The University of Montana

The University of MontanaFYE 2014 BriefingMay 22, 2014Business Services

AgendaIntroductionsOffice for Planning, Budgeting & Analysis (OPBA)Payroll processing Schedule/HighlightsPayroll Redistribution DatesCampus Cutoff ScheduleFeed File ScheduleProcedure HighlightsBreakJV RemindersTips & Tools for Monitoring BalancesDan Jenko-introductionsShelly Hiniker-payrollTara-Procedure Highlights2Business Services Contact ListAccounting ServicesDan Jenko, Assistant DirectorExt 5530Tara Scott, Financial Manager Ext 5802Melissa Reimann, Accountant/Capital AssetsExt 6628Luanne Felstet, AccountantExt 2499Barb Bybee, Accountant Ext 6261Geoffrey Lake, Campus Operations CoordinatorExt 6006Accounting Services Fax # Ext 4929

Accounts Payable/ProcurementKay Lamphiear, A/P ManagerExt 4935Ian Robbins, Director of ProcurementExt 2204

SystemsScott Klanecky, Finance Systems ManagerExt 5558Frank Grady, Banner Finance Production Manager Ext 2940

Treasury ServicesBetty DavisExt 4320ManagementJohn McCormick, Interim DirectorExt 25323OPBA Contact ListDawn Ressel, Associate VP for University Planning, Budgeting and Analysisdawn.ressel@umontana.eduExt. 5661Ed Wingard, Budget Directored.wingard@umontana.eduExt. 4775Debbie Morlock, Budget Analystdebbie.morlock@umontana.eduExt. 4791Pope Ashworth, Research & Budget Analystpope.ashworth@umontana.eduExt. 5661Kim Rudolph, Budget Analystkim.rudolph@umontana.eduExt. 5647

Need to update names4General FundsNegative available balancesNegative personnel services balancesCorrect negative balances by submitting a budget change or moving expenses out to another Index Code or Fund (if appropriate) Ensure Appropriate Account Codes are Used for all Expenditures*(Remember to consider benefits when correcting negative personnel balances.)

Reports to use to monitor results:UMDW Operating Statements #1 or #2UMDW Payroll Reports #6 or #7

OPBA needs review and update5

EXAMPLE

EXAMPLE

EXAMPLEDesignated/AuxiliaryNegative fund balancesConsider impact of year end results on FY15 plans and budgets submit a plan amendment if necessaryExpense should not significantly exceed the FY14 fiscal year budgetSubmit budget changes as needed

Report to use to monitor results:UMDW Operating Statement #7 (shows current fund balance)

OPBA needs review and update

9General Funds/Designated/Auxiliary6/13/14 (Friday) Last day to submit routine/temporary budget changes

*Remember RBCs need to be signed by your Vice President

OPBA needs review and update

10Fiscal Year End - PayrollFor questions please contact:Shelley Hiniker: 243-6634Shelley.Hiniker@umontana.eduAndrea Scheuering: 243-5199Andrea.Scheuering@umontana.edu

*For Redistributions please contact your Fund or Grant Accountant.BW & MO PayrollBW 14 online entry GTO is open June 20th. to June 24th.

Do not send RPTs with the Monthly rosters

Submit RPTs by June 13th if you would like them to display on the BW 14 GTO

BW 14 will post July 2nd.

BW 13, BW 14 & MO 7 Health Insurance will be FY2015 expense - $887.00/month

BW 15 will expense in total at the department level for FY15

MO 7 will post July 1st.

New Rate Changes for FY2015. Unemployment .45% (subject to change)PERS 8.27%TRS 10.95TIAA-CREF 10.676

HR needs review and update

12SP Payroll SP 13 will open June 19th and will close at 5:00 p.m. on June 23rd.

SP 14 will open July 2nd and will close at 5:00 p.m. on July 7th. SP 14 pay cycle from June 19 July 1 will pay on July 15th this will be an FY15 department level expenseHR needs review and update

13Payroll - Miscellaneous Redistribution Schedule May transactions June 10th.June transactions July 8th.

Redistributions into State/General fund indexes from other funding sources (such as designated, auxiliary etc.) will be reviewed by the Office of Planning, Budget and Analysis. Sufficient budget authority, for both wages and benefits, must be in place for these to occur.

Manual Checks due to the Fiscal Year End Cash Closing process there will be no manual checks processed from June 23rd. to July 1.HR needs review and update

14Payroll ProcessingPAY IDPAY PERIOD DATESCHECK DATEBANNER INTERFACE DATEENCUMBRANCE RELEASE DATENHIDIST LOAD DATESCOMMENTSMO76/1/2014 - 6/30/20147/01/20147/01/20146/30/201406/30/2014Prepaid Insurance FY2015MS75/19/2014 - 6/18/20147/01/20147/01/20146/30/201406/27/2014SP136/02/2014 6/18/20147/01/20147/01/20146/30/201406/27/2014SP146/19/2014 - 7/1/20147/15/20147/15/201407/11/2014FY2015BW135/25/2014 - 6/07/20146/18/20146/18/20146/18/201406/13/2014Prepaid Insurance FY2015BW146/08/2014- 6/21/20147/02/20147/02/201406/30/201406/30/2014Prepaid Insurance FY2015BW156/22/2014 7/05/20147/16/20147/16/201407/11/2014FY2015SPECIAL7/15/20147/15/201507/11/2014FY2015HR needs review and update

15FYE Payroll RedistributionsProcedures & formPayroll Redistributions are for corrections to the funding sources. These cannot be processed using a journal voucher.

Deadlines90 Day Rule If you are processing a redistribution that has a history date of greater than 90 days you must include an exception memo which will be approved by the Director of Business Services or his assignee.

Grants and Contracts must adhere to ORSP policy and procedures.

BW14 Timing IssuesReview your GTO reports carefully upon completion. If there is an error contact your HRA immediately before it completes. For FY14 this would be 2:00 pm 6/24/14.Additional Notes for FY14: Add a note regarding 1) Make a note if only moving a portion2) Calendar year vs fiscal year3) Do NOT include benefit account lines16Payroll Redistribution Formhttp://www.umt.edu/bussrvcs/Employees/Forms.aspx

Payroll Redistribution DeadlinesDeadlines to have requests to Business Services

6/10/14 May (due by 3:00 PM) 7/8/14 June (due by 12:00 PM) Payroll Redistributions for BW14 will not be allowed

Reminder: all requests for redistribution need to be processed through your Fund Accountant or your Grant Accountant, not through the Payroll Office18FYE 14 Websitehttp://www.umt.edu/bussrvcs/Employees/Procedures/Accounting/Fiscal%20Year%20End.aspx

Campus Cutoff Schedulehttp://www.umt.edu/bussrvcs/Employees/Procedures/Accounting/Fiscal%20Year%20End.aspx

Update current dates20Feed File ScheduleDue by July 10th at 3:00 PM

Facilities Services (work orders and postage)Network port chargesFixed phone chargesLong distance chargesUC Admin chargesDining Services invoicesAccounts Payable Critical DatesJune 13Procard purchases for FY14 should be completed to ensure FY14 posting.

June13Warrant Cancellations to AP.

June 245:00 Normal Check Run checks to be issued and mailed June 25.

June 275:00Procard Redistribution for June(Cycle 12 - thru 6/21).

Kay needs to update22A/P Critical Dates(CONT.)July 1All travel, entertainment, check requests, all Paper Requests need to be sent to A/P for FY14 processing. Costco Receipts to A/P for FY14 Processing.

July 25:00A/P check run. Checks to be issued and mailed July 3.

July 75:00Second Procard Redistribution for June (Cycle 13 6/22 thru 6/30)(Use feed date of 6/29)

July 9 5:00Final AP check run for FY14. Checks to be issued and mailed July 10.Kay needs to update23July 1012:00Direct pay processing for FY14 ENDS. Invoices must be completed and approved prior to 12:00. Items received by 6/30/14 must be entered and completed with a June 30 transaction date.

July 11No Department / Affiliate Banner or GrizMart processing.

July 14FY15 Opens Reminder: NO FY15 invoices can be processed until now unless processed as Prepay Invoice.

Reminder: July 1-10 use transaction date of 6/30/14 in both GrizMart and Banner for FY14 processing.

A/P Critical Dates(CONT.)Other Critical Dates 7/11FY14 Period 12 closes at 5:00 PM 7/12 GL and Encumbrance Roll to FY15 7/14 Period 12 Reports available thru UMDW

FY14 July 14Invoice Processing ResumesJournal Voucher Entry

Reverse EntriesAutomated, prior to July Month End closingPre-Pay and Deferred Revenue, prior to July Month End closing Accounting Procedure UpdatesPrepaid Expenses

Miscellaneous Accounts Receivable

Deferred Revenue

Accrued ExpensesPrepaid ExpensesDefinitions:Prepaid expenses are items over $500.00 that are paid during the current fiscal year, but are an actual cost for the next fiscal year. All items or services must be received or provided after June 30, 2014 to be considered a prepaid expense. These expenses are recognized as an asset (prepaid) in the current fiscal year and as an expense in the next fiscal year.

This process is not applicable to Grants.

Prepaid Expenses Examples of Prepaid Expenses:

Prepaid service contracts or software licenses (under $100,000) for next fiscal year (these can be split between 2 years)

Subscriptions or membership fees for next fiscal year (these can be split between 2 years)

Expenditure transactions which are matched to deferred revenue (ie: summer session revenue)Prepaid Checklist

Prepaid Expenses(Continued)Updates/Reminders: *REMEMBER* - use the activity code PREPAY in GrizMart for non-PO payments or requisitions or meal per diems entered through GrizMart

*REMEMBER* - you can code ProCard charges directly to Prepaid account 1905

Make sure to get supporting documentation to Barb Bybee (ext 6261) before noon on Friday, 7/11/14

Review procedure: Prepaid Procedures

http://www.umt.edu/bussrvcs/Employees/Procedures/Accounting/Fiscal%20Year%20End.aspx

http://www.umt.edu/grizmart/GrizMart%20FAQs.php#FAQ31

31Miscellaneous Receivables The University does not record all accounts receivable in its centralized accounts receivable system, this information must be provided to Business Services.

It is the departments responsibility to report the correct receivables and maintain and forward to Business Services the backup support for the receivables reported.

This applies to receivables that are not recorded in Banner and are owed by off-campus entities.

Miscellaneous Receivables(Continued)Updates/Reminders: No procedure changes from last year

Individual receivables greater than or equal to $25,000 require dean or director approval

Make sure to get supporting documentation in to Geoff Lake by noon Monday, 7/7/14

Review procedure: Miscellaneous Accounts Receivable

http://www.umt.edu/bussrvcs/Employees/Procedures/Accounting/Fiscal%20Year%20End.aspx

Deferred RevenueDEFINITION:Deferred revenue is revenue collected in the current fiscal year for services provided in the next fiscal year. This revenue is reported as a liability on the current years balance sheet and as revenue in the next fiscal year.

Departments that record deferred revenue include, but are not limited to: Continuing EducationBio StationDining ServicesAthleticsCampus RecreationResidence Life

*Note: Summer session tuition and fees collected prior to July 1st are also recorded as deferred revenue per Montana University System policy.Deferred Revenue(continued)Procedures: Banner Online Departmental Deposit Form Preparation

For ease of processing deposits, please use a separate deposit card for deferred revenue transactions

Deferred revenue must be recorded with an activity code. Find the current activity code list on the link below. Please contact your Fund Accountant if a new activity code needs to be established. The activity code is the revenue account code with the 5 replaced by an R (ie; 50404 Campus Recreation Trip Fee income activity code would be R0404)

Balance Sheet account number is 2505 Deferred Revenue

Deferred Revenue(Continued)Updates/Reminders: No procedure changes from last year

Deadline is same for cash receipt cards (6/27/14)

Be sure to send backup to Luanne Felstet (ext 2499) and contact her with any questions

Review procedure and forms: Deferred Revenue

http://www.umt.edu/bussrvcs/Employees/Procedures/Accounting/Fiscal%20Year%20End.aspx

Include online deposit form36Expenditure AccrualsExpenditures must be recognized in the accounting year incurred, which creates the necessity for recording expenditure accruals for valid obligations incurred but unpaid as of the end of the fiscal year.

Departments must submit requests for expenditure accruals to Business Services on or before the date posted on the Fiscal Year End Critical Cutoff

The following information along with the backup documentation must be provided to Business Services:

Identify type of accrual A accrual or B accrual

Explanation and supporting documentation

Identify vendor (if vendor is another state agency, special accrual accounting is required)

Department contact person and phone number

Add A & B Accrual definitions37Expenditure Accruals (Continued) A AccrualsThese are for State Funds OnlyFor Valid open orders of goods/services received After June 30thB AccrualsThese are for All Funds including State FundsValid open orders on goods/services received on or Before June 30th, but have not yet been paid.

Note: Accruals over $25,000 must include backup documentation and will need approval by the Director of Business Services.

Expenditure Accruals(Continued)Updates/Reminders:

Only items $500.00 or more will be accruedRemember * An accrual may be necessary for Procard purchases made during the last days of June (after 6/21/14) if the vendor does not process them in a timely mannerMake sure to get supporting documentation in to Tara Scott (ext 5802) before 4pm on Thursday, 7/10/14 Review online accrual procedures

http://www.umt.edu/bussrvcs/Employees/Procedures/Accounting/Fiscal%20Year%20End.aspx

Check dates with critical cut off schedule39 Decision Trees

Prepaid ExpensesAm I paying for goods or services prior to 6/30/2014 that are >$500 and relate to next year? ie. Paying for maintenance agreement in June for FY15.

Is this a non-PO payment or requisition Am I using my ProCard? or meal per diem through GrizMart? If yeswhen initiating the purchase in If yes use account code 1905 and GrizMart use expense code and provide back-up to Barb Bybee in activity code PREPAY. Business Services.Have slides available at training40Decision Trees(Continued)Miscellaneous Accounts ReceivableHave I provided goods or services prior to 6/30/2014, but have not received payment by 6/30/2014 and have not recorded the receivable in Banner?If all of above conditions are metcomplete the form on the Business Services website for Miscellaneous Receivables. Send the completed form to Geoff Lake. With the form, send an invoice or statement as supporting documentation. For amounts > $25,000 have your Dean or Director sign the form. Decision Trees(continued)Deferred Revenue

Have I collected funds for activities that will occur on or after July 1, 2014?

If yeswhen completing the deposit card, use account code 2505 with the activity codes established for deferred revenue. The activity codes are listed on the Business Services web-site. Decision Trees(Continued)A-AccrualsWill I receive goods or services AFTER 6/30/2014, that will be paid after 6/30/2014, from a State fund and are > $500? If yesnotify Tara Scott in accounting by sending either a Purchase Order copy or a signed contract that has been initiated by 6/30/2014.

Decision Trees(Continued)B-AccrualsHave I received goods or services BEFORE 6/30/2014 that will be paid after 6/30/2014 and invoice is > $500?If yesNotify Tara Scott in accounting by sending either an invoice, packing slip or a signed contract. 10 MIN BREAK

UM FOUNDATION

Fiscal Year End Procedures for UM FoundationPayments to UMWithdrawal Requests to Foundation Offices by Tuesday, June 24th for last ACH payment on Thursday, June 26thNO advances to index codes - transfer has to be for actual expenses incurredException will be made for reimbursements for June payroll expense. Expense will be an advance and will need to be cleared with June Banner report as soon as June payroll is processedAll other fiscal year 2014 expensesWithdrawal requests to Foundation Offices by July 18th

Clear outstanding advances by June 27Any outstanding advance over the fiscal year-end needs an explanation as to why its still outstandingException for June payroll reimbursements. Expense will be cleared in fiscal year 2014 with June Banner reportQuestionsContact Jamie Stanton at 478846Helpful TipsEnter JVs that post within your department (JD1 & JD2)This will help with faster processingPlease reference the Banner document number in your JV document textPlease monitor all deadlines and notify Business Services right away if unable to meet a deadlinePlease monitor your accounts and get your requests in to the Foundation for Gift accounts by June 24th Contact the appropriate service area with questions (Accounts Payable, Procurement, Accounting, Systems)Dates on JVs are critical; Please specify which FY you would like to post. Please print name and phone extension on JVs you send over to Business Services. 47Tools for Monitoring FYE ActivityBanner FinanceJGIBDST Org Budget StatusFGITBSR Trial Balance Summary

UMDWOperating StatementTrial BalancePayroll

UMDW Contact: Business Services Systems Bob Hlynosky Ext 2494Maybe have the Banner screens open to refer to during presentation48Banner JGIBDSTEnter Index, Fund or Orgn and FY on Banner form JGIBDST

Banner nets total revenues less total expenses

EXAMPLEBanner Drill-Downs & User ID SearchesTo see the transactions for a specific account in JGIBDST, select options and Transaction Detail (JGITRND)

EXAMPLEBanner Drill-Downs & User ID Searches (Continued)JGITRNDHere are all the transactions for account 62280

EXAMPLEBanner Drill-Downs & User ID Searches (Continued)How do I found out who entered my document (J0288872)?When searching on JGITNRD, use the bottom scroll bar find the user ID field.

EXAMPLE52Banner Drill-Downs & User ID Searches (Continued)JGITRNDTo find the highlighted document, select options & Query Document (By Type)

EXAMPLEBanner Drill-Downs & User ID Searches (Continued)

When document number comes up; hit control page down.FGIDOCR shows the transaction lines that were entered for the document selected.EXAMPLEBanner FGITBSREnter Fund and FY on Banner form FGITBSR

EXAMPLEBanner Drill-Downs & User ID Searches (Continued)Other forms for finding user ID:FOIAPPH will show the document approver(s) as well as the originating user for most transactions. Feed documents list only Systems Banner users because they perform the final upload.

Banner Drill-Downs & User ID Searches (Continued)JGIDOCR Click on the document look-up button

Enter a query on the new form (JGQDOCN) for the selected document (J0288872) to see the User ID

Banner Drill-Downs & User ID Searches (Continued)To identify the person associated with the User ID, go to FOMPROF and query on the user ID

UMDW Operating Statement Enter your Index, Fund, or Orgn Keep the default Fiscal year as FY14 Run Operating Report #2 for State Accounts and Operating Report #2 or #7 for Non-State Accounts (includes fund balance)

EXAMPLEUMDW Results

EXAMPLEUMDW Trial Balance Enter Fund Keep default fiscal year as FY14 Run General Report #1 Trial Balance

EXAMPLEUMDW Results

EXAMPLEUMDW PayrollEnter Index, Fund or OrgnEnter Acct Types 61,62,63 for the Wages and Salaries onlyKeep the default Fiscal Year 14Run Payroll Report #7

EXAMPLEShelley would like to add a screen shot for FY14 that shows how the more button works63UMDW Results

EXAMPLEQuestions?

FYE 2014 BriefingThanks for Coming!