Fiscal Year End Information for Year Ending June 30, 2015

Fiscal Year End Information for Year Ending June 30, 2015

Please refer to the sections below for instructions, deadlines and important information relating to the fiscal year (FY) 2015 closing process.

General Information

Expenses are to be charged to the fiscal year in which the goods or services are received.

Revenues will be recorded in the fiscal year the services or goods were provided.

Accounts Payable (AP)

Check Disbursements - AP will cease printing checks on Thursday, June 25, 2015 at 2:00 pm. Check printing will resume Tuesday, July 7, 2015. Please submit all payment requests, including all travel expense vouchers for travel completed through the early part of June, 2015 to AP no later than Wednesday, June 17, 2015 at 4:00 pm to allow sufficient processing time prior to disbursement cutoff.

Invoices - If you have received any invoices for services or goods provided/delivered prior to June 30, 2015, they must be submitted to Accounts Payable as soon as possible but no later than Friday, July 10, 2015.

Travel

All travel expense vouchers for travel taking place prior to and including June 30, 2015 must reach the Accounts Payable Office no later than the close of business on Friday, July 10, 2015. This will allow sufficient processing time for these expenses to be recorded in Fiscal Year 2015.

If you are not using ESS Travel Management, please refrain from entering funds reservations for travel that will take place after June 30, 2015 until after July 1, 2015. Travel starting on or after July 1, 2015 must be encumbered in FY 2016. Funds Reservations for travel that will occur on or after July 1 should not be entered until FY 2016 (beginning July 1, 2015), or entered with a posting date of 07/01/2015.

Purchasing Card

The cutoff for use of the Purchasing Card for Fiscal Year 2015 is Friday, June 26, 2015. Use of the card may resume Wednesday, July 1, 2015. Transactions beginning July 1 will be recorded in the new Fiscal Year 2016.

Chargebacks

All chargebacks for FY 2015, including chargebacks for the month of June 2015, must be posted in SAP by Friday, July 17, 2015. If you send your entries to Deb Newman to post using GLSU, please have the information to her by Thursday, July 16 so your chargebacks can be posted by July 17. If, after July 17, you determine that a chargeback for FY 2015 should have been made, please contact Deb at x4574. Please remember that for FY 2015 chargebacks entered on or after July 1, 2015, you will need to make sure your FB50 screen is modified. Please refer to Chargeback Instructions for Fiscal Year End 2015 for instructions.

Purchasing/Receiving

Delivery Date - Purchase Requisitions and Purchase Orders are encumbered in the fiscal year the delivery date falls. The delivery date needs to be the date you actually expect to receive the item or service. For any good/service that will not be received until after June 30, 2015, a delivery date of 7/1/2015 or later must be used. Funds must be encumbered in the fiscal year the expense will be posted against budget. Please do not use a 6/30/15 or prior date for the purpose of using up available FY 2015 budget.

The posting date on goods receipts and invoice receipts determines which fiscal year the expense is charged, and the invoice receipt (IR) entered by AP MUST be in the same fiscal year as the goods receipt (GR).

The last day to post FY 2015 activity in MM/AP modules is Wednesday, July 22, 2015. This includes MIGO, MIRO and FB60 transactions. All items physically received on campus prior to July 1, 2015 must be received in SAP by COB July 22, 2015. Please see Fiscal Year End Instructions FY 2015 for complete details.

Journal Entries

The last day to post FY 2015 journal entries is Wednesday, July 22, 2015. Please refer to FB50 Instructions for Fiscal Year End 2015 for important information regarding creating FY 2015 entries and modifying the FB50 screen to accommodate FY 2015 entries made after June 30, 2015.

Accrual Entries - please use the GLSU Accrual Template when creating reversing entries (accruals, prepaid, receivables, etc.). All accrual entries using the template need to have "05" (make sure zero is not dropped) as the reversal reason and 07/01/2015 as the reversal date. The documents will be reversed out when the F.81 transaction is run for FY 2016.

Miscellaneous Deposits

All miscellaneous deposits received for services or activities that occurred prior to July 1, 2015 must be received in the Finance and Business Services department prior to July 22, 2015 so they can be recorded as a FY 2015 revenue/receivable.

Budget

All open department funds reservations should be reviewed by the close of business Friday, June 5, 2015 to determine if they should be closed or submitted for payment. Please see Year-End Check Funds Reservations for instructions on how to view or cancel open reservations.

Funds Reservations for Services - FRs for services that are expected to be received on or after July 1 should not be entered until FY 2016 (beginning July 1, 2015) or entered with a posting date of 07/01/2015.

Budget Deficits - transfers must be entered to cover any deficit at the summary level of Other Expenses, Utilities and Leases-Real Estate. In general it is not necessary to cover deficits that occur at the individual six-digit commitment item or in the personnel area. To identify deficits, please use SAP reports or the Business Intelligence (BI) Budget Report.

The last day to enter budget transfers (pre-posted documents) between funds centers that are in different funds (to cover overall operating budget deficits) is July 22, 2015. The last day to enter budget transfers (pre-posted documents) between funds centers that are in the same fund is July 24, 2015.

Commitment items - all open commitment items (Purchase Requisitions, Purchase Orders, Funds Reservations), along with related budget, will be carried forward July 25-26, 2015 to FY 2016 budget.

Residual budget balances (available amounts remaining in FY 2015 after all expenditures have been posted) – will carryforward to new budget year FY 2016 beginning on August 15, 2015 for the following funds centers (this may take up to two weeks to complete): EandG General Fund (FC 1011), EandG Special Programs (FC 1012), EandG Self Supporting (FC 1013), Academic Enhancement (FC 1013) and Auxiliary (FC 102x). Please reference FY1516 New FY and FYE 1415 Budget Instructions for details on the carryforward process and information on where all funds centers carryforward.

Payroll

Vartan Way will have all pay accruals posted by July 1, 2015. For FY 2015, the accrual is based on Pay 15 (June 29-July 10, 2015) so a factor of 20% (Pay 15 has two days in June and eight in July) will be used for the calculations. The accrual will include the following:

  • 26-Pay Faculty regular salaries and percentage benefits – accrue pays 15, 16, 17, 18.
  • Hourly (Non-20/26-Pay Faculty) employees - regular salaries, percentage benefits and flat benefits – accrue 20% of pay 15
  • 26-Pay Faculty flat benefits – accrue 20% of pay 15
  • There will be no accrual for 20-Pay Faculty – last pay of FY 2015 is May 29, 2015
  • Exception – student pay accrual will not post until July 20, 2015

For FY 2015, Pay 14 is the payroll that has the liability that crosses fiscal years. Please see Pay 14 Correcting JE Instructions-FY 2015 if you need to make corrections to the Pay 14 expense postings.

FY 2015 Audit

Preliminary audit - June 10 - June 12, 2015.

Final audit – August 10 - August 21, 2015.

First FinRpt submission is due Monday, August 10, 2015.

Final FinRpt submission is due Monday, August 31, 2015.