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Comptroller's Office |
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| Effective: 01/01/2000 |
Revised: 04/28/08
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CMP 105: Fiscal Year-End Closing |
To close out year-end financial transactions on the Advantage System. To establish processing deadlines that help ensure transactions are recorded in the proper fiscal year.
University policy
The following information outlines fiscal year-end close-out procedures for the NAU accounting system for various fiscal areas. The deadlines in this memo will vary from year to year but are consistent with prior year closings.
In order to record expenses in the proper fiscal year, goods or services expected to be received after June 30th should be entered as FY09 documents (enter 7/1/08 record date on Header page). The only document that can be entered in the new Fiscal Year prior to June 30, 2008 are requisition documents (RQS docs). Requisitions for the new fiscal year must be entered with the date of July 1, 2008.
IMPORTANT!!!! Please note that the pay period ending 7/13/08 will be a split payroll between FY08 and FY09 with 10% (6/30/08) being recorded to FY08 and 90% being recorded to FY09. Please be aware of this as you finalize your budgets for June 30, 2008.
THE FOLLOWING DOCUMENT PROCESSING DEADLINE DATES ARE FOR FISCAL YEAR 2008 ENDING JUNE 30, 2008. THESE DEADLINES APPLY TO DOCUMENT MODIFICATIONS AND CANCELLATIONS. CLICK "HERE" FOR A PROCESSING CALENDAR BY DAY.
Please refer to the Year-End Training web page for special instructions and processing examples.
Index
| Purchasing | Travel | Checks | Transfers | Campus Supply | Deposits | Payroll |
| Purchasing Documents: | |
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RQS Documents - All FY08 requisition documents (RQS Doc Cd) must be completed and approved by June 18th unless they meet or exceed the bid threshold of $50,000, in which case they must be completed no later than May 2nd, 2008 in order to complete the bid process. RQS documents entered after June 18th should be entered as FY09 requisitions for delivery after June 30, 2008. Beginning in April 30th, departments can begin entering RQS documents for FY09 for goods/services to be received after June 30th (enter 7/1/08 record date on Header page). FY08 RQS documents not in final phase after June 18th must be deleted. All FY08 RQS documents not closed out by a PO document by June 25, will be closed by CBDL documents as part of a batch process before June 30th. |
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PD Documents - All departmental purchase orders (PD Doc Cd) must be completed by June 27th. PD documents on the Document Catalog not in final phase after June 30 must be deleted. No FY08 PD documents will be issued after June 27th. |
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| Blanket Purchase Orders - Goods/Services purchased against against blankets
for FY08 must be received by June 30, 2008. When goods are
received, enter a final receiver to close the order (see RC
Documents below). RC Documents - Receiver documents (RC Doc Code) for goods received on or before June 30th must be processed by July 7 2008 (received date should match date goods/services were physically received). RC documents for the final receipt on a blanket order must be entered as final. Any goods or services invoiced prior to June 30, 2008 are FY08 business and must be paid in FY08. IN Documents - Any vendor invoices for FY08 received by
a department must be forwarded to Accounts Payable immediately
for processing. July 10th will be the last day to process
FY08 Invoice documents (IN Doc Code). |
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PO and PD Rollovers - All FY08 PO and PD
documents, except those generated on grant or other multi-year
accounts, will be closed
during year end processing unless a request is made to roll a
document to FY09. Requests to roll PO/PD documents must be submitted
by e-mail to the appropriate buyer in Purchasing. The buyer can be
found by opening the PO/PD document from the Document Catalog in
Advantage and expanding the Contact section on the Header page.
Requests for documents that reference Richard LaRue should be
directed to Glenn Birkett.
PO and PD Lapse Process - Any open FY08 PO or PD documents
not rolled forward will be closed via CBDL documents the week ending
July 18th. Encumbrances on grant or other multi-year accounts
will be rolled to the new year via JVA documents the same week. |
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| Procurement Card Goods and services shall be expended in the year
in which they are received. When the Purchasing Card is used, the supplier may hold the Purchasing Card transaction for several days. This event could create an
accounting problem at the end of a fiscal year (June 30). To ensure proper recording of expenditures, it is recommended that the Purchasing Card be used for emergency purchases only during the last week of June. If it is necessary to use the Purchasing Card during the last week of June, the Cardholder shall inform the merchant that the transaction shall be posted the same day as the purchase.
If travel expenses are posted on or before June 30th for FY08 expenses,
or if you are unsure which accounting year your transactions should
apply to, contact Rosanna Ruiz at 523-6478. Check Request Forms - The last day for processing Check Request Forms for FY08 activity is July 7th. Forms must be delivered to Accounts Payable by 12:00 noon.
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| Travel Documents: | |
| TA Documents - All travel authorization documents (TA Doc
Code) for FY08 travel must be completed by
June 30th, unless they include a cash advance, in which case they must be
completed by the 27th in order for the check to be mailed on the 29th.
TA documents for trips ending in FY08 must be closed out by July
7th. For procedures on FY09 trips, and trips which cross June 30 (both fiscal years), please
contact Gerry Barela at 523-6064 (see
CMP 501-03: General Travel Rules for TA requirements).
TP Documents - All travel payments (TP Doc Code) for FY08 travel must be processed by July 7th. Make sure that you use a June 30, 2008 date for FY08 TP documents. If you are unable to meet this deadline please call Gerry Barela at 523-6064 for assistance. (see also deadline to deposit travel checks). For additional information on year end closing procedures for travel, please
contact Gerry Barela at 523-6064. |
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TA Rollovers - All FY08 TA encumbrances
with a trip end date after June 30th will automatically roll to
FY09. TA encumbrances for trips ending on or before June 30th will
be automatically closed as part of year-end processing unless a
request is made to roll the document to FY09. To request a TA to
roll, please send an e-mail request to Rosanna.Ruiz@nau.edu and
Gerry.Barela@nau.edu by July 7, 2008 indicating why the TA should be
rolled. An example would be the travel ended on 6/29 and the
traveler has not turned in their receipts. Please remember that the
last day to close out TA documents with a TP document is July 7th,
so try to get your TA documents for old year travel closed out by
this date. |
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| Checks: | |
| Void Checks - Requests to void a check for
FY08 must be
delivered to Accounts Payable by NOON on July 7th. ALL NAU CHECKS WRITTEN ON OR BEFORE JUNE 30, 2008 Vendor checks must be mailed on or before 4:30 on June 30th. Checks to NAU employees and students must be picked or mailed by 4:30 on June 30th. Includes Financial Aid checks, accounts payable checks, travel checks
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| Transfer Documents | |
| IET Documents - Expense-to-expense and Revenue to
Expense transfer documents (IET Doc Code) for FY08 transactions must be
processed by July 14th using June 30 for the transaction date. Jurisdictional
Budget Managers (JFRs)
will have override authority to process IET documents through July
18th. Fund Transfers - Transfer requests must be delivered to the Comptroller's Office by NOON on July 18th, 2008. Payroll Expense Corrections/Adjustments - Payroll expense corrections/adjustments for FY08 must be submitted by NOON on July 14th for pay periods up through pay period ending 6/29/08 and by July 18th for the split payroll which includes 6/30/08. For all non Grant accounts completed "Non Grant Payroll Transfer Forms" should be sent to the the Comptrollers Office (box 4080). For Grant Accounts “Grant Payroll Transfer Forms” should be sent to Sponsored Project Services (Box 4070). JV Documents - All departmental Journal Voucher documents (JV Doc Code) must be completed by July 14th for FY08 clearing account activity.
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Campus Supply
Note** Campus Supply’s Service Counter shall
be closed Friday, June 27, 2008 and Monday, June 30, 2008 . |
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StaplesLink.com Office Supply Orders: Goods shall be expended in the year they are received. To ensure proper recording of expenditures, office supply orders placed through StaplesLink.com shall be processed, no later than, June 25, 2008. Orders placed after June 25, 2008, shall be recorded as Fiscal Year 08 expenditure. Inventory Stock Requests: (Over-the-Counter Transactions) Last day to process FY08 TMA “Over the Counter” stock requests through Campus Supply Shall be Thursday, June 26, 2008. Purchase transactions of inventory stock may be accomplished by visiting the Campus Supply Service Counter through, close-of-business, June 26, 2008. Inventory Stock Requests: Inventory stock requests placed through the Campus Supply/TMA iSD web-site shall be processed, no later than, close-of-business, June 30, 2008. Campus Supply shall cancel all inventory stock back orders not processed by June 30, 2008. Non-Stock Requests: Last day to process non-stock requests through TMA “Purchase Requisition” (PR) process shall be Friday, June 20, 2008. Campus Supply’s Service Counter shall be closed Friday, June 27, 2008 and Monday, June 30, 2008. Non-Stock TMA “Run-Slip” Request: CAS Trades non-stock TMA “Run-Slip” requests shall be processed, no later than, Wednesday, June 25, 2008. Run slip documentation shall include vendor’s invoice upon return with merchandise. Run-Slip requests made after June 25, 2008 shall be cancelled. Emergency Purchase Requests: Emergency purchase requests shall be designated as such, in writing, by Capital Assets & Services Management and approved by Bill Verkest, Materials manager, Campus Supply. Contact Bill Verkest at 523-9288 for information regarding Staples Orders and the TMA system.
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| Deposits | |
| Cash Deposits
- FY08 cash receipts, (departmental
deposits, travel reimbursements, etc.) must be delivered by noon
on June 30th, 2008 to the Office of the Bursar in Gammage.
Any deposits dropped in drop boxes after 12:00 Noon on June 30th, 2008
cannot be processed in FY08. Contact Wendy Brown at 523-6077 with
questions. Petty Cash - Petty cash funds should be restored to designated amount. The Petty Cash Form to reimburse petty cash must be delivered to Accounts Payable no later than NOON on July 07, 2008.
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| Payroll | |
| Payroll
Warrants - Warrants requiring cancellation must be returned to the
Payroll Office by
June 30, 2008. Time Sheets - All hours worked through June 29th must be submitted, on-line or to the Payroll Office, no later than 2:00 p.m. on June 27th. All hours worked on June 30th must be submitted, on-line or to the Payroll Office, no later than 10:00 a.m. on July 14th. This includes all back pay hours due to students and other employees. See FY08 payroll schedule. Payroll Expense Corrections/Adjustments - Corrections to payroll expenses for FY08 must be submitted to the Comptrollers Office (box 4080) by NOON on July 14th for the pay period ending 6/29/08. Corrections for the pay period ending 7/13/08 must be submitted by NOON on July 18th (Payroll Transfer Form). Payroll Expense Corrections/Adjustments for Grant Accounts - Prior to 5/8/08 PeopleSoft did NOT recognize mid-pay period account changes (including year end final payroll). As a result, “Payroll Expense Transfer” forms must be submitted to move expenses for any mid-pay period account changes occurring prior to 5/8/08. The form must also be submitted for changes after 5/8/08 when PAR form are not processed in time for the effective payroll run. Payroll Expense Transfer forms for grant accounts for FY08 pay periods ending 6/29/08 must be submitted to Sponsored Projects (Box 4070) by NOON on July 14th. Corrections for the pay period ending 7/13/08 must be submitted by NOON on July 18th. For additional information regarding payroll adjustments on grant accounts, please refer to the Sponsored Projects web page: http://www.nau.edu/~sps/Adjustments.htm
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For additional assistance on year end procedures, please contact the Comptroller's Office.