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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 2009 Financial Closing Instructions
PDF format

Overview

• Internal feeder transactions must be posted to the general ledger no later than Monday, July 6th.
• Any and all activity posted in the ADJ-09 period to UPHS and CPUP through the inter-fund must be posted by Tuesday, July 7th. All entries to 15XX object codes after that date will be reversed
• Grant and contract overhead and revenue recognition, indirect cost and Annenberg ICR will be posted Wednesday, July 8th. (process moved up 6 days)
• Availability of the ADJ-09 period for end users has been changed to 5 workdays in order to meet Trustee-mandated reporting deadlines. Direct access to the general ledger for ADJ-09 will end on Wednesday, July 8th.
• The only transactions that will be recorded after July 8th, are gift and investment related:
  • Posting of final TIF income distribution on Thursday, July 9th
  • Posting of final FY09 transactions to the general ledger by CGAA on Monday, July 13th
  • Posting of final AIF income distribution on Tuesday, July 14th
  • Gift/Pledge accruals greater than $100K posted to the ADJ-09 period at school/center level on Tuesday, July 14th
  • Final AIF buys posted for ADJ period on Wednesday, July 15th
  • Final 13th month close (Endowment and Gift Overhead) Wednesday, July 15th, 8:00 p.m.

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 30th. All 12th month entries will be recorded in the period JUN-09.
• 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-09. The batch naming convention for manual journal entries for ADJ-09 only will be ADJ09.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-09.

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:

Un-invoiced 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 30, 2009, that has not yet been billed by the vendor. The program looks at each line item for all open purchase orders, then compares the quantity received (input by PO Buyer) to the quantity billed (input by Accounts Payable). If the quantity received exceeds the quantity billed, the difference is multiplied by the unit price on the PO and posted as a charge in JUN-09 to the account identified in the PO. The journal is then reversed in JUL-09, 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 by entering a manual journal entry.

For Purchase Order (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 Tuesday, June 30th.

In order to prepare for year-end and to know what will be accrued for your school/center, you should run the 900.Un-invoiced Receipts Report. This report allows you to review purchase order line information for goods and services that have been receipted in BEN Financials but have not yet been billed. The report should be run periodically throughout the year to monitor PO receiving activity of the Buyers within your organization. Additional details on the 900 report are available here:
http://www.finance.upenn.edu/ben/benfin/documentation/reportdoc/quickv/900.shtml

The 900.Un-invoiced Receipts Report only includes un-invoiced receipts that will be included in the year-end receipt accrual. This includes only un-invoiced receipts for purchase orders where the quantity billed is less than the quantity ordered. The 901.Overinvoiced Un-invoiced Receipts Report can be used to view un-invoiced receipts where the quantity billed is greater than or equal to the quantity ordered. Un-invoiced receipts on the 901 report do not show on the 900 report and are not part of the year-end receipt accrual. If there are legitimate un-invoiced receipts on the 901 report, the user can create a manual accruals entry for these receipts. Additionally, this report can be used to identify receiving errors and purchase orders that are being overbilled. The 901 report is only available 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 Receipt number
• PO Line number
• What the Receipted Quantity should be

Closing Calendar by Functional Group:

Payroll

Weekly Payroll for the Period Ending June 21, 2009

Monthly Payroll for the Period Ending June 30, 2009

SALINC

FY 2010 salary increases can be processed on-line using SALINC. Refer to FY 2010 Faculty/Staff Salary Increase Program Guidelines for detailed instructions.

FY 2010 Payroll

Annual increases for weekly paid personnel will be effective for the week ending July 5, 2009 and payable on July 10, 2009.

Accounts Payable

IDS

Purchasing Card:

Investment Services/CGAA:

Student Financial Services:

Feeders:

Cashiers Office:

BEN Assets:

General:

BEN Financials Closing: