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Fiscal Year End Close 2009  Last update: 7/16/09
Resources — Listed in the order posted, most recent on top
Daily Email Reminders — Sent from June 8 to July 16, 2009. Expense System — Year end instructions for users (none currently on Boulder campus) 6/30/09 Supporting Details Instructions — For balance sheet accounts: A/R, Unearned Revenue, etc. 6/25/09 PBS Bulletin — Includes year end payroll information. 6/8/09 SPINS Calendar — Specific dates for SPINS users. 6/3/09 Office of Cash Management Year End Memo — Cash receipt processing 6/1/09 Departmental Year End Memo — Print me. updated 6/25/09 Automated Accruals — Print me. PSC explains the accrual process for PV, TV, SPO, PO. 5/18/09 Procurement Card Instructions — Print me. From the PSC. updated 6/4/09 Sponsored Project JE Tips — Speed up your sponsored project JE approvals by SPA. 5/18/09 Customizable Calendar — Suitable to add key dates that affect your area. 5/18/09 UIS EOY Production Calendar — Year end refreshes, allocations, and other arcane UIS tasks. 5/18/09 System Controller Year End Calendar — Detailed & comprehensive includes many System tasks. 5/13/09 Get Ready for Fiscal Year End — Tips on how to prepare for fiscal year end. 4/23/09 Fiscal Year End Town Meeting — Thurs. June 4, 2009 10-11:30 & 1:30-3:00 Humanities room 250. 4/15/09
Year End Calendar and Deadlines — Continually updated with additions/corrections
May 1 Fri Last day to submit PO/SPO Reqs that require formal bids (goods/services >$150,000). Comments must state that the procurement needs to be received by June 30, 2009. May 15 Fri Last day to submit PO/SPO Reqs that require documented quotes (goods $5,000.01- $150,000 using federal funds or $10,001-$150,000 using nonfederal funds; and purchases of services $5,000.01-$150,000 using federal funds or $25,001-$150,000 using non-federal funds). Comments must state that the procurement needs to be received by June 30, 2009. May 22 Fri Deadline for FY09 FOPPS inactivation requests, reorgs, new orgs, or other changes to the org tree due to ABS. May 26 Tue Account code requests for FY09 due to ABS.
May 29
Fri
Last day to submit
all other PO Reqs that use FY09 funds. Comments
must state that the procurement needs to be received by June 30,
2009.
Jun 1 Mon Budget Journal Entry cutoff for May. Note: Only temporary budget
or continuing budget moved within the same campus division and budget
account allowed since April 15. A&S units: submit all budget change
requests to the A&S Budget Office by the A&S deadline. Jun 2 Tue 6:00 ÆFinance System campus close for May. Do not create, validate, approve or post May journals after 6:00pm—they do not post & are deleted. Note: the cutoff for fund 30/31 & 34 journals was May 27, 4:00pm.3 Jun 3 Wed 4:00 All unposted May journals that are not copied & assigned a future date or saved in incomplete status will be deleted.
Jun 4 Thu
Year-End Close Town Meetings at 10-11:30am and 1:30-3:00pm. Eaton
Humanities room 250. Register to
accounting@colorado.edu
and bring copies of the
Year End Memo,
Automated Accruals,
and
Procurement Card Instructions.
Jun 8
Mon Noon May
reports available in the Portal. Jun 11 Thu 6:00 Gift expenses sent to CUF for next Monday wire transfer.
Jun 12
Fri 4:00
Deadline for changes to the Property Accounting System for FY09. For
assistance, contact Jean Connely, 2-2424. Jun 15 Mon 5:00 Time collection for June monthly pay period.2 Jun 16 Tue 5:00 Time collection for June 13 biweekly pay period.2 Jun 17-19 W-F HR Production down for payroll processing.2 Jun 17 Wed Noon Deadline for gift transfer requests >$500K or to get FY09 manual transfer requests to CU Foundation for 6/30 wire. Jun 18 Thu 6:00 Gift expenses sent to CUF for next Monday wire transfer. Jun 19 Fri 4:00 Starting today, departments that use Data Entry please hand-deliver all INs on a daily basis to Lynda Reisinger, ARC, 3100 Marine St, room 433.
Jun 24 Wed
Travel and non-travel vouchers must be at the PSC to guarantee a check
in the last check run for the year—in their hands, not just in the mail. Jun 25 Thu Begin to circle total dollar amount and write “JUNE” underneath it on Payment Vouchers for FY09 business until July 6 deadline for PSC to receive PVs to accrue.
Jun 26 Fri Vendor information to set up new vendors due to
PSC.
Jun 29 Mon 11:00am
Termination for Cause hand drawn warrant deadline.
PBS Helpdesk: 735-6500.
Jun 30 Tue Noon PSC to receive request to cancel checks in
FY09.
Jul 1 Wed Start using 06/30/2009 for all your
June 2009 journals.
Jul 2
Thu
Review, finalize, and post all FY09 unposted journals possible. Jul 3 Fri ÆHoliday. Do not create, validate, approve or post June journals today (or anytime after Thursday July 2, 6:00pm 1st close cutoff). Jul 4 Sat 8:00am 1st close reports available in the Reporting System. CIW GL tables & FIN Reporting nightly refresh will not occur until Sunday night.
Jul 6 Mon Noon
1st close pink paper reports ready for pick up from ABS,
3100 Marine St, Room 446 only for those departments that get monthly
printed reports. Those not picked up by 4:30 will be mailed July 7.
Direct questions to Lynda Reisinger, 2-8646.
Jul 7 Tue
PSC deadline to receive SPO invoices for FY09 business. Jul 8 Wed Noon Creation, validation, & departmental approval of cost transfers & PETs for fund 30/31 projects & fund 34 gift journals for June 2nd close. No exceptions.3,4
Jul 9 Thu 6:00
PSC automated accrual process ends. After today, begin manual accruals
for expenses not accrued through the PSC process. See
Automated Accruals. Jul 10 Fri ÆDo not create, validate, approve or post June journals today (or anytime after Thursday July 9, 6:00pm 2nd close cutoff). Jul 11 Sat 8:00am 2nd close reports available in the Reporting System. CIW GL tables & FIN Reporting nightly refresh will not occur until Sunday night. Jul 13 Mon Noon 2nd close reports available in the Portal.
Jul 14 Tue 6:00
Creation, validation, & departmental approval of cost transfers for
fund 30/31 projects & fund 34
gift journals for June final close. No exceptions.3,4 Jul 15 Wed Departments report any errors >$10K to area accountant.
Jul 16 Thu
Delete unposted FY09 journals. Jul 17 Fri ÆDo not create, validate, approve or post June journals today (or anytime after Tuesday July 14, 6:00pm final departmental close cutoff). Jul 18 Sat 8:00am Final close reports available in the Reporting System. CIW GL tables & FIN Reporting nightly refresh will not occur until Monday night.
Jul 20 Mon
Reporting database contains data as of July 17 (refresh tonight). Jul 21 Tue 5:00 Time collection for July monthly pay period.2 Jul 22-24 W-F 3 days HR Production down for payroll processing.2
Jul 24 Fri
Dept. Administration F&A will be booked by July close. Jul 27 Mon Reminder to submit any required documentation needed for SPA or gift JE approval ahead of next business day’s SPA/Gift journal deadline.3,4
Jul 28 Tue 4:00
Creation, validation, & departmental approval of cost transfers & PETs
for fund 30/31 projects & fund
34 gift journals for current month. No exceptions.3,4 Jul 30 Thu 5:00 Time collection for July 25 biweekly pay period.2 Jul 31 Fri Customer detail reports sent out earlier this month that reconcile to your balance sheet are due back to ABS, Diana Vidal, 579 UCB.
Aug 3 Mon
Budget Journal Entry cutoff for July. A&S units:submit all budget
change requests to the A&S Budget Office by the A&S deadline. Aug 4 Tue 6:00 ÆFinance System campus close for July. Do not create, validate, approve or post July journals after 6:00pm—they do not post & are deleted. Note: the cutoff for fund 30/31 & 34 journals was July 28, 4:00pm.3 Aug 5 Wed 4:00 All unposted July journals that are not copied & assigned a future date or saved in incomplete status will be deleted.
FOOTNOTES
Daily emails from the Director of Accounting — Feel free to contact your area accountant or Laura Ragin with questions about year-end procedures.
Thursday July 16 – Today’s year-end tasks are:
1. This is the final daily reminder email for the FY09 close (I can hear that sigh of relief).
2. The OUC will begin running June final close procedures early tomorrow morning. This is a reminder that FY09 journal creation, validation or approval by departments ended last Tuesday July 14 at 6:00 pm.
3. 5:00 pm today is the cut-off for time collection for the July 11 bi-weekly payroll. Please run the payroll Suspense Report and make sure your funding distribution is correct and approved for all payments to avoid payroll suspense.
4. FY10 allocation changes are due to Lynda Reisinger, 2-8646, mailto:Lynda.Reisinger@colorado.edu. This includes deleting old allocations, adding new allocations or changing rates or other information on existing allocations.
5. After today, for any FY09 online report that is driven by accounting period, you should select period 998 to ensure that you pick up any post-close entries that may have been posted by the System Controller to your FOPPS.
6. After 5:00 pm today, PET entries will default to the current FY10 date instead of 06/30/2009.
7. Next Monday July 20, ABS plans to email supporting documentation requests to those departments with the following balance sheet accounts: accounts receivable, allowance for doubtful accounts, unearned revenue, and deposits held in custody. Please complete these reports and supply the supporting detail by customer and return to ABS by July 31. Further instructions will be given in the email.
8. Although this is my last daily reminder email, there are still a few more future dates to be aware of and these are explained on page 12 of the Departmental Year End Memo (http://abs.colorado.edu/ABS_WEB/fye/09/FY09_Department_YearEnd_Memo.pdf#page=12).
Thank you for all your hard work throughout the year and your extra attention during this year’s close. It’s a huge team effort and we cannot do it without you!
Wednesday July 15 – Today’s year-end tasks are:
1. No more June 2009 JEs because the June 2009 accounting period is now closed to departments. If you discover an error that you didn't get corrected or if you believe there is a need for a JE for FY09 activity, please notify your area accountant as soon as you discover it. There is a lot to do at year-end and some things may get missed no matter how hard we try to catch everything. If this happened to you, please let us know as soon as possible so that we can determine how to properly handle the error. Report any and all errors over $10,000.
2. If you need to create a current FY10 PET, make a mental note to change the default date to a July date. The PET creation screens will continue to default to 6/30/09 through tomorrow 5:00 pm Thursday, July 16.
Tuesday July 14 – Today's year-end close tasks are:
1. 6:00 pm today is the FINAL deadline for departmentS to enter a FY09 June journal entry including allowable BJEs. Please do your final review of your FOPPS to identify errors and enter corrections. Make sure all assets, liabilities, revenues, expenses and transfers are properly stated and all clearing FOPPS are cleared. Remember to change the journal date to 6/30/2009 for FY09 transactions.
2. Review any June journals you have started or that you are responsible for approving and either finalize or delete them.
3. 6:00 pm is the deadline to enter FY09 Fund 30/31 and 34 journal entries (no PETs) and for all required documentation to be furnished to ABS/SPA to ensure ABS/SPA approval for the final close. These journals require departmental approval and should be put in their own journal, separate from other Funds and from each other to speed up the SPA/ABS approval process. Contact Hua Xu, mailto:hua.xu@colorado.edu, 2-1679 with project cost transfer questions, and Carrie Howard, mailto:carrie.howard@colorado.edu, 2-1071 about gift journal approvals. Keep checking for unposted journals you need to correct and validate, approve to post, or for which you need to supply info or documentation to Hua or Carrie so they can review and approve it. Tips for sponsored project JEs: http://abs.colorado.edu/ABS_WEB/nonhtm/other/SPA_JE.pdf.
4. ABS will be doing some final clean up in preparation for the final campus close on Thursday, July 16th.
5. After today you can stop changing the journal ID date to 6/30/2009. Any unposted journal entries with a June date will be deleted by ABS or Systems since the June 2009 accounting period will be closed to departments.
Monday July 13 – Today's year-end close tasks are:
1. 2nd close reports are available in the Portal identified as JUN CLOSE 2.
2. Tomorrow, Tuesday, July 14 is the last day for departments to enter journals to FY09. Please take the time to review your 2nd close reports and get those corrections in today. Review the Checklist for Departmental Year-end Closing (http://abs.colorado.edu/ABS_WEB/fye/09/FY09_Department_YearEnd_Memo.pdf#page=13) and double check that you have completed everything applicable to your departmental operations.
3. Remember to change the journal date to 6/30/09 if you are processing a FY09 journal entry (see next item #4).
4. If you examine your June 2nd close statements and do not find an entry that you thought you had entered and expected to see in your report, look at the JE in the Finance System and check if you forgot to change the date from the default FY10 July date to a FY09 June date. For sponsored project Fund 30/31 journals, SPA is not even looking at July journals right now. If you determine that you unintentionally entered a June journal with a July date, you can correct this by copying the journal and applying a June date. If you need assistance on copying a journal or figuring out how to proceed, contact Hua (2-1679) for Fund 30/31, Carrie (2-1071) for Fund 34, or your regular area accountant for all other Funds (Leila 2-0794, Jenny 2-2429, or Carrie 2-1071).
5. Your area accountant will contact you if they spot anything that needs attention. Please work with them to resolve any issue they discover. ABS will be primarily concentrating on abnormal balances, balances that have not changed from last year, and clearing accounts that should be zero.
Friday July 10 – Today's year-end close tasks are:
1. OUC is running close procedures today for the 2nd close. FY09 journals should not be created, validated, or approved today.
Heads up for SATURDAY, july 11 1. The 2nd June close reports should be available on-demand in the Reporting System after 8:00 am. Note: The CIW and FIN Reporting nightly refresh will occur Sunday night, July 12.
Thursday July 9 – Today's year-end close tasks are:
1. Tonight is the SECOND close and the CUTOFF is 6:00 pm. Please review those journal entries you started and make sure you have completed them so they are included in the second close. Let your departmental Approver know when you create a journal so that it’s approved before a deadline hits. You don’t want a journal sitting there that the approver is either not aware of or is not available to approve before the deadline.
2. The OUC will begin running close procedures early tomorrow morning. This is a reminder that FY09 journals should not be created, validated, or approved after 6:00 pm tonight and all day tomorrow.
3. Review your Year-End Departmental Checklist and Tasks List on starting on page 13 (http://abs.colorado.edu/ABS_WEB/fye/09/FY09_Department_YearEnd_Memo.pdf#page=13) and make sure all items applicable to your department are completed. Correct any abnormal balances (e.g. assets with a credit balance or liabilities with a debit balance), clear out those clearing FOPPS and clearing accounts, get all assets, liabilities, revenue and expense properly recorded, etc.
4. Remember that the Finance System now defaults to the current FY10 date while PETs still default to the FY09 06/30/2009 date. Change these default dates as appropriate.
5. The PSC automated accrual process ends today. Last day to back-date receiving transactions for receiving accruals. After today, begin making manual accruals for any expenses that were not accrued through the PSC process.
6. 6:00 pm deadline tonight to enter purchase order online receiving for goods/services received by midnight June 30. Indicate the received date as June 30 or earlier. This must be done for all POs, regardless of PO dollar amount (however, quantities received totaling less than $50.00 will not be accrued). Refer to the PSC Automated Accruals for complete information http://abs.colorado.edu/ABS_WEB/fye/09/AutomatedAccruals.pdf.
7. 6:00 pm deadline for online June Business and approval of SPO invoices for goods/services received by midnight June 30 for accrual regardless of dollar amount. Refer to the PSC Automated Accruals.
8. PET FINAL deadline – PETs for FY09 non-Fund 30/31 FOPPS must be created and approved before 6:00 pm to be included in the final close as FY09 business and must use a Journal Date of 6/30/09 or earlier. (Sponsored Project Fund 30/31 PETs had a 12:00 Noon deadline yesterday, July 8.)
9. 6:00 pm deadline for posting any activity that involves a UCD Fund 80 (UPI) FOPPS. Anything entered after tonight’s 2nd close will be reversed.
Wednesday Jul 8 – Today's year-end close tasks are:
1. Today 12:00 noon is the FINAL deadline to enter FY09 Fund 30/31 PETs. Today’s 12:00 noon cutoff also applies to Fund 30/31 and Fund 34 regular journal entries in time to make the 2nd close. All required documentation must be furnished to ABS/SPA to ensure ABS/SPA approval. These journals require departmental approval and should be put in their own journal, separate from other Funds and from each other to speed up the SPA/ABS approval process. Contact Hua Xu, mailto:hua.xu@colorado.edu, 2-1679 with project cost transfer questions, and Carrie Howard, mailto:carrie.howard@colorado.edu, 2-1071 about gift journal approvals. Keep checking for unposted journals you need to correct and validate, approve to post, or for which you need to supply info or documentation to SPA or Carrie so they can approve it. See tips for sponsored projects JEs: http://abs.colorado.edu/ABS_WEB/nonhtm/other/SPA_JE.pdf.
2. Continue to clean up problems, errors, suspense, and clearing balances identified on those first closing reports.
3. Change the journal date to 6/30/09 if you are processing a FY09 journal entry.
HEADS UP for Thursday, JULY 9: 1. The PSC automated accrual process ends tomorrow so make sure you get all receiving done, all SPO invoices approved, etc. Please refer to the PSC document on Automated Accruals for complete information http://abs.colorado.edu/ABS_WEB/fye/09/AutomatedAccruals.pdf.
2. Tomorrow is the deadline for all FY09 PETs (except Fund 31/31 PET deadline is today 12:00 noon).
Tuesday July 7 – Today's year-end close tasks are:
1. SPO invoices that you receive from the vendor for FY09 business should be marked “OK to pay-June” with your signature and must be at PSC Accounts Payable by 5:00 pm today. Approve FY09 SPO invoices in the Finance System regardless of invoice dollar amount and mark them “June Business.” Refer to the PSC Automated Accruals for complete PSC year-end information http://abs.colorado.edu/ABS_WEB/fye/09/AutomatedAccruals.pdf.
2. 3:00 pm today is the deadline to reallocate all FY09 ACARD transactions. Account 553200 (Uncleared A-Card Expense) should be zeroed out. Refer to the PSC Procurement Card FY09 Instructions for complete information http://abs.colorado.edu/ABS_WEB/fye/09/ProcurementCardInstructions.pdf.
3. Remember that the Finance System now defaults to the current FY10 date while PETs default to the FY09 06/30/2009 date. Change these default dates as appropriate.
4. 1st close pink paper reports that were not picked up yesterday will be mailed to departments.
5. Continue to clean up problems, errors, suspense, and clearing balances identified on those first closing reports.
6. Review the Year-End Departmental Checklist and Tasks Lists and make sure all items are complete that are applicable for your department. These appear on pages 13 & 15 in the Departmental Year End Memo http://abs.colorado.edu/ABS_WEB/fye/09/FY09_Department_YearEnd_Memo.pdf.
7. Reports on inventories taken and copies of final JEs adjusting inventory and cost of goods sold are due today to Maggie Young. Fax 2-5553, or Maggie.Young@colorado.edu, or 579 UCB.
8. Deadline today for departments that collect sales tax to fax or email your sales tax reports to Maggie Young. Fax 2-5553, or email Maggie.Young@colorado.edu.
HEADS UP FOR WEDNESDAY, JULY 8: 1. Wednesday July 8, 12:00 noon is the FINAL deadline for Fund 3O/31 FY09 PETs and the cutoff for regular JEs to Fund 30/31/34 to make the 2nd June close.
Monday July 6 – Today's year-end close tasks are:
1. 1st close reports are available now in the Portal. They are identified as “JUN CLOSE 1.”
2. IMPORTANT NOTE: The June 27 final bi-weekly payroll did not get included in the first close. It will be included in 2nd close.
3. Pink statements for the 1st preliminary close are on hand now and can be picked up today in ARC Conference Room 446, 3100 Marine Street in Accounting & Business Support, ARC (3100 Marine Street) Room 446. Only those few departments that currently receive monthly printed Detail statements will get the pink reports. If you do not pick up your statements by 4:30 pm they will be placed in campus mail by 8:00 am tomorrow. If you have questions, please contact Lynda Reisinger 2-8646 or mailto:Lynda.Reisinger@colorado.edu.
4. Travel Vouchers and Payment Vouchers with FY09 business must be in the PSC 5:00 pm today to guarantee FY09 accrual, but keep sending them in as soon as possible even if it’s after this date and continue to circle the total dollar amount and write “JUNE” underneath it on PVs for FY09 business. Remember that mail deposited by 1:00 pm in the Denver mail drop located in the Regent Hall basement across from room 1B75 is delivered that day. Refer to the PSC Automated Accruals for complete PSC year-end accrual information http://abs.colorado.edu/ABS_WEB/fye/09/AutomatedAccruals.pdf.
5. Begin review of your June first close statements to correct errors, make final adjustments, and clear out suspense accounts and clearing FOPPs.
6. Remember to change the journal date to 6/30/09 for FY09 transactions.
HEADS UP FOR TUESDAY, JULY 7: 1. SPO invoices for FY09 business that you receive from the vendor should be marked “OK to pay-June” with your signature and must be at PSC Accounts Payable by end of day tomorrow Tuesday July 7.
2. Stay on top of those Procurement Card reallocations. Tomorrow 3:00 pm is the final day to reallocate all FY09 Procurement Card transactions but the ACARD system may run slower than usual with all the last-minute activity. Reallocate early! Refer to the PSC Procurement Card FY09 Instructions for complete information http://abs.colorado.edu/ABS_WEB/fye/09/ProcurementCardInstructions.pdf.
HEADS UP--PET DEADLINES: The FINAL cutoff for FY09 Fund 30/31 PETs is Wednesday July 8, 12:00 noon. For other Funds, the FINAL cutoff is 2nd close—Thursday July 9, 6:00 pm.
Thursday July 2 – Today's year-end close tasks are:
1. Tonight is the first preliminary JUNE close and the cut-off is 6:00 pm. Please review those journal entries you started and make sure you have completed them so we can get them in the first close. Let your departmental Approver know when you create a journal so that it is approved before a deadline hits.
2. The OUC will begin running close procedures tomorrow. FY09 journals should not be created, validated or approved after 6:00 pm today and all day tomorrow.
3. Be aware that the Finance System now defaults to the current FY10 date and PETs default to the FY09 06/30/2009 date. Change these default dates as appropriate.
4. Clean up any remaining problems, errors, suspense and clearing balances identified on the May reports.
5. Continue to review the Year-End Departmental Checklist and Accounting Tasks List and make sure all items are complete that are applicable for your department. These appear on pages 13 & 15 in the Departmental Year End Memo http://abs.colorado.edu/ABS_WEB/fye/09/FY09_Department_YearEnd_Memo.pdf.
HEADS UP FOR FRI-MON, JULY 3-6: 1. Friday July 3—Although this is a University holiday, the OUC will run close procedures Friday July 3. FY09 journals should not be created, validated, or approved on Friday.
2. Saturday July 4--The 1st June preliminary close reports will be available on-demand in the Reporting System after 8:00 am. Note: The CIW and FIN Reporting nightly refresh will occur Sunday night, July 5.
3. Monday July 6--Pink statements for 1st close will be available for pick-up at 9:00 am on Monday, ARC Conference Room 446, 3100 Marine Street (for those few departments that currently receive printed reports). 1st close reports will be available in the Portal by noon.
4. MONDAY July 6—PVs & TVs with FY09 business must be in the PSC by 5:00pm Monday to guarantee FY09 accrual. On PVs with FY09 business, continue to circle the total dollar amount and write “JUNE” underneath it.
Have an enjoyable and safe 4th of July holiday!
Wednesday July 1 – Good Morning and welcome to Fiscal Year 2010! Today's year-end close tasks are:
1. Today you can begin creating FY 2010 journal entries in the Finance System.
2. Remember that journal entries will now default to the current FY10 July date. If you are processing a FY09 journal entry, change the journal date to 6/30/2009.
3. In a contrary mode, PETs now default to a FY09 6/30/2009 date so remember to change it to 7/xx/2009 if you process a FY10 PET. This convention lasts through July 16.
4. 9:00 am this morning is Data Control's final deadline to receive INs for June processing that have been received in the department by the close of business day June 30. INs should be hand-delivered to Lynda Reisinger, ARC, 3100 Marine Street, room 433.
5. 11:00 am cash cutoff - all money received as of midnight 6/30/2009 must be deposited with the Office of Cash Management in Regent Hall by 11:00 am this morning. All money received July 1 and later must be separately deposited as FY 2010 business. Follow the procedures in the year-end cash processing memo from the Office of Cash Management http://abs.colorado.edu/ABS_WEB/fye/09/ocm.pdf.
6. The PSC begins its Automated Accrual process today. Begin back-dating receiving transactions to 6/30/09 for goods received on or before 6/30/09. The “June Business” checkbox becomes functional today through July 9--begin marking June business on SPO voucher approvals as appropriate. Please refer to the PSC Automated Accruals for complete information http://abs.colorado.edu/ABS_WEB/fye/09/AutomatedAccruals.pdf.
7. The PSC begins processing FY10 checks.
8. Sponsored Projects (grants and contracts) – If you have a sub-award to another organization or institution, the work done by June 30 must be reflected as an expense in our records for your project. Please contact those entities and ask them to send you an invoice for the actual or their best estimate for work done through June 30 in time for entry into the Finance System for FY09. If this is not accrued through the PSC process, then submit a manual accrual. The deadline for the PSC to receive SPO invoices for FY09 is July 7.
9. Last day for departments to submit subsystem feeds to the Finance System by 6:00 pm. These are mostly IN transactions fed electronically from departmental subsystems to the general ledger via the Black Box.
10. 5:00 pm is the cut-off for time collection for the June 27 bi-weekly payroll. Please run the payroll Suspense Report and make sure your funding distribution is correct and approved for all payments to avoid payroll suspense, especially for those persons on (or remaining on) payroll throughout the summer. This bi-weekly payroll is fully accrued.
11. On PVs with FY09 business, continue to circle the total dollar amount and write “JUNE” underneath it.
12. Emails will be sent out by today to the identified population advising that the fiscal certification process is underway.
HEADS UP STARTING TODAY: Remaining FY09 program encumbrances have been cleared and rolled to FY10 where appropriate (except manual encumbrances and encumbrances in funds 30, 31, & 71). If you run a June Summary report now, for example, you will not see encumbrances.
PET REMINDER: The final cutoff for FY09 Fund 30/31 PETs is 12:00 noon, July 8. For non-sponsored projects PETs, the final cutoff is 2nd close--6:00 pm, July 9.
Tuesday June 30 – Good morning. Today is the big day. Year-end close tasks are:
1. Midnight tonight is the end of FY09. All business transactions completed by midnight today MUST be recorded as FY09 activity in the correct FOPPS and accounts.
2. Revenue - all goods and services provided to customers must be recorded either as cash received or accounts receivable if cash has not yet been received. All goods and services provided between departments must be recorded either as interdepartmental business with Internal Service Centers (INs) or using Miscellaneous ID revenue and expense accounts.
3. Expenses - all goods and services received by midnight must be recorded either by payment, automated accounts payable accrual or manual accounts payable accrual.
4. 12:00 noon is the deadline for the PSC to receive requests to cancel checks for FY09. These are checks the PSC sent to you and for whatever reason, they need to be cancelled instead of distributed. Contact the PSC if you have any of these.
5. Cash received through 3:00 pm today is due to the Office of Cash Management (OCM) by 4:30 pm today. Cash received after 3:00 pm through midnight tonight is due to OCM by 11:00 am tomorrow Wednesday, July 1. (These deposits must be clearly labeled “FY 2008-2009 Business” and deposited separately from current FY10 business.)
6. Last day for Accounts Payable to run checks for FY09. All checks on hand in your department must be mailed by midnight tonight.
7. Internal Service Centers (Fund 28 FOPPS) Excel worksheets to calculate FY10 ISC rates and to create an initial budget for upload are due ABS accounting@colorado.edu with a signed paper copy to Diana Vidal, 579 UCB.
8. Auxiliary FOPPS (Fund 2x) budget sheets for FY10 are due today to Jan Baker in the Budget Office, 2-8926, Janet.Baker@colorado.edu.
9. Petty Cash and Change Funds should be counted by this date with any needed over/under adjustments recorded. Petty cash fund custodians should submit Payment Vouchers for all unreimbursed FY09 expenses in time to arrive at the PCS by July 6 to guarantee automated accrual.
10. For departments that have inventory recorded in the Finance System, you should have completed the physical count of your inventory and if necessary, made adjustments in the Finance System to reflect actual count/value of the inventory on hand as of June 30. Submit your inventory reconciliation and a copy of your adjusting JE to Maggie Young in ABS by Tuesday July 7. Fax 2-5553, or mailto:maggie.young@colorado.edu, or 579 UCB.
11. Tonight is the last feed from BRS to the general ledger.
12. After today, no more hand drawn payroll warrants may be processed by PBS until Tuesday, July 7.
13. Please continue to clean up problems and errors identified on the May reports.
HEADS UP STARTING TOMORROW WEDNESDAY, JULY 1: 1. The Finance System defaults to the current date so start using 06/30/2009 for all your JUNE 2009 journal entries.
2. PETs default to 6/30/09 so remember to change it to 7/xx/09 for FY10 business. PETs default to this FY09 date through July 16.
3. The PSC accrual process begins. Start backdating receiving transactions to 6/30/09 for goods received on or before 6/30/09. Begin marking online SPO vouchers as June Business (if appropriate). Refer to the PSC's Automated Accruals for complete information http://abs.colorado.edu/ABS_WEB/fye/09/AutomatedAccruals.pdf.
4. IN's for goods/services purchased through close of business June 30 and entered by Data Control in ABS are due to Lynda Reisinger by 9am tomorrow morning, July 1.
5. The June end-of-month pay date is tomorrow, July 1.
Monday June 29 – Today’s year-end tasks are:
1. Termination for Cause hand drawn check request deadline is 11:00 am. For assistance, please call PBS at (303) 735-6500.
2. Employees have until 4:30 pm close of business today to pick up hand drawn express warrants from the Office of Cash Management in Regent Hall. After that, unclaimed warrants will be returned to PBS and sent to employees via U.S. mail on June 30.
3. Continue to circle the total dollar amount and write “JUNE” underneath it on FY09 Payment Vouchers. Refer to the PSC Automated Accruals http://abs.colorado.edu/ABS_WEB/fye/09/AutomatedAccruals.pdf.
4. Continue to clean up problems and errors identified on the May reports.
HEADS UP FOR TUESDAY, JUNE 30 – Tuesday is a big day and here are a few highlights. Consult the Departmental Year End Memo for a complete list (http://abs.colorado.edu/ABS_WEB/fye/09/FY09_Department_YearEnd_Memo.pdf#page=8). 1. Noon deadline for PSC to receive requests to cancel AP checks for FY09. 2. Cash received by 3:00 pm is due in the Office of Cash Management (OCM) by 4:30 pm. 3. Internal Service Centers (Fund 28 FOPPS) rate/budget sheets are due to ABS. 4. FY10 auxiliary budgets are due to PBA.
Friday June 26 – Today's year-end close tasks are:
1. Last day to provide PSC with vendor information to set up new vendors in FY09.
2. Today 6:00 pm is the deadline to enter FY09 Fund 30/31 and 34 journals and for all required documentation to be furnished to ABS/SPA to ensure ABS/SPA approval for June’s 1st Preliminary close. These journals require departmental approval and should be put in their own journal, separate from other Funds and from each other to speed up the SPA/ABS approval process. Contact Hua Xu, mailto:hua.xu@colorado.edu, 2-1679 with project cost transfer questions, and Carrie Howard, mailto:carrie.howard@colorado.edu, 2-1071 about gift journal approvals. Keep checking for unposted journals you need to correct and validate, approve to post, or that need additional documentation sent to SPA or ABS so they can approve it. For tips on sponsored project JEs, go to http://abs.colorado.edu/ABS_WEB/nonhtm/other/SPA_JE.pdf.
3. HR Production will be down from 8:00 am to 12:00 noon for a job code upload.
4. Continue to clean up problems and errors identified on the May reports.
REMINDERS: 1. If you use the Procurement Card close to year-end, ask the vendor (especially online vendors) to process the transaction as soon as possible so that it is picked up by the ACARD system to allow enough time to reallocate the expense by the July 7 reallocation deadline.
2. On PVs with FY09 business, continue to circle the total dollar amount and write “JUNE” underneath it.
Thursday June 25 – Today's year-end close tasks are:
1. For departments that use ABS Data Control for IN entry, continue to hand deliver INs to Lynda Reisinger on a daily basis through June (ARC Bldg, 3100 Marine Street, Room 433).
2. Gift Fund expenses in linked accounts entered by 6:00 pm will make the final automatic cash transfer wire on June 30 from the CU Foundation for FY09. Expenses for FY09 entered after this deadline will create a receivable that will be extinguished in FY10 by a cash transfer from the Foundation.
3. Continue to clean up problems and errors identified on the May reports.
HEADS UP FOR FRIDAY, JUNE 26: 1. HR Production will be down on Friday, June 26 from 8:00 am to 12:00 noon for a job code upload. Plan your HRMS tasks accordingly. Please try to get those Fund 30/31 PETs in early so that SPA has time to review and approve before HR Production is down. Please note: the FINAL deadline for FY09 Fund 30/31 PETs is July 8, 12:00 noon.
Wednesday June 24 – Today's year-end close tasks are:
1. All travel and non-travel vouchers must be at the PSC today in order to guarantee a check in the last check run for the year. FYI, mail deposited by 1:00 pm in the mail slot on the wall labeled “Denver” located in the lowest level of Regent Hall across from room 1B75 will be delivered to the PSC that day per Mail Services.
2. Begin Payment Voucher accrual processing for FY09 business. Circle the total dollar amount and write “JUNE” underneath it. Refer to PSC Automated Accruals for complete PSC year-end accrual information http://abs.colorado.edu/ABS_WEB/fye/09/AutomatedAccruals.pdf.
3. Deadline for FY09 hand drawn requests are due to PBS by 2:00 pm. Hand drawn requests received after this deadline will be processed as FY10 business. (Termination for Cause hand drawn warrants deadline is June 29, 11:00 am.) If you have a question about hand drawn warrants, please call PBS at (303) 735-6500 for assistance. (Note: hand drawn warrants for the June monthly pay period ending 6/30 cannot be picked up at the Office of Cash Management—they must be mailed to the employee on 7/1/09.) Refer to the June PBS Bulletin for detailed coverage on the fiscal year end payroll schedule: https://www.cu.edu/pbs/hrms/resources/downloads/bulletins/bulletin_06-2009.pdf. 4. Today is the last day for the Student Employment Office to receive payroll expense transfer requests to move the employer share of work-study earnings (account 407700) from one FOPPS to another. Complete the online PET form at http://www.colorado.edu/studentemployment/oncampfillforms.html. Completion of this form does not guarantee that a transfer will occur. Transfers are contingent upon HRMS availability. The Student Employment Office must receive payroll expense transfer requests by 4:30 pm. Contact Brenda Duran for more information, 2-3548, mailto:Brenda.Duran@colorado.edu. 5. Continue to clean up problems and errors identified on the May reports.
Tuesday June 23 – Today's year-end close tasks are:
1. For departments that use ABS Data Control for IN entry, continue to hand deliver INs to Lynda Reisinger on a daily basis through June (ARC Bldg, 3100 Marine Street, Room 433).
2. Continue to clean-up problems and errors identified on the May reports.
Heads up for Wednesday, JUNE 24: 1. Travel and non-travel vouchers must be at the PSC by tomorrow in order to guarantee a check in the last check run for the year. FYI, if you deposit mail by 1:00 pm in the mail slot on the wall labeled “Denver” located in the lowest level of Regent Hall across from room 1B75, it will be delivered to the PSC that day per Mail Services. We don’t recommend cutting it this close, but this is good to know in case something slips past.
Monday June 22 – Today's year-end close tasks are:
1. Look ahead and plan for year end tasks that affect your department such as taking inventory and counting petty cash and change funds. Refer to the Checklist for Departmental Year-End Close http://abs.colorado.edu/ABS_WEB/fye/09/FY09_Department_YearEnd_Memo.pdf#page=13.
2. Continue to clean up problems and errors identified on the May reports.
Heads up for Wednesday, JUNE 24: 1. Travel and non-travel vouchers must be at the PSC by Wednesday June 24 in order to guarantee a check in the last check run for the year. FYI, if you deposit mail by 1:00 pm in the mail slot on the wall labeled “Denver” located in the lowest level of Regent Hall across from room 1B75, it will be delivered to the PSC that day per Mail Services.
Friday June 19 – Today's year-end close tasks are:
1. For those departments that use ABS Data Control for entry of Interdepartmental Invoices (IN), all INs received through Thursday, June 18 must be hand-delivered to Lynda Reisinger by 4:00 pm at the Administrative and Research Center, 3100 Marine Street, Room 433. Beginning today, please hand-deliver all INs to Lynda on a daily basis.
2. Continue to clean-up problems and errors identified on the May reports.
Thursday June 18 – Today's year-end tasks are:
1. Continue to clean up problems and errors identified on the May reports.
REMINDER: 1. Auxiliary FOPPS (Fund 2x) budget worksheets should be returned as an email attachment to Jan Baker in the Budget Office by June 30. Please email these to her at mailto:Janet.Baker@colorado.edu, or call Jan at 492-8926 if you have any questions. Online help: http://www.colorado.edu/pba/budget/budgetdevinfo/auxbudget.html.
2. Internal Service Center Fund 28 worksheets to calculate FY10 ISC rates and to create initial budgets for upload are due to ABS mailto:accounting@colorado.edu by June 30. ISC Rate Form & Instructions: http://www.colorado.edu/pba/budget/budgetdevinfo/iscratesheetfy10.xls. Please contact your area accountant if you need help with this calculation.
Wednesday June 17 – Today's year-end close tasks are:
1. Noon deadline to get gift transfers of $500,000 or more entered into the Finance System so that the CU Foundation (CUF) can process it in time for the final FY09 wire on June 30.
2. Noon deadline for the CUF to receive manual transfer request forms for FY09 in order to make the June 30 wire. Requests received after this cutoff will be processed as FY10 business. Although most gift fund transfers occur automatically in the Finance System, the Manual Transfer Form is still required for 1) liquidation of principal of an endowment or quasi-endowment; 2) transfer of CUF funds to a non-Fund 34 such as Fund 50 (loan) or 71 (capital construction); 3) correction of errors in deposits; and 4) transfers when donor specifies certain signatures for spending. The Request for Transfer of Funds to the University of Colorado form is available online: http://abs.colorado.edu/ABS_WEB/Forms/TransferFundsForm.xls. Call the CUF if you have questions (303) 541-1231.
3. Continue to clean up problems and errors identified on the May reports.
Tuesday June 16 – Today's year-end close tasks are:
1. 5:00 pm cutoff for time collection entries for June 13 bi-weekly payroll. Make sure all funding distributions for all positions are correct and approved to minimize payroll suspense entries. Please run the Suspense Report to identify employees whose payroll funding distribution will cause their payroll to go to suspense and make the necessary corrections to the employee's record before the cut-off.
2. Continue to clean up problems and errors identified on the May reports.
HEADS UP ON HR PRODUCTION DOWNTIME: 1. HR Production will be down starting today at 5:00 pm through Friday, June 19 for biweekly and monthly processing. Get those entries in early, especially PETs for Fund 30/31 to give SPA as much time as possible to review and approve.
Monday June 15 – Today's year-end tasks are:
1. ABS will begin an intense monitoring of journal entries written for June but not yet posted. We will notify departments to review these and either complete or delete them.
2. 5:00 pm cutoff for time collection entries for June monthly pay period. This is a time of year when we see a high number of payroll suspense entries because funding distributions have not been updated for those persons on (or remaining on) payroll throughout the summer. Make sure all funding distributions for all positions are correct and approved. Please run the Suspense Report to identify employees whose payroll funding distribution will cause their payroll to go to suspense. To run the report, log on to HR Reporting https://saturn.cusys.edu/ and go to Reports and Reviews>Funding and Suspense>Suspense Reports. On the Suspense Reports page, enter the information specific to your department and run the report. Refer to the HR Step-by-Step Guide for instructions on Running HRMS Reports at https://www.cu.edu/pbs/sbs/ or call the PBS Help Desk at 735-6500 if you need assistance.
3. The PSC will begin to send daily email reminders to reallocate June or earlier-dated transactions starting today through July 7. The deadline to reallocate all FY09 Procurement Card transactions is July 7 at 3:00 pm. For more information, refer to the Year-End Procurement Card Instructions: http://abs.colorado.edu/ABS_WEB/fye/09/ProcurementCardInstructions.pdf.
4. Continue to clean up problems and errors identified on the May reports.
Friday June 12 – Today’s year-end tasks are:
1. Today is the deadline to submit any changes that need to be made to the Property Accounting System to guarantee entry into FY09 business. For assistance or questions, please contact Jeanne Connely, 2-2424.
2. This is the last day for the Student Employment Office to receive payroll expense transfer requests for hourly (account 407600) to work-study (account 407700). Hourly to work-study transfers are contingent upon availability of funds and student eligibility. Complete the online PET form at http://www.colorado.edu/studentemployment/oncampfillforms.html. The Student Employment Office must receive payroll expense transfer requests by 4:30 pm. Contact Brenda Duran for more information, 2-3548, Brenda.Duran@colorado.edu.
3. Continue to clean up problems and errors identified on the May reports.
Thursday June 11 – Today’s year-end tasks are:
1. If you need to process Payroll Expense Transfers (PETs), please note that HR Production will be unavailable next week Wednesday-Friday, June 17-19. HR Reporting will be available. Please try to get those sponsored project Fund 30/31 PETs in early to give SPA time to review and approve before HR Production is down.
2. Continue to clean up problems and errors identified on the May reports.
Wednesday June 10 – Today’s year-end tasks are:
1. If you need to transfer FY09 expenses related to Fund 30/31 sponsored projects--particularly travel, tuition remission, contractual services, honoraria over $100 or official functions over $500, and (normally) indirect costs--please refer to the following information from Sponsored Projects Accounting (SPA) http://abs.colorado.edu/ABS_WEB/nonhtm/other/SPA_JE.pdf. Adhering to these instructions helps speed the approval process. Please note that these journals need departmental approval before SPA can review them and Fund 30/31 entries should be by themselves in their own separate journals. We appreciate your help during this extra busy time of the year. (The preceding two tips--departmental approval & separate journals--also apply to gift Fund 34 entries which need ABS secondary approval.)
2. Continue to clean up problems and errors identified on the May reports.
REMINDER: 1. In most cases, Procurement Card reallocations should be made using the ACARD System as long as the speedtype and account are still active and if it is still the same fiscal year as the original transaction. (Reallocations should ONLY be made in the Finance System if the speedtype or account has become invalid since the initial reallocation, or if it is now a new fiscal year.) For more on this topic, see https://www.cusys.edu/psc/purchasing/procurementcard/mis-reallocation.html.
Tuesday June 9 -- Today’s year-end tasks are:
1. Attention Payroll Liaisons. This is the time of year when departmental payroll suspense increases because Funding Distributions have not been updated for those persons on (or remaining on) payroll throughout the summer. If a Funding Distribution expires, paid salary defaults to a departmental designated payroll suspense speedtype. This is new suspense that departments have to deal with in addition to any old suspense that they are still working on clearing. Now is an ideal time to review and update Funding Distributions on both monthly and biweekly employees to be sure pay information is correct and to avoid additional payroll suspense.
2. Continue to clean up problems and errors identified on the May reports.
3. Correction to yesterday’s June 8 email #4a should have said continuing budget changes for FY09 have stopped (not FY08).
Monday June 8 – Good Morning. This is the first of the daily updates I will send you to remind everybody of the tasks that need to be done to prepare for and get us through the year-end close. You will get these every day up to the final campus June close on July 16th.
1. Thanks to everybody who attended a Year-End Close Town Meeting last week. For those who did not attend, I want to thank you for the success of last year’s FY08 close. Let’s work together and do it again!
2. The month of May is closed and reports are available on demand and are now available in the portal. Now is the time to thoroughly go through your May statements to identify and correct all problems, verify balances, and make any necessary adjustments: a. For those FOPPS with Balance Sheet Detail reports (auxiliary funds, gift funds and, renewal & replacement plant funds), this is the time to clean up those abnormal balances. b. Make sure all assets have a debit (positive) balance except allowance for doubtful accounts. Make sure all liabilities have a credit (negative) balance. c. For your balance sheet items, make sure your customer detail balances to the control dollars in the Finance System (PeopleSoft). d. For accounts receivable, prepare to calculate and adjust your allowances for doubtful accounts. e. For inventory, make plans to conduct your actual count of inventory on hand, cost it out, and adjust the Finance System value if needed. f. If you have transactions that don't belong in your FOPPS, please correct them. g. If you have any uncleared balances such as payroll, ACARD, etc., get those cleared and posted to the correct FOPPS/account.
3. Today is the last day to submit requests to change (add, delete, modify) allocation steps within existing groups for FY09. Get them to Lynda.Reisinger@colorado.edu, 2-8646, before 4:00 pm.
4. Things that have already happened: a. Continuing budget changes for FY09 have stopped. You can still do temporary budget journal entries. b. Since May 29 there has been a moratorium on opening new account codes (asset, liability, revenue and expense) in order to stabilize the chart of accounts going into and during end close. c. Program FOPPS/speedtypes will not be inactivated until we get through year-end.
REMINDER: The most current year-end information, including any updates and corrections, is posted to the ABS website http://abs.colorado.edu/, click on the “Year End Close 2009” link.
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