Budget Managers: It S That Time Again and with Fiscal Year-End Fast Approaching, We Need

Budget Managers:

It’s that time again and with fiscal year-end fast approaching, we need to prepare diligently. Please read this memo carefully.

You, as budget manager, are responsible for verifying that transactions (income or expense) are recorded accurately. Transactions must also be in accord with the chartstring's established purpose and budget. If you or members of your staff have not yet carefully reviewed your transactions, now is the time to satisfy yourself that they are in order.

You should also be aware of the following requirements for the fiscal year end processing, and pass them on to the appropriate people in your area.

PERIOD 12 The deadline for AP transactions is July 12th and for most non-central journals it is July 13th (see attached). You must change the default journal date to 6/30/11 for all journals initiated in July to be posted to FY11. Retroactive payroll distributions already submitted will continue to be processed in FY11 through July 7th. Central entries will be processed in period 12 through July 20th.

TRANSACTION CORRECTIONS If transactions appearing on your budget reports are on the wrong chartstring, or if there are any errors on the reports, please process correcting journals as soon as possible. At this point in the fiscal year, all transactions from July through April should have been reviewed and corrected. If an interdepartmental charge is incorrect, please contact the income/expense activity responsible for the journal that charged you (to ensure that future transactions are charged correctly).

Please review all grant expenditures prior to fiscal year end. Distribution forms and requests that require retroactive labor adjustments including cost share must be received in Human Resources by Friday, June 17th. It is critical that all requests have complete documentation including all appropriate approval signatures and, if appropriate, a late cost transfer memo. In addition, all combo codes associated with the transfer must be active prior to submission of retro request. Journals related to non-payroll cost transfer adjustments must be submitted no later than Wednesday, July 13th. Please review and ensure that all FY11 sponsored project expenditures are posted to the appropriate chartstrings by the deadlines noted above.

OPEN COMMITMENT CORRECTIONS A valid commitment is a purchase order, travel authorization, or contract which has been encumbered, but not yet expensed. They should be released when the expense is recorded, but sometimes, do to various problems, they are not.

Purchase Orders: Contact Procurement Services (60885) if commitments remain on your account for invoices which have been paid and appear as an expense. Email [email protected].

Travel: E-mail [email protected] if travel commitments/authorizations exist for canceled trips or for trips which have already been charged as expense. Complete travel expense reports immediately for all trips which have ended before June 30th. No travel commitments for trips taken in FY11 (except possibly those for trips taken the last week in June) should be outstanding at 6/30/11. FY12 General Fund budgets will receive a re-appropriation for outstanding encumbrances rolled over from FY11.

PURCHASES A separate memo will come out from Procurement Services with more detail, but requisitions for FY11 purchase orders not yet invoiced must be entered into PeopleSoft by June 24th. If the goods are delivered to you before June 30th, you must work with the vendor to assure that the invoice is received by Procurement Services by July 12th so it can be charged to FY11.

The University Store will be closed June 29th and June 30th for inventory. Purchases at the store through June 28th will be charged to FY11. UVM Print Shop orders completed by June 30th will be charged in FY11. Contact the Print Shop regarding scheduling.

TRAVEL AND EXPENSE REIMBURSEMENTS The deadline for submitting travel and expense reports for FY11 trips is June 27th. The deadline for approving travel expense reports for FY11 is June 28th. Please make a concerted effort to have expense reports for all trips completed in FY11 submitted and approved by June 28th and excess travel advance cash deposited by noon on June 29th. After June 30th, all travel and expense reimbursements will be charged to FY12, even for trips completed by the end of June. A copy of the report with receipts attached should be sent to General Accounting.

If you have encumbered an FY11 trip on a general fund budget by submitting a travel authorization before the trip, but do not get the expense report in on time, budget dollars will be re-appropriated equal to the amount of the encumbrance.

PURCHASING CARD Reallocation for the cycle 4/28-5/27 must be completed by June 24th. Reallocation for the cycle 5/28-6/27 must be completed by July 11th.

Generate a PurCard Journal Report for each cycle, forward to your supervisor or their designee for approval, then route to Procurement Services.

Airfare for an FY12 trip paid on the Purchasing Card on the 5/27 PurCard cycle and the 6/27 PurCard cycle must be reallocated to a prepaid account. You will need to prepare a journal in the new fiscal year to charge the correct expense account and credit the prepaid account.

If you have not charged a prepaid account for airfare for an FY12 trip paid on prior PurCard cycles, Procurement will move it to a prepaid account in FY11 and reverse it in FY12, so airfare for FY12 trips will be charged to FY12 budgets.

CHECK REQUESTS Check requests for uncommitted (unencumbered) expenses that were incurred on or before June 30th should be delivered to Procurement Services by July 12th.

PETTY CASH FUNDS Petty cash expenses paid through June 30th are to be recorded as expenses in FY11. All petty cash custodians should submit a check request to reimburse their funds for FY11 expenses to Procurement Services by July 12th. All temporary petty cash funds for events completed by 6/30 should be closed out. Submit a close-out voucher to General Accounting by July 11th.

SERVICE DEPARTMENTS Interdepartmental charges for work through June must be processed in Peoplesoft by July 13th.

AR/BILLING Students and Other Individuals (Banner): All FY11 billings to students must be processed on-line in Banner or submitted to SFS by July 6th if they are to appear on the Banner student statements. All June billings to non-student individuals should be processed in Banner also. If they are processed by June 30th they will update FY11, if they are processed after June 30th they will update FY12.

Companies (Peoplesoft): All FY11 services billed to organizations should be processed in Peoplesoft AR/Billing. Invoices for June services processed after June 30th MUST have a June accounting date. If you are invoicing for services provided in FY11, you must enter a date less than or equal to 6/30/11 in the accounting date field on the billing header page. The deadline for processing invoices in Peoplesoft AR/Billing for June services is July, 14th.

CASH All cash received by departments, including reimbursements to budgets for FY11 expenses must be deposited with the Cashier by noon on Thursday, June 30th. Cash gifts should be brought to Gift Records by 9:00 a.m., Wednesday, June 29th. Be sure to specify that it is a FY11 gift.

PAYROLL The final semi-monthly payroll will be paid on Thursday, June 30th. Distribution forms and requests that require retroactive labor adjustments, including cost share and clean-up of departmental suspense, must be received in Human Resources by Friday, June 17th. It is critical that all requests have complete documentation including all appropriate approval signatures and, if appropriate, a late cost transfer memo. In addition, all combo codes associated with the transfer must be active prior to submission of retro request.

The final biweekly payroll in FY11 will be for work done the week ending Sunday, June 12th. It will be paid on Friday, June 17th. Time reports must be into Payroll Records by noon on Monday, June 13th.

BUDGET TRANSFERS Budget transfers should be submitted and approved by July 14th. Please make sure your approver is available before entering a budget transfer journal.

INVENTORIES Those units that traditionally record inventory adjustments at year-end should have their physical inventory completed and the adjustments to General Accounting (Erin Fitzgerald) by July 11th.

If you have questions about any of these instructions, please contact: Procurement Services, X60885 Student Financial Services, X65700 Budget and Resource Management, X63244 Cashier, X63462 General Accounting, X61382 Grant & Contract Administrative Services, X61459

Please pass this information on to your colleagues who are not on this list. Thank you.