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TO:Budget Managers
FROM:Controller’s Office – Financial Accounting
DATE:May 7, 2014
SUBJECT:Year-End Closing Schedule – Fiscal Year 2014
The current fiscal year ends on June 30, 2014. In order to achieve an accurate and timely close of the university's fiscal year, please adhere to the following schedule for processing transactions:
PROCEDURE / DEADLINE / CONTACTRequisitions entered through Procurement(furniture & technology) / Friday, May 30 / Procurement
Budget Change Requests – departmental expenses / Friday, June 6 / Budgets & Operational Rptg
Budget Change Requests – salary expenses / Friday, June 6 / Financial Actg
Salary Reallocations for activity through May 30, 2014 / Monday, June 9 / Financial Actg/ ORS
Salary Payment Requests approved in Campus Connect / Friday, June 20 / Payroll
Requisitions entered through Procurement (all other purchases) / Friday, June 20 / Procurement
Journal Entry Request Forms for May activity / Friday, June 20 / Financial Actg
Cash/Checksfor FY2014 deposited at Cashier’s Office / Monday, June 30 / Cashier’s Office
Deferred Revenue Form / Thursday, July 3 / Financial Actg
Procurement Card Approvals / Thursday, July 3 / Procurement
ProCard Prepaid Form / Thursday, July 3 / Financial Actg
Departmental Credit Card Upload Spreadsheets due / Thursday, July 3 / Treasury
Salary Reallocations for activity through June 27, 2014 / Thursday, July 3 / Financial Actg/ ORS
Invoice/Voucher Payment Request Forms due / Tuesday, July 8 / Accounts Payable
Employee General/Travel Reimbursement Forms due / Tuesday, July 8 / Accounts Payable
Revenue Receivable Form / Monday, July 14 / Financial Actg
Purchase Order Corrections / Monday, July 14 / Procurement
Accrual Request Form / Tuesday, July 15 / Financial Actg
Journal Entry Request Forms for June activity / Tuesday, July 15 / Financial Actg
INFORMATION SESSIONS
Information sessions pertaining to the fiscal year-end 2014close will be available to Budget Managers as follows:
Loop Campus: Thursday, May29, 2014, 9:30am-10:30am (55 E. Jackson Suite 801)
Lincoln Park Campus: Thursday, May29, 2014, 3:30 pm-4:30pm (Munroe Hall, Room 124)
These information sessions will offer an overview of the year-end close procedures and deadlines discussed in this communication;time will be provided for questions and answers.
Please RSVP to Rebecca Wells at y May 28, 2014.
BUDGET CHANGES
If your department is underfunded, budget dollars must be moved from another source to cover the expenses by completing the Budget Change Request form located on the Financial Affairs website ( Budget increases and transfers are required to cover expenses in departments which are currently over budget or are expected to be over budget at June 30, 2014.
Budget Managers can determine the current financial status of their departments in CampusConnectby viewing the Financial Activity Report (“Statement of Activities”, FINACVTY14) and/or the “Salary Costs Status Report”(LBR/RPT_11). Both reports are located in Campus Connect under“Self Service > Reports > Financials”. When determining final budget needs, please consider ALLfiscal year 2014 charges that will post to your department including monthly chargebacks such as copier, postage, printing, telephone, PC leases, and ProCard.
Please submit Budget Change Request forms and direct any inquiries as follows:
DEPARTMENTAL BUDGET CHANGE REQUESTS:
Office of Budgets and Operational Reporting (Maggie Ramirez, 2-6641)
SALARY BUDGET CHANGE REQUESTS:
Financial Accounting (Keith Hayes, 2-6121)
All Budget Change Request forms must be received no later than June 6, 2014.
SALARY EXPENSES
SALARY PAYMENT REQUESTS:
Payment requests for employees who rendered services during fiscal year 2014 must be submitted by June 9, 2014. All requests must be fully approved by June 20, 2014 to be included in the June 27, 2014 payroll. Please submit your request via Campus Connect (Manager Self Service > Payment Requests > Request a Payment). The status of outstanding payment requests can be queried under “Manager Self Service > Payment Requests > Manage Pay Requests”.
Immediately submit payment requests identified after the deadline in Campus Connect and contact Financial Accounting (Kevin Achettu, 2-5515) so that proper accounting treatment may be reviewed.
SALARY REALLOCATION REQUESTS:
Budget Managers can review the “Salary Costs Status Report” (LBR/RPT_11), located in CampusConnect under “Self Service > Reports > Financials”, to identifyemployees that are charged to an incorrect salary account or to an incorrect department/grant. If you need to move salary charges, complete the Salary Reallocation Request form located on the Financial Affairs website ( You will need to note the effective date of the change and include the following information from the Salary Costs Status Report: employee ID, position number, account code, and amount to be reallocated.
Please submit Salary Reallocation Request forms and direct any inquiries as follows:
GRANT DEPARTMENTS: Office of Research Services (David Mendez, 2-7727)
ALL OTHER DEPARTMENTS: Financial Accounting (Kevin Achettu, 2-5515)
All Salary Reallocation Request forms must be received:
For activity posted through May 30, 2014: no later than June 9, 2014
For activity posted through June 27, 2014: no later than July 3, 2014
PURCHASING
PURCHASE REQUISITIONS:
The deadline to enter requisitions for purchases of furniture and technology (computer hardware/software) is May 30, 2014. These purchases typically require additional lead time for delivery and can only be expensed in fiscal year 2014 if they are received by June 30. Requisitions for all other fiscal year 2014orders must beentered no later than June 20, 2014.
Creating a requisition in fiscal year 2014 does not guarantee that the expense will be applied to the fiscal year 2014budget. The expense will be applied to the fiscal year in which the goods are received or services are rendered (see section entitled “Departmental Expenses”). As such, consider the delivery date when contacting vendors and preparing requisitions so that appropriate delivery lead time is provided.
Please contact the Procurement Services Department at 2-7510 if you have any questions regarding purchase requisitions or purchase orders. Departments requiringan emergency requisition should contact Laurie Krauel at extension 2-5272 for assistance.
PURCHASE ORDER CORRECTIONS:
Budget Managers can review open purchasing commitments on the “Encumbrance Detail” tab of the Financial Activity Report (“Statement of Activities”, FINACVTY14), located in CampusConnect under “Self Service > Reports > Financials”. If erroneous open purchasing commitments appear on your June 30, 2014financial activity report, contact Laurie Krauel at 2-5272 no later than July 14, 2014. Please have the following information available: vendor name, PO number, Dept ID, and a description of the problem.
DEPARTMENTAL EXPENSES
Financial accounting standards require that all expenses be recorded in the fiscal year that goods are received or services are rendered.With this in mind, the following year-end schedule is in place for these processes:
PROCUREMENT CARD APPROVALS (ProCards):
All ProCard charges posted in PaymentNet through June 30, 2014 will by default be charged to your departmental budget in fiscal year 2014. ProCard charges posted on or after July 1, 2014 will be charged to fiscal year 2015. ProCard transactions generally post to PaymentNet within 1-3 days of the actual purchase date. Keep this in mind when making ProCard purchases at the end of the fiscal year. In general, ProCards should not be used the last few days of June 2014.
Procurement will run one year-end approval cycle edit report for ProCard charges made from May 16, 2014 through June 30, 2014. Online statements are available in PaymentNet ( as soon as a transaction postsin the year-end approval cycle. This allows ProCard users to review transactions,update chartfields, and add transaction notes prior to the end of the cycle on June 30.
ProCard users should approve transactions for theyear-end approval cycle online in PaymentNet by July 3, 2014. Approving managers have until July 18, 2014 to approve these transactions, however any chartfields that are changed during approvals after July 3, 2014 will not be processed automatically and should be corrected by submitting a Journal Entry Request form. This form is due to Financial Accounting (Jim Sullivan, 2-5598) no later than July 15, 2014.
If a payment has been processed using a ProCard prior to June 30, 2014 but the goods will be received or services will be rendered on or after July 1, 2014, please complete the ProCard Prepaid Form (see attached Year-End 2014 Forms). This form is due to Financial Accounting (Jim Sullivan, 2-5598) no later than July 3, 2014.
INVOICES AND VOUCHER PAYMENT REQUESTS:
The deadline to submit invoice/voucher payment requests to Accounts Payable is July 8, 2014by 12:00 PMfor goods received or services rendered throughJune 30, 2014.Accounts Payable will review invoices/voucher requests and apply the expense to the appropriate fiscal year. Please contact Accounts Payable if you have any questions (Norma Rodriguez, 2-5372 OR Juan Gonzalez, 2-5335).
Invoice/voucher requests submitted after the July 8, 2014 deadline for goods received or services rendered through June 30, 2014 will require a completed Accrual Request Form (see attached Year-End 2014 Forms).The Accrual Request Form is due to Financial Accounting by July 15, 2014. Be sure to include documentation to support the actual or estimated accrual amount, (i.e. copy of quote, invoice, communication from vendor, etc.) Please submit Accrual Request Forms and direct any inquiries to Financial Accounting (Jim Sullivan, 2-5598).
EMPLOYEE GENERAL REIMBURSEMENT / TRAVEL REIMBURSEMENT:
The deadline to submit reimbursement requests to Accounts Payable for employee expenses and out of town travel that occurred prior to June 30, 2014 is July 8, 2014 by 12:00 PM. Always attach original receipts. Please contact the Accounts Payable if you have any questions (Norma Rodriguez, 2-5372 OR Juan Gonzalez, 2-5335).
Reimbursement requests submitted after the July 8, 2014 deadline for employee expenses and out of town travel that occurred prior to June 30, 2014will require a completed Accrual Request Form (see attached Year-End 2014 Forms). The Accrual Request Form is due to Financial Accounting by July 15, 2014. Be sure to include documentation to support the actual or estimated reimbursement amount, (i.e. copies of receipts, etc.). Please submit Accrual Request Forms and direct any inquiries to Financial Accounting (Jim Sullivan, 2-5598).
REVENUES
CASH RECEIPTS AND DEPARTMENTAL DEPOSITS (SPECIAL RECEIPTS):
University policy requires departments to deposit cash/checks on the same day as they are received. Payments received on June 30,2014 should be deposited at the Cashiers Office onJune 30, 2014by 4:00 PM in order to apply the deposit to fiscal year 2014.
DEFERRED REVENUE: For receipts deposited prior to June 30 which apply to services that will be rendered by the university in FY15 (that is, on or after July 1), please complete the Deferred Revenue Form (see attached Year-End 2014 Forms). Please direct any inquiries to Financial Accounting (Anna Bonick, 2-8036) and submit this form no later than July 3, 2014.
REVENUE RECEIVABLE: If receipts deposited after July 1 relate to services that were rendered by the university in FY14 (that is on or before June 30) OR if you are still awaiting a receipt of cash or check for services that were rendered by the university in FY14, please complete the Revenue Receivable Form. Please direct any inquiries to Financial Accounting (Anna Bonick, 2-8036) and submit this form no later than July 14, 2014.
Receipts of cash or checks that constitute gifts to the university should be forwarded to the Department of Gift Processing by June 30, 2014 by 1:00 PM. All gifts received through June 30, 2014 will be posted to fiscal year 2014.
DEPARTMENTAL CREDIT CARD PROCESSING:
Departments accepting credit card payments will receive an upload spreadsheet from the Treasurer’s Office on July 1, 2014. These spreadsheets must be returned to the Treasurer’s Office by July 3, 2014. Please contact Liju Varughese at 2-6014 if you have any questions.
PRELIMINARY YEAR-END REPORTS
Preliminary June 30, 2014 year-end Financial Activity Reports will be available for review daily via “FINACTVTY14” located in Campus Connect under “Self Service > Reports > Financials”. Please review your reports beginning July 9, 2014. To correct any June activity that has posted incorrectly, submit Journal Entry Requests to Financial Accounting no later than July 15, 2014.
Please make sure all appropriate parties are aware of these deadlines and year-end procedures. Any questions regarding the fiscal year-end that are not covered above may be directed to Jennifer Korinek at 2-6730 or .
Thank you in advance for your cooperation in achieving a successful year-end close.
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