1. Network & Learn Year End Closing Session
Chris Sherbesman, Director of Budget & Finance
Virginia Moore, Interim Director of Accounting Services

2. What Does Your Budget & Finance Office Do?
Provides overall financial leadership for the campus
Prepares/manages/monitors university’s $180 million budget and fee schedules
Coordinates and develops financial reports for both internal and external entities
Manages salary budget
Manages fiscal year openings and closings
Campus reserve funds (fund balance; R&R)
Debt service monitoring and bonded projects
Auxiliary financials
Process documents (TV’s, Budget Revisions and Journal Entries)
Provides customer service and communications

3. What Does Your Accounting Services Office Do?
ACCOUNTS PAYABLE AND TRAVEL:
Enters standard invoices and purchase order invoices sent to our
Audits and approves all invoices entered by the department, such as: Miscellaneous Reimbursements, Moving Allowances, Contract Invoices, and T-27 Request for Special Payment.
Audits and approves Travel Expenses, Prepaid Conference Registration, Travel Advances and issues Travel Authorization (TA) for Direct Bill of Airfare and/or Car Rental
Processes Transfer Vouchers for departmental accounts such as E, I, R, and N accounts.

4. What Does Your Accounting Services Office Do?
SPONSORED PROJECT ACCOUNTING (GRANTS AND CONTRACTS):
Fiscal set up & review of Grant accounts/expenditures/invoicing- $35 million budget
Coordinates and develops financial reports for both internal and external entities
Process documents (TV’s, Budget Revisions and Journal Entries)
Provides customer service and communications
TRAINING:
IRIS On-Board Training for new IRIS users
Accounts Payable and Travel Entry
Vendor Setup
Ledger Reading and Reconciliation Training
Grant and Contract Fiscal Management/Budget Training

5. Common Types of University Funds
Current Unrestricted Funds:
Assets, Liabilities and Fund Balances (A & B-Accounts)
Income (I-Accounts)
Expense (E-Accounts)
Current Restricted Funds
Grants, Gifts and Endowments (R-Accounts)
Unexpended Plant Funds (J-Accounts)
Retirement of Indebtedness Funds (K-Accounts)
Renewal and Replacement Funds (K-Accounts)
Agency Funds (N-Accounts)

6. Balancing Your Budget vs Expenditure
An important step to balancing your budget at year end is consistent monthly reconciliation of all account ledgers, including: E , R and I accounts
Electronic Ledger Reconciliation now available!
During the Month
Create a file folder for each account you reconcile (either Hard Copy or Electronic)
During the month place the following items in the account folder
each time you process an invoice place a copy into the account folder or scan it for electronic reconciliation upload.
the detail check register payroll verification reports
transfer vouchers processed for the account
copy of deposits made through bursars office
copy of purchase order, travel request etc., (anything that creates encumbrances)

7. Balancing Your Budget vs Expenditure
An important step to balancing your budget at year end is consistent monthly reconciliation of all account ledgers, including: E , R and I accounts
Verify charges on each account; matching payroll and invoices to charges; transferring any posting errors before year end.
Transferring charges may include; pay funding changes, ZCAT time entry correction, paper transfer voucher processing (Remember Salary CANNOT be moved by paper transfer voucher)
Review the budget vs expenditure on both E accounts and Grant Restricted accounts.
Have the Department Head (and PI in the case of Grants) review and sign the ledgers or process the approval through Electronic Ledger Reconciliation. During this time the responsible individual should take notice of remaining balances and make note of any budget vs expenditure amounts that could cause issue throughout the year.

8. What a Department Does During Year End
Check accounts for encumbrances:
During 1st two weeks of June
Look up encumbrances using
ZFM_BCS001 for E accounts
ZFM_BCS002 or ZDEPT_LEDGER for R accounts
Verify the validity of the encumbrance
Contact Purchasing or Travel to clear any encumbrances previously realized or no longer valid

9. What a Department Does During Year End
Ensure all revenue and refunds received by June 30 are entered into IRIS and/or taken to the Bursar’s office for deposit by end of business July 3rd.
On June 30 pull interim ledgers
ZE_LEDGER for E accounts,
ZDEPT_LEDGER for R accounts
Balance the Budget vs Expense on each account within the department.
Create transfer vouchers to move charges if necessary, date paper TV’s June 30. Clearly mark the top of the Form FY Deliver year end paper transfer vouchers to ACCOUNTING SERVICES no later than July 6th for processing. To ensure that TV’s to be processed in FY 16-17, DO NOT put in campus mail.
Pro-card purchase cut off date will be June 27th. All June Pro-card charges must be reconciled by July 12th or else all charges will post to the responsible account.
Pro-card purchases made June 28th to 30th will be charged in FY

10. What a Department Does During Year End
PAYROLL:
June Monthly Payroll must be finalized and approved in workflow by June 23rd.
Biweekly for Pay Period Ending June 25th, must be finalized and approved by June 26th.
Correct salary postings through payroll system. Any changes through a Salary Transfer Voucher (STV) for Fiscal Year 2017 must be entered and approved in workflow by July 3rd in order to be posted in the final adjustment payroll run on July 5th. Monthly Payroll can be reconciled June 27th. Any needed changes should be input immediately.
June Effort Certification on Grant accounts must be completed and through workflow approval by July 3rd. Monthly payroll can be reconciled on June 27th and effort certification should be completed immediately after this date to meet the July 3rd deadline.
Additional Pay on Grant accounts. May effort should be entered and approved by June 15th. June effort should be entered and approved by July 17th unless it’s a Center of Excellence account which should be completed by June 15th . Workflow notes must show a calculation hours x hourly rate or % of monthly effort.

11. What a Department Does During Year End
ACCOUNTS PAYABLE AND TRAVEL:
To be processed in the fiscal year, all invoices must be dated on or before June 30, 2017.
Any invoices dated after June 30th or travel ending July 1st or later will be processed in fiscal year.
All FY travel must be in travel workflow inbox no later than July 6th.
For all FY invoices processed by Accounting Services, these invoices must be submitted to the account by July 6th and preferably earlier.
Please denote in the Subject Line that they are FY invoices.
Please write FY written in the top right hand corner of the invoice.
FY invoices will be processed before FY invoices.
For all FY invoices processed within the department, such as misc. reimbursements, contract invoices, and T-27’s, these invoices must be entered and to the Accounting Services workflow by Noon on July 5th.

12. June 2017 – FY 2017 Year End Closeout SCHEDULE
Sunday
Monday
Tuesday
Wednesday
Thursday
Friday
Saturday 1
Start Review of Encumbrances for Validity 2 3 4 5 6 7 8 9 10 11 12
Clear Invalid
Encumbrances by contacting Purchasing or Travel 13 14 15
 Monthly Time Entry and Approval for Payroll Changes Deadline 16 17 18 19 20 21 22 23
Deadline for June Monthly Payroll to be Approved 24 25
BIW End of Pay Period 26
Deadline for BIW Payroll Approval for PPE 6/25/17 27
Final Date to make Pro-card Purchases and Monthly Payroll Reconciliation 28 29 30
Pull Interim Ledgers and BIW Payroll Reconciliation
July 2017 – FY 2017 Year End Closeout SCHEDULE
Final Deposits, STV, and Effort Certification Deadlines
Final Monthly Payroll Run for STV and Effort Certification Changes, Final Date for Misc Reimb., T-27, Contract Invoices
Final Date to Submit TV’s, Standard Invoices, and Travel to Accounting Services
 Monthly Time Entry and Approval Deadline on 17th

13. Carryover Funds General Information
The Budget Office determines carryover balances by closing all accounts within a particular division or college.
Automatic Carryover Funds
Usually determined by the Chief Business Officer and/or Provost
Service centers, student fees and some specialized programs
Restricted accounts (unless on expiring grant accounts or 1 year UC FDN Awards-must request carry over/extension from appropriate entity)
Discretionary Carryover Funds
All carryovers that are not deemed automatic carryovers are at the discretion of the Chancellor and will be distributed after the university’s books are balanced (usually in September).

14. Helpful Reports View/Download Fund Attributes
IRIS Transaction – Z_FM_ZFMFINCOD
Provides detailed info about fund(s) attributes
Fund Center
Benefits Self Funded or Centrally Funded
UT Ledger-A SMART LEDGER-your audit document
IRIS Transaction – ZFM_UT_LEDGER
Can only be used for closed periods
Fiscal Policy Requires to print, reconcile and get signed by department head or to process through Electronic Ledger Reconciliation
Interim Ledgers
ZE_LEDGER- E accounts (Centrally Funded Benefits)
ZDEPT_LEDGER- R accounts and E Accounts (Self Funded Benefits)

15. Helpful Reports Annual Budget vs. Actuals
E Accounts-IRIS Transaction – ZFM_BCS001
R Accounts-IRIS Transaction – ZFM_BCS002
Must know benefits type:
Self Funded (ALL_CI_AND.BENE) or Centrally Funded (ALL_CI_NO.BENE)
Provides detailed info about transaction within a fund(s)
Actuals vs. Budget and Encumbrances
Should be used to insure charges are in the appropriate fiscal year
Payroll Check Register
IRIS Transaction – ZPR_DETAIL_CHECK_REGISTER
Fiscal policy requires it be run and reviewed two days prior to payday
Line Item Reports
KSB1- E accounts
CJI3- R accounts

16. What to expect at the Opening of next Fiscal Year?
POSSIBLE CHANGES TO BASE OPERATING/SALARY BUDGET
Why?
New Operating Budget Allocations
Funding for New Positions
Carryover Funds (Non-recurring)
One-Time Funds Awarded (Non-recurring)

17. Are you signed up for SAP list serve?
Important notification:
Payroll verification reminder
Month closing
listserv/
Chattanooga
Join or Leave the list
All general settings are fine

18. JUNE 2017 – YEAR END CLOSE OUT SCHEDULE
Sunday
Monday
Tuesday
Wednesday
Thursday
Friday
Saturday 1
Start Review of 2 3
Encumbrances
for Validity 4 5 6 7 8 9 10 11 12
Clear Invalid 13 14 15
Monthly
Payroll Entry 16 17
by contacting
Purchasing or Travel
Deadline- Additional Pay Enter 18 19 20 21 22 23
Deadline for
June 24
Monthly Payroll to be Approved 25
BIW End of
Pay Period 26
BIW Payroll 27
Final Date
for Procard 28 29 30
Pull Interim
Ledgers and
Approval for PPE 6/25/17
Purchases and Monthly Payroll Run
BIW Payroll Run for PPE 6/25/17
JULY 2017 – YEAR END CLOSE OUT SCHEDULE
Final
Deposits,
STV/ECR Payroll
Run and Noon
Final Date to
Submit TV’s,
STV, and Effort Cert. Deadlines
27, Misc Reimb, Contract Invoice to Acct Svcs.
Deadline for T-
Invoices, and Travel to Acct. Svcs.
and Approval
Deadline 17th- Additional Pay Enter