Year-end Planning
• Key Changes
• Accruals
• Receiving
• P-Cards
• Roles/Responsibilities
• Handout
• Year-end calendar
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Key Changes
•
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
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Key Changes
•
•
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
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Recording Expenses
Process change for recording expenses – accrual vs. real time.
• 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
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Recording Expenses
• 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
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Recording Expenses
• 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
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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
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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
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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
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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.
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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
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Order Level
Line Item
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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
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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
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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
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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
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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
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