Q3 FY15 Planning &
Extended Close JE Procedures
FINANCIAL MANAGERS FORUM
MARCH 18, 2015
Quarterly Close – Q3 FY2015
Dates/Deadlines:
•4/6 afternoon – Run FA Reports
•4/7 - 1st Close – 9am
•4/13 - JE due date for Final Close (final close 4/14 at 9am)
•4/16 - Data Available in HUBS
•4/28 – Flux, Narrative and Projection
Due Date
•5/7 – Quarterly Checklist Due Date
Income and Expense Flux:
• Flux threshold of $250k ($500k large
schools) and 10%
•Student Income template, similar to Q2
FY15 template
•Salary & Wage flux explanation, regardless of $/% flux, consistent with Q2
Write-offs & impairments – please
communicate any known or expected write-offs
that have already occurred or that may occur in
FY15.
Processes:
•Templates: All Tubs to be performing
self-refresh of data
•JEs – see next slide
Balance Sheet Flux:
•Flux threshold of $250k ($500k large
schools) and 10%
•Reconciliations must be completed
for all B/S o/c of $1M+
Narrative: Similar to Q2 FY15
quarterly narrative Projection: To be updated using
HUBS input form; comparison to Q2
projection
Quarterly Extended Close Journal Entry Procedures
Please continue to send a copy of every ADI to your tub analyst for FAR records, along with
the JE reference number and dollar amount of entry
Change in process for quarterly extended closes:
• Beginning in Q3FY15
• Tub should send separate emails to its tub analyst for uploaded journals vs central only
object code journals
• This change will allow FAR to streamline its processes
Uploaded Journals:
• Prepare journal in ADI template and send to tub analyst, with all entries consolidated in
one email per day
• Journals uploaded by tubs during the second close have been reviewed and approved
according to the tub’s policies and controls
• FAR’s responsibility will be limited to posting for the tubs
• Sent no later than 3pm daily deadline
Central Only Object Codes: • Prepare journal in ADI template and send separate email from uploaded journals to tub
analyst
• FAR will review for appropriateness and respond with questions or upload/post the entry
• Sent no later than 3pm daily deadline
Quarterly Extended Close Journal Entry Procedures, Continued
Restrictions: TUBS cannot transact to the following during the extended close period:
• No College Work Study entries allowed (o/c 0133 – 0171)
• No CIP, Plant, WIP, and Equipment entries (o/c1000-1630 & 6800-6816), including
accruals
• No entries to sponsored funds (fund range 100000-299999)
• Intertub transactions are NOT allowed UNLESS explicit approval has been given by the
impacted TUB
Quarterly 2nd
Close – Tub-Generated Journals Process and Restriction (effective
beginning Q3FY15)
During the “second close” each quarter, journals are not automatically posted by Oracle systems. Journals
must be manually posted, and the ability to do so is restricted to FAR staff. For the past two years, our
process has been to have tubs upload journals into Oracle (ensuring that journals meet chart validation
rules) and send copies of the ADI template along with the reference number to their tub analyst. The
analyst then posts the journals for the tubs if received by the daily deadline (3 pm).
This document is meant to clarify when and for what FAR reviews 2nd
close journals, outline a separate
process for transactions that include Central-only object codes, and remind tubs of object codes and/or
funds that cannot be transacted to in the 2nd
closes.
Process and Review:
In an effort to streamline FAR’s journal processing effort during quarterly 2nd
closes, Tubs should send
separate one consolidated email to its tub analyst for uploaded journals and a separate consolidated email
for central-only object code journals. For uploaded journals, FAR’s responsibility is limited to posting only.
FAR will expect that any journals uploaded by tubs during the 2nd close have been reviewed and approved
according to the tub’s policies and controls, and follow the restrictions outlined below.
Uploaded Journals: For uploaded journals, prepare journal in an ADI template, include the request ID and amount of the
journal, and email to your tub analyst by the 3pm daily deadline. Please include all uploaded journals in
one consolidated email to your analyst.
Central-Only Object Codes:
For journals for which tubs need to transact against Central-Only object codes (see attached list), tubs will:
prepare a journal for those transactions on an ADI template,
send the template in a separate email from the uploaded journals to their tub analyst by the 3 pm
daily deadline. If you believe the journal names and transaction line descriptions will not
adequately describe the need for transacting against Central Only codes, please include in your
email further explanation.
FAR will then review the journal for appropriateness, and respond with any questions or concerns if
necessary. Otherwise, the journal will be uploaded and posted.
Restrictions:
There are certain object codes and/or funds to which tubs should not transact during the second close. The
restrictions on object codes and/or funds are:
No College Work Study entries are allowed (codes 0133 – 0171).
No CIP, Plant, WIP, and Equipment entries (object codes 1000-1630 & 6800-6816) are allowed,
including accruals.
No transactions are allowed on sponsored funds (fund range 100000-299999).
No intertub transactions are allowed without written approval from the other tub.
Note: These processes and restrictions apply to the 2nd
closes during Quarters 1, 2 and 3 only; separate
guidelines will be distributed for the year end close.