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Office of the Comptroller

[ Accounting ]

Fiscal Year 2014 Financial Closing Instructions
PDF format

** New Closing Calendar Quick Reference Guide ** (PDF Format)

Overview

The FY 2014 year-end closing schedule and deadlines are largely consistent with prior year.

However, there have been additions or significant changes to the schedule as highlighted below:
  • Last day to submit manual buys or liquidations of Investments to be processed in FY14 is Friday, May 30th. FY15 manual buys or liquidations will not be posted until September (Effective July 1st)
  • Last day for approved Concur Expense reports to be posted to FY14 is Friday, June 27th at 5:00 p.m.
The following deadlines are significant, but are consistent with prior year:
  • All funding certifications need to be submitted to the Treasurer’s office by Friday, June 27th at 12:00 p.m. in order to be processed into FY14. No capital funding entries will be recorded in the ADJ period.
  • Feeders submitted after June 30th will be processed during July 1st nightly process
  • Any and all activity posted in the ADJ-14 period to UPHS and CPUP through the inter-fund must be posted by Monday, July 7th. All entries to 15XX object codes after that date will be reversed.
  • Availability of the ADJ-14 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-14 will end on Tuesday, July 8th.
  • Last day to clear operating gift funds with overdrafts is Tuesday, July 8th
  • Signed school/center internal representation letter provided to Comptroller’s office no earlier than Friday, July 11th, but no later than Friday, July 18th 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 Wednesday, July 9th
    • Posting of final FY14 transactions to the general ledger by Gifts Accounting & Administration (GAA) on Monday, July 14th
    • Reconciliation and posting of final AIF income distribution on Monday, July 14th
    • 63xxxx Unrestricted gift funds will be transferred to the designated special purpose fund by Investment Services group on Tuesday, July 15th
    • Final 13th month close (Endowment and Gift Overhead) Tuesday, July 15th, 8:00 p.m.
    • No gift/endowment entries will be recorded after Tuesday, July 15th
    • An AIF Market Value adjustment will be posted to ADJ-14 in August. There will be no impact to AIF income as a result of this adjustment.

Accounting Periods

  • The concept of a 12th month, 13th month and 14th month will remain.
  • The 12th month will be open June 2nd to June 30th. All 12th month entries will be recorded in the period JUN-14.
  • 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-14. The batch naming convention for manual journal entries for ADJ-14 only will be ADJ14.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-14.

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:

Friday, June 13th, 8:00 p.m. to
Monday, June 16th, 8:00 a.m.
Load of FY 2015 Original Budget to BEN Financials/Warehouse
Monday, June 30th, 8:00 p.m. to
Tuesday, July 1st, 2:00 p.m. (estimate)
JUN-14 (12th month) closing
Tuesday, July 15th, 8:00 p.m to
Wednesday, July 16th, 12:00 p.m.(estimate)
Final ADJ-14 (13th month) closing

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 30, 2014, 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-14 to the account identified on the PO distribution. The journal is then reversed in JUL-14, 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 Tuesday, 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 Monday, 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.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 FY2014, but payable in FY2015 must be accrued and recorded in either the JUN-14 or ADJ-14 period, but no later than Tuesday, 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 22, 2014

Monday, June 16th, 5:00 p.m. Supporting documents for new appointments to Personnel Records
Friday, June 20th, 5:00 p.m. Additional pay forms to Payroll.
Monday, June 23rd, 3:00 p.m. Time reporting data entry of positive/exception employees.
Monday, June 23rd, 3:00 p.m. Payroll reallocations must be performed to be effective at FY 2014 Employee Benefit (EB) rates. Any reallocations after this date will be at the FY 2015 EB rates
Monday, June 23rd, 5:00 p.m. On-line changes to the database for existing employees.

Monthly Payroll for the Period Ending June 30, 2014

Monday, June 16th, 5:00 p.m. Supporting documents for new appointments to Personnel Records.
Wednesday, June 18th, 5:00 p.m. Additional pay forms to Payroll.
Thursday, June 19th, 4:00 p.m. Time reporting data entry for late pay, reduction in pay, and late pay approval.
Friday, June 20th, 5:00 p.m. On-line changes to the database for existing employees.
Monday, June 23rd, 3:00 p.m. Payroll reallocations must be performed to be effective at FY 2014 EB rates. Any reallocations after this date will be at the FY 2015 EB rates

Merit Increase via Penn Works:

FY 2015 salary increases can be processed on-line using Penn Works. Refer to FY 2015 Faculty/Staff Salary Increase Program Guidelines for detailed instructions (available the week of April 14th) www.hr.upenn.edu/myhr/payandperform/appraisal/merit

Monday, April 21st, 12:00 a.m. Merit Increase via Penn Works opens.
Wednesday, June 11th, 11:59 p.m. Merit Increase via Penn Works closes.

FY 2015 Payroll

First weekly payroll for FY 2015 will be for the week ending June 29th, 2014, and payable on July 3rd, 2014.

Annual increases for weekly paid personnel will be effective for the week ending July 6th, 2014 and payable on July 11th, 2014.

Accounts Payable*

Friday, June 13th, 5:00 p.m.* Final day to request Final Closing of Purchase Orders in FY 2014
Friday, June 13th, 5:00 p.m.* PDA-Forms and C1 Travel Reimbursements to be processed in FY 2014
Friday, June 20th, 5:00 p.m*

Purchase order invoices to be processed in FY 2014

Friday, June 20th, 5:00 p.m.*

Requests to correct and reverse receipts for FY 2014

Friday, June 20th, 5:00 p.m.*

Will Call Checks

Friday, June 27th, 5:00 p.m.

Final day for approved Concur Expense reports to be posted to FY14

* The dates listed above are the year-end processing cut-off dates for the AP Office. 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:

Friday, June 20th June 13th batches posted to JUN-14
Saturday, June 21st Batches imported on June 20th available for review and reallocation to JUN-14
Friday, June 27th Batches reallocated from June 20th will be posted to JUN-14
Saturday, June 28th Batches imported on June 27th available for review and reallocation to ADJ-14
Friday, July 4th Batches imported on June 27th will be posted to ADJ-14
Saturday, July 5th Batches imported on July 4th available for review and reallocation to JUL-14
Friday, July 11th Batches imported on July 5th will be posted to JUL-14

Investment Services/GAA:

Friday, May 30th Last day to submit manual buys or liquidations of Investments to be processed in FY14

FY15 manual buys or liquidations will not post until September (effective July 1st)
Tuesday, July 8th Last date to deliver FY14 gift and pledge documentation (must have June 30 postmark) to GAA for recording in ADJ-14

Last day to clear operating gift funds with overdrafts

Last date to record journal adjustments to gift funds
Wednesday, July 9th Posting of final TIF income distribution
Friday, July 11th Posting of final gift feeders
Monday, July 14th Final FY14 transactions posted to general ledger by GAA

Final cash/credit card journals will be completed

Posting and reconciliation of final AIF income distribution **
Tuesday, July 15th Gift and endowment overhead posts

63xxxx Unrestricted gift funds will be transferred to the designated special purpose fund by Investment Services group

No gift or endowment entries will be recorded after July 15th

** An AIF Market Value adjustment will be posted to ADJ-14 in August. There will be no impact to AIF income as a result of this adjustment.

Student Financial Services:

Wednesday, June 18th BRS Close
Thursday, June 19th Tuition Distribution Snapshot
Posting of Summer Prelim #2 tuition distribution
Posting of Prior terms tuition distribution
Friday, June 20th Final FY14 feed of BRS transactions to BEN Financials
Wednesday, June 25th Posting of final Spring Student Aid Distribution

Feeders:

Monday, June 30th Final JUN-14 import and posting of all feeders, except Gifts
Tuesday, July 1st First day to transmit ADJ feeders for FY14 activity
Tuesday, July 8th Last day to transmit ADJ feeders for FY14 activity

Cashiers Office:

Friday, June 27th, 3:00 p.m. On-line deposit summary sheets to Cashier’s Office for processing in JUN-14
Monday, June 30th, 3:00 p.m. On-line deposit summary sheets and bank activity to Cashier’s Office for processing in ADJ-14

BEN Assets:

Thursday, June 19th Report any in-process equipment that has been placed in service to the PMG
Friday, June 27th, 12:00 p.m. All funding certifications need to be submitted to the Treasurer’s office in order to be processed into FY14. No capital funding entries will be recorded in the ADJ period.
Monday, June 30th Last day to enter FY14 asset retirements and retirement reversals in BEN Assets

General:

Wednesday, June 11th Requests for fund sweeps and mapping changes with an effective date of July 1, 2014 should be sent to Gifts and Investment Services
Friday, June 13th Suspense account reconciliation and clean up completed – (this should include SUSP org and suspense object codes 94XX and 95XX) for suspense items recorded prior to June 13th.
Monday, June 30th, 8:00 p.m. Last day to process all JUN-14 manual journal entries directly to the JUN-14 period.
Monday, July 7th Record all final Health System inter-fund transactions
Tuesday, July 8th Internal allocations, distributions and cost sharing between schools and centers posted (except UPHS interfund)
Tuesday, July 8th Final inventory adjustment and support due to Comptroller’s office

Final trade receivable adjustments

Deadline to correct receipt accrual journal entries

Deadline to post FY14 Salary/Bonus Accruals

Grant and contract overhead and revenue recognition and indirect cost will be posted
Tuesday, July 8th, 8:00 p.m. Last day to process all ADJ-14 manual journal entries directly to the ADJ-14 period.
Thursday, July 10th Substantiation of all asset and liability balances due to Comptroller’s office SME
Wednesday, July 16th Final closing reports to Senior Business Officer
Thursday, July 17th Final school/center closing entries recorded by Senior Business Officer and provided to Comptroller’s office to post
Friday, July 18th Signed school/center internal representation letter provided to Comptroller’s office no earlier than Friday, July 11th, but no later than Friday, July 18th

BEN Financials Closing:

Monday, June 30th, 8:00 p.m. BEN Financials closed for JUN-14 processing
Tuesday, July 8th, 8:00 p.m. BEN Financials closed for ADJ-14 processing (except for Gift and Investment related activity)
Tuesday, July 15th, 8:00 p.m. BEN Financials closed for all ADJ-14 activity
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Comptroller Spotlights

FY2014 Closing Instructions
New Category Codes
GL Object Codes FY2014
Concur Expense Type/Object Code Matrix (2015)

Comptroller Offices

Accounting
Accounts Payable
BEN
Tax and International Operations
Payroll
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