Sent to the KFS-Update mailing list on June 6, 2017
This update includes:
The Accounting Department sent out the official fiscal year-end close instructions last month. We recommend reviewing the instructions on the Fiscal Closing Website, particularly the listing of important deadlines. If you were unable to attend last month’s Fiscal Close Workshops, the slides are available for review.
With fiscal year-end close fast approaching, the Accounts Payable team would like to remind everyone of the following guidelines.
For Processing Vendor Invoices:
If you are responsible for handling vendor invoices for your organization, please review the following tips and guidelines:
- Verify: Check that money is on the Purchase Order before you send an invoice to Accounts Payable for processing.
- Match: Before you send an invoice to AP, double check that the vendor matches the PO.
- Lookup: The department is responsible for looking up POs for Payment Requests (PREQs) and ensuring the PO number is on the invoice. If you do not know how to do this, please work with your organization’s financial manager before contacting the AP team.
- Email: Send invoices as a PDF to email@example.com. In the subject line include the Remit-To name and PO number.
- New Year: If invoices are to be processed in fiscal year 2017-18, please state this clearly on the invoice. This should only be done during fiscal close—from June through the first week of July.
- Update Numbers: If you have a vendor still using an old PO number, contact them and ask them to update it. Using the most current PO number will ensure invoices are paid promptly.
For TEM Documents and DVs:
If you are responsible for processing travel and event management (TEM) documents or Disbursement Vouchers (DVs), please make sure you are doing the following:
- Redact: When you scan documents, be sure to redact sensitive information like credit card numbers, personal phone numbers, addresses, email addresses, and Social Security Numbers.
- Special Approvals: Exceptional and additional approvals, if required, must be ad-hoc routed by the fiscal officer or accounting reviewer prior to reaching the Accounting Department.
Contracts & Grants Accounting distributed a list of overdrafts in sponsored funds to Finance Directors in May. A second list of overdrafts based on the May ledger will be sent in June. Departments should use the list to do the following:
- Clear overdrafts for projects that have ended and are not expected to continue.
- Request a RAS for awards that are expected to receive additional funds: http://www.research.uci.edu/sponsored-projects/contracts-grants-admin/pre-award-admin/pre-award-spending.html.
- Work with C&G Accounting to review inactive gift accounts and close out accounts with a zero balance.
- Private contracts in fund range 57100-59993 will be zeroed out by Accounting if they have a negative balance so that the fiscal year can be closed. These entries will reverse on the July ledger, and the overdraft will be reinstated.
If you have any additional questions, please contact the C&G Accountant responsible for the award: http://www.accounting.uci.edu/cg/fund-assignments.html.
The Accounting Department recently updated our guidelines for creating accounts in the Kuali Financial System. The change reflects both the new Chart of Accounts Maintenance User role and updated guidelines for selecting an account to copy. Accounting created this new guidance to help ensure all new accounts are set up with the appropriate Higher Education Function Code (HEFC) and UC Account. These elements play an important role in how UCI reports its finances at the end of the year.
- For more information, see the new Create an Account page.
The PO Encumbrance Reconciliation Report displays all purchase order and payment activity for a given month. The report has two sections for each PO: A current PO Status, and the transactions for the selected month. The report is intended to help reconcile discrepancies between PO encumbrances and the actual expenses and payments that are applied each month. Since encumbrances are an estimate of expenses, they don’t always match the PREQ. However, departments can use this report to find large discrepancies. For example, this report can show when a trade or early payment discount applied, which might result in a lingering encumbrance amount.
- For more information, see the new PO Encumbrance Reconciliation Report page.