Year-end Process Fiscal 2015 Charlene Sweeney, Controllers Office - PowerPoint PPT Presentation

Year-end Process – Fiscal 2015 Charlene Sweeney, Controller’s Office www.brown.edu/go/workday

Agenda  Year-end close for Brown  Importance of the year-end close  Year-end close information and dates – Purchasing – Accounts Payable – Payroll – Cashier – General Accounting www.brown.edu/go/workday

Year-end close for Brown  Year 2 in Workday!  Fluid and seamless  Constant access to manager reports  Review NOW You do not have to wait until July! www.brown.edu/go/workday

Importance of a Close  To prepare complete and accurate financial statements for the University for the period ending June 30, 2015 to distribute to our stakeholders (i.e. trustees, government agencies, bondholders) www.brown.edu/go/workday

Purchasing Jeanne Hebert and Jane Bonacich , Purchasing Department www.brown.edu/go/workday

Purchasing  If placing an order in June – the expense will be reflected in FY15 if you actually receive the items or service by June 30 th  Goods and services received by June 30th - You will have until July 8, 2015 to initiate the task “ Create receipt ” in Workday  If an invoice has not been received by July 8 th , you will still need to initiate the task “Create receipt” for the goods & services by July 8 th in order for that expense to be reflected in FY15 www.brown.edu/go/workday

Creating New Orders  Creating new blanket orders – –Type in the order description and any important information in the Item Description field of the Requisition –Type in Start and End Dates – For goods request, include dates in Item Description – For service request, use the Start & End Date Fields –Select Blanket Orders as the requisition type –Reminder: PSAs are not blanket orders –Be sure to use sound estimate for order amount www.brown.edu/go/workday

Creating New Orders, cont.  Reminders:  Create punch out orders as early as possible (Standard Requisition type)  When creating new purchase orders –Consult the Spend Categories listing –Use sound estimates and include freight to reduce the number of change orders www.brown.edu/go/workday

Closing Purchase Orders  Purchase order close information for fiscal year-end was communicated last week of April  All completed purchase orders need to be closed prior to year end– even those with a zero balance – To close a PO, Departments need to e-Mail a Change or Close Purchase Order Request Form to purchasing@brown.edu  To find all open purchase orders, use the Open Purchase Order report (includes Requisition Type) –De-select Only Open Invoice Amount and Only Open Receipt Amount – Select worktags (cost center, grant, etc.) www.brown.edu/go/workday

Closing Purchase Orders, cont. www.brown.edu/go/workday

Accounts Payable and Payroll Charlene Sweeney, Controller’s Office www.brown.edu/go/workday

Accounts Payable - Closing Date  Accounts Payable transactions in Workday will close at 4:00 pm on July 14 th for FY15.  All invoices dated June 30 th or prior and are for goods or services received or performed in FY15 and have fully completed the business process will be automatically accrued in Workday (i.e. the expense will be posted to FY15) www.brown.edu/go/workday

Expense Reports - Closing Date  Expense reports will close in Workday at 4:00 pm on July 14 th for FY15. –If the expense report is for travel or other reimbursable items incurred in FY15, you will need to change the expense report date to June 30, 2015 –Workday will automatically accrue the invoice and the expense will be posted to FY15 www.brown.edu/go/workday

Manual Accruals There will be NO manual accruals. www.brown.edu/go/workday

Prepaid Expenses  Expenses $2,000 or greater for FY16 requiring payment prior to July 1 st can be processed by Accounts Payable if clearly marked “PREPAID FY16” in the memo field – Example: PREPAID FY16 subscriptions  The Controller’s Office will record an entry in July to record the FY16 expense www.brown.edu/go/workday

Salary Expense  Workday records salary expense on the payroll period end date –Weekly and bi-weekly payroll periods ending June 27 th will be posted in FY15 –Weekly payroll period ending July 4 th will be posted in FY16 –Bi-weekly payroll period ending July 11 th will be posted in FY16 www.brown.edu/go/workday

Payroll Accounting Adjustments  Approved FY15 payroll accounting adjustments will be accepted through July 8 th .  Do NOT wait until July 8 th  Review NOW! www.brown.edu/go/workday

Financial Services Wynette Zuppardi – Financial & Administrative Services www.brown.edu/go/workday

Deposits  Do NOT hold checks. Bring to the Cashier’s window immediately as they are received.  Closing – done ONCE on June 30th.  Submit deposits, reimbursements, and transmittals by 12:00 noon on June 30th to ensure processing for FY15. www.brown.edu/go/workday

Credit Card Receipts  Credit Card receipts will be processed by the bank receipt date. Keep in mind the timing of receipt of funds – approximately 3-5 days after transaction www.brown.edu/go/workday

Customer Accounts  If you need to invoice for FY16 in June, use a July 2016 date on the invoice and the revenue will be reflected in FY16 beginning June 15, 2015 www.brown.edu/go/workday

General Accounting Charlene Sweeney – Controller’s Office www.brown.edu/go/workday

Journals - integrations All integrations / internal services entries need to be processed by July 14 th .  FAMIS, bookstore, dining, graphics etc. www.brown.edu/go/workday

Journal Entries  FY15 journals will be accepted by the Controller’s Office until 4:00 pm on July 17 th  The Controller’s Office will complete its review and approval by 4:00 pm on July 20 th www.brown.edu/go/workday

Workday Allocations – Reserves  Facilities and sold service related allocations will be run by the Controller’s Office by the close of business on July 21st  Reserves - Allocations to close out cost centers to reserves will be run by the Controller’s office between July 22 nd – 23 rd www.brown.edu/go/workday

Journal Entries – Reserves  FY15 reserve (Fund 130) journal entries will be accepted by the Budget / Controller’s Office until 4:00 pm on July 24th –Use journal source Designated Fund Transfer –Entries will route to the budget for approval then the controller’s office (new for FY15 close)  The review and approval of the entries should be completed by July 28 th –Units will be contacted if any additional adjustments need to be made www.brown.edu/go/workday

QUESTIONS? www.brown.edu/go/workday