Fiscal Year End Deadlines

and Procedures

August 2012

Finance Division

Subject Areas

Year-End Overview

General Ledger

Payment and Procurement Services

Deposits and Receipts

Grants

Suspense

Budget

Questions/Open Discussion

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Year-End Overview

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Year-End Close Schedule

September 10 1st FY12 close

September 21 2nd FY12 close

September 28 Final close FY12

Year-End Resources

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Please follow guidelines from your unit’s Chief Business Officer, as

internal deadlines could be earlier than those stated in this presentation.

The following information will be on the Finance website and sent to you in

modifiable format:

This presentation

Year-end checklist

Contact list

General Ledger

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FY12 ChartField Requests

Journal Entries

Recurring Journal Entries

Expense and Revenue Accruals

Journal Entries and SmartKeys –

Year-End Process

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Year-End Journal Entry Tasks and Deadlines

August 24

Last day to submit requests to Controller’s Office to create FY12 SmartKey or Chartfield.

August 31 Deadline for journals through Workflow to Controller’s Office for 1st close University only journal entries New for this year: Journals will be posted daily (on business days) during

the 1st close for University-based entries

September 10 1st FY12 close (1st close complete 5 PM)

September 14 Final deadline for FY12 journals. Journals must be through the Workflow process and to Controller’s

Office by 11:59 p.m. on 9/14/12 to be processed for FY12.

September 21 2nd FY12 close complete

September 28 August journals that did not complete Workflow by 9/27/12 will be deleted

September 28 Final close FY12

Journal Entries

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Journal Date

for JEs

created after

8/31/12

Expired

August

Journals

When you create a Journal Entry, the Journal Date defaults to the current date

Accept the default for journals to be posted in FY13 Change the date to 8/31/12 for journals to be posted in FY12

Beginning 9/14/12, all journals should have a FY13 date

The Controller’s Office will send out an email regarding expired journal entries

If still needed, copy the JE and change the date to a FY13 date

The Controller’s Office will delete expired August journals on September 30, 2012

Journal Entry Reminders

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Supporting

Documentation

Recharges

For auditing purposes, all Journal Entries must have supporting documentation attached. DO NOT INCLUDE: Personally Identifiable Data (PID) including Protected Health Information (PHI) Reporting Tip: Use a meaningful line description to improve report

results. Exception: Documentation is not required if the Journal Header

sufficiently explains the reason for the journal entry. For example, “To reverse journal XYZ which was entered in error”

Recharges must have a debit and an offsetting credit. The account numbers for both the debit and the credit should be in the 8xxxx range.

Transfers

When crediting an account in the 9xxxx range, there must be an offsetting debit in the 9xxxx range.

Monitor your

JE Approvals

Run the Journal Inquiry to monitor the status of your journal entries General Ledger > Review Financial Information > Journals

Search for a specific Journal ID or search for all JEs for your User ID

Recurring Journal Entries

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FY12 Recurring

Journal Entries

If the amount

of your entry

changes each

month

RJEs will run in Compass “as is” for the remainder of FY12. If the existing RJE does not meet your needs Ask the Controller’s Office to stop the RJE, then you can create the July and

August entries manually or Create a supplemental journal entry for July and August to adjust the amount

to actual

The Controller’s Office will not change the amount of your FY13 RJE once created in Compass. If the amount changes monthly Do not set up a RJE. Instead, copy the previous month’s entry and change the

amount or Set up a RJE and create a supplemental journal entry each month to adjust the

amount to actual

Most RJEs currently in Compass will end on 8/31/12. If your RJE should continue in FY13 In September, copy your August entry and make necessary changes.

Process through workflow like a normal online journal entry. Don’t change the reference field values

Send an email to richard.gable@emory.edu requesting Journal XXX be set up as a Recurring Journal Entry for the remainder of FY13

FY12 Recurring

Journal Entries

Journal Entries Across Operating Units

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Reminder:

Procedure

Journal entries usually take place within an Operating Unit. In scenarios where the journal entry crosses Operating Units, it is important to inform the other Operating Unit. This notification is especially important at the end of the fiscal year.

Run the EU_GL_JOURNALS_BY_OPU query to determine if your unit has been affected by another unit’s journal entry

Notify the other Operating Unit of the transaction Add the appropriate Business Officer from the other Operating Unit

as an ad hoc approver in Workflow If other Operating Unit does not agree with the transaction, the two

Operating Units should negotiate and determine how to handle the transaction

AP Accruals – Year-End Process

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Year-End AP Accruals Tasks and Deadlines

August 31 AP module closes in Compass

September 1 A/P automatic accrual process begins – based on invoice date

September 10 Deadline for invoice-attached items to be through Workflow (Department approval process complete) to be included in AP accrual process.

Invoices Dated 8/31/12 and prior

Submit by 9/10 for posting to FY12 This process will be driven by invoice date.

Invoices Related to FY12 but Dated

9/1/12 and forward

Submit by 9/5 for automatic posting to FY12

To ensure the invoice will be considered for inclusion in FY12 if it is submitted to A/P after 9/5 Submit by 9/10 and Send an electronic copy of invoice support to ctrl@emory.edu

along with the SmartKey, account, and amount

AP Accruals – Year-End Process (continued)

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Year-End AP Accruals Tasks and Deadlines

September 6 Controller’s Office will post 1st accrual file (will include ALL invoices) Accrual files will continue to post daily through 9/15/12

September 11 – September 24

Manual invoice accrual process (covers all FY 12 invoices submitted to A/P after the 9/10 deadline)

Accrual entries must be made in conjunction with the Controller’s Office (send an email to ctrl@emory.edu with proper backup)

Reminders The Controller’s Office will review invoices and accrue to E&G budgets until 9/11 through the automatic accrual process.

Any accrual entries to E & G budgets after that date will be reviewed with the chief business officer.

Accrual entries will continue to be posted to non-sponsored projects until 9/24

September 14

The Controller’s Office will accrue any outstanding FY12 payroll bonuses or adjustments that missed the payroll deadline with chief business officer approval. These entries will post to account 51010.

AP Accrual Process

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AP Accruals

Accounts Payable and Controller’s Office will accrue invoices with a FY12 date submitted by 9/10/12 via the accrual process Campus is responsible for working with the Controller’s Office to

manually accrue items after the 9/10/12 cutoff.

If you have a FY12 invoice, send the invoice to AP by the 9/10/12 cutoff date If you send an invoice to AP, do not make a manual entry Be sure the invoice has a FY12 date (8/31 and prior) FY 12 invoices with an FY 13 date (9/1 and forward) should also

include an email with backup to ctrl@emory.edu in order to be accrued.

Tips:

Payment and Procurement Services

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Payment Requests and Expense Reports

P-Card Purchases

Accounts Payable – Year-End Process

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Year-End Accounts Payable Tasks and Deadlines

August 27 Payment Requests must be approved by department approvers and in Payment Services Workflow inbox

August 30 by 3:00 PM

Payment Services must approve Payment Requests in Workflow

August 31 Travel and Expense Reports must be submitted into Workflow

September 10 Travel and Expense Reports must have final Department approval in Compass Smart Solutions Workflow

September 11 Incomplete FY12 Expense Reports will be deleted

Payment Requests and Expense Reports

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Approval

Process

Travel and

Expense

Reports

If a trip begins in August and continues into September, the expense report charges will all post the month the expense report is created

Remaining incomplete FY12 Expense Reports will be deleted on September 11, 2012

The approval drives the posting of Payment Requests and Expense Reports

If not approved by the deadline, the Payment Request or Expense Report will not post in FY12

Airfare Direct

Billed to

SmartKey

The final Travel Agent Direct Bill files will run in mid-August For any airfare charged between 8/15/12 and 8/31/12, check to see

whether the airfare charges posted. If not, the charge must be accrued if travel occurred prior to fiscal year end.

Accounts Payable – Year-End Process

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Year-End Accounts Payable Tasks and Deadlines

August 27 Deadline for outgoing Wire Transfer Requests to be entered into Emory Express

August 30 5PM Cutoff for AP Stop Payments

August 30 Deadline for viewing, approving, and reallocating P-Card charges in the SAM/MARS system

September 10 Deadline for invoice-attached items to be through Workflow (department approval process complete) - to be included in A/P accrual process

September 13 Deadline to complete receiving for Emory Express invoices over $4,999 to ensure posting in FY12

Deposits and Receipts

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Clearing Accounts

Cash Deposits for FY12

Gift Processing for FY12

Unclaimed Wires

Petty Cash

Clearing Accounts – Year-End Process

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Year-End Clearing Accounts Tasks and Deadlines

During August Controller’s Office sends out a list of clearing accounts The list will be distributed to the owners of the clearing accounts and

will indicate the date for resolving the clearing accounts Any exceptions to the deadline will be listed The Controller’s Office will work with account owners who have

questions on clearing their accounts Reminders will be sent to clearing account owners during the month

September 13 Deadline for resolving all clearing accounts By this date, all transactions in clearing accounts must be researched

and resolved as to where each item should be reported All transactions must be appropriately reclassified out of the clearing

accounts (for example, if the transaction is AR related, it should be recorded in AR)

Accounts Receivable – Year-End Process

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Year-End Accounts Receivable Tasks and Deadlines

September 10 Last day to get FY12 bills to Financial Operations (Sonya Hearn)

Cash and Gift Processing – Year-End Process

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Year-End Cash and Gift Processing Tasks and Deadlines

August 31 4:30 PM Cutoff for FY12 cash deposits and gift processing All University Cash Receipts for FY12 are due in the Cashier’s Office by

4:30 PM (Cashier’s Office will extend if needed) to facilitate a hard close

September 6 The Controller's Office will post revenue (deposit) accrual file. Accrual files will post daily through 9/15/12 as applicable

All FY12 gift checks/cash should be delivered to the Gift Processing Office

for appropriate processing

Accruing Deposits to FY12

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To accrue a

deposit to the

old year

(FY12)

Create your Departmental Deposit as normal, and then From the Accounting Entries page, click the Deposit Control tab Locate the *Accounting Date field

Change the date to 08/31/12 and click Save Continue to process your EPay as normal

The Controller’s Office will locate all deposits with an Accounting Date of August 31 and accrue that deposit to the old year (FY12)

Wire Receipts – Year-End Process

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Year-End Wire Receipts Tasks and Deadlines

July and August

Campus claims wire receipts for FY12 Throughout July and August, the Controller’s Office will send reminders

on a periodic basis concerning wires waiting to be claimed

September 4 Last day for campus to go online to claim wire receipts for FY12 Wires for FY12 must be claimed with a FY12 date

Wire Receipts

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Compass

Procedures

The procedures for claiming wire receipts in Compass is available in the Compass Online Reference Guide under Accounts Receivable and Billing > Wire Receipts

Wire Receipt Reminders

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Complete all

steps of the

process in one

session

Resolve

issues quickly

It is critical that the wire claim process be completed from start to finish in one session Once you begin claiming a wire, do not exit the process until the last

step is completed If the full process is not completed, the general ledger and/or wire

claim page may not update accurately or in a timely manner

If you are expecting a wire receipt that does not display on the wire claim page, contact Vakela Kelly immediately for assistance (vlkelly@emory.edu)

Immediately after completing the wire claim process, check to make sure your wire receipt has been removed from the wire claim page

Check the wire

claim page

Petty Cash – Year-End Process

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Year-End Petty Cash Confirm Tasks and Deadlines

August 16 5 PM cutoff for all requests for setup of new Petty Cash accounts. The complete application packet must be received by the Controller’s Office. Requests received after 8/16/12 will be processed after 8/31/12 in September (new year) business

August 17 4 PM cutoff for all requests for replenishment of existing Petty Cash funds. Voucher must be submitted in Compass and original documentation received in Controller’s Office by 4 PM.

September 14 Petty Cash checking account reconciliations due in Controller's Office

Grants

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Retroactive Salary Transfers

Grants Proposal/Award Deadlines

Grants – Year-End Process

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Year-End Grants Tasks and Deadlines

August 10 Last day for campus submission of PAN requests for FY2012

August 17 Deadline for submitting awards to OSP Send awards to OSP as early as possible, but no later than August 17, 2012 The award must be generated and budget finalized for FY 2012. The contract does

not have to be set up All awards received by 8/17/12 that have all required information by 8/21/12 will

be set up in FY 2012. After these dates, OSP will make every attempt to set up the award

August 31 Deadline for proposals to reach OSP (complete through Workflow in EPEX) Proposals with a due date of 8/31/12 or prior: If received in OSP by August 31,

2012 the proposal will be submitted in August 2012 Proposals with a due date of 9/1/12 or later: If received in OSP in August, the

proposal will be submitted if complete and if time allows

11:59 PM August 31

Deadline for OSP and OGCA to submit proposals and awards to be included in FY12 reports. Compass has a true calendar date cutoff. Proposals and awards submitted after

8/31/12 cannot be adjusted to include on 2012 reports

Grants – Year-End Process

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Year-End Grants Tasks and Deadlines

August 23 Deadline for clinical trial checks to be received in OGCA in order to be processed in FY 2012

August 31 Deadline for FY12 journals through Workflow to OGCA for 1st close New for this year journals will be posted daily during the first close

September 14 Final deadline for journal entries Journals must be through the Workflow process and to OGCA by 11:59PM

on 9/14/12 in order to be processed in FY 2012.

Year-End RST Task and Deadline

August 24 Deadline for RSTs with supporting documentation to OGCA front desk (1st close)

September 11 Deadline for RSTs with supporting documentation to OGCA front desk (2nd close) Paper (hardcopy) RSTs must be approved and in the OGCA office by this

date Electronic RSTs (done in the effort system) must be completed and

APPROVED BY THE SCHOOL in the system by this date

Grants Reminders

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ORA Reports

Compass uses a true cutoff by calendar date Whatever is processed by the due dates for proposals and awards

will be included in the ORA reports for FY2012 Compass no longer offers the ability to make adjustments after the

calendar date of 8/31/12 for 2012 reports

Suspense

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Used to be Grants (UTBG)

Grants Dates Out-of-Bounds (GOOB)

Partially Funded by Grants (PFBG)

Account 16000

Fund 2002 Suspense Projects

Suspense Clearing

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Suspense items result from transactions that attempt to post to the Compass GL but contain invalid SmartKeys, Projects, or Accounts

Five types of suspense items: GOOB (Grant Out of Bounds) – 3rd party feeder systems UTBG (Used to be Grant) – primarily salary transactions PFBG (Partially Funded by Grants) – primarily salary transactions 16000 Suspense – Accounts Payable and 3rd party feeder systems Suspense Projects 2002 – primarily salary transactions The same goal for all five types – determining an active SmartKey for the

charge

What causes

an item to be

in suspense?

Clearing

Suspense

Items

Clearing GOOB or Account 16000 suspense items: Department enters a valid SmartKey and Account on the

spreadsheet and returns to OGCA (GOOB) or Controller’s Office (Account 16000)

Tip: Return spreadsheet in the same format and with the same file name

Clearing UTBG and PFBG suspense items: Department does RST to move the salary expense and journal to

move the non-salary expense to the correct active account or fund.

Suspense Clearing – Year-End Process

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Year-End Suspense Clearing Tasks and Deadlines

August 2 Deadline for September-July GOOB, UTBG and PFBG & Account 16000 suspense clearing information to be received

August 20 Controller’s Office will provide balances of GOOB & Suspense Account 16000 activity to Business Officers

September 5 Last day for feeds to hit Compass for 1st close

September 10 1st close

September 11 Deadline for August GOOB, UTBG and PFBG & Account 16000 suspense clearing information to be received

September 13 Controller’s Office will provide balances to Business Officers of all suspense accounts (UTBG, GOOB, PFBG, Fund 2002 projects and Account 16000) to determine fiscal year-end close action required

September 28 Final close

Budget

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FY12 Budget Deadlines

Closing Out E&G Budgets

Funding Deficits

Budgets – Year-End Process

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Year-End Budgets Tasks and Deadlines

August 31 Cutoff for pre-approved one-time funding requests for FY12

August 31 Deadline for budget revisions through Workflow to Budget Office for 1st close

September 14 Final FY12 deadline for budget revisions to be through Workflow and to the Budget Office

Funding Deficits

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What is a

deficit?

MGT4446

Report

A deficit occurs when there is not enough funding to cover the expenses for an initiative. Deficits generally occur with projects All deficits must be funded or have a funding plan prior to the fiscal

year-end close

The MGT4446 report (Fund Balance-Associated Projects) will be available to help you with many-to-ones

There are two methods for funding a non-sponsored project deficit If a budget has been loaded for the project, use Account 91600 to

transfer the necessary funds (does not impact KK budget) If a budget was not loaded, use Accounts 91100 and 91120 to

transfer the necessary funds (does impact KK budget) For sponsored projects, contact OGCA

How is a deficit

funded?

Contact List

37 Finance Division

Subject Matter Experts

ChartField Requests Christine Baker christine.baker@emory.edu

Journal Entries Nancy Mears nmears@emory.edu

Recurring Journal Entries Mike Gable Richard.gable@emory.edu

Expense and Revenue Accruals Stephen Frangis sfrangi@emory.edu

Payment Requests and Expense

Reports

Joy Coburn jcoburn@emory.edu

P-Card Purchases Tasha Short tshort@emory.edu

Clearing Accounts Kim Avery kavery2@emory.edu

Accounts Receivable and Billing Sonya Hearn slhearn@emory.edu

Cash Deposits Mike Schiavoni mschiav@emory.edu

Gift Processing Drew Smith

Ben Tompkins

dsmith3@emory.edu

btompki@emory.edu

Contact List (continued)

38 Finance Division

Subject Matter Experts

Unclaimed Wires Vakela Kelly vlkelly@emory.edu

Petty Cash Vakela Kelly vlkelly@emory.edu

Retroactive Salary Transfers James Goff jbgoff@emory.edu

Grants – Proposals and Awards Holly Sommers/

Nikki Simmons

holly.sommers@emory.edu

nikki.simmons@emory.edu

Suspense – UTBG Julie Anne Autrey jautrey@emory.edu

Suspense – GOOB Linda Erhard lerhard@emory.edu

Suspense – Account 16000 Nancy Mears nmears@emory.edu

Suspense – Projects with Fund 2002 Mike Gable Richard.gable@emory.edu

Reporting Jessica Adams jladams@emory.edu

Budgets Jerry Lockamy glockam@emory.edu

Budget Journals Ronald Moody ramoody@emory.edu

Contact List (continued)

39 Finance Division

Subject Matter Experts

Closing Out E&G Budgets Belva White bdwhite@emory.edu

Funding Deficits (non-

sponsored projects)

Belva White bdwhite@emory.edu

Funding Deficits (sponsored

projects)

Evelyn Balabis ebalabi@emory.edu

Financial Attestation Scott Stevenson sjsteve@emory.edu

Inventory Deadlines Stephen Frangis sfrangi@emory.edu

Endowment Distribution Thomas Barr tlbarr@emory.edu

Interfaces David Giles dgiles@emory.edu

Payroll Beth Cox lbcox@emory.edu

Data Services Susan Newborn sjacks2@emory.edu

Information Only

40 Finance Division

Reporting

Inventory Deadlines

Endowment Distribution

Interfaces / Miscellaneous

Deadlines

41 Finance Division

nVision Report Listing

42 Finance Division

nVision Report Availability

43 Finance Division

MGT43xx Balance Sheet Reports

44 Finance Division

MGT44xx Fund Balance Reports

MGT4446 – Fund Balance Associated Projects

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Scopes

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Example

D:Department ID D:111010

P:Project ID P:G8510451

P:00001234

A:Award Number (no leading zeros) A:7343

PI:PI User ID (upper case) PI:JSJOHNS

Scopes

Determines if the Report is for a Department , Project, Award, or PI

Specifically “What” Department, Project, Award, or PI

Scopes

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Summary Scopes – Single Report with Subordinate Items Aggregated

Example: UDPSxxxx (UDPSFIF1)

Detail Scopes – Potentially Multiple Report Outputs Produced

Example: UDPDxxxx (UDPDFF01)

(UDPDFF02)

Produces a Single Report With Data

Aggregated From All Departments Within the:

Controllers Office

Financial Operations

Grants & Contracts

VP For Finance

Produces Multiple Reports – 1 For Each

Department In the Controllers Office

Produces Multiple Reports – 1 For Each

Department In Financial Operations

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Use Drill Down

49 Finance Division

Revised Summary Report Format

Return

Inventory – Year-End Process

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Year-End Inventory Tasks and Deadlines

August 31 Departments must take physical inventory Inventory must be observed on 8/31/12; if inventory cannot be

observed on 8/31/12, it must be observed prior to 8/31/12 If not observed on 8/31/12, departments must be prepared to roll

forward the inventory or shut down operations until 8/31/12 to ensure the inventory reflects 8/31/12 balance

Departments must be able to provide backup for the inventory balance

September 4 Deadline for inventory counts and adjustments to Controller’s Office

Endowments – Year-End Process

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Year-End Endowment Tasks and Deadlines

August 31 State Street market value feed for July

September 14-18 Pool 1 State Street feed for August posted

Interfaces / Miscellaneous Deadlines

52 Finance Division

Year-End Miscellaneous Tasks and Deadlines

September 3 Deadline for billings not recorded through the General Accounts Receivable Office to Controller’s Office

September 3 Deadline for term summary contracts extending past 8/31/12 to the Controller’s Office

September 4 Deadline for lease agreements extending past 8/31/12 to the Controller’s Office

September 5 August interface for 1st close

September 13 Deadline for bank statements received outside the Controller’s Office due to the Controller’s Office

September 17 Final August interface