cco fiscal news march 2016 edition
DESCRIPTION
CU-Boulder Campus Controller's Office monthly newsletter.TRANSCRIPT
In This Issue
CA
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PUS CONTROLLER’S OFFICE presen
ts FI$CAL NEWS
Area Accounting | Sponsored Projects Accounting | Central Operations
Cost Accounting | Technical Operations
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Prepping for Campus Close - How to Check for JEs Pending
Approval
Are You Keeping the Record Straight? - Disposition Logs Due
March 15
After-the-Fact (ATF) Purchases - A Hot Topic
Procurement Service Center Open House On the Boulder Campus -
March 3
ISA Rate Sheets - Due March 31
Interview: Justin Church - Meet CCO’s Newest Area Accountant
CPE for CPAs!
PeopleSoft Finance Training - March 8
CU@Lunch: Cost Principles
m-Fin Financial Statement Training - March 16
MARCH 2016
Monday Tuesday Wednesday Thursday Friday
Campus Controller’s Office www.colorado.edu/controller2 3
. INSTRUCTIONS .Click here to access full descriptions
and to add an event to your personal calendar.
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January and February 2016 close dates are TBD. As soon as the new dates are finalized, CCO will notify you via email.
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• Sales tax documentation for the previous month’s sales tax is due from departments. Send to: [email protected]
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FEBRUARY - MARCH 2016
MARCH - APRIL 2016
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Campus Controller’s Office4 www.colorado.edu/controller 5
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may select “Journal Has Errors” or “Journal Entry Incomplete” to catch those JE’s that are not in a valid status.
Note that as a user, you may remove your user ID from the “Entered By” line. This allows you to review all JEs in this source code that require an action to be completed. If you prefer to have a user ID in that line, you may leave your information in place or enter the creator’s ID. The search will pull all JEs in that Journal Source Code created by that specific user.
Now is a great time to check for any January or February JEs that may still be pending approval for your department. Any JEs that require secondary approval from CCO (those involving Funds 30/31/34 or cash transfers) will show up in our queue - so there is no need to notify CCO, unless you have a question or concern about the JE.
APPROVERS PLEASE NOTE: We would highly advise using your worklist to access JEs that are ready for your approval. While you can locate JEs by searching under “Create/Update Journal Entries,” you may inadvertently submit the JE rather than approve it. The process will then skip you as a potential approver. The originator will need to take action to re-edit and re-submit the JE. To make sure this does not happen, look for a box on the approval tab, titled “Approval Stages.” This box should display a “pending” approval step. If this is not present, the JE has not been submitted and you should contact the originator to complete the necessary steps. This process is very different from FIN 8.4, in that there are now two steps required to prepare a JE for approval (edit and submit).
If you need assistance during any step in the process, please contact your Area Accountant.
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CCO UPDATESUniversity departments are required by state and federal laws to retain and then dispose of their records according to specific standards. In addition, the university is also required to report information to the State Archivist annually, detailing the total amount of records disposed of by volume and box count.
The Campus Controller’s Office submits the annual report to the State Archivist detailing the volume of records university departments have destroyed in the previous year. In order to support that effort, each department is responsible for submitting its Records Disposition Log to Mirinda Scott, Assistant Director of Business Operations and Communication in the Campus Controller’s Office, by March 15 of each year.
Are You Keeping the Record Straight? - Disposition Logs Due March 15
Join us March 3 from 9-Noon in the UMC, Room 235 for the annual Procurement Service Center Open House.
This is your opportunity to meet PSC staff, discuss your department’s procurement needs and learn what’s new at the PSC. PSC staff will be joined by staff from the OUC’s Finance & Procurement Business Services and representatives from the university’s strategic suppliers. Click here to Register
Contact Denise Nakamichi at 303.764.3459
Procurement Service Center Open House on the Boulder Campus - March 3
A comprehensive list of records retention and management resources is available on the Campus Controller’s website. These resources include links to APS 2006 – Retention of University Records, the current campus Records Retention Schedule and the required Records Disposition Log. Commodity Listings and recycling information is also available.
If you have any questions about the required Records Disposition Log, please contact Mirinda Scott. For any other questions related to retention of university records, contact Mark Berge in the Office of the Chancellor.
As you prepare for any campus close, it is important to first verify that all of your Journal Entries (JEs) have been approved. To locate JEs pending approval in your Journal Source Code, follow these steps:
Begin by navigating to “Create/Update Journal Entries” and follw these steps, starting at the top of the Finance screen:
From the “Create/Update Journal Entries” page, select “Find an Existing Value.”
You may now search for JEs that were created in your Source Code. FIN 9.2 varies from 8.4 in that we cannot search for JEs by accounting period. The good news, however, is we are able to search by a date range. For example, to search for a January JE in CCO’s Journal Source Code (BG8-Campus Controller’s Office), we set our search parameters as follows:
In the dropdown box next to “Journal Date” select “Between.” This allows you to run the search over a range of dates. You may also search for a specific date, from a certain date or before a certain date; whatever your needs are!
Under “Journal Header Status,” choose “Valid Journal-Edits Complete.” This will bring up all JEs that are ready for approval and also those that are valid and need to be submitted. You
Prepping for Campus Close How to Check for JEs Pending Approval
An After-the-Fact purchase occurs when a department makes a purchase of goods or services, including shipping fees, totaling more than $5,000 before the Procurement Service Center (PSC) issues a purchase order. After-the-Fact refers specifically to requesting approval after the purchase was made. The ATF process helps ensure we comply with CU’s purchasing rules.
An ATF on the CU-Boulder Campus must be submitted for approval by the Campus Controller, Laura Ragin (or by the University Controller, Robert Kuehler, if the amount of the purchase is over $50,000), in order for the vendor’s invoice to be processed. This requires the department to submit an ATF form in CU Marketplace as described in PSC Procedural Statement: After the Fact Purchases.
If an ATF is approved, the ATF requisition will be processed by the PSC into a purchase order. However, an ATF may not be approved. If an ATF is not approved:
The individual(s) responsible for ordering the goods or services and incurring the unauthorized obligation must either:
Pay for the purchase personally, without reimbursement from the university; or
Return the purchased goods to the supplier, explaining that the university is under no obligation to pay for the items purchased.
After-the-Fact (ATF) Purchases - A Hot Topic
In addition, ATFs result in delayed payments to vendors who have in good faith provided goods or services to the university. Since we strive to build and maintain strong working relationships with each of our vendors, we ask that you try diligently to avoid ATF purchases.
If you have an ATF waiting to be processed, please contact Lisa Massengill at 303.735.8158.
Campus Controller’s Office6 7www.colorado.edu/controller
&TrainingEvEnTs
m-Fin Financial Statements Training is held every other month. In this class, you will learn how to access the Cognos Reporting System and how to read the m-Fin statements.
This month’s class will be hosted on March 16 from 9:00 AM - Noon. Classes are held on the East Campus - Marine Street Science Center (MSSC), located at 3125 Marine Street, Room W179.
To register please email: [email protected]
m-Fin Financial Statements Training - March 16
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ISA Rate Sheets - Due March 31
Technical Corrections
Made to Uniform Guidance for
Federal Awards
Join the OUC for the next round of CU Continuing Professional Education(CPE) courses. This program, originally designed for Certified Public Accountants (CPAs) helps CU CPAs stay current with CPA credits.
It is also a great resource for those who deal with financial administrationon behalf of CU, but who are not CPAs.
In these courses, attendees learn best practices for financial stewardship on behalf of the university.
CPE for CPAs!Tuesday, March 22
Courses:Personal Tax Update8:30 - 9:20 AM
Defending Your Data: Mobile Devices and Associated Risks 9:30 - 11:20 AM
PeopleSoft Query: Creating Queries in FIN 9.2 12:30 - 4:20 PM
If your department sells goods or services to other CU Departments (on any campus), you are managing an Internal Sales Activity (ISA). Funds 10, 20, 28 and 29 can all capture revenue from ISAs. The fund type, however, is dependent on your level of activity. The ISA Chart located on page 7 of Chapter 13 of The Guide illustrates which Fund is most appropriate for your sales activities.
All units that engage in internal sales activity must prepare in accordance with appropriate federal cost accounting standards. ISAs categorized as high risk are required to submit rates annually, as usual. Medium risk ISAs must submit rates at least every other year. There is an alternating cycle in which certain units submit medium risk rates effective in even fiscal years, and the remaining units submit medium risk rates effective in odd fiscal years. For FY 2017, schools and colleges will submit rates for existing medium risk ISAs. Those units for which FY 2017 submissions are required must complete and submit an ISA rate sheet by March 31, 2016. Low risk units do not need to submit a rate sheet; however, these units should still prepare rates and manage their sales in accordance with all appropriate costing standards and generally accepted accounting principles, and be prepared to provide documentation about rate calculations upon request. See details below on how you determine your unit’s risk level.
The form is available at: http://www.colorado.edu/pba/budget/feeforservice/index.html.
How Do I Determine My Unit’s Risk Level?Your unit’s risk level is based on a combination of 1) volume of internal revenues and 2) whether federal contracts or grants are charged. Use the Internal Sales Risk Grid at http://www.colorado.edu/controller/node/1586/attachment to determine whether your risk level is low, medium or high risk.
Learn more about ISAs on the Office of Budget and Fiscal Planning’s Fee-for-Service page and in Chapter 13 of The Guide - Internal Sales Activities. Completed Rate Sheets should be submitted to [email protected].
If you need additional assistance, please contact your Area Accountant or the Office of Budget and Fiscal Planning.
CU@LUNCH
Course Location:CU System Office - 1800 Grant St.
Questions? Contact:Lisa Vallad, CPE Program [email protected]
Registration:http://www.cu.edu/controller/scheduleand-registration
Cost Principles (cont.)
Facilitator: Tolise Miles
Content Presenters: Karen Stiner, CCO Sharon DeCarlo, CCO Kathryn Snider, OCG Joanna FU, OCG Pat Dodson, OCG
Date & Time:March 3, 2016, 12 - 1 PM
Location: UMC Room 247
Would you please tell us about your prior experience?I spent five years stationed in New Orleans with the United States Navy before deciding to get my accounting degree at the Univer-sity of Northern Colorado. I then took a position as an auditor with the public accounting firm Anton Collins Mitchell LLP based out of Denver. I worked for two years in the governmental auditing unit.
What do you find most interesting in your current role as an Area Accountant?As an auditor, I tested the accuracy of financial statement balances, the efficacy of internal controls and compliance with Federal requirements. What I find interesting about my new role is being able to participate in the operations and accounting processes of CU-Boulder, which is very different than coming in when the numbers are finalized and running tests on the balances. I especially enjoy getting to work with personnel in different departments across campus and providing financial training to users of the financial system.
What do you view as the greatest opportunity in this new role?What originally motivated me to apply for this position was the opportunity to take what I had learned in public accounting and apply that to the year-long process of preparing accurate financial statements at CU-Boulder. Being able to apply a fundamental knowledge of finance and accounting to the operations of a major research university that will contribute to the overall success of that university is something I’m very excited about.
On a personal note, what do you enjoy doing outside of CCO?I enjoy spending time with friends, especially if it involves trying out new breweries. I also really like reading history books, learning languages, and traveling. I’ve traveled extensively in Northern Europe and look forward to making a third trip to my favorite place – Uppsala, Sweden.
Interview: Justin Church - Meet CCO’s Newest Area Accountant
PeopleSoft Finance Training Classes cover basic information about fund accounting and budget theory. CCO shows you how to access and use the system. Training includes navigation, Chartfields, journal entries (JEs) and reporting.
Date and Time: March 8 - 9:00 AM - 4:00 PMLocation: CU-Boulder East Campus - Marine Street Science Center (MSSC) 3125 Marine Street, Room W179
For further information, or to register please email [email protected]
PeopleSoft Finance Training - March 8
Campus Controller’s Office3100 Marine Street, 4th Floor, 579 UCB
Boulder, CO 80309-0579
phone 303.492.3166
email [email protected]
web http://www.colorado.edu/controller
editor [email protected]