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create your future www.utdallas.edu
create your future www.utdallas.edu
Introduction
PurposeProvide information to the university community
about the year end closing and reporting process and deadlines
ObjectiveFacilitate an orderly, efficient and compliant year end closing
process both at the departmental and institutional levels
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PresentersFinance & Budget Reda BernoussiDirector of Accounting & Financial
Reporting
Greg ArguetaAssistant Director of Accounting Operations
Karol MillerTreasury & State Accounting Manager
Jené JanichBusiness Process Analyst
Adam Cantwell Director of Payroll
Barbara ManziManager of Budget Systems
Jennifer MayesFinancial Compliance Manager
Audit & ComplianceToni StephensExecutive Director of Audit & Compliance
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Agenda• Overview of the Year-End Closing Process
• Year-End Required Accounting Information
• Procurement Management Deadlines and Reminders
• Payroll Deadlines and Reminders
• Budget Deadlines and Reminders
• Account Reconciliation
• Certification Process (Letters of Representation)
• Audit & Compliance
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Overview of the Year-End Closing Process
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Overview of Year-End Process
Steps necessary to properly close out the University’s financial systems for the current fiscal year
Timeline of critical tasks/processes required to ensure that all prerequisites are met before final ledgers and reports are generated
Mechanism for gathering data used in the year end reporting processes (e.g., Receivables, Inventory, etc.)
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Aug 26 – Aug 30
Aug 19-- 23
Aug 12-- 16
Aug 05 -- 09
July 28 – Aug 02
WK 23 ‘13 WK 24 ‘13 WK 25 ‘13 WK 26 ‘13 WK 27 ‘13
FinanceAccounting
PurchasingBudgetBenefits
PayrollHCM
CampusSolutions
July ‘13 Month-End
Aug MonthlyTimesheets Due
01
02
03
04
05
06
08
09
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
07
30
31
30
28
29
Aug Monthly Confirm
01
02
PAF due for Aug Monthly
FY13 COA ChangesDeadline
Last Day to Reallocate USAS Funds
FY14 budget period open; Purchases Can Begin
Aug SM2 Confirm
June Reconciliati
ons Due
FY13 Last DayFor Catalog Vendor Purchases
FY14 budget load period; must be loaded by EOB 08/16
Aug SM1 Timesheets
Due
Aug SM1 Confirm
Aug SM2 Timesheets Due
August 2013 (FY13 period 12) - YEAR END CLOSE
Classes Begin: 16-wk and 1st 8-wk
FY13 Submit Non-Catalog Purchase & Travel Vouchers, Print Shop Orders, Purchase Card Statements, Request AP Check/ Petty Cash
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Sept. 30 – Oct. 04
Sept. 23 - 27 Sept. 16 - 20Sept . 09 - 13 Sept. 02 -- 06
WK 40 ‘13 WK 41 ‘13
01
02
03
04
05
06
08
09
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
07
01
02
WK 42 ‘13 WK 43 ‘13 WK 44 ‘13
FinanceAccounting
PurchasingBudgetBenefits
PayrollHCM
CampusSolutions
03
04
05
Aug SM3 Timesheets Due (noon)
Labor Day
FY13 Budget Year Closed
Adjustment Period Final
Close (Accounting)LOR Distribution
Process PO& Travel ROLL
July Reconciliati
ons Due
Aug ‘13 Month-End (Preliminary Close)
AFR Due
Date
Aug SM3 Confirm (EOB)
Campus Accruals Due
Due Date for
Adjustments
September 2013 (FY14 period 1)
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Year-End Reports
The preliminary close will begin Thursday,September 5 and ends on Tuesday, September 10.
The account reconciliation application will be updated for period 12 on Wednesday, September 11.
The final year-end close will occur on Monday, September 16.
The account reconciliation for period 12 starts on Tuesday, September 17.
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Deadlines for IDTs and Automated Journal Entries
In order to accommodate this schedule and to ensure that transactions are processed in an orderly fashion, please ensure all Inter-Departmental Transfers for August business receive both departmental approvals with proper documentation and in the Finance Office no later than Wednesday, September 4.
The deadline for automated (spreadsheet) journal entries is Wednesday, September 4.
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Material Adjustments After Preliminary Close
If you determine that material adjustments are needed to FY13 costs or revenues after the preliminary close, you will have until Friday, September 13 to contact the Finance Office (ext. 2602) to discuss the nature of these adjustments and the process to be followed.
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Year-End Required Accounting Information
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Year-End Accounting Information
• Inventory Adjustments– Physical inventory for FY13 is due to Kerry
Freeman in Accounting, no later than Friday, August 23.
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Revenue and ExpendituresIDT’s (Inter-Departmental Transfers)
oApprovals by Wednesday, September 4 oProper documentation with either Account Reconciliation or Ledger
Inquiry screen shotsoAdequate IDT description
Cost OverrunsoBudget Transfers (if appropriate)oIDT to move expenditures to appropriate cost centeroPayroll re-allocations
Receivables and RevenueoForms will be sent to be completed and returned by September 6oHave you invoiced for goods or services outside of the
Accounting System and have not been paid?oHave you provided goods or services and not invoiced?oIs this revenue applicable to FY13 or FY14 (deferred revenue)?
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Petty Cash
• Last day to submit reimbursements for FY13 petty cash expenses: Friday, August 16– All FY13 expenses must be reimbursed by this date.
• Confirmation of all of the open petty-cash accounts balances and custodians: Friday, August 16.– Cash on hand + unreimbursed receipts must = total authorized
fund amount.– New: Imprest fund forms must be completed annually – Signature of custodian confirms that fund is reconciled.
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Procurement Management Deadlines and Reminders
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Purchasing Deadlines
08/16 •Last day to close an open PO
08/16 •Last day for Non-Catalog orders
08/16 •Begin Purchasing In FY 14
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Purchasing Deadlines (cont)
08/30• Last day for Catalog Purchases.
Must be approved by Cost Center Manager or Alternate
08/30 •eProcurement Down at 3:00 PM All non-approved FY 13 orders will be cancelled.
•Contact Paul Watson or•purchasing@utdallas.edu
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Purchasing Card Program Deadlines
Purchasing Card deadline for posting of purchases against FY13 with ability to change Cost Center
– Friday, August 16
Purchasing Card Program contact: • Christy Baxter, Joel Wilson or Maria Morris
purchasingcard@utdallas.edu
ONLY emergency orders should be placed with the purchasing card from the 8/17/13 to 8/31/13. Anything posted by Citibank after 8/17/13 will be charged against your default Cost Center in FY13 budget and cannot be changed. Changes WILL NOT be allowed.
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Accounts Payable Deadlines
Purchase Vouchers and Request for Check• Friday, August 16
Accounts Payable contact: • Gina Niemann accountspayable@utdallas.edu
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Travel Deadlines
Travel Vouchers for actual reimbursement in FY13
• Friday, August 16 • Vouchers received after this date will be accrued if
greater than $2,000
Travel Coordinator: • Trudy Muller and Becky Mickey
travel@utdallas.edu
Year end is here
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• Airfare charges for travel taking place in July/August will be posted or accrued if booked with UT Dallas Travel Agents.
• Airfare charges for travel taking place before 8/31/13,that has not yet been paid will be posted or accrued if booked with UT Dallas Travel Agents and greater than $2000.
Travel Deadlines
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Print Shop DeadlinesPrint/Copy Center Jobs:• Friday, August 16
Print Shop contact: »Chris Rench rench@utdallas.edu
Copy Center contact: »Donna Lane donna.lane@utdallas.edu
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Accrual Procedures
Best practices require that we account for expenditures related to goods and services in the fiscal year they were actually received.
If you are aware of an expenditure with a value of $2,000 or more that has been received but not yet invoiced, please advise Accounts Payable so it can be accrued.
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Accrual Reminders• Do consider services greater than $2000 that have been performed, but
not yet been paid.• Do send estimated travel reimbursements for travel completed before
8/30 but not yet submitted for reimbursement.• Do send estimated business expense reimbursements for expenses that
have been incurred, but not yet submitted for reimbursement.• Do send even if your account is negative; expenses should be reported in
the correct FY.• Do not send airfare; we will accrue from reports from CTP and Anthony.• Do not send an expense to be accrued that you have already submitted for
payment.Try to keep accruals at a minimum—send the actual payment request
before 8/16, if possible, so we can pay instead of accrue.
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Payroll Deadlines and Reminders
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Payroll DeadlinesSemi-Monthly Payroll• August 20th payday – Forms due to Budget July 23rd – Time
sheets due to Payroll Augusts 6th • September 5th payday – Forms due to Budget August 12th –
Time sheets due to Payroll August 20th
• Last FY 13 Semi Monthly Payroll – September 16th payday – Forms due to Budget by August 20th – Time sheets due to Payroll September 3rd at noon (Submit August 30th if possible)
Monthly Payroll• September 3rd payday – Forms due to Budget August 8th –
Time sheets due to Payroll August 16th
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Budget Deadlines and Reminders
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Final Day to Process Budget Journals for FY 2013
• Wednesday, September 4 to the Budget Office
• All budget journals must be initiated and sent through the proper approval workflow and to your budget analyst by this date.
• Budget journals for FY 2013 created first week of September should be dated 8-31-2013.
• NOTE: Departments are expected to adjust spending or process required transfers in order to eliminate deficits during FY 13.
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Budget Processing Dates
FY14 Operating Budget
• The original budgets for FY14 will be loaded in PeopleSoft by August 16th.
• Open purchase orders and their budgets will be rolled forward on September 2nd.
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Use of Roll Forward Balances• Any FY13 net ending balances that roll forward into
FY14 will be shown as Beginning Balance in the cost center by October 1 (after completion of fiscal year-end process).
• To set up budget for these funds, a budget journal may be initiated at any time by the department during FY14.
• The use and allocations of these funds are at the discretion of the department.
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Salary Roster FY14
• Preliminary FY 14 approved Budget Workbooks sent to departments Friday, August 16
• FY14 Payroll Validation Query
• Salary Rosters loaded to PeopleSoft HCM by Payroll by September 1.
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Budget Reminders
• If you have received goods or services from university departments and have not been billed, be sure to make provision for these costs when preparing your year-end budget journals.
• Be aware of all charges that are to be billed to your cost center through year-end and make appropriate provisions.
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Anticipate
• Anticipate your Service Department charges and any other charges that will be posted to your cost center so that it will not be deficit at the end of the year.Copy CenterFood ServicePrint ShopGasPostageStaples OrdersPurchasing CardIDTs
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Manage Your Budget
• Please make sure funds are available in the correct Cost Center/account by the Budget Journal deadline: Wednesday, September 4.
• Payroll reallocation requests affecting State Funding cost centers need to be submitted to your Budget Analyst by Monday, August 19.
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Manage Your Budget (con’t)
• August payroll distribution query will be the only opportunity to change funding affecting state cost centers.
• Query for monthly employees available Wednesday, August 28. All change requests due by 5pm Thursday, August 29.
• Query for semi-monthly will be available Thursday, September 5. Change requests due by 5pm that same day.
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Follow-Up• Budget Journals can take several days to process
through workflow for required approvals
• Monitor the progress of Budget Journals
• Make follow-up phone calls or emails to expedite completion
• If you have questions, please call your Budget Analyst, or Dave Gaarder in the Budget Office and we will be glad to assist you.
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Account Reconciliation
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Account Reconciliation
• Due Date for Period 12 reconciliations: October 1
• All FY 13 cost centers should be reconciled and approved by this date
• If you do not believe the cost centers in your area will be reconciled and approved by October 1, please inform your fiscal officer.
• In addition, please contact Jennifer Mayes (mayes@utdallas.edu), Office of Budget & Finance.
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Account Reconciliation Status
There is still almost $53M in expenses needing reconciliation for periods 1-10.
There is still over $24M in revenue needing reconciliation for periods 1-10.
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Certification Process (Letters of Representation)
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Year-End Certification
All cost centers have been reconciled, reviewed and approved.
Funds were used in accordance with any restrictions.
Transactions were appropriate, allowable and properly recorded.
Reconciling items have been resolved or have been noted.
Segregation of duties have been maintained.
Any internal control weaknesses have been reported.
There is no known fraud, omissions or misstatements.
Those authorized to execute contracts comply with ethics certification.
Letters of Representation
Cost Center Owner
Dean or Division Head
President, Finance & Audit UT Dallas
Financial Statements
FY 2013
UT System Financial
Statements
FY 2013
Chancellor, Controller & Chief
Audit Exec
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Audit and Compliance
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Purpose
What is Audit and Compliance?
What are the Plans for FY 2014?
New Policies
Audit & Compliance Tips
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What Is Audit and Compliance?
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What Is the Difference between Audit and Compliance?
Compliance
IT AuditsFinancial Audits
Fraud
Operational Process Audits
Compliance
AuditsConsulting
Reviews
Follow-up
Audits
Hotline
Internal Audit
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What Are the Plans for FY 2014?
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FinancialExpenditure Process: Payables and ReceivingFY 2013 Financial Statement AuditFY 2014 Interim Financial Statement Audit WorkSponsored Programs Billing and ReceivablesOperational Assistance to UT System Audit for Presidential Travel and Entertainment AuditCallier Center for Communication DisordersCash Handling/Treasury ManagementCenter for Brain HealthContracting ProcessExecutive EducationExecutive Travel and Entertainment ExpensesHiring and Compensation ProcessInternational Students/SEVISTravel ProcessMeals and CateringConstruction Management: Repairs, Renovations, and Work OrdersParking ServicesCompliance Clery Act
CPRIT (Cancer Prevention Research Institute of Texas) GrantsEndowments and GiftsHIPAA PrivacyHuman SubjectsLab SafetyLena Callier TrustNCAA ComplianceTime and EffortInformation Technology Cloud ComputingData CentersEducation Research CentereLearning/BlackboardHIPAA SecurityIT Governance: Policies and Procedures Consulting ReviewIT SecurityPeopleSoft RolesUnixVulnerability Scanning ProcessFollow-up Audits & Special ProjectsExternal Quality Assurance Review of Internal AuditFollow-up AuditsFraud Awareness and TrainingConsulting ProjectsChange in Management Audits
FY 2014 Audit Plan
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FY 2014 Compliance Plan
• Work with high-risk areas on their risk assessment and monitoring plans
• Conduct departmental reviews to ensure top compliance risks are being addressed
• Implementation of UTS 180• Training• Standards of Conduct Guide
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Compliance Risks• IT Security• PeopleSoft Access• HIPAA Privacy• Time and Effort Reporting• Tax Compliance• Property (Controlled
Assets)• Cash/Check/Credit Card
Handling• Title IX• Code of Ethics – Financial
Conflict of Interest (UTS 180)
• Account Reconciliation & Segregation of Duties
• Lab Safety• Emergency Management• University Events & Student Travel, including
Summer Camps• Financial Aid• Purchasing Cards• Clery Act• Conflict of Interest in Research• Contract & Grants – Unallowable Costs, Cost
Sharing• FERPA• Gramm Leach Bliley (PCI Compliance, credit
cards)• Business Expense Reimbursements (Travel,
Entertainment)• Export Controls• Human Subjects• Callier Medical Billing• Endowments & Gifts• Animal Care
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UTS 178Significant events are defined, but not limited to,
the following: Reports of death or serious injury occurring on campus or
involving a member of the university community; Allegations of fraud or fiscal loss of $100,000 or more; Allegations involving impropriety or failure to follow law or
policy by the Chancellor, a System Executive Vice Chancellor or Vice Chancellor, the General Counsel to the Board, or the System Chief Audit Executive; or an institutional president or vice president;
Allegations of sexual misconduct; Allegations related to the care or safety of minors; Material concerns expressed by federal and state oversight
agencies; All security breaches involving confidential records; Potential media reports that may impact the reputation of
the university; Matters that reflect a systemic threat to patient safety; Other allegations, significant reports, and investigations
that could be viewed as a significant event.
New
Policy!
How to Report:http://www.utdallas.edu/audit-compliance/
significant-events.html
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UTS 180
The new UT System policy Conflicts of Interest, Conflicts of Commitment, and Outside Activities is intended to provide a current system of disclosure, approval, and documentation of employee activities and ensure compliance with state ethics laws.
Policy is currently in revisionhttps://www.utsystem.edu/bor/procedures/policy/policies/UTS180.pdf
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Audit & Compliance TipsWhat Are the Most Common Audit Recommendations?
Lack of timely account reconciliations Noncompliance with purchasing card procedures Lack of policies and procedures Lack of documentation, including business purpose for
expenses Travel and business expense reimbursements
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Audit & Compliance TipsHow to Prevent an Audit RecommendationFollow UT Dallas policies and proceduresTake compliance trainingAnalyze your risksSee “Top 20 Departmental Risks”
http://www.utdallas.edu/audit-compliance/training.htm
Implement procedures to minimize risksAsk questions: your supervisor, your co-workers, Audit
& Compliance
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Hotline & Contact Information
Toni Stephens, Executive Director of Audit & Compliance
• tstephens@utdallas.edu• 972-883-4876
Website:• http://www.utdallas.edu/audit-
compliance
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Open Discussion
You won’t know if you don’t ask!
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