1. Year-end Planning Key Changes Accruals Receiving P-Cards Roles/Responsibilities Handout Year-end calendar 1

2. Open/Standing Purchase Orders – batch close process will run on June 30 Retrofits (DPRs), TERs, and PO Invoices – in BSC by June 26 Allow 2 days for intercampus mail Receiving in CUBuyplus® completed by July 2 Receiving date in CUBuyplus® must reflect actual date goods received on campus or services were performed Key Changes 2

3. 3 Journal Entries To Accounting Services by noon on July 3 Expense accruals by end of day July 8 Key date communication Banner Finance listserv and CUBuyplus® active users http://www.creighton.edu/finance/controller/ generalaccounting/yearendinformation/index.php Key Changes

4. Recording Expenses Why? Shorten our year-end close cycle Opportunity to accelerate the external audit System functionality Background Accounts Payable remained open for up to 3 weeks to record June activity Invoices were recorded based on invoice date and receipt of goods and/or service 4 Process change for recording expenses – accrual vs. real time.

5. 5 Banner Three purchase order dates Order date – date order was generated Delivery date Transaction date – used to determine accounting period for encumbrance Two invoice dates Vendor invoice date Transaction date-used to determine accounting period (month and fiscal year) for expenses Recording Expenses

6. CUBuyplus® Dates Order approved/created date Order date- day order received final approval Delivery date Receiving date – day that goods received on campus or services were performed Ongoing change – not just for fiscal year-end 6

7. How will accruals be determined? Accrual rules established by order type CUBuyplus® has different order types Standard Order/Release Order Retrofit/Standard Release Retrofit Blanket Order 7

8. Accrual by Order Type Standard Order or Release Order Accrual based on receiving date and receiving status Received in June or earlier and invoice not yet received Invoice date is June and entered in July Invoice has been received and order is Pending Receiving Example: Order approved/created: 4/5/13 Order date: 4/05/13 (always the same except for retrofits) Received: 6/30/13 Invoice dated: 7/10/13 Will be recorded as July expense in Banner June expense accrual will be processed 8

9. How will accruals be determined? Retrofit or Standard Release Retrofit Accrued when invoice date and order created date cross months Receiving is automatic (same as DPRs were for Banner) Example: Order approved/created: 4/5/13 Order date = Invoice date of: 3/25/13 Received: 4/5/13 Invoice dated: 3/25/13 Will be recorded as April expense in Banner March expense accrual will be processed 9

10. How will accruals be determined? Blanket Order No accrual needed Accruals based on Release Order or Standard Release Retrofit Special Handling Accruals Utilities, service/legal type invoices, sub-contractors, etc. 10

11. Receiving End user is responsible for receiving Three receiving components Date Pre-populates with current date Date should be back dated to date goods received on campus or services were performed Quantity Pre-populates with order quantity Quantity should be updated as needed for partial delivery Note section – for optional use as needed Receiving available at order or line level 11

12. Order Level Line Item 12

13. Receiving How does a user navigate receiving? Covered in training Reference Browser Guide, pages 13-17 BSC Specialist can assist with questions How does a user know what needs to be received? User should complete receiving for all purchase orders CUBuyplus® will send an email if items have not been received when an invoice is entered For year-end, a report will be sent out showing what is open by area Ongoing process - TBD 13

14. P-Cards Transactions must post by June 24 for fiscal year Normal time between purchase and posting is 2 days Offline merchants can take up to 10 days between purchase and posting Billing cycle closes – June 24 Last day to turn in receipts – June 27 Last day for approvals – June 28 14

15. Roles/Responsibilities Departments Invoices Ongoing - send timely to BSC Year-end - invoices/TERs to BSC by June 26 Receiving Ongoing - complete receiving in a timely manner Year-end - receiving should be completed by July 2 Submit an accrual for items Delivered to campus by June 30 and not received in CUBuyplus® When invoice has not been sent to BSC When service has been provided and not yet invoiced 15

16. Roles/Responsibilities Business Service Center Goal to have retrofits entered into CUBuyplus® by June 28 TERs entered into Banner by June 28 Invoices received by BSC and not entered into CUBuyplus® will be accrued Accounting Services Process accrual journal entries 16

17. Next Steps Communicate with your departments Key year-end dates Importance of timely receiving Importance of turning P-Card receipts in timely Communicate with Accounting Services and BSC Ongoing Encourage ordering versus retrofits Encourage timely receiving Monitoring of receiving will be ongoing 17