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Saint Louis University Year-End Processing

Saint Louis University is required to comply with the financial reporting requirements promulgated by the Financial Accounting Standards Board (FASB). Consequently, we must ensure that transactions are recorded in the appropriate fiscal year. Revenues and expenses must be matched with the fiscal year to which they pertain.

Revenues

Revenues must be recorded in the fiscal year during which services are provided, regardless of when the associated cash or check is received by the University.

For example, registration fees received on July 6 for a seminar held on June 21 will be credited to the prior fiscal year. The web deposit must therefore indicate the period during which services are provided.  Gifts are credited to the fiscal year in which they are received. As a reminder, any department receiving a gift on behalf of the University must complete a Gift Information Report immediately upon receipt and submit the gift with the completed form to Development.

Expenses

Expenses must be recorded in the fiscal year in which the goods or services are received, regardless of the date of the actual payment or issuance of purchase order.

For example, the payment of a vendor invoice for materials received on July 7 will be charged to the new fiscal year, even though the purchase order was issued prior to June 30. Therefore, the correct receiving date must be noted on the receiving screen in Billiken Buy. eSeePay direct payment vouchers must indicate dates of service to ensure that the proper fiscal year is charged.

Encumbrances

Encumbrances as of June 30, 2018, representing outstanding Billiken Buy purchase orders for goods or services not received as of that date, will be encumbered against the new 2018-2019 fiscal year budgets. As a general rule, purchase requisitions should not be issued against the old year's budget if you cannot reasonably expect delivery of the goods or services on or before June 30.

These policy statements identify the transaction processing procedures for fiscal year-end. These policy statements cover all funds, including grants and contracts.

Year-End Processing Checklist

Purchase Requisitions
  • Process purchase requisitions to the appropriate fiscal year. Expenses must be recorded in the fiscal year in which the goods or services are received, regardless of the date of the actual payment or issuance of purchase order.
  • Provide dates of service on purchase requisitions.
  • Process requisitions for the new fiscal year in Billiken Buy using the Year End Requisitioning Procedures and Copying a Requisition documents.
  • The Banner transaction date determines the fiscal year to which the requisition is recorded. The transaction date is determined by the valid from date for Billiken Buy blanket orders and by the financial year indicator for Billiken Buy standard and retrofit orders.
  • Enter text identifying the fiscal year (for non-grant 3xxxxx funds), that this is a blanket order, Banner fund number (this may be helpful if your department has multiple blankets with the same vendor), and nature of the purchase in the name field of the blanket order. Sample text:
      • FY19 Blanket Order Office Supplies
      • FY19 Blanket 2XXXXX Office Supplies
      • Blanket 3XXXXX Office Supplies
  • Reference the previous FY standing/blanket order number and any applicable account numbers with the vendor in the description field of your blanket order. If a previous fiscal year PO is not available, indicate so by including N/A or No prior year SO in this field.
  • Standard text (clause) codes are no longer needed.
eSeeIDO
  • IDO's must be recorded to the appropriate fiscal year. Expenses must be recorded in the fiscal year in which the goods or services are received.
  • Provide dates of service on IDO's.
  • Requestors: The transaction date and required date indicate to the service provider the fiscal year in which you expect to receive the goods or services. Both dates should be June dates if you expect delivery of goods or services by June 30. Enter a transaction date and required date of July 1 for new year orders (expected delivery July 1 or later).
  • Service Providers: Requestors are aware that the transaction date and the required date indicate the fiscal year in which the requestor expectsdelivery of goods or services. Please note that the recovery transaction date on the eSeeIDO Approved Orders Processing screen determines the fiscal year to which the transaction is recorded.
      • For goods/services provided as of June 30, please ensure that a June recovery transaction date is entered. Therefore, if you are completing an IDO (applying the credit FOAPAL) in July for services provided as of June 30, change the recovery transaction date to June 30.
      • For goods or services provided in the new fiscal year (starting July 1), please ensure that a July recovery transaction date is entered.
eSeePay DPV
  • Process eSeePay DPV's to the appropriate fiscal year. Expenses must be recorded in the fiscal year in which the goods or services are received, regardless of the date of the actual payment.
  • Provide dates of service on direct payment vouchers.
  • Requestors: The transaction date indicates the fiscal year in which you received the goods or services. Submit FY18 vouchers as soon as possible so that all approved DPV's may be posted in a timely manner.
  • In June, if you have a voucher to process for FY19 that doesn't need to be paid until July, it is best to submit on or after July 1 so that a July transaction date defaults.
  • In July be sure to change the transaction date to June 30 if goods or services were received on or before June 30 and should be charged to FY18. If the voucher should be charged to FY19, you will not need to change the transaction date.
  • Approvers should review and approve items in their queue at least once a day.
Fund Activity/Balance Available
  • Access the Banner Self Service Operating Ledger, Fund Balance, and Encumbrance Queries to view FY 18 and FY 19 fund activity.
  • Users may also query INB forms including FGIBSUM Budget Summary, FGIBDST Budget Status by account code, FGITRND Detail Transaction Activity, and FGIOENC Encumbrance List to view FY18 and FY19 fund activity. Select the appropriate fiscal year when entering the query parameters.
  • To obtain accurate fund balance available for Designated and Restricted funds, review the BSS Fund Balance Query for FY 18 and FY 19. Review fund activity at the BSS Operating Ledger Query or INB form FGITRND for FY18 and FY19 to verify that transactions are recorded to the proper fiscal year.
Accounts Payable Processing
  • Process all non-travel expense reimbursements to employees in Concur Expense.  Concur expense reports for FY18 are due to your commitment office by July 7.  Enter a report date of June 30 or earlier for FY18 expenses. Enter report date of  July 1or later for FY19 expenses.
  • Forward purchase order invoices to Accounts Payable as soon as possible. Invoices are paid against the year in which the goods are received. Accounts Payable uses the shipped date on the invoice to determine the fiscal year to be charged.
  • Review FY18 transaction activity to be sure that all invoices have posted. If there are outstanding invoices for FY18 (purchase orders or direct pays) that have not been paid as of July 18, 2018, please contact Accounts Payable at accountspayable@slu.edu. You may also need to contact the vendor if Accounts Payable has not received an invoice.
  • If an invoice cannot be obtained, contact Theresa Leisure, director of the Central Processing Center, at theresa.leisure@slu.edu,  so that FY18 expenses may be accrued. 
Travel Processing
  • Process all Travel Expense reports in Concur Expense as soon as possible. When you have completed your trip, submit your travel expense report to ensure timely reimbursement and proper accounting of these expenditures. Concur Expense Reports for FY18 are due to your Commitment Office by July 7. If you have questions, contact Christine Branson at christine.branson@slu.edu.
  • If a trip crosses fiscal years, the expense will be recorded to the fiscal year in which the majority of the trip days occurred. If your travel should be FY18, be sure the report date is June 30 or sooner. If your travel should be FY19, the report date is July 1 or later.
  • All FY18 travel trip IDs must be closed.
Blanket Orders

Billiken Buy blanket orders charged to grant funds (3xxxxx) will remain open and roll to the new fiscal year for grant fund numbers that are active as of July 1. Blanket orders for general unrestricted (1xxxxx), designated (2xxxxx), restricted (4xxxxx) and SLUCare (8xxxxx) funds will continue to be valid for one fiscal year only.

Deposit of Funds
  • Process web deposits to the appropriate fiscal year. Revenue must be recorded in the fiscal year during which services are provided, regardless of when the cash or check is received by the University.
  • In the TouchNet Credit information description field, enter a description and date that services are provided. If the deposit relates to a trip, begin the description with the Axxxxxx trip number.
  • In the TouchNet Debit information description field, enter a "6" (June) for funds to be credited to FY18 or a "7" (July) for funds to be credited to FY19.
  • Continue by entering required information as indicated in the web deposit manual: Enter date of deposit and initials in the description area, if the tender type is cash or check. If the tender type is preauthorized Amex, Discover or MasterCard/Visa, please enter your merchant name, date credit card batch was processed and your initials.
  • Separate deposit entries need to be processed for each fiscal year. Do not combine deposits pertaining to FY18 with deposits that pertain to FY19. Any payments that apply to the accrued revenue processed after June 30, should be processed as FY19 deposits.
Correcting Entries
  • Process necessary transaction corrections. Provide a copy of the Cognos Report of Transactions or the operating ledger query document list screen. Only actual revenue or expenditures may be moved, not encumbrances.
  • Process necessary Labor Expense Redistributions. Forward a printout of the EPAF document and copy of the labor distribution sheets with labor expense redistribution forms.
Encumbrances

Billiken Buy PO's: Buyers must increase their blanket orders by June 22, if they anticipate additional expenses over the FY18 blanket order remaining balance. A standard retrofit order will need to be entered if the blanket PO does not have sufficient balance.

Buyers should close FY18 blanket orders prior to June 30, excluding those for grant funds with term dates after July 1. 

Deficit Balances

Clear deficit balances (ledgers 1, 2, 4, and 9). Prepare an eSeeIDO or transaction correction, as appropriate, to cover the current deficit and anticipated expenditures through June 30.

EPAFs

Review EPAF information for the new fiscal year and make necessary changes. Human Resources provides detailed EPAF processing information for the new fiscal year.

Fund Close Out

 Close out inactive/expired/small balance designated, restricted (excluding sponsored programs) and agency funds. Prepare an eSeeIDO and forward a Fund Request Form to the appropriate Commitment Office to close the specified fund. 

Note that encumbrances must be liquidated and the ending fund balance equal to zero in order for a fund to be closed.

Alternate Grant Funds

Zero out alternate grant funds (medical center only). The fund total must equal zero (no pennies). A printout of the EPAF must be included with the Labor Expense Redistribution form. If pennies remain after the redistribution is processed, Medical Center Finance will adjust any remaining pennies to zero out the fund.

Deferred Charges

Be aware that certain charges may be deferred to the new fiscal year. Payments required in the current fiscal year for goods or services to be received next fiscal year (e.g. retreats and dues/subscriptions), are processed as deferred charges. The payment is issued to the vendor prior to June 30, but the transaction is not expensed until the new fiscal year.

Instructions to the Commitment Offices

 

Additional Resources