Fiscal Year End Close 2020 Fiscal Year End Close Activities and Deadlines 2 June 2020
Fiscal Year End Close Presenters Matt Abrams – Payroll & Payment Services • Jen Buono – Cashier Services • Heather Gillis – Sourcing & Procurement • Gretchen Hartigan – Post Award and Financial Operations • Julia Leone – General Accounting and Financial Reporting • Nicole Tirella – General Accounting and Financial Reporting • Meghan Tracey – Budget and Planning • Bill Stewart – BUworks • 3 June 2020
Fiscal Year End Close Agenda 1. An overview of the close process Closing periods & related key dates – ISR and FSR billings – Expense accruals and income deferrals – Salary adjustments – Rolling forward commitments to FY 2021 – Beginning balances for FY 2021 – 2. Other Considerations for year-end — Concur travel and expense reimbursements — Time off requests — Purchase order close-out — Faculty leave and termination actions for September — Unrestricted and designated accounts — Restricted gift and endowment spendable accounts — Sponsored program accounts 3. Training opportunities 4 June 2020
Fiscal Year End Close Year-End Close First Close – how and when • – First close will be from Wednesday, July 1, 2020 through 5:00 p.m. Tuesday, July 7, 2020. 1. First close will be “Posting Period 12” in SAP. 2. Transactions must have a posting date between June 1, 2020 and June 30, 2020 to be valid. All journal entries and JV uploads must be approved at the department level by noon on Tuesday, July 7 th to guarantee posting to FY 2020 and to provide time for central approval. Central approvals must be completed by 5:00 p.m. on Tuesday , July 7, 2020 . 5 June 2020
Fiscal Year End Close Adjustments & Journal Entries Budget June 15 th Monday Adjustments Noon Journal Entries & JV Uploads Department Level Approval Cutoff Noon July 7 th Tuesday Central Approval Cutoff 5:00 p.m. July 7 th Tuesday • Make sure all journal entries are approved by the Department User department approver by noon on Tuesday, July 7, 2020 responsibilities to provide time for central approval. Central Office • Review and approve journal entry by 5:00 p.m. on responsibilities Tuesday, July 7, 2020. 6 June 2020
Fiscal Year End Close Accruals & Deferrals Expense Accruals July 2 nd Invoices Over $5,000 Noon Thursday Income Deferrals July 2 nd Defer Income over $5,000 Noon Thursday • For accruals of all invoices over $5,000, which have not posted by June 30th, please email a copy of the invoices to yearend@bu.edu. Last day to submit accrual is by noon on Thursday , July 2, 2020 . Invoices less than $5,000 will not be Department accrued. Please include a general ledger account and cost center where the accrual should be recorded to. Users responsibilities • All requests to defer income should be emailed to yearend@bu.edu. Individual amounts under $5,000 will not be deferred. The Last day to submit requests is by noon on Thursday , July 2, 2020. 7 June 2020
Fiscal Year End Close Supplier Invoices and POs Supplier Invoices Due to AP Purchase Order Related Invoices: 5:00 PM June 15 th Monday June 15 th Non-Purchase Order Related Invoices: 5:00 PM Monday PO Closeout Requests Close Open Commitments on POs: 5:00 PM June 15 th Monday •Review open commitments for all orders that can be closed—meaning, all invoices have been paid—and request to close those that can be closed. Shoppers •To request a PO be closed, submit a ticket in the Financial Affairs Customer Service Portal, by choosing the PO Closeout Request Form. Sourcing & •Sourcing & Procurement aggregates the PO Closeout Requests on a weekly basis and sends them to BUworks to be closed. We will increase this to a Procurement daily basis as we approach year end. •BUworks closes the POs in the back end (SAP ECC). BUworks •To see if the commitment has been removed, run a Funds Management (FM) Transaction Detail Report in Business Warehouse (BW). 8 June 2020
Fiscal Year End Close Rolling Forward Commitments to FY 2021 • Due to the anticipated system change to Ariba Guided Buying scheduled to go-live on August 3, 2020, we will roll all active limit orders into the new fiscal year. Meaning, we will carry forward active limit order commitments into July and close them prior to go-live, on or around July 17, 2020. • In doing so, we will eliminate the need to close active limit orders in June, open new annual limit orders for FY21 in July, only to close them at the end of July, as we transition over to Ariba Guided Buying in early August. • What does this mean for FY21 annual orders? It means the first month (or two) will be billed against the FY20 PO number (beginning with 86/76) until a new PO can be generated in Guided Buying post go-live in August. June 2020 9
Fiscal Year End Close Limit Orders and Ariba Guided Buying Things to consider as we approach year-end when thinking about annual limit orders: • To request an increase on a limit order for the additional month, submit a ticket to the Financial Affairs Customer Service Portal. Include the PO number and additional amount needed. • Limit orders closed in July will be paid out for the next few months in SAP ECC. Once invoices and payments wind down, we will commence paying all invoices with Guided Buying PO numbers only. • As you prepare for FY21, please engage the team in Sourcing & Procurement to determine the most efficient ordering methods for your orders. To contact us, submit a ticket in the Financial Affairs Customer Service Portal, under Sourcing & Procurement, General Questions. Or let us know during the upcoming training sessions. For order inquiries, questions about PO closeouts or year-end processes, please submit a ticket in the Financial Affairs Customer Service Portal. June 2020 10
Fiscal Year End Close P-Cards Fiscal Year-End P-Card Process 5:00 p.m. June 17 th Wednesday Last day to make a P-card purchase P-Card Posting to WORKS Deadline ** ** It may take up to 5 days after a purchase is made, for a vendor transaction to be available for cardholder review and account updating in WORKS (the PCard system). Purchases made after Wednesday, June 17, 2020 may not be available for cardholder review and update in time for inclusion in FY 2020. All updates should be completed by 3:00 p.m. on Tuesday, June 30, 2020; posting to General Ledger will be at 5:00 p.m. on Tuesday, June 30, 2020. Contact P-Card Administrator pcard@bu.edu with any questions concerning year end close. 11 June 2020
Fiscal Year End Close ISRs Internal Service Requests (ISR) All Final requests for Fiscal 2020 5:00 p.m. June 12 th Friday Final charges begin to be available starting on: 5:00 p.m. June 26 th Friday Available for review on July 1, 2020 Central Office • Internal Service Providers complete current billing responsibilities • Review open ISR’s (after current billing) and contact ISP to correct open balances • Non-Facilities internal provider reservations will carry forward on Wednesday, July 1, 2020. Department Users • Manual reservations will not carry forward responsibilities • Request to close out open ISR commitments must be sent to the respective provider. The contact list is available here: https://www.bu.edu/tech/files/2020/05/ISR-Provider-Listing- with-GL-Recovery-CO.pdf 12 June 2020
Fiscal Year End Close FSRs Facility Service Requests (FSR) June 12 th All Final requests for Fiscal 2020 5:00 p.m. Friday Provider Billing Posting 5:00 p.m. June 26 th Friday Available for review on July 1, 2020 • Facilities settlements to run every week Central Office responsibilities in June • Review open FSR’s (after current billing) and contact Facilities to correct open Department Users balances responsibilities • FSR’s will not carry forward 13 June 2020
Fiscal Year End Close Payroll Last day to submit to HR: OM Forms – current employees 5:00 p.m. June 16 th Tuesday PA Forms – current employees 5:00 p.m. June 19 th Friday Stipend Forms 5:00 p.m. June 23 th Tuesday Weekly Staff, Student Facilities & Casual time sheets Noon June 23 th Tuesday Faculty leaves and terminations 5:00 p.m. July 17 th Friday PA Forms containing salary adjustments must be approved at department level by 5:00 p.m. on - Friday, June 19, 2020 to be included in the last regular monthly payroll of the fiscal year. Central Office • Monitor worklist to ensure timely approvals. responsibilities • Review payroll expenses and verify salary distributions. Department Users responsibilities • Submit forms for any required adjustments by the due dates. 14 June 2020
Fiscal Year End Close Student Payroll Student Salary Adjustments For payroll periods prior to May 2020 5:00 p.m. June 1 rd Monday For payroll periods in June 2020 5:00 p.m. June 15 th Monday 15 June 2020
Fiscal Year End Close Other Categories Cash Receipts Noon June 30 th Tuesday Departmental Sales – Customer Invoices 5:00 p.m. June 30 th Tuesday Concur Travel Reports 5:00 p.m. June 17 th Wednesday Time Off Requests – Departmental 5:00 p.m. June 30 th Tuesday Approval 16 June 2020
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