1. Fiscal Close Workshop May-June 2015 1

2. Agenda I.Introduction – John Douglas II.Transactions I.Fiscal Closing Transactions – Victor Cesario II.Intercampus Transactions – Srey Tung III.AP/Disbursements - Tanya Harris IV.Travel – Diana Nielsen V.Payroll – Chris Hernandez VI.Contracts & Grants – Rebecca Tangen III.Encumbrances – Melissa Lee IV.Decision Support – Kevin Chung V.Questions 2

3. What is Fiscal Closing? Fiscal Closing is the process of ensuring that our financial data is accurate for the ending fiscal year; organizing the campus financial records for inspection by auditors; and creating our yearly financial statements which are then consolidated with the other UC campuses into systemwide statements and reports for the Regents. 3

4. Responsibilities It is the responsibility of the departments and their coordinating points to see that all income and expense is recorded accurately and that all accounts close in a solvent condition. It is the responsibility of the Accounting Office to consolidate data, prepare year end reports and statements for the Office of the President, and produce the final ledger. 4

5. Three stages of the close for departments Preliminary This stage reflects all direct charges for the fiscal year. Interim The one-week period after the Preliminary deadline during which departments can make adjustments. Final There is no more department input. The Accounting Office makes necessary adjustments for the Final ledger. 5

6. 14-15 versus 13-14 KFS – Some of the processes are different, but the theory behind each activity is essentially unchanged. Most of the calendar dates are also essentially unchanged. 6

7. Key Dates July 8 th – Recharges complete July 10 th – Prelim July 17 th – Interim – Period 12 will close in KFS, and certain non-final docs will be canceled (e.g., GEC, BA, BAT, YEDA). July 31 st – Final August 7 th – July will close 7

8. Fiscal Closing Important Changes & What to Expect this Fiscal Closing Victor Cesario 8

9. What You Need to Know for Fiscal Closing June 30 – Deposits: CR, CCR, COD July 3 - Last day to initiate any KFS Maintenance Changes July 10 – Last day for KFS initiated documents where Fiscal Period 12 has been selected (drop down) must be FINAL except for the documents listed below. 9

10. July 10 – KFS Fiscal Period 12 documents that are NOT Final will be disapproved except for the documents listed below. July 17 – Last Day for Fiscal Period 12 FINAL KFS initiated documents: –BA’s & BAT’s – GEC’s –YEDA’s (Available July 11 – July 17) 10 What You Need to Know for Fiscal Closing

11. Accruals & Deferrals Quick Guide to Processing Accruals & Deferrals for Fiscal Closing 2015 11

12. Why Accruals & Deferrals? In accordance with UCOP Accounting Policies & Procedures, financial activity must be recorded in the Fiscal Year that relates/corresponds/supports that activity. 12

13. What is an Accrual? Income Income that you should have received in June but will not actually have the funds until July. Expense Expenses that you should have paid for in June but will not receive or pay until July. 13

14. What is a Deferral? Income Income that you received in June but relates/corresponds/supports activity that will not happen until July. Expense Expenses that you paid for in June but relates/corresponds/supports activity that will not happen until July. 14

15. Recording Accruals & Deferrals New KFS Document July 11 = YEDA (Year End Department Accrual/Deferral) New minimum amount ≥$10,000 (Expenses per Invoice) New minimum amount ≥$5,000 (Capitalized Equipment) New minimum amount ≥$35,000 (Plant - Capitalized Construction costs) 15

16. New Fiscal Year Important Changes and What to Expect in the New Fiscal Year 16

17. New Fiscal Year July 1 (KFS Transactions) Carry Forward Balances = Budgetminus Actuals Object Code 0008 Consolidation Code UNAL Fiscal Period BB vs. CB 17

18. Intercampus Transfer Transactions Srey Tung 18

19. Intercampus Transfer Transactions 19

20. Intercampus Transfer Transaction 20

21. AP/Disbursements Tanya Harris 21

22. Invoices Deadlines Invoices must be submitted to Accounts Payable no later than July 8 th 4pm. Email Invoices to accounts-payable@uci.eduaccounts-payable@uci.edu Invoices of $10K and over must be approved by the Fiscal Officer in order to post to the FY14-15 Invoices for FY14-15 that are not processed by July 8 th must be accrued by the dept if the expense is greater than $10K 22

23. Invoices Tips When sending invoices to AP to pay please ensure the PO has enough money and is ok to pay on. Please ensure the vendor you are trying to pay has already been onboarded. Invoices must be submitted to Accounts Payable no later than July 8 th. Email to accounts-payable@uci.edu accounts-payable@uci.edu 23

24. Travel Diana Nielsen 24

25. Payroll Fiscal Closing 2014/2015 dates Chris Hernandez 25

26. Payroll Employee Database (EDB) deadlines for June Monthly Payroll (Period end 6/30/15) June 18 th – for EDB updates reflecting on the Monthly payroll ending in 6/30/15 –New Hires –Reclassifications –Promotions –Rate or funding changes 26

27. Payroll Employee Database deadlines for June Monthly Payroll (Period end 6/30/15) June 23 rd - June Monthly Payroll Time reporting deadline –Last day to enter May 2015 leave usage on the monthly IDTC Time Collection Roster June 24 th – June Monthly payroll cycle cutoff –First deadline for Payroll Expense Transfers, Late/Reduce Pay, and Additional Pay adjustment transactions –In EDAT sub menu use Pay Cycle “MO” and Pay Period End date “063015” 27

28. Payroll Employee Database deadlines for the Bi-weekly (B1) Payroll ending in 6/20/15 June 24 rd - June Bi-weekly (B1) Payroll Time reporting deadline –Last day to enter leave usage for period 6/7/15 – 6/20/15 on the biweekly IDTC Roster June 25 th – June Bi-weekly (B1) payroll cycle cutoff –Second deadline for Payroll Expense Transfers, Late/Reduce Pay, and Additional Pay adjustment transactions –In EDAT sub menu use Pay Cycle “B1” and Pay Period End date “062015” 28

29. Payroll Employee Database deadlines for the Supplemental (XX) Payroll ending in 06/01/15 July 1st – Supplemental (XX) Payroll cycle cutoff –Third deadline for Payroll Expense Transfers –Final deadline for Late/Reduce Pay, and Additional Pay adjustment transactions –In EDAT use Pay Cycle “XX” and Pay Period End date “060115” July 6 th – Payroll Expense Distribution Ledgers Available –Payroll ledger for June 2015 activity will be delivered on July 6 th –Available in Electronic Document Library (EDL) 7/2 29

30. Payroll Employee Database deadlines for the Special (XX) Payroll ending in 07/03/15 July 7th – Special (XX) Payroll cycle cutoff –Final deadline for Payroll Expense Transfers –In EDAT sub menu use Pay Cycle “XX” and Pay Period End date “070315” –No Late/Reduce or Additional pay transaction. They will be Deleted! July 8th – Payroll Expense Distribution Ledgers Available –PPP5302 payroll ledgers available in Electronic Document Library (EDL) –Will not be printed 30

31. Contracts & Grants Rebecca Tangen 31

32. Encumbrances Melissa Lee 32

33. Encumbrance Report 33

34. Encumbrance Carry Forward Encumbrances External Encumbrance (EX) = Carry Forward –Purchase Orders Internal Encumbrance (IE) = Carry Forward –Facilities Management Internal Encumbrances –Travel Authorizations Cost Share Encumbrance (CE) = Carry Forward –An encumbrance related to a cost-share account Pre-Encumbrance (PE) = No Carry Forward 34

35. Decision Support Kevin Chung 35

36. Decision Support Organization Account Status –You can query by the highest org –Groups Account Balances by Income and Expenses –Ensure that your Income categories Budget and Actuals align so the variance is zero. 36

37. Decision Support Fund Summary Report –Summary of Accounts in your organization grouped and sorted by Fund –Summaries are grouped by consolidation code –Remember on the top left there is a summary view that takes the bottom line summary into one page for easy PDF printing. 37

38. Decision Support Account Summary Report –Summary of Accounts in your organization grouped by Consolidation Code activity –Remember on the top left there is a summary by Object View that breaks out the summary by Object Codes. –There is also a radio button that allows you to page break by Account, so PDF pages will be separated by Account. –Validate this against Balances by Consolidation Code 38

39. Decision Support Account Transaction Report & Account GL Detail Adhoc Report –Don’t forget when selecting a month, you only see that month’s activity. –Breaks down transactions in each account in your organization. –The Adhoc report is the exact same thing, except with more filters. –Note that you can isolate all credit transactions on expense object codes. 39

40. Decision Support Bursting reports to the Fiscal Officer –Account Summary Report –Account Transaction Report 40

41. Questions? Thank You, and Good luck! 41