1. Business Services – All Campus May 22, 2019
Closing of Books
Business Services – All Campus
May 22, 2019

2. Format Open Discussion Future Direction
All Campus Closing of the Books...
Introductions
Desired Outcome
Key Dates Calendar
Shared Responsibilities
Open Discussion
Future Direction
Format

3. Index Information Resources Purpose Definitions Key Dates Calendar
Accounting “Closing” Dates
Journal Vouchers
Payroll
Expense
Purchases & Liquidations
Revenues & Receivables
Gift Accounts & Pledges
Cash Deposits
Travel
Purchasing Card
Disposal of Assets
Unrelated Business Income
Open Discussion
Index

4. Information Resources https://inside.sou.edu/bus-serv/index.html
Business Services Website
Information Resources

5. Purpose CLOSING OF THE BOOKS
Ensures accounting records are complete and accurate.
Ensures revenues and expenditures
are reported in the correct
and appropriate periods.
Provides timely data for compilation of the USSE Annual Financial Reports for Southern Oregon University.
Provides timely data for SOU’s inclusion in the State of Oregon’s Comprehensive Annual Financial Report.
Purpose

6. Fiscal Year The financial year is the date range of: July 1 – June 30
Fiscal Year The financial year is the date range of: July 1 – June The fiscal year has 12 periods.
Fiscal Period The fiscal year begins in July, period 01, and ends June, period Period 14 is final and includes accruals done for year end close.
Adjusting Entries
Prepaid Expense Recording of money paid out in the current financial year for goods and services that will be received in the next fiscal year. Example: Paying for “book” in advance of receiving it (by June 30)
Deferred Revenue Monies received in advance for services not yet earned. Example: Tuition or non-refundable deposits for conferences
Definitions

7. BUSINESS SERVICES - ACCOUNTING
SOU Due Date
Description
May 31
Period #1 is opened for next year transactions
June 12
All POs must be input and approved
June 14
Payroll Obligations –All FY19 Payroll obligations due to Payroll Office.
US Bank Purchasing Card: Transactions posted by June 14 will be charged to funds. P-Card Transactions occuring June 15 through June 25, will be charged to FY19, if appearing on statement. Charges subsequent to June 25, will be posted to FY20.
Travel Forms Submitted to Service Center for all completed travel prior to June 14.
June 21
Higher One Reimbursements deadline. All Higher One reimbursements to students for FY19 must be in the Service Center by close of business.
June 25
Clearing of Purchasing Card Charges – Clear all goods and services received by June 25.
June 27
Deliver all on hand Department Deposits to Service Center
June 28
Deliver all new incoming Department Deposits to Service Center--no later than 3:00 pm
Purchase orders for goods and services received by June 28, must be processed, approved, and posted.
June 30
STUDENT SIS: No Data Entry to student accounts and to the miscellaneous deposit forms.
July 1
Re-establish SIS data entry capabilities for the TFAMISC, TSAAREV, and TSASPAY forms.
July 2
Deadline for final Payroll Adjustments involving
July 3
Donation Pledges: Submit a list of any pledges that are outstanding as of 6/30/19 and which are made directly to the University, if any.
All Invoices must be input and approved at all levels.
Travel: Last day to submit completed and approved travel reimbursements to the Service Center for processing.
July 5
Overdrawn Accounts: Where possible, departments should clear all deficits before closing period 12.
Period 12 Journal Voucher cut off. All JV transactions must be input by 5 p.m.
July 8
Close Period 12
July 10
Period 12 Financial Reports available to departments through Cognos.
July 16
All Period 14 JVs should be input and cleared out of departmental approval queues.
July 22
CLOSE PERIOD 14.
July 24
Period 14 Financial Reports available to departments through Cognos.
Key Dates Calendar
Hand-out
&
Website

8. Accounting Closing Dates
Period 12 close JULY 8th
Financial Reports Available 7/9/2019
Period 14 close JULY 22nd
Financial Reports Available 7/23/2019
Accounting Closing Dates

9. Journal Vouchers To move Expenses
To process re-distributions, the JV cut-off is July 1st.
Service Center Deadlines:
To process period 12, the JV cut-off is July noon
To process period 14, the JV cut-off is July 5PM
Journal Vouchers To move Expenses

10. By June 28th All payroll re-distributions for JUNE payroll must be received in the Payroll Office
FY 19 Student hours All student employment ends 6/12/2019.
FY20 Student hours All students who work hours 6/13 to 6/30, expense goes to next fiscal year budget
Payroll

11. Expense Cut-off Dates Shared Responsibility
Purchase Orders for current year goods to be received by June 30, must be input and approved by June 12th.
Provide Receiving documentation for all goods/services (always).
Service Center Deadline:
Invoices must be entered and approved by July 3rd.
Expense Cut-off Dates
All Goods and Services Received in current fiscal year must be booked to June 30th.

12. Purchases Cut-off Dates
June 12th
Purchase order Liquidation
Encumbrance Liquidation
Request Contractors’ billing through June 30
June 30th
Fixed Assets must be booked prior to fiscal year end
Next Fiscal Year’s Fixed Assets cannot be booked during month of July
Invoices for fixed assets cannot be processed until June 30 Fixed Assets ledger reconciled
Purchases Cut-off Dates

13. Revenues & Receivables
Provide List to your Service Center Accountant of: 1) “Outstanding Donation & Gift Pledges” due directly to university as of June 30
These expected resources need to be reflected in correct fiscal year
Do not include gifts or donations made through SOU Foundation
2) “Non-Student Accounts Receivable” that are outstanding as of June 30
Other than grants
Revenues & Receivables

14. Gift Accounts & Pledges
Gift Funds given to Dept.
These expected resources need to be reflected in correct fiscal year
SOU Foundation Gifts & Pledges
Foundation Transfers
No Overdrafts
Gift Fund Accounts cannot spend into deficit for June 30.
Request reimbursement from the Foundation for funds prior to SOU paying out funds.
Be mindful of P-Card pay out date of 25th each month.
Gift Accounts & Pledges

15. Cash Deposits Cash Deposits Cut-off date is noon on June 28th.
Departmental Deposits must be delivered to Service Center by noon on June 28
All other departments with cash receipting responsibilities must post cash receipts by 3:00PM on June 28.
The system will be shut down on June 28th at 5:00PM for Student SIS and Banner A/P system.
The system will re-open at start of day on July 1st.*
Cash Deposits
*Note: On July 1st, departments will be able to input changes to student accounts:
Changes will not be processed in FIS Banner until system is turned back “on”
The changes will be effective in the new fiscal year

16. Expenses are posted to the year in which SOU receives the goods or services.
By June 15th “Travel Reimbursement Request” form must be submitted to Purchasing for all travel or mileage reimbursement completed prior to June 15th.
By July 3rd Submit approved and completed “Travel Reimbursement Request” form for all travel completed through June 30th. *
*Budgeted Exceptions arranged in advance with Accounting Central
Travel Cut-off dates
Travel Note:
To match revenues to expense in the current fiscal year, we cannot “receive” goods or services in this fiscal year and then post the expense to next fiscal year, which is next year’s budget. It does not match up.

17. Purchasing- Card Deadlines
P-Card “use” cut-off is June 25th
Any US Bank Purchasing Card transactions not appearing on US Bank Billing Statement cut-off dated June 25th, will not be in FY19
By June 14th “cut-off” date P-Card transactions will be charged to funds.
June 15 through June 25 P-Card transactions occurring AND goods “received” will be charged to FY19
Be mindful of shipping method as goods must appear on US Bank 5/25/26/2019 Billing Statement to be FY19
June 25 through June 30 P-Card transactions occurring subsequent to June 25, will be posted to FY20
CardProcedureManual_Campus.pdf
Purchasing- Card Deadlines
*Note: Any P-Card purchases not on the June 25th statement are expensed to next budget year.
US Bank Purchasing Card: Transactions posted by June 14 will be charged to funds. P-Card Transactions occuring June 15 through June 25, will be charged to FY19, if appearing on statement. Charges subsequent to June 25, will be posted to FY20.

18. Disposal of Assets How does it work?
Policy on Disposal of Fixed Asset
serv/purchasing/index.html
Procedures on Surplus Property
serv/purchasing/surplus-property.html
Disposal of Assets How does it work?
Steps for disposal of surplus property:
Status of property?
Ownership (federal or state)?
State-owned computers
Trade-in
Transfer
Remaining surplus to FMP
Paperwork

19. Unrelated Business Income
Survey May 23rd
What to Report
Unrelated Business Income
Southern Oregon University is responsible to report Income received from programs or functions, that are not substantially related to the accomplishment of the University's tax exempt purpose Education
You would want to report any sources of income:
Received from off-campus users (individuals or groups)
Involves selling of goods, or performing certain services, where the university potentially competes with private businesses.
Does not include fundraising resources going to SOU Foundation.

20. All Campus Open Discussion Future Meeting Topics fis-training@sou.edu
Questions?
Future Meeting Topics
Survey
What topics would you like?
All Campus

21. Contacts Business Services: Business Office 541-552-8528 
Service Center:  
Contacts
Business Office
Service Center