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Comptroller's Office
University of Pennsylvania
Suite 312 Franklin Building
3451 Walnut Street
Philadelphia, PA 19104
215.898.7593 (Phone)
215.898.0817 (Fax)

[ Accounting ]

Fiscal Year 2013 Financial Closing Instructions
PDF format

Overview

The FY 2013 year-end closing schedule and deadlines are largely consistent with prior year.

• 63xxxx Unrestricted gift funds will be transferred to the designated special purpose fund by Investment Services group on Monday, July 15th

• All funding certifications need to be submitted to the Treasurer’s office by Monday June 24th at 12:00 p.m. in order to be processed into FY13. No capital funding entries will be recorded in the ADJ period.
• Feeders submitted after June 28th will be processed during July 1st nightly process
• Any and all activity posted in the ADJ-13 period to UPHS and CPUP through the inter-fund must be posted by Friday, July 5th. All entries to 15XX object codes after that date will be reversed.
• Availability of the ADJ-13 period for end users will remain at 5 workdays in order to meet Trustee-mandated reporting deadlines. Direct access to the general ledger for ADJ-13 will end on Monday, July 8th.
• Last day to clear operating gift funds with overdrafts is Monday, July 8th
• Signed school/center internal representation letter provided to Comptroller’s office no earlier than Friday, July 12th, but no later than Friday, July 19th in order to review significant events thoroughly
• The only transactions that will be recorded after July 8th, are gift or investment related:
  • Posting of final TIF income distribution on Tuesday, July 9th
  • Posting of final FY13 transactions to the general ledger by Gifts Accounting & Administration (GAA) on Friday, July 12th
  • Reconciliation and posting of final AIF income distribution on Friday, July 12th
  • Final AIF buys posted for ADJ period on Monday, July 15th
  • Final 13th month close (Endowment and Gift Overhead) Monday, July 15th, 8:00 p.m.
  • No gift/endowment entries will be recorded after Monday, July 15th
  • If necessary, an AIF Market Value adjustment may be posted to ADJ-13 in August. There will be no impact to AIF income as a result of this potential adjustment.

Accounting Periods

• The concept of a 12th month, 13th month and 14th month will remain.
• The 12th month will be open June 1st to June 28th. All 12th month entries will be recorded in the period JUN-13.
• The 13th month will run from July 1st to July 15th. However, end users will only have direct access to 13th month from July 1st to July 8th. All 13th month entries will be recorded in period ADJ-13. The batch naming convention for manual journal entries for ADJ-13 only will be ADJ13.xxxx.zzz.mm/dd/yy.nn, where xxxx is the user’s org, zzz is the user’s initials, mm/dd/yy is the date the batch was created and nn is the user’s sequential batch number for the day.
• The 14th month will begin on July 16th and end when the annual audit is complete. As in the past, the 14th month period will be utilized for the purpose of recording any audit adjustments and the final Comptroller's closing entries. Transactions for the 14th month will also be entered in the period ADJ-13.

BEN Financials Availability

BEN Financials will be available to end users during the months of June and July for the normal operating hours, Monday through Saturday, 8:00 a.m. to 8:00 p.m., with the following exceptions:

Uninvoiced Receipts and the Receipt Accrual Process:

As a part of the year-end closing process, the Comptroller’s Office will run the Receipt Accrual program. This program is run annually to book an accrual entry to the general ledger to account for merchandise or services provided to the University on or before June 28, 2013, that has not yet been billed by the vendor. The program looks at each line item for all open purchase orders (POs), then compares the quantity received (input by PO Buyer) to the quantity billed (input by Accounts Payable) for each PO distribution. If the quantity received exceeds the quantity billed, the difference is multiplied by the unit price on the PO line and posted as a charge in JUN-13 to the account identified on the PO distribution. The journal is then reversed in JUL-13, in anticipation of the invoice being processed in the next fiscal year. The accrual program will not include any accrual entries of less than $1,000. You still have the ability to record legitimate accrual entries below that threshold in this fiscal year by entering a manual journal entry by Monday, July 8th.

For PO receipts to be recorded as expenditures in this fiscal year, the goods/services must be received by the department and entered as a receipt in BEN Financials by Friday, June 28th.

In order to prepare for year-end and to know what will be accrued for your school/center, you should run the 900.Uninvoiced Receipts Report (with the Minimum Extended Value parameter set to 1,000). This report allows you to review purchase order line, shipment, and distribution information for goods and services that have been receipted in BEN Financials but have not yet been billed. Details on the 900 report are available here:
http://www.finance.upenn.edu/ben/benfin/documentation/reportdoc/quickv/900.shtml

Additionally, the 901.Overinvoiced Uninvoiced Receipts Report can be used to view uninvoiced receipts where the quantity billed is greater than or equal to the quantity ordered. Uninvoiced receipts on the 901 report do not show on the 900 report and are not part of the year-end receipt accrual. The 901 report is available only in the Senior BA Reporting responsibility. Details on the 901 report are available here:
http://www.finance.upenn.edu/ben/benfin/documentation/reportdoc/quickv/901.shtml

After reviewing the reports, if you need to have receipts corrected, send an e-mail to apsup@pobox.upenn.edu and include the:

• Purchase Order Number
• PO Line number
• PO Distribution Account (only required if the line has multiple distributions)
• PO Receipt number
• What the Receipted Quantity should be

Salary/ Bonus Accrual Process:

Salary and/or performance bonuses earned in FY2013, but payable in FY2014 must be accrued and recorded in either the JUN-13 or ADJ-13 period, but no later than Monday, July 8th. Both the salary and related benefit expenses should be recorded as a debit to Other Salaries expense (Object code 5141) and a credit to Accrued Payroll (Object code 2302). The fund number used should be either the general unrestricted fund (000000), special purpose fund (01xx01, 01xx02) or a center specific fund (01xx03, 01xx04). No manual accruals are to be posted to the EB Pool fund (020200).

Closing Calendar by Functional Group:

Payroll

Weekly Payroll for the Period Ending June 23, 2013

Monthly Payroll for the Period Ending June 30, 2013

* FY 2014 rates will remain the same as FY 2013 rates

Merit Increase via Penn Works (formerly SALINC):

FY 2014 salary increases can be processed on-line using Penn Works. Refer to FY 2014 Faculty/Staff Salary Increase Program Guidelines for detailed instructions (available the week of April 15th) http://www.hr.upenn.edu/Compensation/SalaryIncrease/Default.aspx

FY 2014 Payroll

Annual increases for weekly paid personnel will be effective for the week ending July 7th, 2013 and payable on July 12th, 2013.

Accounts Payable**

IDS**

** The dates listed above are the year-end processing cut-off dates for the AP and IDS Offices. In order to ensure that your requests are processed before the end of the Fiscal year we are requesting you submit all forms by the dates listed. Requests submitted after these dates may still be processed before the end of the fiscal year however due to the increased volume of requests we receive during this time we cannot guarantee they will be processed.

Purchasing Card:

Investment Services/GAA:

*** If necessary, an AIF Market Value adjustment may be posted to ADJ-13 in August. There will be no impact to AIF income as a result of this potential adjustment.

Student Financial Services:

Feeders:

Cashiers Office:

BEN Assets:

General:

BEN Financials Closing: