Financial Resources –April 2018
Administrative Procedure
2017-2018Financial Year-End
In order to facilitate the transition from the old financial year to the new one, please take note of the following deadlines associated with each type of financial document.
We ask that you contact us if, after May 8, 2018, you discover transactions over $100,000 that should be recorded in the 2017-2018 financial year.
LABOUR REDISTRIBUTION
You have until April 19, 2018, to approve labour redistributions for the 2017-2018’s payroll, up to the pay of April 15, 2018. Labour redistributions for the pay of April 30, 2018, can be done and approved between April 26 and May 4, 2018, through a function that will be added to the electronic form at the end of April.
If you have any questions, feel free to contact the InfoPay helpline at extension 7709 or
CAPITAL FUNDS (Funds 9xxxxx)
You have until April 25, 2018 to enter invoices in the financial system, which affect capital funds. If you expect to receive invoices after this date for goods and services received on or before April 30, 2018, you have until April 25, 2018 to post these transactions in an account payable.
You have until April 25, 2018 to complete journal entries affecting capital funds.
If you have any questions, feel free to contact Monique Hardy at extension 1526 or
RECONCILIATION OF BALANCE SHEET ACCOUNTS
All balance sheet accounts with a balance on April 30, 2018, must be reconciled and sent to AccountingServices no later than May 22, 2018.
Reconciliations must be made to not only to explain the balance in the General Ledger but also correct any errors that may have occurred during the year.
If you have any questions, feel free to contact Mariette Leclair at extension 1187
BUDGET TRANSFERS
The deadline for budget transfers is April 20, 2018 for base budget transfers and May 4, 2018for effective budget transfers. If you have any questions on budget transfers, please direct them to the appropriate person at Financial Planning Service:
Budget transfers: To your analysts Karine Gorman and Denis Martineau
Position control transfers:
PURCHASE REQUESTS (SCIQUEST AND FAST WEBREQ)
All purchase requests subject to a request for quotation ($5,000 or more) must be sent to Procurement in early April2018 to allow sufficient time to initiate the process. For formal requests for proposal, please send in your requests at the beginning of the new financial year.
Please ensure that all requisitions are entered and approved inSciquest and/orFAST Web Requisitioning no later than April 13, 2018, so Procurement has sufficient time to convert these requisitions into purchase orders by April 18, 2018. Please note that since funds are committed only once the requisitions are converted into purchase orders in Banner, we do not intend to cancel any incomplete requisitions.
If you have any questions, feel free to contact the helpline at extension 1587 or and/or
INVOICES AND RECEIPTS (SCIQUEST)
Please see attached procedure: SciQuest year-end 2017-2018
If you have any questions, feel free to contact the helpline at extension 1587 or
PURCHASING CARDS
You have until May 2nd, 2018to reconcile your transactions in FAST PCard. For goods and services received on or before April 30, 2018, that are not charged on the April 2018 statement, you have until May 8, 2018to post the transaction in the 2017-2018 financial year. You must then complete a journal entry to debit the appropriate expense account and credit an account payable. This journal entry will have to be reversed in the 2018-2019 financial year.
If you have any questions, feel free to call the helpline at extension 1587 or
INVOICES (banner)
You have until May 8, 2018 to enter invoices, for goods and services received on or before April 30, 2018, in the financial system. This means that if you RECEIVE goods or services on or before April 30, 2018, and receive the invoice on or before May 8, 2018, you MUST ENTER the invoice in the 2017-2018 financial year.
Note that for entries made from May 1 to May 8, 2018, that must be accounted for in the 2017-2018 financial year, you must use the transaction date of April 30, 2018, in Banner.
E-TRAVEL
Compliance Officers must ensure that all expenses reports with a submit date (effective date) prior to April 30th are approved and processed in Concur in a timely manner to ensure they are reflected in the appropriate Financial year. Before the approval of the documents in
Banner, the transaction date must be verified, and if need be, modified in order for the expense to be recorded in the correct financial year.
If you have any questions or need support pulling the report to determine outstanding expenses in Concur, feel free to send an email to
TRAVEL ADVANCES
All outstanding travel advances as of April 30thMUST be analysed and transferred to an account receivable by journal entry. As of May 1st, this journal entry will need to be reverse. You will therefore have to include those outstanding advances on your year-end reconciliations.
ACCOUTS PAYABLE
If you receive goods or services on or before April 30, 2018, and do not receive the invoice by May 8, you have until that date to record the transaction in the 2017-2018 financial year. You must then complete a journal entry to debit the appropriate expense account and credit a payable account. This journal entry will need to be reversed in the 2018-2019 financial year.
If you have any questions, feel free to call the accounting helpline at extension 2400.
JOURNAL ENTRIES
You have until May 8, 2018 to complete your journal entries.
Note that for entries made from May 1 to May 8, 2018,that must be accounted for in the 2017-2018 financial year, you must use the transaction date of April 30, 2018, in Banner.
If you have any questions, please direct them to the appropriate person at Financial Resources:
Operating funds: Mariette Leclair at extension 1187 or
Research, trust and endowment funds: Nathalie Poulin at extension 1511 or
PETTY CASH
You have until April 26, 2018, to replenish your petty cash for expenses incurred in 2017-2018. For petty cash expenses replenished after this date, you must post the journal entries to the 2018-2019 financial year.
You must make sure that the amount posted to your petty cash balance sheet account in FAST Finance Reporting on April 30, 2018, is equal to the total value of your petty cash. If there is a difference between the two amounts, you have until May 8, 2018, to make the necessary adjustments by journal entry.
If you have any questions, feel free to callBrandy Hamilton at extension 1521
DEPOSITS
You have until April 27, 2018, to enterdeposits in Bannerfor all cash and cheques on hand pertaining to the 2017-2018 financial year. You then have to bring your deposits to Accounting Services no later than April 27, 2018.
Payments by Interac or credit card (Visa, MasterCard): To ensure revenues are recorded in the General Ledger in the 2017-2018 financial year, you must close your batch in the Point of Sale terminal before midnight on April 30, 2018. These transactions must be recorded as deposits in Banner before noon May 1, 2018, and the transaction date in Bannermust be changed to April 30, 2018. Accounting Services must receive the documentation from these deposits no later than May 1, 2018.
Accounts receivable: Cheques and cash received after April 30, 2018, and pertaining to the 2017-2018 financial year must be recorded as deposits in Banner in the 2018-2019 financial year. However, you must record an account receivable in 2017-2018 through a journal entry debiting an account receivable and crediting the appropriate revenue account. This journal entry will need to be reversed in the 2018-2019 financial year. You have until May 8, 2018, to record your accounts receivable in the financial year 2017-2018.
If you have any questions, feel free to callBrandy Hamilton at extension 1521
We thank you for your cooperation!
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