FSPD Number(S) & Title: GL.07 Fiscal Year End

FSPD Number(S) & Title: GL.07 Fiscal Year End

Standard Operating Procedure

Internal business procedure, not a Training Document

FSPD Number(s) & Title: GL.07 Fiscal Year End

Procedure Owner (Central Office, Division Head): Business and Financial Services, Associate Vice Chancellor and Controller

Issue Date: 10/17/2017

Date of Last Revision: 11/14/2017

Purpose:

Fiscal Year End (FYE) refers to the series of steps taken by the UCPath Center, UCOP Finance COE, and Locations, typically from May to August each year, to support Fiscal Close and initiation of the new Fiscal Year (FY).

The UCPath FYE process encompasses the following:

  • Definition, Approval and Communication of FYE Payroll Processing Schedule
  • Year-End Estimated Biweekly Accruals
  • Setup of new FY Assessment rates (e.g. VLA, GAEL, CBR)
  • Local Funding Entry and Validation in Current and Future FYs
  • Fiscal Year Funding Rollover (i.e. Copy from Current to Future FY)

Procedure Definition/Scope(from FSPD):

The Fiscal Year End process includes Month 13 Processing (period 998), Fiscal Year Initialization, and other activities that occur during the months of May, June, and July.

Procedure Definition/Scope (UCR Revised Definition):

N/A

Frequency (ad hoc, daily, weekly, monthly, annually, etc.):

Annual

Trigger:

UCOP defined system wide fiscal year end deadlines

Primary Variations:

N/A

Roles and Responsibilities

Campus Point of Contact for UCPC: UCR Central Accounting Office

Entity / Roles and Responsibilities
UCOP /
  • Defines system wide fiscal year end deadlines

UCR Business and Financial Services /
  • Communicates UCR FYE deadlines and expectations to UCR stakeholders.
  • Validates and confirms fiscal year end labor ledger transactions

UCR Org Unit/Department /
  • Makes changes to existing funding prior to rollover date
  • Audits funding post-rollover to ensure accuracy
  • Closes fiscal year for Org Unit/Department

UCPath Center /
  • Owner of system. Process validation and error resolution.

Required Parameters/Controls

Conditions / Approval By / Mechanism
TBD if any / TBD if any / TDB if any

Required Notifications

Notification Content / Notification To / Generated By / Mechanism
FYE GL processing schedule / UCR Central Accounting / UCPC / Email
Funding Audit Report (R-232) / UCR Central Accounting / UCPath system / Report
Funding Summary Report (R-205) / UCR Central Accounting / UCPath System / Report

Overall Activity Sequence

  • Capture at a ‘One Person, One Task, One Tool’ level

Step # / Step Description (Verb/Noun)
May have sub-steps / Party
1 / Produce FYE GL processing schedule / UCOP
2 / Receive FYE GL processing schedule and communicates with Org. Units and departments / UCR Central Accounting
3 / Incorporate UCPath FYE processing schedule with local UCR FYE schedule / UCR Central Accounting
4 / Changes to existing funding entry must be completed prior to the funding rollover cutoff date / UCR Org Unit/Department
5 / Estimated biweekly accruals for FYE are produced during the final biweekly pay cycle that is entirely within the closing year. Accrual reconciliations will be available to UCR after the next biweekly pay period closes. / UCPath Center
6 / Retrieve FYE biweekly accrual reconciliation from ODS and distribute to Org Units/Departments / UCR Central Accounting
7 / Use FYE accrual reconciliation to close fiscal year for Org. Unit/Department / UCR Org. Unit/Department
8 / Complete year-end reconciliations of various accounts (e.g. Liability, Financial Control, Location-owned components of CBR). / UCR Central Accounting
Question: Will we have a schedule & deadline for processing SCTs? Or will we enter journals directly in UCRFS?
9 / Bill UCPC for cost recovery (i.e. reimbursements) of all outstanding actual benefit expenses related to the CBR as part of Fiscal Close. This applies to benefits such as the Employee Assistance (Support) Program (EAP/ESP). / UCR Central Accounting

Decision Tree or Flow Diagram

Action Item: Insert sample schedule, based on UCPC’s published schedule.

Complex/Exception Cases

  1. Salary Cost Transfers during FYE – If a large volume of SCTs are required during FYE, the time and effort required will be substantial since FYE occurs on a tight timeframe.

Tools/Templates Used (Existing w/revisions, New, Decommissioned, etc.)

  1. ODS Reports must be identified
  2. Biweekly accrual reconciliation report for distribution to UCR Org Units/Departments (Existing w/revisions)

Process Touchpoints

  1. Salary Cost Transfers
  2. FAU Management
  3. Financial Controls Reconciliation

References

Definitions

Term: Definition

Related Documentation and Resources

Website URL: Link

Questions

  1. Will we have a schedule & deadline for processing SCTs during FYE? Or will we enter journals directly in UCRFS?

Document Change Log

Use this table to summarize changes made to this document

Date / Editor / Summary of Changes
11/8/16 / Adelaida Diaz / Added content provided by Alfred Karam during working session.
11/9/16 / Jack Greaney / Added content provided by Alfred Karam during working session.
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