FYE Town Hall June 6, 2017

Welcome! Leila McCamey Stefanie Furman Deputy Controller and Director SPA Stefanie Furman Assistant Director, General Accounting

FY2016 Audit

Employee Services Carolyn Donadio, Systems Analyst

Employee Services FYE Payroll Details Deadlines Reminders Q&A

Procurement Service Center Mary Martin Director of Payment Services and Travel

Fiscal Year-End 2017 Procurement Service Center (PSC)

FYE2017 – June Dates Thursday, June 15, 2017 (deadline 6 pm) To ensure payment in FY17, last day to submit the following to the PSC: Supplier information to request new supplier or update existing supplier Suppliers encouraged to update their own records through the portal; address changes can be sent to cusupplier@cu.edu

FYE2017 – June Dates Friday, June 16, 2017 (deadline 6 pm) To ensure payment in FY17, last day to submit the following to the PSC: Paper Forms (Payment Authorization, Non-employee Reimbursement, Study Subject Payment) Submit to APInvoice@cu.edu; include all required documentation/filled out completely/signatures Supplier PO/SPO Invoices Submit to APInvoice@cu.edu; subject to payment terms (typically net 30) Payment Vouchers in CU Marketplace Provide campus approval; include all required documentation/signatures (e.g. Scope of Work, Honorarium signed and attached)

FYE2017 – June Dates Wednesday, June 21, 2017 (deadline 6 pm) To ensure payment in FY17, last day to provide campus approval for: Employee travel/expense reimbursements in Concur Provide campus approval; include all required documentation

FYE2017 – June Dates Friday, June 23, 2017 – (deadline 6 pm) Last day to provide approval for: Procurement Card expense reports in Concur Provide campus approval; include all required documentation Otherwise, will be accrued

FYE2017 – June Dates Close POs so they do not roll-forward to FY2018 Friday, June 23, 2017 - (deadline 6 pm) Last day to send change order requests to PSC for Purchase Orders (POs/SPOs) in order to: Close POs so they do not roll-forward to FY2018 Add money to SPOs so they will roll-forward and can be used in FY2018 POs/SPOs must have at least $1 balance in order to roll-forward to FY2018 Email request to Changeorder@cu.edu

FY2017 – June Dates Last day to submit request to cancel AP checks Tuesday, June 27, 2017 - (deadline 12 pm) Last day to submit request to cancel AP checks Submit Warrant Adjustment form to PSC (apinvoice@cu.edu) Include all required documentation/filled out completely/signatures

FY2017 Activity after June 30 (Accruals) Monday, July 3, 2017 - (deadline 12 pm) Invoices sent to PSC on July 3 by noon, will be considered FY17 business and accrued: PO/SPO Invoices Submit to APInvoice@cu.edu Invoices for FY2018 business should NOT be sent to the PSC until July 7, 2017 and after

FY2017 Activity after June 30 (Accruals) Monday, July 3, 2017 (deadline 12 pm) Last day to provide campus approval for PVs in CU Marketplace. Payment Vouchers This means the PV will be in the AP Form Review workflow step in CU Marketplace Fully approved by all department fiscal/specialized approvers Include all required documentation/signatures Will be considered FY17 business and accrued

FY2017 Activity after June 30 (Accruals) Monday, July 3, 2017 – (deadline 6 pm) Last day to allocate the following for accruals: Procurement Card Reports in Concur

FY2017 Activity after June 30 (Accruals) – No Invoice Reminder – No Receipt Accruals by PSC The PSC will not generate a journal to create the expense in June – (accrual journal) for receipts with no invoice If you have incurred services or received goods AND do not have an invoice by July 3 (noon) – contact your campus Controller’s office on creating a journal entry

FY2017 Paper Forms (No Accruals) Reminder – No Paper Form Accruals by PSC (Payment Authorization, Non-employee Reimbursement, Study Subject Payment) Follow the June 16, 2017 (6 pm) deadline for posting and payment of FY2017 paper form transactions

FY2017 Travel & Reimbursement (No Accruals) Reminder – No Travel & Reimbursement Accruals Follow the June 21, 2017 (6 pm) deadline for posting and payment of FY2017 travel/expense reimbursement transactions

FY2017 Procurement Card (Accruals) Procurement Card transactions dated June 30th or prior – SpeedType Accrual: If the transaction is assigned to an expense report and allocated to a SpeedType, accrual will be to the allocated SpeedType If the transaction is assigned to an expense report but not allocated to a SpeedType, accrual will be to the default SpeedType If the transaction is not assigned to an expense report, accrual will be to the default SpeedType

FY2017 Procurement Card (Accruals) Procurement Card transactions dated June 30th or prior – Account Accrual: If the transaction is system-assigned or otherwise assigned to an expense type, accrual will be to the defined expense type/account code If the expense type is undefined, accrual will be to Account 552601 (Other Operating Supplies)

FY2017 Accruals Procurement Card accruals (ACCESP) will be posted on Monday, July 10, 2017. You’ll see them on reports as of Tuesday, July 11, 2017. Invoice accruals (ACCAPMKT) will be posted on Monday, July 10, 2017. You’ll see them on reports as of Tuesday, July 11, 2017.

FY2017 Accruals In June, journal will begin with “ACC…” Accruals recorded (expense/liability) on June financial statements In June, journal will begin with “ACC…” In July, June accrual will be reversed Journal will be the same as the original journal, with a July date Actual transactions will then be recorded in month processed in FY2018

Reminders FY2018 Activity Do NOT send invoices/payment forms for processing until July 7, 2017 Invoices received through July 3 at noon will be considered June business If a PO is invoiced partially and no further invoices will occur – please send request to close the PO

Reminders Need balance remaining on PO/SPO to use in FY2018 Encumbrances Need balance remaining on PO/SPO to use in FY2018 Encumbrances roll forward to July on June 30 June statements run on July 1 will NOT show encumbrances POs created in June will have encumbrances on reports until June 30

Campus Controller’s Office Elizabeth Spencer Area Accountant Supervisor Stefanie Furman Assistant Director, General Accounting Kathy Loudermilk Financial Compliance Manager, SPA James Lei Assistant Director, SPA

Closing Periods Period 12 (June) will close at 1st close - July 6th Will then go into period 996 until 2nd close - July 13th Finally, we go into period 997 until 3rd close - July 17th What’s the difference? If you were around for fiscal year end last year, you’ll remember that we used some new periods during our multiple close process. For those of you that are new to this process, rather than closing June just once, like a normal month, we give it 3 shots. This allows us to get all of our important year-end processes done and to keep our financials as up-to-date as we can make them. Our upgraded system will only let us close period 12 once, which we’ll do on July 6th. We’ll then open period 996 through 2nd close and then period 997 through 3rd close. So what’s the big difference?

FYE Accrual Journal Entries http://www.colorado.edu/controller/2017-fiscal- year-end The biggest difference is that periods 996 and 997 are what we call adjusting periods. Business still continues as usual, but when you do manual accrual journal entries, you have to make a couple of small changes. And to best describe this, I’m going to take you to a fantastic video from the Office of the University Controller that you can link to from the fiscal year end tab of the CCO’s website.

Differences with JE’s Adjusting entry (once in periods 996 and 997) Just to quickly reiterate some of the key points from the video… Periods 996 and 997 are now “adjusting” periods. First, on the header tab of create/update journal entries, you’ll choose ‘adjusting entry’ at the ‘adjusting entry’ drop down box. This makes sense because we are now in an adjusting period and therefore our JE’s need to be adjusting JE’s. If you forget to do this, the system should give you an error message of some sort that you are trying to enter a JE into a closed period. This is also a step you have to do for ANY JE entered during periods 996 and 997.

Differences with JE’s cont’d Auto-reversal on accrual JE’s Secondly, for any accrual JE’s-and accrual JE’s only-that you create, you want to set them to auto-reverse. Towards the bottom of the header tab on the JE, there is a hyperlink that says ‘reversal: do not generate reversal’. Click on it.

Differences with JE’s cont’d There is a great video on OUC website on accrual JE’s: http://www.cu.edu/controller/fye-accrual-journals This will take you to a new screen and you just want to click ‘beginning of next period’. And when we say ‘beginning of next period’, we’re talking about July or period 1 of fiscal year 2017. Leave everything else alone and click ‘ok’. The cool thing is that you will see the reversal almost immediately, assuming you do the JE in July. In addition to the video I showed you, there is another one called How to do an Accrual Journal Entry that discusses the idea behind an accrual in case you need a refresher on the ‘why’ behind this. A couple of side notes before I talk about accrual formats: -In previous years, JE’s would just roll over through the closes, in that you didn’t need to do anything if your JE wasn’t approved at 1st close. It would just be available for you until 3rd close. There is a possibility in 9.2 that JE’s will need to be copied over between periods 12, 996, and 997. They may not just roll over since we will be in different periods. We will keep you updated on this. If you happen to have any JE’s that have to be entered at a specific time, say between 1st and 2nd close, we’d currently suggest waiting to enter it so you don’t potentially have extra work. -A reminder that operating expenses do not belong on fund 72’s and 78’s. There seems to have been an uptick in this this fiscal year. Concur and Marketplace won’t stop from putting these types of expenses on a 72 or 78 and it has to be fixed by a journal entry. The trick is that these JE’s go into error status and that error can only be cleared by the OUC Finance folks. It’s a bit of a process to complete, so let’s try to be vigilant about this during this final push for Pcard reports and Marketplace transactions.

Accrual instructions Accrual Instructions JE ID of ACC-xxx 6/30 date If set to reverse, FIN 9.2 will automatically post the reversal If not set to auto-reverse, OUC will reverse if dated 6/30 and using ACC-xxx format Should happen around 7/24 In 9.2, you’ll again date your journal 6/30. For the ID, you’ll use ACC then hyphen. If you’ve properly set it to auto-reverse, as we discussed, the system will automatically post that. Do keep in mind that the JE ID will be identical to the initial accrual. In other words, your auto-reversal will not have a JE ID starting with ACX. This is perfectly fine, but just wanted to point it out. If you forgot to do the auto-reversal, the OUC will be running a query in late July to find those JE’s dated 6/30 with an ID of ACC- and get them reversed.

Subcontract Accruals Sponsored project work completed in FY2017 on a subaward to another entity must be accrued as a FY2017 expense. Contact the other entity to get their best estimate of the amount owed as of June 30 and then create accrual JE to record this amount. If you have questions, please contact your Grant Accountant in Sponsored Projects Accounting

Outstanding Encumbrances Friday, June 23, 2017 at 6pm Deadline to send change order requests to PSC This includes closing PO’s so they don’t roll forward to FY18 How do you check what encumbrances you have outstanding? Before we move on and I let Stefanie talk about payroll related items, I just wanted to quickly touch on one thing. As Mary mentioned in her presentation, the deadline for any change order requests at the PSC is Friday, June 23 at 6pm. Fiscal year end is a great time to check any outstanding encumbrances and really work on getting you to a more accurate picture of the future spending commitments you may have. So how do you check what encumbrances you have outstanding? Luckily, we have a report for that. It is the Outstanding Encumbrances report in CU-Data. (Run for fund 10, 10519) You can run it for your full org or narrow is down by fund type or program, whatever you desire. This is a great way to get an overview of PO’s and SPO’s and payroll.

HR/GL Payroll Suspense PET Update Elevate HCM Wave 2 Prevention/Correction PET Update Elevate HCM Wave 2 Town Halls June 9th

Secondary Approval Deadlines June – July 2017

Fund 30/31 Secondary PET Approvals Check the CU PET Summary report to make sure you are moving salary expense(s) the way you intended Make sure the answers to pop-up questions reflect why you are moving the expense, AND how the change benefits the project/award. PI statement for 180+ days is required. Attached documents should relate only to the PET. Remember – approved by 7/13 are posted to FY17 7/14 and after are posted to FY18 Summary and detail report is on the summary tab Remember, this is Uniform guidance required, not just CU policy For Boulder, if PI statement is required, you may put “See PI Statement” in the box that asks: “Please provide sufficient reason for……” no need to duplicate what the PI states Please avoid attaching email chains because often, these chains include statements that could put the PET in question and/or may create allowability problems. No need to copy over and delete with PETs just as they have been rolling from month to month

Tips for Secondary JE Approvals JEs not approved after 1st & 2nd close will roll to the appropriate adjusting period. The header description includes: what is being moved, why it wasn’t charged to the correct SpeedType originally and how the transaction benefits the receiving SpeedType Put the original transaction date in the “Reference” field for Fund 30/31 lines – Format as: mm/dd/yyyy Separate Fund 30/31 and Fund 34 transactions from others Attach all appropriate documentation. For more info on Fund 30/31 JEs, visit: http://www.colorado.edu/controller/node/1750/attachment For JEs approved for 2nd close is adjusting period 996, for 3rd close is adjusting 997. Make sure you are clicking the drop down box for adjusting entry. After 3rd close – they will be deleted, there is no rolling over. This is justification required by Uniform Guidance While you are looking at the financial detail report, attach any pages that show the expenses you are moving The Fund 34 format overrides the Sponsored Project format which can delay approval. Please don’t wait to be asked for documentation – attach TA for travel, PI statement over 90 days, Complete conference info, etc.

Key Dates & Highlights Year End Memo Links Contact Info Key Dates Checklist Definitions

Questions?

Happy New Year! Pics from:  https://flowartstation.com/2017/05/10/hilarious-winners-of-the- first-annual-comedy-wildlife-photography-awards/