018 must be completed, approved, and posted to Banner by close of business (5 p.m. MST). Any orders not completed by Aug. 31, 2018 will be posted in September against FY 2019 funding.
Travel applications to be applied against FY 2018 funds must be entered by 4:30 p.m. (MST).
Labor redistributions (LRDs) must be submitted by Aug. 31 to post against FY18 funds.
 
 
 
SEPTEMBER
01
Saturday
September 2018
All FY 2019 orders must have an accounting date of Sept. 1, 2018 or later.
No TechBuy punch-out orders using FY 2019 funding may be entered or submitted before this day.
EOPS for semimonthly employees must be fully approved by Sept. 1 for payment to post against FY18 funds.
03
Monday
September 2018
Citi PCard statement close date is Sept. 3, 2018. Transactions will not be viewable until Sept. 5, 2018. Charges on Sept. 1, 2018 statements will be applied to FY 2018.
05
Wednesday
September 2018
FY 2018 cash receipts must be submitted through the Cash Receipts System and approved by intermediate approvers.
06
Thursday
September 2018
FY 2018 Non-Contract Revenue Accrual Invoice Forms (INs) are due to Accounting Services. The IN is available online:  http://elpaso.ttuhsc.edu/fiscal/businessaffairs/accounting/_documents/collateral/Invoice%20Form%20IN.xlsx

FY 2018 consumable supplies/goods for resale inventory counts as of Aug. 31, 2018 are due to Accounting Services. The Inventory Form is available online: http://elpaso.ttuhsc.edu/fiscal/businessaffairs/accounting/_documents/collateral/Inventory%20Form%20for%20Consumable%20SuppliesGoods%20for%20Resale.pdf

FY 2018 holding accounts and unidentified wire claims are due to Accounting Services. The Holding Account Report is available online: http://elpaso.ttuhsc.edu/fiscal/businessaffairs/accounting/reports.aspx
Questions regarding fund balances for FY 2018 transaction details are due to Accounting Services.
FY 2018 contract revenue accruals must be entered into the Contracting/Accounts Receivable System.
FY 2018 FiTS transactions (cost transfers (CTs), internal purchase funding transfers (IPFTs), interdepartmental vouchers (IVs), and revenue transfers (RTs)) must be entered and approved by department approvers.
FY 2018 expense accrual requests are due.
03
Friday
September 2018
PCard allocations should be made throughout August as purchases are made. All allocations must be completed by noon (MST).
FY 2018 travel vouchers and required documentation are due to the Travel Office.
FY 2018 invoices and receiving reports are due to Payment Services.
10
Monday
September 2018
The August 2018 accounting period (12 FY 2018) in Banner will close at the end of the day Sept. 10, 2018. An accrual period for FY 2018 will remain open for a period of time after that date. Any entries made during the accrual period will require approval from Accounting Services.
11
Friday
September 2018
The FY 2018 roll to FY 2019 will take place Sept. 11, 2018. All financial systems will be closed to transaction processing from Monday evening through Wednesday morning. Cognos will be available for reports and will reflect August balances.
Budget will roll positions to FY 2019 Approved Status and encumber salaries for FY 2019.
12
Wednesday
September 2018
Questions regarding fund balances for FY 2018 transaction details included in Cognos reports after August close are due Sept. 12, 2018. Deficits will be covered from backup FOPs Sept. 14, 2018, unless alternate FOP information is received by Sept. 13, 2018.
14
Friday
September 2018
FY 2018 funding deficits will be covered from backup FOPs Sept. 14, 2018.

 

 

Year-End Processes

 

The month of August will be closed Sept. 10, 2018:

An accrual period for FY 2018 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 2018 roll to FY 2019 will take place Sept. 11, 2018:

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, 2018?
    • 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 2018 and prior year encumbrances must be received by Purchasing by Aug. 31, 2018. 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, 2018.

  • E&G encumbrances that rolled from FY 2017 to FY 2018 will not roll to FY 2019. If there is a legitimate business need to reestablish or keep an encumbrance open, contact Purchasing by July 31, 2018.
  • 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 2018 but not received until FY 2019, contract revenue should be accrued via the Contracting/Accounts Receivable System prior to Sept. 6, 2018. For non-contract revenue accruals, an IN form should be submitted to Accounting Services no later than Sept, 6, 2018. 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 at accountingelp@ttuhsc.edu if you are uncertain regarding how a specific revenue accrual should be entered.
  • If the amount was received in FY 2018 but not yet earned until FY 2019, 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, 2018 requires action involving multiple departments, so if there is a legitimate business need to reestablish or keep an FY 2018 encumbrance open, please contact Purchasing by Aug. 4, 2018.

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 2018 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.