Closing of Books Business Services May 8, 2019

Index Information Resources Purpose for Closing of Books Definitions Key Dates Calendar Accounting “Closing” Dates Journal Vouchers Payroll Expense Purchases Revenues & Receivables Cash Deposits Travel Purchasing Card Unrelated Business Income What to convey to Campus groups? Contacts

Information Resources Business Services Website https://inside.sou.edu/bus-serv/accounting/index.html#year-end-closing Information Resources

Purpose CLOSING OF BOOKS Ensures accounting records are complete and accurate. Ensures revenues and expenditures are reported in the correct and appropriate periods. Provides timely data for compilation of the USSE Annual Financial Reports for Southern Oregon University. Provides timely data for SOU’s inclusion in the State of Oregon’s Comprehensive Annual Financial Report. Purpose

Fiscal Year The financial year is the date range of: July 1 – June 30 Fiscal Year The financial year is the date range of: July 1 – June 30. The fiscal year has 12 periods. Fiscal Period The fiscal year begins in July, period 01, and ends June, period 12 Period 14 is final and includes accruals done for year end close. Adjusting Entries Prepaid Expense Recording of money paid out in the current financial year for goods and services that will be received in the next fiscal year. Example: Magazine subscription Deferred Revenue Monies received in advance for services not yet earned. Example: Tuition or non-refundable deposits for conferences Definitions

BUSINESS SERVICES - ACCOUNTING SOU Due Date Description May 31 Period #1 is opened for next year 2019-20 transactions June 12 All 2018-19 POs must be input and approved June 14 Payroll Obligations –All FY19 Payroll obligations due to Payroll Office. US Bank Purchasing Card: Transactions posted by June 14 will be charged to 2018-19 funds. P-Card Transactions occuring June 15 through June 25, will be charged to FY19, if appearing on statement. Charges subsequent to June 25, will be posted to FY20. Travel Forms Submitted to Service Center for all completed travel prior to June 14. June 21 Higher One Reimbursements deadline. All Higher One reimbursements to students for FY19 must be in the Service Center by close of business. June 25 Clearing of Purchasing Card Charges – Clear all goods and services received by June 25. June 27 Deliver all on hand Department Deposits to Service Center June 28 Deliver all new incoming Department Deposits to Service Center--no later than 3:00 pm Purchase orders for goods and services received by June 28, must be processed, approved, and posted. June 30 STUDENT SIS: No Data Entry to student accounts and to the miscellaneous deposit forms. July 1 Re-establish SIS data entry capabilities for the TFAMISC, TSAAREV, and TSASPAY forms. July 2 Deadline for final Payroll Adjustments involving 2018-19. July 3 2018-19 Donation Pledges: Submit a list of any pledges that are outstanding as of 6/30/19 and which are made directly to the University, if any. All 2018-19 Invoices must be input and approved at all levels. 2018-19 Travel: Last day to submit completed and approved travel reimbursements to the Service Center for processing. July 5 Overdrawn Accounts: Where possible, departments should clear all deficits before closing period 12. Period 12 Journal Voucher cut off. All JV transactions must be input by 5 p.m. July 8 Close Period 12 July 10 Period 12 Financial Reports available to departments through Cognos. July 16 All Period 14 JVs should be input and cleared out of departmental approval queues. July 22 CLOSE PERIOD 14. July 24 Period 14 Financial Reports available to departments through Cognos. Key Dates Calendar

Accounting Closing Dates Period 12 close JULY 8th Period 14 close JULY 22nd Accounting Closing Dates

To process period 12, the JV cut-off is July 5th @ noon To process period 14, the JV cut-off is July 16th @ 5PM To process re-distributions, the JV cut-off is July 1st. Journal Vouchers

By June 28th, all payroll redistributions for JUNE payroll must be received in the Payroll Office Payroll feeds run July 2nd and need to incorporate all adjustments to June 30 Payroll

Purchase Orders for current year must be approved and received by June 12th. Invoices for current year goods must be received by June 30th. Invoices must be entered and approved by July 3rd. All Goods and Services “Received” in current fiscal year must be booked to June 30th. Expense Cut-off Dates

Purchases Cut-off Dates Purchase order Liquidation Encumbrance Liquidation Fixed Assets must be booked prior to fiscal year end Fixed Assets cannot be booked during month of July Banner Fixed Asset module stays open but we cannot balance if invoices are entered Purchases Cut-off Dates

Revenues & Receivables Provide List of “Outstanding Donation & Gift Pledges” due directly to university as of June 30 These expected resources need to be reflected in correct fiscal year Do not include gifts or donations made through SOU Foundation Provide List of “Non-Student Accounts Receivable” that are outstanding as of June 30 Other than grants Revenues & Receivables

Cash Deposits Cash Deposits Cut-off date is noon on June 28th. Departmental Deposits must be delivered to Service Center by noon on June 28 All other departments with cash receipting responsibilities must post cash receipts by 3:00PM on June 28. The system will be shut down on June 28th at 5:00PM for Student SIS and Banner A/P system. The system will re-open at start of day on July 1st.* Cash Deposits *Note: On July 1st, departments will be able to input changes to student accounts: Changes will not be processed in FIS Banner until system is turned back “on” The changes will be effective in the new fiscal year

Expenses are posted to the year in which SOU receives the goods or services. By June 15th, Travel form must be submitted to Purchasing for all travel completed prior to June 15th. By July 3rd, submit approved and completed “Travel Reimbursement Request” form for all travel completed through June 30th. * Travel Cut-off dates *Note: To match revenues to expense in the current fiscal year, we cannot “receive” goods or services in this fiscal year and then post the expense to next fiscal year, which is next year’s budget. It does not match up.

Purchasing- Card Deadlines P-Card “use” cut-off is June 17th Goods immediately received by June 25th Be mindful of shipping method as goods must be received by June 30th. By June 25th, local purchases will be cut off for goods and services received by June 25th. * Purchasing- Card Deadlines * Note: Any purchases made after June 25th, will be booked to the next fiscal year.

Unrelated Business Income Survey May 15th What to Report Unrelated Business Income Southern Oregon University is responsible to report Income received from programs or functions, that are not substantially related to the accomplishment of the University's tax exempt purpose of: Education You would want to report any sources of income: Received from off-campus users (individuals or groups) that involve selling of goods, or performing certain services, where the university potentially competes with private businesses. Does not include fundraising resources going to SOU Foundation.

All Campus Who needs to be at the All Campus Closing training? New Hires? Office? Directors? What should be added to the support materials for training? Specifics for Departments? All Campus Questions?

Contacts CONTACTS LISTING Business Services: sou.edu/bus-serv/ Service Center:  inside.sou.edu/sc/ Contacts