Comptroller's Office
	Accounting Home
	Annual Reports
	Budget & Management Analysis
	Capital Project Accounting Procedures
	Closing Instructions
	Closing Schedules
	Faculty & Adminstrative Emp. Benefits & Dependent Tuition
	General Ledger Object Codes
	Property Management Group
	Unclaimed Property
	UPHS Lawson Conversion No. (PDF format)
	Document/Forms
	Contact Information
	Feedback

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 2012 Financial Closing Instructions
PDF format

Overview

• Merit Increase via Penn Works opens on Monday, April 23rd at 12:00 a.m., at which point FY 2013 salary increases can be entered
• Load of FY 2013 Original Budget to BEN Financials/Warehouse from Friday, June 8th at 8:00 p.m to Monday, June 11th at 8:00 a.m.
• Suspense account reconciliation and clean up should be completed by Friday, June 15th – (this should include SUSP org and suspense object codes 94XX and 95XX) for suspense items recorded prior to June 15th.
• Posting of final Spring Student Aid Distribution will be Friday June 29th
• All funding certifications need to be submitted to the Treasurer’s office by Monday June 25th at 12:00 p.m. in order to be processed into FY12. No capital funding entries will be recorded in the ADJ period.
• Any and all activity posted in the ADJ-12 period to UPHS and CPUP through the inter-fund must be posted by Friday, July 6th. All entries to 15XX object codes after that date will be reversed.
• Deadline to post FY12 Salary/Bonus Accruals is Monday, July 9th.
• Availability of the ADJ-12 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-12 will end on Monday, July 9th.
• Signed school/center internal representation letter provided to Comptroller’s office no earlier than Friday, July 13th, 2012, but no later than Friday, July 20th, 2012 in order to review significant events thoroughly.
• The only transactions that will be recorded after July 9th, are gift and investment related:
  • Posting of final TIF income distribution on Tuesday, July 10th
  • Posting of final FY12 transactions to the general ledger by GAA on Friday,July 13th
  • Reconciliation and posting of final AIF income distribution on Friday, July 13th
  • Final AIF buys posted for ADJ period on Monday, July 16th
  • Final 13th month close (Endowment and Gift Overhead) Monday, July 16th, 8:00 p.m.
  • No gift/endowment entries will be recorded after Monday, July 16th
  • If necessary, an AIF Market Value adjustment may be posted to ADJ-12 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 29th. All 12th month entries will be recorded in the period JUN-12.
• The 13th month will run from July 2nd to July 16th. However, end users will only have direct access to 13th month from July 2nd to July 9th. All 13th month entries will be recorded in period ADJ-12. The batch naming convention for manual journal entries for ADJ-12 only will be ADJ12.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 17th 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-12.

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 29, 2012, 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). 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-12 to the account identified in the PO. The journal is then reversed in JUL-12, 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 by July 9th.

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 29th.

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 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 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

Salary/ Bonus Accrual Process:

Salary and/or performance bonuses earned in FY2012, but payable in FY2013 must be accrued and recorded in either the JUN-12 or ADJ-12 period, but no later than Monday, July 9th. 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 24, 2012

Monthly Payroll for the Period Ending June 30, 2012

Merit Increase via Penn Works (formerly SALINC):

FY 2013 salary increases can be processed on-line using Penn Works. Refer to FY 2013 Faculty/Staff Salary Increase Program Guidelines for detailed instructions ( available the week of April 16th) http://www.hr.upenn.edu/Compensation/SalaryIncrease/Default.aspx

FY 2013 Payroll

Annual increases for weekly paid personnel will be effective for the week ending July 8th, 2012 and payable on July 13th, 2012.

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-12 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: