cco fiscal news may 2016 issue
DESCRIPTION
CU-Boulder Campus Controller's Office Fiscal News - May 2016 IssueTRANSCRIPT
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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Preparing for Fiscal Year End
Save the Date! CCO Fiscal Year End Town Halls
Processing Payment Reminders (from the PSC)
PSC - CU Supplier Orientation
DAICR Report Coming Soon!
Central Collection Services (CCS) New Requirement and a Change
in Service
The OUC Explains CU’s Financials in An Illustrated
Guide to the Annual Financial Report
m-Fin Financial Statements Training
How to Videos on the OUC’s Website
CU@Lunch: Cost Principles Continued
MAY 2016
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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May 2016
JUNE 2016
• Check for unposted May journals to correct, approve or delete
• Reminder: please do not create, validate or approve May JEs after 6:00 PM
• Finance System Campus Close for May 2016 – 6:00 PM
• May allocations run and Finance System closes. Please do not create, validate or approve any May journals today
• All unposted May Journals will be deleted starting at 10:00 AM
• Campus Closed - Memorial Day
• Creation/validation/departmental approval of JEs for Fund 30/31 projects,Fund 34 gift fund and all Cash Transfers due for May - 5 PM
• Deadline for fully approved expense reports
• Allocation changes and creates due for May business to: [email protected]
• Sales tax documentation for the previous month’s sales tax is due from departments to: [email protected]
• All unposted Apr Journals will be deleted starting at 10:00 AM
• Apr allocations run and Finance System closes
• CIW is now updated with month-end closing entries. Apr statements are ready for review and reconciliation • Reminder: please do not create, validate or
approve Apr JEs after 6:00 PM
• Finance System Campus Close for April 2016 – 6:00 PM
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Please note: Campus Close dates are tentatively scheduled and may be subject to change
Campus Controller’s Office4 www.colorado.edu/controller 5
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Update Concur and CU Marketplace• Make sure all FY 2016 expenses in Concur have been assigned to
expense reports and allocated appropriately as early as possible• Complete all receiving in CU Marketplace for goods and services by
June 30, 2016. Be sure to process Study Subject Payments, Pay-ment Authorizations, Non-Employee Reimbursements and vendor invoices before the cutoff
Plan Your Year-End General Fund BudgetThe deadline to process continuing budget changes for FY 2016 was April 15, as noted in CCO’s April newsletter. However, departments should compare budgets to actuals through mid-May to project whether the amount available is adequate to cover anticipated expenses through June 30. Make appropriate temporary budget or spending adjustments
Resolve Gift Fund DeficitsEliminate deficits in Fund 34 SpeedTypes. Be sure there is enough mon-ey in CUF linked SpeedType fund accounts to cover expenditures made near year-end. For unlinked SpeedTypes, monitor spending and cash balances to avoid deficits
Record Sub-Award Estimates for Sponsored ProjectsObtain an estimate of work performed through June to determine if a manual accrual is necessary
Understand Balance Sheet-Related Year-End Requirements• Plan year-end inventory counts and adjust the department’s balance
sheet to the actual count value• Submit accounts receivable that need to be written off based on CCS
Recommendation for Write-Off Reports to CCO• Reconcile your departmental customer detail to all relevant balance
sheet accounts. For example: A/R, prepaids, unearned revenue, etc.
Reimburse Petty Cash FundsReimburse petty cash funds at least every three months, and at the end of June by the PSC’s year-end deadline to submit Payment Authorization forms
Questions? If you need assistance, please contact your Area Accountant
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CCO UPDATESKickoff FYE 2016 by attending an informative CCO Town Hall on June 8. You are invited to attend either the morning or the afternoon session.
Please join us to learn what’s new for FYE this year, which essential accounting tasks and processes must be completed in order to close out your FY 2016 books, and what resources are available to assist your department.
Save the Date! CCO Fiscal Year End Town HallsDate: June 8, 2016
Morning Session: 9:30 - 11:00 AM or Afternoon Session: 1:30 - 3:00 PM
Location: Wolf Law, Wittemyer Courtroom (Main Courtroom)
The university’s Fiscal Year End (FYE) marks the completion of CU’s twelve-month accounting period. Now through
June 30, 2016, department and campus personnel with financial responsibility will complete long-established year-end closing processes to record receipts, revenues, disbursements and expenditures in the appropriate fiscal year (2016 or 2017). During this process we perform various audits and review multiple reports and financial statements to ensure CU-Boulder has accurately recorded transactions which have occurred throughout the 2016 fiscal year.
For the most part, departments will follow the same review processes CU has traditionally followed for the past several
years. The FIN 9.2 upgrade will include a modification to this year’s closing process. Specifically, FYE 2016 will include two new accounting adjustment periods: 996 and 997. These will primarily affect CCO; but we want you to be aware of this modification.
To guide the overall process, the OUC’s comprehensive FYE calendar and InfoPacket will be posted within the
next week. From there, CCO will develop Boulder’s Campus Calendar designed to specifically indicate which dates are relevant for CU-Boulder Campus departments. The Campus Calendar will be available late May.
In the interim, the information below is intended to help you determine which items and tasks you should complete now in preparation for FYE, so you do not miss a critical deadline:
Review Your Department’s SpeedType(s)• Confirm transactions are for the correct amounts and
posted to the appropriate SpeedTypes/Account Codes• Complete JEs for prior period errors/adjustments• Review source documentation. Is every transaction prop-
erly posted (including Concur Travel & Expense System and CU Marketplace activities)?
Complete Final Reconciliation Steps• Process JEs to correct any errors • Process PETs to correct payroll errors• Properly document the fact that the review and reconcilia-
tion was completed
Clear Clearing SpeedTypes/Account Codes• 013109 - Company Card Personal Charges. The reim-
bursement from the cardholder and the original Concur charge should net to zero ($0) in the same SpeedType/Account Code
• 553201 - Company Card Unallowable Expense is used when an expense is allowable but the procurement method was incorrect (i.e., hotel charge on a Procure-ment Card). Be sure to move the business expense to an appropriate Account Code
• Salary in Suspense is currently posting to a CCO Speed-Type; however, departments still need to process the PET to move the salary to the appropriate SpeedType
• Clear any SpeedTypes that your org uses for temporarily placing transactions awaiting final distribution
Preparing for Fiscal Year End
PSC - CU Supplier Orientation
Below are a few reminders to help you process invoices and payments to stay on track for FYE:
Invoices and Payments• Scan and email invoices and payment forms to
[email protected]• PO Number – must be referenced on the invoice• SPO – verify the SPO has sufficient funds to cover
purchases• Document quality – make sure each invoice/form is
legible• Paper vouchers (forms) – complete all fields, obtain
approvals, attach supporting documentation• International Payee – Require review/pre-approval from
International Tax Specialist• SSP form – Requires W9/W8 if first-time payment or if
there are changes• Processing time – allow 2-5 days; processed on a first-
in/first-out basis
SOW PaymentsStatements of Work or SOWs are:• Required when payee is an independent contractor
(they operate under SSN)• Used for payments processed in CU Marketplace:• If the total of all payments is over $5000, use the
Non-Catalog form in CU Marketplace and attach a fully approved SOW form; email the PO invoices to [email protected]
Processing Payment Reminders
• If the total of all payments is $5000 or less, use the Payment Voucher form in CU Marketplace and attach fully approved SOW form and invoice
Travel and Procurement Card Charges• Reconcile Travel Card charges at the end of your trip• Reconcile Procurement Card charges monthly
Help CU suppliers learn how the university’s procurement process operates. Invite them to the PSC’s CU Supplier Orientation:
Date and Time: Thursday, May 5, 20169:00 - 11:00 AM
Location:1800 Grant Street, Suite 500
For more information, visit: http://www.cu.edu/psc/events/clone-clone-clone-cu-supplier-orientation
Campus Controller’s Office6 7www.colorado.edu/controller
&TrainingEvEnTs
Presenters:
Karen Stiner, CCO Sharon DeCarlo, CCO Kathyrn Snider, OCG Joanna Fu, OCG Pat Dodson, OCG
For departments that send their collections to CCS, please note the description field must be filled in. Please be sure to include dates of service, the delinquency date and a reason the initial account was established.
When CCS requests additional information on a previously assigned account, it is imperative that they receive this documentation in a timely manner. If they do not receive these details, they will cancel the account 30 days after the initial request.
Effective April 1, 2016, CCS no longer accepts cash payments.
For questions, please contact:[email protected]
For more information visit:www.colorado.gov/pacific/CCS
CU@LunchCost Principles Continued
Central Collection Services (CCS)New Requirement and a Change in Service
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DAICR Report Coming Soon!
Training May 10m-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 m-Fin statements.
This month’s class will be hosted May 10 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
In May 2016, Cost Accounting will be sending out the annual Departmental Administration Indirect Cost Recovery (DAICR) reports for departmental review and comment. These reports include project level detail of F&A expenses during the DAICR Fiscal Year, which is April 1, 2015 through March 31, 2016, and are adjusted for the Departmental Split Agreements on file with OCG. Please make sure your department has reviewed your report for accuracy and provide any feedback to Cost Accounting. The reviewed data will be used for the preparation of FY 2017 DAICR continuing budget journal to be posted in July 2016.
Please contact [email protected] for any questions.
How to Videos on the OUC’s Website
As you are preparing for FYE, check out these informative videos from the OUC:
• How Do Accruals Work? Watch FYE: An Accrual Example
• FYE Accrual Journals - New for FIN 9.2!• Video: What Are PO Encumbrances?
Student enrollment; affordable education based on limiting CU’s tuition rates; gifts, investments and other revenue sources are highlighted in the OUC’s Illustrated Guide to CU’s Annual Financial Report. The Report was built in a “NACUBO award-winning,” easy-to-read format, and added illustrations help present the information.
Visit https://content.cu.edu/controller/annualreport/2015/illustratedguide/ to review CU’s Balance Sheet: Assets, including Investments, Capital Assets and Accounts Receivable and Total Assets; Balance Sheet: Liabilities, including Revenue Bonds, Accrued Expenses, Compensated Absences, OPEB and Unearned Revenue. Check out CU’s Balance Sheet: Net Position and Income Statement. There is even an opportunity to provide feedback.
The 2015 Annual Financial Report is available at: https://content.cu.edu/controller/annualreport/2015/ . The 2016 Annual Financial Report will be available in a few months.
The OUC Explains CU’s Financials in an Illustrated Guide to the Annual Financial Report
Date: May 12, 2016
Time: Noon - 2:00 PM
Location: UMC 247
Facilitator: Tolise Miles
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]