Kentucky State University

Year End Closing Memo

___________________________________________________
The closing of our fiscal year 2013 has been scheduled. Cutoff dates and instructions for the year-end closing process are listed below. A complete schedule of our year-end process can be found on Business Operations website under year end close procedures. Dates are established to ensure an orderly closing of financial records for the fiscal year ending June 30, 2013. Please share the following information with members of your staff who may be affected or involved with year-end closing dates and procedures.

Although no additional changes are anticipated, any that might occur will be communicated to you as early as possible. Contacts for each functional area are listed should you have any questions..

Accounting

All accounts should be analyzed by the account owners to determine if corrections are necessary. Analysis should involve a detailed review of revenues, charges for personnel and other purchases/payments, and journal entries. Please contact any one of the staff listed above by June 21st if you determine a correction is necessary..

Interdepartmental Charges
All interdepartmental charges (motor pool, utilities, postage, copier, etc.) against FY13 budgets must be submitted to the Accounting Department by June 14th..

Fixed Assets
Inventory must be completed by all custodians and/or Department Heads and submitted to Accounting by May 7th. All fixed assets forms to process dispositions, transfers, etc. must be submitted to Accounting by May 10th. Please contact the appropriate accounting personnel as listed above if you have any questions or issues.

All receiving for fixed assets should be completed by June 21st.

Accounts Payable

Invoices
All invoices to be paid in FY13 must be received in Accounts Payable by June 14th. Any invoices received after this date for FY14 purchases will not be paid and will be deducted from your FY14 budget.

Travel
Reimbursements for travel occurring prior to June 11th must be received in Accounts Payable prior to June 14th. Vouchers received after June 14th will be held and paid July 8th.

Cash Residuals
Any residual cash from cash advances for events occurring by June 14th must be submitted to the Cashier’s Office by June 21st.

Check Run
The final student check run for fiscal year 2013 is scheduled for Friday, June 21st. The final vendor and employee reimbursement check run for fiscal year 2013 is scheduled for Friday, June 21st. To ensure we meet all audit requirements system or manual checks will not be issued after June 21st. The next scheduled run will be July 8th for students, vendor and employee reimbursements which will be in FY 2014.

Budget

All budget changes for fiscal year 2013 must be submitted to the Budget Office by June 18th..

Cashier's Office

Any checks or payments must be deposited with the Cashiers Office by June 25th.

Human Resources

All Electronic Personal Action Forms (EPAF) must be fully approved by June 5th for the pay period May 16th to May 31st (pay date: June 14, 2013); June 19th for the pay period June 1 to June 15th (pay date: June 28, 2013); and by July 2nd for the pay period June 16th to June 30th (pay date: July 12, 2013).

Payroll

All automated (Self-Service Web time entry) and manual timesheets must be completed and/or submitted to the payroll by 6:00 p.m. on the following dates: June 4th for the pay period May 16th to May 31st (Check run – June 10th for pay date June 14, 2013); June 18th for the pay period June 1st to June 15th (Check run – June 24th for pay date June 28, 2013); and July 2nd for the pay period June 16th to June 30th (Check run – July 9th for pay date July 15, 2013). To ensure we meet all audit requirements manual checks will not be issued during our year-end closing.

Purchasing

Requisitions
The closing date for submitting purchase requisitions is June 7th. Please ensure all necessary approvals have been posted and sufficient budget balances are available to meet this deadline. After June 7th, all online requisitions will be cancelled and all hard copy requisitions received after June 7th will be returned to the originator.

The closing date for submitting purchase requisitions for grants is June 21st.

Purchase Orders
All goods and services must be delivered and invoiced by June 21st in order to be charged against FY13 budgets. All goods and services delivered after June 21st will be charged against FY14 budgets.

Receiving
All receiving should be made at the Jordan Building. If partial shipments are received, only items invoiced prior to June 21st will be charged to FY13 budgets. Items received after June 21st will be charged to FY14. No receiving should occur in departments.

Concur Expense Reports
All expense reports must be submitted and approved in the Concur system by June 14th to be charged against FY13 budgets. Expense reports submitted and/or approved after June 14th will be charged to FY14 budgets.

Concur Airline Reservations
All airline reservations must be booked in the Concur system by June 1st to be charged against FY13 budgets. Airline reservations booked after June 1st will be charged to FY14 budgets.

PCard Transactions
All PCard transactions must be posted in the Fifth Third system by June 21st to be charged against FY13 budgets. PCard transactions posted after June 21st will be charged to FY14 budgets.

Grants Accounting

New grant setup request
For payments to be made in FY13, the Banner Chart of Account request form along with the fully executed agreement and the completed KSU (internal) budget form must be submitted by Friday, May 17th. Please ensure the agreement has been reviewed by the Office of General Counsel and forwarded to the Office of Sponsored Programs. After May 17th, all requests to set up a new grant will not be processed until Friday, July 12th.

Budget change requests
The closing date for submitting budget transfer request for grants is Friday, June 14th. Please ensure the approved-paper budget transfer request is submitted to the appropriate grant accountant. After June 14th, all online requests will be denied and all approved-paper budget transfer request will be returned to the originator. We will accept budget transfer requests for spending in FY14 when Banner is ready for processing in the new year.

Grant expenditure review
Principal Investigators must review grant expenditures by Friday, July 5th. For instructions on how to view expenditures, please contact your assigned Grants Accountant. After July 5th, any cost transfer or correction request for expenditures in Fiscal Year 2013 will not be accepted.

NOTE:

1. Grant purchase orders and budgets will be rolled to the new fiscal year.
2. All grants and/or contracts from external agencies which ordinarily do not lapse at fiscal year ending June 30, 2013 will be subject to the check run dates and any provision noted specifically for grants.