FYE 2017 Training May 16, 2017 Business Services

FYE 2017 Training May 16, 2017 Business Services
University of Montana FYE 2017 Training May 16, 2017 Business Services

Agenda Introduction Fiscal Affairs & Budget Procurement
Accounts Payable Payroll Foundation Break Campus Cutoff Schedule Feed File Schedule Accounting Procedures JV Reminders Dan Jenko-introductions Terri Phillips-payroll Tara-Procedure Highlights

Business Services Contact List
Accounting Services Dan Jenko, Associate Director Ext 5530 Tara Scott, Financial Manager Ext 5802 Luanne Felstet, Accountant Ext 2499 Barb Bybee, Accountant Ext 6261 Patrick Fagan, Accountant Ext 5742 Geoffrey Lake, Campus Operations Coordinator Ext 6006 JoDel Travis, Accountant Ext 6628 Accounting Services Fax # Ext 4929 Accounts Payable/Procurement Kay Lamphiear, A/P Manager Ext 4935 Cathy Butler, AP Specialist/Procard Coordinator Ext 2113 Bob Hlynosky, Procurement Ext 2494 Vickie Voss Ext 2210 Systems Scott Klanecky, Finance Systems Manager Ext 5558 Frank Grady, Banner Finance Production Manager Ext 2940 Jackson Moua, Banner Finance Production Systems Analyst Ext 2533 Treasury Services Betty Davis Ext 4320 Management John McCormick, Director Ext 2532

FAB Fiscal Affairs and Budget

Items to monitor, and possibly revise for Fiscal Year End
Budget Availability Checking Looking Ahead to FY18 FID Group Contacts and Questions

Year End Checks General Funds Correct negative available balances
Correct negative Personnel Services (Personal Services – UMDW) You can correct these negative balances by submitting… RBC – Must be completed and turned in by 6/9/17 JV Payroll Redistribution

Year End Checks Designated /Auxiliary Correct negative fund balances
Consider impact of year end balances on FY18 budgets – Submit budget changes as needed You can correct these negative balances by submitting… RBC – Must be completed and turned in by 6/9/17 JV Payroll Redistribution

FAB Team You have access to all of these resources and MORE
Banner UMDW InfoGriz FAB Team Business Services PowerPoint Trainings You have access to all of these resources and MORE It is up to YOU to utilize them best! Invest – get intimate So many of us can not take on another responsibility This is about making your job more efficient and effective

General Fund

Des/Aux Fund

Budget Changes General Funds RBC
Even the best of planning cannot anticipate some events and developments, so ALL budgets are subject to revision. In fact, the ink on the latest budget document probably will not be dry before circumstances dictate that adjustments be made. This is the most important reason FAB will no longer produce large, detailed budget books.

Budget Changes Designated & Auxiliary RBC

Budget Availability Checking

Budget Availability Checking is all about getting an answer to the simple question of ‘do I have enough budget to cover this expense?’ Budget Availability Checking will be restricted to the General Funds only, at this time.

Budget Controls are set thru Banner Finance and will be used to manage the Operating Budget
Budget Account Pools are set at a high level for budget checking purposes. Departments will still budget at the appropriate account code but the budget checking will be done on the Budget Account Pool. Think of the Budget Account Pool as a high level account code that the other account codes (along with their budget dollars) roll up to.

You will need to take action:
How will this work? Transactions completed thru Banner, U-Approve and GrizMart are all subject to Budget Availability Checking. If you don’t have enough funds in your Index Code you will receive an error message and the transaction will be stopped. You will need to take action: Evaluate the purchase Find a different funding source to pay from Complete an RBC to move $$ in or a JV to move expenses out.

Fiscal Year 18 Update –

Fiduciary group (the Fid Group)
A community of practice: To discuss fiscal practices and procedures To address questions, complaints, concerns To talk about learnings presented for FDC To develop fiscal best practices To develop critical thinking skills for strategic financial planning Do you want to be involved? Our 1st meeting will be held on May 22nd at 10:00 AM in Todd 203.

Contact Information Jill Johns x4738 Sasha Lawson x5647 Beckie Christiaens x New

Procurement Encumbrance Cleanup must be completed by July 7th
PREPAY Activity Code must be on requisitions. Follow prepaid procedures located on FYE website May 1st was the deadline for bids less than 500k that are not on a term contract. Also deadline for photocopiers.

Procurement Always set up PO’s before, and not after, the item or service is purchased. All requisition requests including term contracts and bids must be entered on or before June 1st.

Accounts Payable Year End Dates
Only Procard charges through 6/21/2017 will appear in FY17. We recommend that you complete Procard charges by June 9th to ensure FY17 posting. We are at the discretion of the merchants for processing our charges and many merchants only process weekly. Procard Cycle 12 final close at 5:00 pm June 28, 2017. Kay needs to update

Accounts Payable Year End Dates
June 30, 2017 – Final day to enter FY17 transactions, (Travel, check request, Non-PO payments) PO invoices need to be sent to A/P by 5:00 pm. July 5, 2017 – All GrizMart department approvals must be completed by 5:00 pm. If not approved they will become FY18 transactions. July 10 – FY18 GrizMart open for processing. Kay needs to update

Fiscal Year End - Payroll
For questions please contact: Terri Phillips: Andrea Scheuering: *For Redistributions please contact your Fund or Grant Accountant.

BW & MO Payroll BW 14 online entry GTO is open June 29, to July 5th at noon. Do not send RPT’s with the Monthly rosters Submit RPT’s by June 13th if you would like them to display on the BW 14 GTO BW 14 will post July 10th. (Pays on July 12) BW 13, BW 14 & MO 7 Health Insurance will be FY2018 expense - $ /month SP14-BW15 will expense in total at the department level for FY18 SP13, BW13 & MO 7 will post June 30th.. New Rate Changes for FY2018. Unemployment .25% (subject to change) PERS 8.57% TRS 11.25 TIAA-CREF

SP Payroll SP 13 will open June 19th and will close at 5:00 p.m. on June 21st SP 14 will open July 3rd and will close at noon on July 6th. SP 14 – pay cycle from June 19 – July 1 will pay on July 14th – this will be an FY18 department level expense

Payroll - Miscellaneous
Redistribution Schedule – May transactions – June 8th. June transactions – July 5th. Redistributions into State/General fund indexes from other funding sources (such as designated, auxiliary etc.) will be reviewed by the Office of Planning, Budget and Analysis. Sufficient budget authority, for both wages and benefits, must be in place for these to occur. Manual Checks – due to the Fiscal Year End Cash Closing process – there will be no manual checks processed from June 21st to July 3rd.

BANNER FINANCE INTERFACE DATE ENCUMBRANCE RELEASE DATE
Payroll Processing PAY ID PAY PERIOD DATES CHECK DATE BANNER FINANCE INTERFACE DATE ENCUMBRANCE RELEASE DATE NHIDIST LOAD DATES COMMENTS MO7 6/1/ /30/2017 6/30/2017 6/29/2017 Prepaid Insurance FY2018 MS7 5/19/ /18/2017 06/30/2017 SP13 6/02/2017 – 6/18/2017 SP14 6/19/ /1/2017 7/14/2017 7/13/2017 FY2018 BW13 6/4/ /17/2017 6/28/2017 6/26/2017 BW14 6/18/ /1/2017 7/12/2017 7/08/2017 7/07/2017 BW15 7/2/2017 – 7/15/2017 7/26/2017 7/21/2017 SPECIAL 7/15/2016

FYE Payroll Redistributions
Procedures & form Payroll Redistributions are for corrections to the funding sources. These cannot be processed using a journal voucher. Please DO NOT include benefits in the amount you are redistributing. If you are only moving a portion of the payroll, please note that it is a partial move. Deadlines 90 Day Rule – If you are processing a redistribution that has a history date of greater than 90 days you must address justifications 3 and 4 of the non-grant payroll redistribution form and is subject to approval by the Director of Business Services or his assignee. Grants and Contracts must adhere to ORSP policy and procedures. BW14 Timing Issues Review your GTO reports carefully upon completion. If there is an error – contact your HRA immediately before it completes. There will be no time for BW14 redistributions after that payroll is complete. Additional Notes for FY14: Add a note regarding – 1) Make a note if only moving a portion 2) Calendar year vs fiscal year 3) Do NOT include benefit account lines

Payroll Redistribution Form http://www. umt

Payroll Redistribution Deadlines
Deadlines to have requests to Business Services… 6/8/17 – May (due by 3:00 PM) 7/5/17 – June (due by 12:00 PM) Payroll Redistributions for BW14 will not be allowed Reminder: all requests for redistribution need to be processed through your Fund Accountant or your Grant Accountant, not through the Payroll Office.

UM FOUNDATION Fiscal Year End Procedures for UM Foundation
Payments to UM All other fiscal year 2017 expenses Clear outstanding advances Questions

10 MIN BREAK

FYE 17 Website http://www. umt

Campus Cutoff Schedule PDF Version
Update current dates

Campus Cutoff Schedule Excel Version
Update current dates

Feed File Schedule Facilities Services (work orders and postage)
Due by July 6th at 3:00 PM Facilities Services (work orders and postage) Network port charges Fixed phone charges Long distance charges UC Admin charges Dining Services invoices

Other Critical Dates 7/07 FY17 Period 12 closes at 5:00 PM
7/08 “GL and Encumbrance Roll” to FY18 7/10 Period 12 Reports available through UMDW

Fiscal Year18 Begins July 10 Reversing Entries
Invoice Processing Resumes Journal Voucher Entry Reversing Entries Automated, prior to July Month End closing PREPAY transactions and Deferred Revenue will be processed prior to July Month End closing

Accounting Procedures
Prepaid Expenses Miscellaneous Accounts Receivable Accrued Expenses Deferred Revenue Capital Assets

Prepaid Expenses Definitions:
Prepaid expenses are items over $ that are paid during the current fiscal year, but are an actual cost for the next fiscal year. All items or services must be received or provided after June 30, 2017 to be considered a prepaid expense. These expenses are recognized as an asset (prepaid) in the current fiscal year and as an expense in the next fiscal year. This process is not applicable to Grants.

GrizMart Prepaid Expense: Sample Invoice

Prepaid Expense Checklist Step 1 & 2
Determine Grant or Non-Grant Index Grant Index code would start with an M followed by 5 numbers. (i.e. M28000) Determine Expense code (62xxx or other) If expense account is a 63xxx, then it is a capital purchase, which isn’t a prepaid

GrizMart Prepaid Expense: Step 3
Invoice must be over the $500 dollar minimum If the total is not greater than $500, it is not a prepaid expense

Determine if the invoice is paid monthly, or annually If invoice is paid annually, or paid once for the length of the contract, it is a prepaid If invoice is paid monthly, then it is not a prepaid, and is expensed instead

Determine the length of the contract period, and if the contract crosses fiscal years If the contract runs past June 30, than it crosses fiscal periods, and is a prepaid If it does not cross fiscal periods, it is not a prepaid, and is expensed

GrizMart Prepaid Expense: Step 6-8
Determine # of months prepaid If periods starts after the 15th of month, that month does not count as a current year expense; if before the 15th, it is recognized in current year 4 months current, 8 months prepaid Once the # of months prepaid is determined, calculate total prepaid expenses $10,141.39/12 = $845.12 $ x 8 months = $6,760.93

T Account Summary reflecting a Prepaid Transaction

Additional Prepaid Guidelines/Tips/Updates
Updates/Reminders: *REMEMBER* - use the activity code PREPAY in GrizMart for non-PO payments or requisitions or meal per diems entered through GrizMart; YOU CANNOT USE 1905 ACCOUNT CODE IN GRIZ MART *REMEMBER* - you can code ProCard charges directly to Prepaid account 1905; DO NOT USE PREPAY ACTIVITY CODE FOR PROCARD Make sure to get supporting documentation to Barb Bybee (ext 6261) before noon on Friday, 7/07/17 Review Prepaid Expense procedures on the Fiscal Year End Website.

Miscellaneous Receivables
What are they? The University does not record all accounts receivable (monies owed to UM) in its centralized accounts receivable system. In order to produce accurate financial statements, UM must record all valid accounts receivable due the various campus departments.

Miscellaneous Receivables
It is the department’s responsibility to report the correct receivables and maintain and forward to Business Services the backup support for the receivables reported. It is Business Services responsibility to review and record department receivables, and establish an allowance for doubtful accounts. This applies to receivables that are not recorded in Banner and are owed by off- campus entities.

Miscellaneous Receivables (Continued)
Updates/Reminders: Review the instructions: for Miscellaneous Accounts Receivable on the FYE webpage No procedure changes from last year Individual receivables greater than or equal to $25,000 require dean or director approval

Misc. Receivables Sample Form

Miscellaneous Receivables (Continued)
Make sure to get form and supporting documentation in to Geoff Lake by noon Wednesday, 7/5/17 Supporting Documentation Includes: Invoices Miscellaneous A/R Reports Foundation Requests to be received FY18

Establishing a new Miscellaneous Receivable

Establishing an Allowance
Allowance calculation based on aging from bill date. 0 – 90 days 5% days 25% %

Trial Balance Report

Following Year Reversing Document
Following Year – Allowance: Does not get reversed, will again be adjusted at the end of FY17.

Revenue Reversed

Unpaid Receivable?

Expenditure Accruals Expenditures must be recognized in the accounting year incurred, which creates the necessity for recording expenditure accruals for valid obligations incurred but unpaid as of the end of the fiscal year. Departments must submit requests for expenditure accruals to Business Services on or before July 7th at 4:00 pm. The following information along with the backup documentation must be provided to Business Services: Identify type of accrual – ‘A’ accrual or ‘B’ accrual Explanation and supporting documentation Identify vendor (if vendor is another state agency, special accrual accounting is required) Department contact person and phone number Add A & B Accrual definitions

Expenditure Accruals (Continued)
“A” Accruals These are for State Funds Only For Valid open orders of goods/services received After June 30th “B” Accruals These are for All Funds including State Funds Valid open orders on goods/services received on or Before June 30th, but have not yet been paid. Note: Accruals over $25,000 must include backup documentation and will need approval by the Director of Business Services.

Updates/Reminders: Only items $ or more will be accrued Remember: An accrual may be necessary for Procard purchases made during the last days of June (after 6/21/17) if the vendor does not process them in a timely manner Make sure to get supporting documentation in to Tara Scott (ext 5802) before 4pm on Friday, 7/7/17 Review accrual procedures on the Fiscal Year End Website. Check dates with critical cut off schedule

Check dates with critical cut off schedule

Deferred Revenue DEFINITION:
Deferred revenue is revenue collected in the current fiscal year for services provided in the next fiscal year. This revenue is reported as a liability on the current year’s balance sheet and as revenue in the next fiscal year. Departments that record deferred revenue include, but are not limited to: Continuing Education Bio Station Dining Services Athletics Campus Recreation Residence Life Note: Summer session tuition and fees collected prior to July 1st are also recorded as deferred revenue per Montana University System policy.

Deferred Revenue (continued)
Procedures: Banner Online Departmental Deposit Form Preparation For ease of processing deposits, please use a separate deposit card for deferred revenue transactions Deferred revenue must be recorded with an activity code. Find the current activity code list in the Deferred Revenue procedures on the Fiscal Year End Website. Please contact your Fund Accountant if a new activity code needs to be established. The activity code is the revenue account code with the ‘5’ replaced by an ‘R’ (ie; – Campus Recreation Trip Fee income activity code would be R0404) Balance Sheet account number is 2505 – Deferred Revenue

Deferred Revenue (Continued)
Updates/Reminders: No procedure changes from last year Deposit deadline is same for cash receipt cards (11:00 am 6/30/17) Be sure to send backup to Luanne Felstet (ext 2499) and contact her with any questions Review procedure and forms on the Fiscal Year End Website Include online deposit form

Trial Balance Report-Detail

Trial Balance Report

Trial Balance Report-Detail

JV to move revenue to new year

U-Approve All FY17 U-Approve JV’s must be completed and approved by noon on Thursday, July 6th. Any U-Approve JV’s that are not completed by this deadline will be deleted. FY17 JV’s can still be keyed into Banner on Friday, July 7th before 1:30 pm. Any JV’s not completed and approved by 1:30 will be deleted. Check dates with critical cut off schedule

CAPITAL ASSETS INVENTORY
*COMPLIANCE WITH MT STATE LAW AND THE MT OPERATIONS MANUAL (MOM’S) *ASSETS $5000+ Check dates with critical cut off schedule

3 INVENTORY STEPS (A DAILY PROCESS)

1) KEEP RECORDS *INVOICES *SURPLUS CONFIRMATION EMAILS

2) TRACK ASSETS *LOCATION *OWNERSHIP

3) CONTACT BUSINESS SERVICES
*SURPLUS/DESTROY/ CANNIBALIZE ASSETS *SELL *TRANSFERS Check dates with critical cut off schedule

= Check dates with critical cut off schedule

Helpful Tips Please reference the Banner document number in your JV document text when correcting an entry Please monitor all deadlines and notify Business Services right away if unable to meet a deadline Please monitor your accounts and get your requests in to the Foundation for Gift accounts by their deadline Contact the appropriate service area with questions (Accounts Payable, Procurement, Accounting, Systems) Dates on JV’s are critical; You must use 6/30/17 or earlier if you want it to post in FY17.

Questions?

FYE 2017 Training Thanks for Coming!

Tools for Monitoring FYE Activity
Banner Finance JGIBDST – Org Budget Status FGITBSR – Trial Balance Summary UMDW Operating Statement Trial Balance Payroll Maybe have the Banner screens open to refer to during presentation UMDW Contact: Business Services Systems Jackson Moua Ext 2533

EXAMPLE Banner JGIBDST
Enter Index, Fund or Orgn and FY on Banner form JGIBDST EXAMPLE Banner nets total revenues less total expenses

Banner Drill-Downs & User ID Searches
To see the transactions for a specific account in JGIBDST, select options and Transaction Detail (JGITRND) EXAMPLE

Banner Drill-Downs & User ID Searches (Continued)
JGITRND Here are all the transactions for account 62280 EXAMPLE

How do I found out who entered my document (J )? When searching on JGITNRD, use the bottom scroll bar find the user ID field. EXAMPLE

JGITRND To find the highlighted document, select options & Query Document (By Type) EXAMPLE

When document number comes up; hit control page down. FGIDOCR shows the transaction lines that were entered for the document selected. EXAMPLE

Enter Fund and FY on Banner form FGITBSR
Banner FGITBSR Enter Fund and FY on Banner form FGITBSR EXAMPLE

Other forms for finding user ID: FOIAPPH – will show the document approver(s) as well as the originating user for most transactions. Feed documents list only Systems Banner users because they perform the final upload.

JGIDOCR – Click on the document look-up button Enter a query on the new form (JGQDOCN) for the selected document (J ) to see the User ID

To identify the person associated with the User ID, go to FOMPROF and query on the user ID

UMDW Operating Statement
EXAMPLE Enter your Index, Fund, or Orgn Leave the Fiscal year at default Run Operating Report #2 for State Accounts and Operating Report #2 or #7 for Non-State Accounts (includes fund balance)

UMDW Results EXAMPLE

EXAMPLE UMDW Trial Balance Enter Fund Leave fiscal year at Default
Run General Report #1 Trial Balance

UMDW Payroll EXAMPLE Shelley would like to add a screen shot for FY14 that shows how the “more” button works Enter Index, Fund or Orgn Enter Acct Types 61,62,63 for the Wages and Salaries only Leave the Fiscal Year at default Run Payroll Report #7

FYE 2017 Training May 16, 2017 Business Services

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