TO:
Budget Managers
FROM:
Controller’s Office – Financial Accounting
DATE:
May 7, 2014
SUBJECT:
Year-End Closing Schedule – Fiscal Year 2014
The current fiscal year ends on June 30, 2014. In order to achieve an accurate and timely close of
the university's fiscal year, please adhere to the following schedule for processing transactions:
PROCEDURE
DEADLINE
CONTACT
Requisitions entered through Procurement (furniture &
technology)
Friday, May 30
Procurement
Budget Change Requests – departmental expenses
Friday, June 6
Budgets &
Operational Rptg
Budget Change Requests – salary expenses
Friday, June 6
Financial Actg
Salary Reallocations for activity through May 30, 2014
Monday, June 9
Financial Actg /
ORS
Salary Payment Requests approved in Campus Connect
Friday, June 20
Payroll
Requisitions entered through Procurement (all other
purchases)
Friday, June 20
Procurement
Journal Entry Request Forms for May activity
Friday, June 20
Financial Actg
Cash/Checks for FY2014 deposited at Cashier’s Office
Monday, June 30
Cashier’s Office
Deferred Revenue Form
Thursday, July 3
Financial Actg
Procurement Card Approvals
Thursday, July 3
Procurement
ProCard Prepaid Form
Thursday, July 3
Financial Actg
Departmental Credit Card Upload Spreadsheets due
Thursday, July 3
Treasury
Salary Reallocations for activity through June 27, 2014
Thursday, July 3
Financial Actg /
ORS
Invoice/Voucher Payment Request Forms due
Tuesday, July 8
Accounts Payable
Employee General/Travel Reimbursement Forms due
Tuesday, July 8
Accounts Payable
Revenue Receivable Form
Monday, July 14
Financial Actg
Purchase Order Corrections
Monday, July 14
Procurement
Accrual Request Form
Tuesday, July 15
Financial Actg
Journal Entry Request Forms for June activity
Tuesday, July 15
Financial Actg
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INFORMATION SESSIONS
Information sessions pertaining to the fiscal year-end 2014 close will be available to Budget
Managers as follows:
Loop Campus: Thursday, May 29, 2014, 9:30am-10:30am (55 E. Jackson Suite 801)
Lincoln Park Campus: Thursday, May 29, 2014, 3:30 pm-4:30pm (Munroe Hall, Room 124)
These information sessions will offer an overview of the year-end close procedures and deadlines
discussed in this communication; time will be provided for questions and answers.
Please RSVP to Rebecca Wells at RWELLS5@depaul.edu by May 28, 2014.
BUDGET CHANGES
If your department is underfunded, budget dollars must be moved from another source to cover
the expenses by completing the Budget Change Request form located on the Financial Affairs
website (http://financialaffairs.depaul.edu/forms/budchgrequest.html). Budget increases and
transfers are required to cover expenses in departments which are currently over budget or are
expected to be over budget at June 30, 2014.
Budget Managers can determine the current financial status of their departments in
CampusConnect by viewing the Financial Activity Report (“Statement of Activities”, FINACVTY14)
and/or the “Salary Costs Status Report” (LBR/RPT_11). Both reports are located in Campus Connect
under “Self Service > Reports > Financials”. When determining final budget needs, please consider
ALL fiscal year 2014 charges that will post to your department including monthly chargebacks such
as copier, postage, printing, telephone, PC leases, and ProCard.
Please submit Budget Change Request forms and direct any inquiries as follows:
DEPARTMENTAL BUDGET CHANGE REQUESTS:
Office of Budgets and Operational Reporting (Maggie Ramirez, 2-6641)
SALARY BUDGET CHANGE REQUESTS:
Financial Accounting (Keith Hayes, 2-6121)
All Budget Change Request forms must be received no later than June 6, 2014.
SALARY EXPENSES
SALARY PAYMENT REQUESTS:
Payment requests for employees who rendered services during fiscal year 2014 must be
submitted by June 9, 2014. All requests must be fully approved by June 20, 2014 to be included
in the June 27, 2014 payroll. Please submit your request via Campus Connect (Manager Self
Service > Payment Requests > Request a Payment). The status of outstanding payment requests
can be queried under “Manager Self Service > Payment Requests > Manage Pay Requests”.
Immediately submit payment requests identified after the deadline in Campus Connect and
contact Financial Accounting (Kevin Achettu, 2-5515) so that proper accounting treatment may
be reviewed.
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SALARY REALLOCATION REQUESTS:
Budget Managers can review the “Salary Costs Status Report” (LBR/RPT_11), located in Campus
Connect under “Self Service > Reports > Financials”, to identify employees that are charged to an
incorrect salary account or to an incorrect department/grant. If you need to move salary charges,
complete the Salary Reallocation Request form located on the Financial Affairs website
(http://financialaffairs.depaul.edu/forms/Reallocation_Form.pdf). You will need to note the
effective date of the change and include the following information from the Salary Costs Status
Report: employee ID, position number, account code, and amount to be reallocated.
Please submit Salary Reallocation Request forms and direct any inquiries as follows:
GRANT DEPARTMENTS: Office of Research Services (David Mendez, 2-7727)
ALL OTHER DEPARTMENTS: Financial Accounting (Kevin Achettu, 2-5515)
All Salary Reallocation Request forms must be received:
For activity posted through May 30, 2014: no later than June 9, 2014
For activity posted through June 27, 2014: no later than July 3, 2014
PURCHASING
PURCHASE REQUISITIONS:
The deadline to enter requisitions for purchases of furniture and technology (computer
hardware/software) is May 30, 2014. These purchases typically require additional lead time for
delivery and can only be expensed in fiscal year 2014 if they are received by June 30.
Requisitions for all other fiscal year 2014 orders must be entered no later than June 20, 2014.
Creating a requisition in fiscal year 2014 does not guarantee that the expense will be applied to
the fiscal year 2014 budget. The expense will be applied to the fiscal year in which the goods
are received or services are rendered (see section entitled “Departmental Expenses”). As such,
consider the delivery date when contacting vendors and preparing requisitions so that
appropriate delivery lead time is provided.
Please contact the Procurement Services Department at 2-7510 if you have any questions
regarding purchase requisitions or purchase orders. Departments requiring an emergency
requisition should contact Laurie Krauel at extension 2-5272 for assistance.
PURCHASE ORDER CORRECTIONS:
Budget Managers can review open purchasing commitments on the “Encumbrance Detail” tab of
the Financial Activity Report (“Statement of Activities”, FINACVTY14), located in Campus Connect
under “Self Service > Reports > Financials”. If erroneous open purchasing commitments appear
on your June 30, 2014 financial activity report, contact Laurie Krauel at 2-5272 no later than July
14, 2014. Please have the following information available: vendor name, PO number, Dept ID,
and a description of the problem.
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DEPARTMENTAL EXPENSES
Financial accounting standards require that all expenses be recorded in the fiscal year that goods
are received or services are rendered. With this in mind, the following year-end schedule is in
place for these processes:
PROCUREMENT CARD APPROVALS (ProCards):
All ProCard charges posted in PaymentNet through June 30, 2014 will by default be charged to
your departmental budget in fiscal year 2014. ProCard charges posted on or after July 1, 2014
will be charged to fiscal year 2015. ProCard transactions generally post to PaymentNet within 13 days of the actual purchase date. Keep this in mind when making ProCard purchases at the
end of the fiscal year. In general, ProCards should not be used the last few days of June 2014.
Procurement will run one year-end approval cycle edit report for ProCard charges made from
May 16, 2014 through June 30, 2014. Online statements are available in PaymentNet
(https://www.paymentnet.jpmorgan.com) as soon as a transaction posts in the year-end
approval cycle. This allows ProCard users to review transactions, update chartfields, and add
transaction notes prior to the end of the cycle on June 30.
ProCard users should approve transactions for the year-end approval cycle online in
PaymentNet by July 3, 2014. Approving managers have until July 18, 2014 to approve these
transactions, however any chartfields that are changed during approvals after July 3, 2014 will
not be processed automatically and should be corrected by submitting a Journal Entry Request
form. This form is due to Financial Accounting (Jim Sullivan, 2-5598) no later than July 15, 2014.
If a payment has been processed using a ProCard prior to June 30, 2014 but the goods will be
received or services will be rendered on or after July 1, 2014, please complete the ProCard Prepaid
Form (see attached Year-End 2014 Forms). This form is due to Financial Accounting (Jim Sullivan, 25598) no later than July 3, 2014.
INVOICES AND VOUCHER PAYMENT REQUESTS:
The deadline to submit invoice/voucher payment requests to Accounts Payable is July 8, 2014 by
12:00 PM for goods received or services rendered through June 30, 2014. Accounts Payable will
review invoices/voucher requests and apply the expense to the appropriate fiscal year. Please
contact Accounts Payable if you have any questions (Norma Rodriguez, 2-5372 OR Juan Gonzalez, 25335).
Invoice/voucher requests submitted after the July 8, 2014 deadline for goods received or services
rendered through June 30, 2014 will require a completed Accrual Request Form (see attached YearEnd 2014 Forms). The Accrual Request Form is due to Financial Accounting by July 15, 2014. Be
sure to include documentation to support the actual or estimated accrual amount, (i.e. copy of
quote, invoice, communication from vendor, etc.) Please submit Accrual Request Forms and direct
any inquiries to Financial Accounting (Jim Sullivan, 2-5598).
EMPLOYEE GENERAL REIMBURSEMENT / TRAVEL REIMBURSEMENT:
The deadline to submit reimbursement requests to Accounts Payable for employee expenses
and out of town travel that occurred prior to June 30, 2014 is July 8, 2014 by 12:00 PM. Always
attach original receipts. Please contact the Accounts Payable if you have any questions (Norma
Rodriguez, 2-5372 OR Juan Gonzalez, 2-5335).
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Reimbursement requests submitted after the July 8, 2014 deadline for employee expenses and out
of town travel that occurred prior to June 30, 2014 will require a completed Accrual Request Form
(see attached Year-End 2014 Forms). The Accrual Request Form is due to Financial Accounting by
July 15, 2014. Be sure to include documentation to support the actual or estimated reimbursement
amount, (i.e. copies of receipts, etc.). Please submit Accrual Request Forms and direct any inquiries
to Financial Accounting (Jim Sullivan, 2-5598).
REVENUES
CASH RECEIPTS AND DEPARTMENTAL DEPOSITS (SPECIAL RECEIPTS):
University policy requires departments to deposit cash/checks on the same day as they are
received. Payments received on June 30, 2014 should be deposited at the Cashiers Office on June
30, 2014 by 4:00 PM in order to apply the deposit to fiscal year 2014.
DEFERRED REVENUE: For receipts deposited prior to June 30 which apply to services that
will be rendered by the university in FY15 (that is, on or after July 1), please complete the
Deferred Revenue Form (see attached Year-End 2014 Forms). Please direct any inquiries to
Financial Accounting (Anna Bonick, 2-8036) and submit this form no later than July 3, 2014.
REVENUE RECEIVABLE: If receipts deposited after July 1 relate to services that were
rendered by the university in FY14 (that is on or before June 30) OR if you are still awaiting
a receipt of cash or check for services that were rendered by the university in FY14, please
complete the Revenue Receivable Form. Please direct any inquiries to Financial Accounting
(Anna Bonick, 2-8036) and submit this form no later than July 14, 2014.
Receipts of cash or checks that constitute gifts to the university should be forwarded to the
Department of Gift Processing by June 30, 2014 by 1:00 PM. All gifts received through June 30,
2014 will be posted to fiscal year 2014.
DEPARTMENTAL CREDIT CARD PROCESSING:
Departments accepting credit card payments will receive an upload spreadsheet from the
Treasurer’s Office on July 1, 2014. These spreadsheets must be returned to the Treasurer’s Office
by July 3, 2014. Please contact Liju Varughese at 2-6014 if you have any questions.
PRELIMINARY YEAR-END REPORTS
Preliminary June 30, 2014 year-end Financial Activity Reports will be available for review daily via
“FINACTVTY14” located in Campus Connect under “Self Service > Reports > Financials”. Please
review your reports beginning July 9, 2014. To correct any June activity that has posted incorrectly,
submit Journal Entry Requests to Financial Accounting no later than July 15, 2014.
Please make sure all appropriate parties are aware of these deadlines and year-end procedures.
Any questions regarding the fiscal year-end that are not covered above may be directed to
Jennifer Korinek at 2-6730 or jkorinek@depaul.edu.
Thank you in advance for your cooperation in achieving a successful year-end close.
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