Fiscal Close Workshop
May-June 2015
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Agenda
Introduction – John Douglas
Transactions
I.
Fiscal Closing Transactions – Victor Cesario
II. Intercampus Transactions – Srey Tung
III. AP/Disbursements - Tanya Harris
IV. Travel – Diana Nielsen
V. Payroll – Chris Hernandez
VI. Contracts & Grants – Rebecca Tangen
III. Encumbrances – Melissa Lee
IV. Decision Support – Kevin Chung
V. Questions
I.
II.
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What is Fiscal Closing?
Fiscal Closing is the process of ensuring that our financial
data is accurate for the ending fiscal year; organizing the
campus financial records for inspection by auditors; and
creating our yearly financial statements which are then
consolidated with the other UC campuses into systemwide
statements and reports for the Regents.
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Responsibilities
It is the responsibility of the departments and their
coordinating points to see that all income and expense is
recorded accurately and that all accounts close in a solvent
condition. It is the responsibility of the Accounting Office to
consolidate data, prepare year end reports and statements
for the Office of the President, and produce the final ledger.
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Three stages of the close for
departments
Preliminary
This stage reflects all direct charges for the fiscal year.
Interim
The one-week period after the Preliminary deadline during which
departments can make adjustments.
Final
There is no more department input. The Accounting Office makes
necessary adjustments for the Final ledger.
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14-15 versus 13-14
KFS – Some of the processes are different,
but the theory behind each activity is
essentially unchanged. Most of the calendar
dates are also essentially unchanged.
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Key Dates
July 8th – Recharges complete
July 10th – Prelim
July 17th – Interim – Period 12 will close in KFS, and certain non-final
docs will be canceled (e.g., GEC, BA, BAT, YEDA).
July 31st – Final
August 7th – July will close
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Fiscal Closing
Important Changes &
What to Expect this Fiscal Closing
Victor Cesario
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What You Need to Know for
Fiscal Closing
• June 30 – Deposits: CR, CCR, COD
• July 3 - Last day to initiate any KFS
Maintenance Changes
• July 10 – Last day for KFS initiated documents
where Fiscal Period 12 has been selected (drop
down) must be FINAL except for the documents
listed below.
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What You Need to Know for
Fiscal Closing
July 10 – KFS Fiscal Period 12 documents
that are NOT Final will be disapproved
except for the documents listed below.
July 17 – Last Day for Fiscal Period 12
FINAL KFS initiated documents:
– BA’s & BAT’s
– GEC’s
– YEDA’s (Available July 11 – July 17)
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Accruals & Deferrals
Quick Guide to Processing
Accruals & Deferrals for
Fiscal Closing 2015
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Why Accruals & Deferrals?
• In accordance with UCOP Accounting
Policies & Procedures, financial activity
must be recorded in the Fiscal Year that
relates/corresponds/supports that activity.
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What is an Accrual?
• Income
Income that you should have received in
June but will not actually have the funds until
July.
• Expense
Expenses that you should have paid for in
June but will not receive or pay until July.
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What is a Deferral?
• Income
Income that you received in June but
relates/corresponds/supports activity that
will not happen until July.
• Expense
Expenses that you paid for in June but
relates/corresponds/supports activity that
will not happen until July.
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Recording Accruals & Deferrals
• New KFS Document July 11 = YEDA
(Year End Department Accrual/Deferral)
• New minimum amount ≥$10,000
(Expenses per Invoice)
• New minimum amount ≥$5,000
(Capitalized Equipment)
• New minimum amount ≥$35,000
(Plant - Capitalized Construction costs)
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New Fiscal Year
Important Changes and What to
Expect in the New Fiscal Year
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New Fiscal Year
• July 1 (KFS Transactions)
• Carry Forward Balances =
Budget minus Actuals
Object Code 0008
Consolidation Code UNAL
Fiscal Period BB vs. CB
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Intercampus Transfer
Transactions
Srey Tung
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Intercampus Transfer
Transactions
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Intercampus Transfer
Transaction
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AP/Disbursements
Tanya Harris
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Invoices Deadlines
• Invoices must be submitted to Accounts Payable
no later than July 8th 4pm.
• Email Invoices to accounts-payable@uci.edu
• Invoices of $10K and over must be approved by
the Fiscal Officer in order to post to the FY14-15
• Invoices for FY14-15 that are not processed by
July 8th must be accrued by the dept if the
expense is greater than $10K
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Invoices Tips
• When sending invoices to AP to pay
please ensure the PO has enough money
and is ok to pay on.
• Please ensure the vendor you are trying to
pay has already been onboarded.
• Invoices must be submitted to Accounts
Payable no later than July 8th. Email to
accounts-payable@uci.edu
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Travel
Diana Nielsen
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Payroll Fiscal Closing
2014/2015 dates
Chris Hernandez
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Payroll Employee Database (EDB)
deadlines for June Monthly Payroll (Period
end 6/30/15)
• June 18th – for EDB updates reflecting on
the Monthly payroll ending in 6/30/15
– New Hires
– Reclassifications
– Promotions
– Rate or funding changes
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Payroll Employee Database deadlines for
June Monthly Payroll (Period end 6/30/15)
• June 23rd - June Monthly Payroll Time reporting
deadline
– Last day to enter May 2015 leave usage on the
monthly IDTC Time Collection Roster
• June 24th – June Monthly payroll cycle cutoff
– First deadline for Payroll Expense Transfers,
Late/Reduce Pay, and Additional Pay adjustment
transactions
– In EDAT sub menu use Pay Cycle “MO” and Pay
Period End date “063015”
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Payroll Employee Database deadlines for
the Bi-weekly (B1) Payroll ending in 6/20/15
• June 24rd - June Bi-weekly (B1) Payroll Time
reporting deadline
– Last day to enter leave usage for period 6/7/15 – 6/20/15 on the
biweekly IDTC Roster
• June 25th – June Bi-weekly (B1) payroll cycle
cutoff
– Second deadline for Payroll Expense Transfers, Late/Reduce
Pay, and Additional Pay adjustment transactions
– In EDAT sub menu use Pay Cycle “B1” and Pay Period End date
“062015”
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Payroll Employee Database deadlines for
the Supplemental (XX) Payroll ending in
06/01/15
• July 1st – Supplemental (XX) Payroll cycle cutoff
– Third deadline for Payroll Expense Transfers
– Final deadline for Late/Reduce Pay, and Additional Pay
adjustment transactions
– In EDAT use Pay Cycle “XX” and Pay Period End date “060115”
• July 6th – Payroll Expense Distribution Ledgers
Available
– Payroll ledger for June 2015 activity will be delivered on July 6th
– Available in Electronic Document Library (EDL) 7/2
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Payroll Employee Database deadlines for
the Special (XX) Payroll ending in 07/03/15
• July 7th – Special (XX) Payroll cycle cutoff
– Final deadline for Payroll Expense Transfers
– In EDAT sub menu use Pay Cycle “XX” and Pay Period End date
“070315”
– No Late/Reduce or Additional pay transaction. They will be
Deleted!
• July 8th – Payroll Expense Distribution Ledgers
Available
– PPP5302 payroll ledgers available in Electronic Document
Library (EDL)
– Will not be printed
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Contracts & Grants
Rebecca Tangen
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Encumbrances
Melissa Lee
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Encumbrance Report
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Encumbrance Carry Forward
• Encumbrances
• External Encumbrance (EX) = Carry Forward
– Purchase Orders
• Internal Encumbrance (IE) = Carry Forward
– Facilities Management Internal Encumbrances
– Travel Authorizations
• Cost Share Encumbrance (CE) = Carry Forward
– An encumbrance related to a cost-share account
• Pre-Encumbrance (PE) = No Carry Forward
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Decision Support
Kevin Chung
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Decision Support
• Organization Account Status
– You can query by the highest org
– Groups Account Balances by Income and
Expenses
– Ensure that your Income categories Budget
and Actuals align so the variance is zero.
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Decision Support
• Fund Summary Report
– Summary of Accounts in your organization
grouped and sorted by Fund
– Summaries are grouped by consolidation
code
– Remember on the top left there is a summary
view that takes the bottom line summary into
one page for easy PDF printing.
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Decision Support
• Account Summary Report
– Summary of Accounts in your organization grouped
by Consolidation Code activity
– Remember on the top left there is a summary by
Object View that breaks out the summary by Object
Codes.
– There is also a radio button that allows you to page
break by Account, so PDF pages will be separated by
Account.
– Validate this against Balances by Consolidation Code
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Decision Support
• Account Transaction Report &
Account GL Detail Adhoc Report
– Don’t forget when selecting a month, you only see
that month’s activity.
– Breaks down transactions in each account in your
organization.
– The Adhoc report is the exact same thing, except with
more filters.
– Note that you can isolate all credit transactions on
expense object codes.
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Decision Support
• Bursting reports to the Fiscal Officer
– Account Summary Report
– Account Transaction Report
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Questions?
Thank You, and Good luck!
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