1. Year-End Brown-Bag
Beth Tapp
May 10, 2017

2. What is “Year-End” University’s fiscal year-end is June 30th
Begins before June 30th
Ends at the end of October
Year-end finalizes the activity (revenues and expenses) for the fiscal year
Financial Statements & the Annual Report are completed

3. Why is Year-End Necessary?
University’s Annual Report is used by various organizations. For example:
State of Minnesota
Legislators
Included in the State’s Annual Report
Sponsors & Donors
Accreditation Boards
Bondholders for University Debt
Rating Agencies
Parents of Students

4. Important Dates May 16th: Last Day for UMF bills
Last day for PUF invoices for UMF
Unclaimed property reports due to Accounting Services
June 22nd:
Last day for requisitions and change orders requiring Purchasing Services review
June 23rd:
Last day for requisitions & change orders
Last day to enter PO-related receipts & vouchers
Last day for non-PO vouchers
Last day for PCard and Expense Reports

5. Important Dates (cont’d)
June 30th - Last day for Cash Deposits
July 11th:
Last day for Period 12 Retros
Last day for Period 12 journal entries
July 12th:
Period 12 closes
Period 913 opens
July 13th - Last day for Period 913 Retros

6. Important Dates (cont’d)
July 14th - Last day for Central entries posting to departments.
July 16th - Carryforward run for Period 12
July 19th - Last day for Period 913 journal entries
July 20th - Period 913 closes
July 30th - Carryforward run for Period 913

7. Best Practices Best practices for departments charging other units:
Notify department of charges before making entry
Don’t post charges on the last day before the period closes
Consider not charging another unit within 3 business days of the period close. Example:
No charges to another unit after:
Period 12: July 7th
Period 913: July 14th

8. Accounts Receivable Invoices created in FY17 (non-UMF):
Cash not received:
You billed an invoice in FY17, it generated a positive amount in revenue and a negative amount for accounts receivable. The net effect is $0 and the invoice did not influence your bottom line.
In FY18, the beginning balance is $0 for this invoice. The payment is received, generating a positive amount in Accounts Receivable and a negative amount to a Central cash account. Now, your balance is positive in UM Reports.

9. New PO Criteria for FYE 2017
POs with an encumbrance of less than $2,500 will be closed
Regardless of when they were created
Regardless of when they were last paid
Reduces PO volume by approximately 4,000 POs (four less roll ranges)
Lower roll volume helps eliminate risks

10. Other PO Reduction Closures
All U Market POs, except those with equipment-related categories/Accounts
POs created 15 months ago or longer with no voucher activity after 4/1/2016
Blanket orders totaling less than $50K that are older than three years (created before 6/1/2014)
POs with errors or ineligible status

11. Ineligible to Roll Examples
POs that are not in dispatched status with a valid budget
Partial receipts: receipt does not have a voucher; quantity or amount imbalance
POs with voucher errors (examples: match exceptions, budget exceptions)
POs with $0 lines

12. Resolve Budget Errors Now
Budget errors are worst-case scenarios
If they are not resolved by FYE:
Purchasing has to force close them
Encumbrances will be forever trapped
These CANNOT be fixed or reversed
Reports will always show the encumbrances
FY17 will NOT be opened to fix these errors

13. Requisition Cleanup Reminders
Procurement Specialists are strongly encouraged to attend FYE Sessions
Preparers: please clean up your requisitions
Thousands of old reqs haven’t been cancelled
60 day old+ reqs will get closed starting June 1
Do NOT cancel requisitions in budget error or they will forever be in error and show on reports
Contact the Financial Helpline for assistance

14. Ordering from U Market Plan ahead
U Market orders must be placed and approved by Friday, June 23 at 2:00 pm
During cut-off period
Phone orders will be accepted by U Market Services for “U Market Stock” items only

15. PCard Reminders Cardholders can continue to use cards
PCard files will continue to load daily
Cardholders may still access My Wallet
Activity that must be posted to FY 17 must be processed to an ER by the deadline
90+ day unapproved transactions will be forced onto an ER starting June 1

16. Resources Year-end Calendar: http://finsys.umn.edu/fye/index.html
Unclaimed Property:
Annual Report:
note: PDF is on right-side
Questions:

17. Questions?