Fiscal Year End Procedures for FY2009

Updated 06/26/09

Cluster site visits are in progress as of April 15, 2009. Check with your Cluster Director for more information about the details of these procedures/the site visits.

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Fiscal year end memo, calendar/processing deadlines

The fiscal year end memo 05/29/09 (pdf)

Originally posted 5/20, this updated document contains corrections to:

• The calendar at the end of the document (see activities listed for July 6).
• Page 5, removed confusing paragraph in PCard section.

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Unclaimed Electronic Fund Transfers (EFTs: ACH and Wires)

Pre FY2009 unclaimed EFTs (through June 2008) (6/26/09) (xls)

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Procurement
Audience:  Procurement Specialist, Voucher Preparers, Requisition preparers, Requisition Approvers, Voucher Approvers, Cluster Director, Travel and Expense Preparers, Travel and Expense Approvers

Accounts Payable, Travel, PCard

• Fully process (or cancel) all vouchers.
• Fully process (or close) all travel authorizations, travel reimbursements.
• PCard details included in the year end memo.
• Allow for time to route for approvals on high dollar transactions.
• Allow for time to perform imaging/document linking.
• Cleaning up expense reimbursement documents 06/03/09 (pdf)
• Taking action on pending Expense Reports, Travel Authorizations, and Cash Advances updated 06/12/09 (pdf)
• Canceling unused but approved travel authorizations (pdf)
• Disbursement Services year end processes 05/20/09 (pdf)
  
• Expense Reports, Cash Advances, and Travel Authorizations in need of immediate attention (Cluster Directors)

Purchasing

• Fully process (or cancel) all requisitions and purchase orders. Work PO-related vouchers first, then purchase orders, then requisitions.
• Procurement cluster visit topics and navigation (pdf)
• Procurement Specialist activities (pdf)
  
• Procurement Specialist queries (xls)
• Procurement Specialist UPDATE 05/12/09 (pdf)
• Procurement Specialist UPDATE UStores 05/20/09 (pdf)
• Procurement Specialist UPDATE 05/28/09 (pdf)

Making purchases between 6/19 and the opening of FY2010 for purchases, is included in the fiscal year end memo (pdf) and available as a separate document here. (pdf)

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Accounts Receivable, Billing, Dept Deposits

• Cluster site visit AR topics (pdf)
• Unapplied EFTs (ACH and Wire) claimed
• Foundation transfers
• Review Aging Report, validate accurate billing;
  Accounts Receivable Monitoring (pdf)
• Review Incomplete Bills (pdf)
• Review Incomplete Dept Deposits (pdf)

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Approvers (all modules)

• Ensure transactions are reviewed and acted upon by the deadlines.

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Asset Management/capitalized equipment

Audience: Procurement Specialist, Requisition Preparer, Receiver, Requisition Approver

• Fix category codes from erroneously capitalized items.
• Ensure receiving of capital assets completed by deadlines.
• Complete forms as required by Accounting Services.

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General Ledger 
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. Outline of GL-related presenation and Job Aid updated 05/19/09. (pdf)
• Journals that are no longer needed should be deleted
• Complete COA setup requests.
• Ensure all JEs are fully processed or cancelled by the deadlines.

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Forms for fiscal year end

Complete forms required by Accounting Services related to fiscal year end. Forms you may need:

1. Inventory (doc)
   
2. Livestock Inventory (doc)
   
3. Aged Accounts Receivable (doc) (required for ALL units with outstanding accounts receivable, whether using PeopleSoft Financials, a departmental system, or a paper-based process)
   
4. Unrecorded Expenses (doc)
   
5. Capital/Operating Lease Questionnaire (doc) and instructions 05/19/09 (doc)
6. Year End Notice of Asset Information from Department to Inventory Services (UM1681) (doc)
7. Intangible Assets form (doc), instuctions 05/19/09 (doc), and supplement (xls)

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Sponsored activity

Audience:  Journal Entry preparer, Journal Entry Approvers, Procurement Specialist, Voucher Preparers, and Budget Prep preparers

• Incorrect Analysis Type used on Journal Entry: clean up.
• Incorrect Fund or DeptID used during Pre-award: historical transaction clean up.
• Correct any incorrect Account codes (non-expense code) used to charge a project.
• Remove revenues transferred to fund the cost share expenses by using program/project.
• PO, AP, EE module errors due to Project date, Account not set up or incorrect Fund/DeptID used during Pre-Award.
• Verify Cost Share string used in projects, will roll into FY10.
• Budgeting for Combo Codes (pdf)
• Journal Entry Oversight (pdf)
• Troubleshooting sponsored transactions (pdf)
• Resolving AP Project budget issues (pdf)

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Endowments

• Information appears in the fiscal year end memo.
  

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HISTORY / do not use / for reference only

Fiscal Year End Procedures for FY2008 (CUFS)

• Word version
• PDF version

If for some reason your computer/software configuration does not allow you to open a file, try downloading it to your local machine, and open it from there (it should work just fine).

Accounting Reporting Forms you may need:

1. Inventory
2. Livestock Inventory
3. Aged Accounts Receivable
4. NSF Checks
5. Unrecorded Expenses
6. Capital/Operating Lease Questionnaire

Fiscal year end workshop video recording (file may take a couple of minutes to download)

Fiscal year end workshop Q & A

Information available in alternate formats if needed for accessibiliy. Please contact the University Financial Helpline at 612-624-1617 or email finsys@umn.edu for assistance.