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All cash receipts must be at the
Cashiers Office by 3:00 PM on June 30, for inclusion in the 07-08 accounting
records. Deposit all cash receipts in a timely manner. Please try to avoid
accumulating receipts for a final deposit.
Off campus locations, after making the final deposits at the bank, must provide
detail receipt information, including the final deposit information, to the
Cashiers Office (by fax at 541-346-6042) by 3:00 PM on June 30.
If you have questions please call the Cashiers Office at 6-3154.
For inclusion in the 07-08 accounting records, all
non-student accounts receivable transactions to be entered by
Business Affairs must be received by 5:00 PM on June 23. All student
accounts receivable transactions to be entered by Business Affairs
must be received by 5:00 PM on June 30.
Departmental entry of accounts receivable transaction must be processed by 5:00
p.m. on June 23.
For non-student accounts receivable an Accounts Receivable Report can be filled
out and submitted. You only need to submit this document if you have a Receivable to report.
The report should reflect the balance owing as of June 30, 2008.
Do not include any amounts owing from other departments within the University. If you need the income from establishing the Receivable to cover an overdraft,
attach a note to the report to authorize an actual credit entry to your Fund.
Click here to get a form (PDF
format), return forms c/o BAO A/R. Contact Accounts Receivable at 6-1087 if you have questions.
The Business Affairs Office will
roll only restricted fund-related encumbrances from fiscal year 08 to fiscal
year 09.
Other encumbrances remaining in the 07-08 accounting records will not be rolled
into the 08-09 accounting records. The Business Affairs Office will liquidate
outstanding encumbrances for all other funds at period 12 close. If desired, departments may re-establish
these encumbrances in period 01 of 08-09.
Do not liquidate a rolled encumbrance in period 14. If you do not want an
encumbrance in a restricted fund or plant fund to roll, perform a liquidation in
period 12. If you want to liquidate an encumbrance that has rolled, perform the
liquidation in period 01 of the new fiscal year.
Contact Financial Services at 6-3524 with any questions.
Inter-Institutional Journal Vouchers
The deadline for Service Department input of inter-institutional journal vouchers (IIJV), that affect other OUS institutions (Charts C - K), for fiscal year 07-08 period 12 is 3:00 PM July 2.
The deadline for departmental input directly through OWAG.OUS, of IIJV's, that affect other OUS institutions (Charts C - K), for fiscal year 07-08 period 12 is 3:00 PM July 3.
The deadline for Service Department input of inter-institutional journal vouchers (IIJV), that affect other OUS institutions (Charts C - K), for fiscal year 07-08 period 14 is 3:00 PM July 11.
The deadline for departmental input directly through OWAG.OUS, of IIJV's, that affect other OUS institutions (Charts C - K), for fiscal year 07-08 period 14 is 3:00 PM July 14.
The deadline for Service Department of IIJV transactions, that affect the Chancellor's Office (Chart K), for fiscal year 07-08 period 14 is 3:00 PM July 11.
The deadline for departmental input directly through OWAG.OUS, of IIJV transactions, that affect the Chancellor's Office (Chart K), for fiscal year 07-08 period 14 is 3:00 PM July 14.
The OUS Controllers Division
can process inter-institutional journal vouchers
after
the
above deadlines.
Click
here to get a form (PDF
format). Return
forms to
Robbin Howard c/o Business Affairs Office (Fax 346-5820, Email
rchoward@uoregon.edu or forward
via campus mail) by 3:00
PM July 21th.
The last day to input Journal Vouchers for period 12 is July 8 and the last day
to input Journal Vouchers for period 14 is July 18. To clear period 12 or 14 the
item must have a June transaction date.
Contact Financial Services at 6-3524 with any questions, or if you need to do a
JV after July 19.
In general expenditures must be
charged to the fiscal year in which goods are received or services are
performed. The last day to input invoices that need to be included in the 07-08 accounting records is 5:00
PM on July
18. A June transaction date must be
used. (Note the last day to input an invoice for period 12 is July 8).
For goods and services received by June 30 for which invoices have not been
received as of July 24, fill out an Accounts Payable Report (See Accounts
Payable).
If you have questions please call Accounts Payable at 6-3143.
A/P reports are required for all
department funds that have received services or supplies by June
30, but payment cannot be made by July 18. This includes services or
supplies that have not yet been invoiced by the vendor.
The following list serves as a reminder for special things to look for when
processing your accounts payable:
Do not accrue telephone charges.
Motor Pool charges need not be reported because they will clear before the year-end
If the charge has not cleared as of Period 12 and the travel began by June 30, 2008, report it as an outstanding item. Report the net amount for which you expect the charge to clear (i.e., subtract the expected credit from the expected charge).
Click here to get a form ( PDF format), return forms c/o BAO Accounting.
If you have questions call Financial Services at 6-3524.
Dating
FIS Documents
When entering FIS documents you want to post in the 07-08 fiscal year use the
following guidelines:
If document is entered by June 30, enter as you normally would, with
system-defaulted Transaction Date. (Remember: any check processed AFTER June 30
will liquidate the invoice payable and credit cash in FY 2008.)
If document is entered between July 1 and July 18, change the Transaction Date
to June 30. (Remember: FIS will default the current date as the Transaction
Date.) Enter everything else normally. Banner will post the expense and
automatically accrue the payable in FY 08. The check itself will be written from
FY 2009 and liquidate the payable.
If you are unable to enter the invoice by July 18, submit an Accounts Payable
report to Financial Services.
Click here to get a form. Return forms c/o
BAO Accounting.
If you have questions call Financial Services at 6-3524.
Travel
Travel reimbursements for travel incurred through June 30 must be included in
the 07-08 accounting records. The reimbursement requests (invoices) must be
completed and sent to Accounts Payable by 5:00 PM on July 7 to clear period 12.
Reimbursements can also be processed for period 14 if the travel reimbursements
are received by July 18 in Accounts Payable. Airfare to be included in 07-08 accounting records must be purchased
through contract agencies by May
25 or on a departmental procurement card by June 25.
Contact Accounts Payable at 6-3158 with any questions.
Prepaid
Expense
Expenditures must be
charged to the fiscal year in which goods are received or
services are performed.
Expenses that are paid prior to June 30 for the 2009 fiscal year need to be charged to a prepaid expense account code. A journal voucher needs to be processed in period 01 of the new fiscal year to remove the prepaid expense and record the expense in the proper fiscal year.
To comply with Federal 1099 tax reporting requirements, invoices that are processed on or before June 30th for services to be provided in fiscal year 2009 should be coded to the proper expense account code. A journal voucher needs to be processed to record that expenditure as a prepaid expense for fiscal year 2009. In period 01 of fiscal year 2009 this entry needs to be reversed. This process ensures that the services will be captured correctly in the 1099 reporting process.
The prepaid account code is
a general ledger code and will appear on the Banner form FGITBAL. It will not
appear on FGIBDST or FWIBUDG.
The following is the prepaid account code that should be used:
A5901 - Prepaid Expense - Year End Accrual
For prepayments on capital equipment use account code A5030 Misc
Prepaid Expense. See the instructions on the Property Control
website under obtaining equipment at:
http://baowww.uoregon.edu/PropertyControl/obtainingequipment.htm#Prepay
Example JV’s as follows:
To record expenditure as a prepaid expense in FY08:
Debit Department Fund A5901 - Prepaid Expense
Credit Department Index Expense Account Code – ex. 24505 Performance Fees
To record the reversal in FY09:
Debit Department Index Expense Account Code – ex. 24505 Performance Fees
Credit Department Fund A5901 – Prepaid Expense
For list of 1099 tax reportable account codes, please see the following website:
http://www1.ous.edu/owfp/plsql/fpm.result_list?p_val_defn=reportable
All entries accrual entries must be processed by July 18. If you have any questions please contact Financial Services at 6-3524.
Funds may not have negative fund
balances at June 30. The necessary entries to resolve any negative balances must
be recorded in the 07-08 accounting records by 5:00 PM July 18 using a June
30 transaction date.
Determine the Fund Balance as of June 30 by using the online form FGITBAL for
period 14. This will give you your current fund balance. A credit balance is
positive. If the balance is a
debit balance it is negative. Other departmental funds will have to be used to
cover the deficit. If you have fund balances that
remain negative as of June 30 someone in the Business Office may contact you.
If you have any questions about how to process a JV to eliminate a negative fund
balance call Financial Services at 6-3524.
Inactive
Funds
As part of year-end closing procedures the Business Office is required to
identify and eliminate as many inactive funds as possible for termination.
Departments are encouraged to notify the Business Office of any known inactive
funds that can be terminated.
Please call Financial Services at 6-3524.
At year-end, no balances should remain in any operating ledger accounts or any general ledger accounts, except account codes B0100 and B0103 (see below for explanation), of departmental clearing funds.
If you are in charge of clearing a departmental clearing fund, the deadline to clear the fund is July 18. Process a journal voucher using a June 30 transaction date. In many cases these entries need to be reversed as of July 1 in the new fiscal year.
Most commonly used year end accrual account codes are A5901 Prepaid Expense Year End Accrual and B5901 Accrued Undistributed Income (YE Accrual account).
Clearing fund account code B0100 Invoices Payable account balances are left alone. A clearing entry is posted using account code B0103 Invoices Payable-Clrng Fund Reclass so that the sum of the two account code balances net to zero in the clearing fund.
Call Financial Services at 6-1115 if you have any questions.
July 3 is the last day to submit completed Payroll Accounting Adjustment (PAA) forms for HRIS pay that departments wish to adjust and post to Fiscal Year 07-08. This is accomplished by specifying a posting override date of June 30, 2008. PAA forms for Fiscal Year 07-08 submitted after this date will not be processed without written justification and an authorization from the Dean, Director, or Department Head to post to the current date in FY 08-09.
Departments with access to PHAREDS can adjust pay on their own using the posting override date of June 30, 2008 if they wish to post to FY 07-08. Adjustments completed by departments are subject to the same July 3 deadline. PHAREDS adjustments completed through disposition 60 using a June 30, 2008 posting date will post to FY 08-09 if they are completed by close of business July 3, 2008. Departmental access to PHAREDS will be removed at the close of business on July 3, 2008. Departmental access to PHAREDS will be reinstated once FY2008 is closed.