FY15 YEAREND CUTOFF SCHEDULE
ACCOUNTING
The below are cutoff dates for FY15 Yearend for Flint Campus. These dates were established to allow the General Accounting, Budget, Cashier, and Purchasing Offices enough time to process all transactions for June Business.
MAY 22nd Cutoff
· Non-PO to the Accounting Office for Net 30 payments
JUNE 3rd Cutoff
· 5pm – PO Bids to be sent to Flint Purchasing
· 5pm – PO Vouchers (invoices) sent to Flint Purchasing
JUNE 5th Cutoff
· 5pm – PO Requisitions that do not require a bid to be sent to Flint Purchasing
· Non-PO* Vouchers for Student/Guest to the Accounting Office for Travel Reimbursements
· Journal Entries for Sponsored (20000 & 25000) and Plant Fund (8xxxx) to the Accounting Office
JUNE 12th Cutoff
· Last day for Merchants to submit PCard expenses to the Bank for payment in June’s business
· Journal Entries* for General (10000), Gift (30000), Designated (40000), and Auxiliary Funds (5xxxx) to the Accounting Office
JUNE 23rd Cutoff
· 5pm - Last day to submit Department Sales Invoice/Credit Memos for processing in FY15 Business
· 5pm - Last day for Concur expense reports to be APPROVED for the June’s Pcard Statement
JUNE 26th Cutoff
· Last Bi-Weekly Payroll for FY15 (pay period end date 6/20/15) **7 Days will be accrued for FY15**
JUNE 29th Cutoff
· Last Off-Cycle Payroll for FY15 (pay period end date 6/25/15)
JUNE 30th Cutoff
· 3pm – Department Cash Receipt (CR) cutoff with Cashier’s Office
· 11:30pm – Service Unit Billing (SUB) FTP files to Ann Arbor ITS
*Note: The Accounting & Budget Offices will continue to accept JE’s, Budget Transfers, and NonPO’s after the above cutoff, but can make no guarantee that they will be processed in the current fiscal year.
BEST PRACTICES:
· If you have any expenditure activity that needs to be moved or corrected, please complete or request a Journal Entry.
· If you have funding that needs to be transferred in the General Fund, please complete a Budget Transfer.
· If you have expenditure or revenue activity that needs to be recorded in June Business, please process before the above cutoff dates. This would include PO, Non-PO, Journal Entries, or Cash Receipts.
FY15 YEAREND CUTOFF SCHEDULE
BUDGET
MAY 1st
· Contact the Budget Office prior to submitting Base Budget transfers for May’s Business
· No base transfers will be processed in June business
JUNE 12th
· Last day to submit budget transfers (current transfers only) to Budget Office
JUNE 16th
· Regents’ vote on FY2016 proposed budget
APPROXIMATELY JULY 1st
· First day to review budget upload worksheets
JULY 10th
· First day to review preliminary Carry-Forward worksheets*
JULY 14th
· 12pm – Completed preliminary Carry-Forward worksheets due to Budget Office*
**** NOTE: ONLY 2 ½ BUSINESS DAYS TO SUBMIT TO CHRISTY! ****
JULY 20th
· Completed budget upload worksheets due to Budget Office
*Carry forward process reminder:
· Ending balances are reloaded as beginning balances in July business
· In the event that a budget unit would like to do clean-up of any balances prior to year-end:
o A preliminary carry forward worksheet will be provided to units immediately after compensation accruals and benefit allocations have posted
o Though the ending balances provided on this worksheet will not be final, the worksheet will provide a good indication of what the actual ending balances will be
o Units can use this worksheet to move funds between budget lines before the year closes
o This worksheet will need to be returned within 2 ½ days of the time it is received by the budget unit
· Upon request, a final carry forward worksheet can be provided after the fiscal year has closed
o Units can use this worksheet to reallocate funds between budget lines
o Reallocations processed after the close of the fiscal year will show up on the OBS report in the Net Transfer column, not in the Carry Forward column
I:Yearend/FY 2014/FY15 DEPARTMENTAL YEAREND CUTOFF SCHEDULE.doc