year-end planning

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Year-end Planning . Key Changes Accruals Receiving P-Cards Roles/Responsibilities Handout Year-end calendar. Key Changes. Open/Standing Purchase Orders batch close process will run on June 30 Retrofits (DPRs), TERs, and PO Invoices in BSC by June 26 Allow 2 days for intercampus mail - PowerPoint PPT Presentation

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PowerPoint Presentation

Year-end Planning Key ChangesAccrualsReceivingP-CardsRoles/ResponsibilitiesHandoutYear-end calendar

11Open/Standing Purchase Orders batch close process will run on June 30 Retrofits (DPRs), TERs, and PO Invoices in BSC by June 26Allow 2 days for intercampus mailReceiving in CUBuyplus completed by July 2Receiving date in CUBuyplus must reflect actual date goods received on campus or services were performedKey Changes223Journal EntriesTo Accounting Services by noon on July 3Expense accruals by end of day July 8Key date communicationBanner Finance listserv and CUBuyplus active users http://www.creighton.edu/finance/controller/ generalaccounting/yearendinformation/index.phpKey ChangesRecording ExpensesWhy?Shorten our year-end close cycleOpportunity to accelerate the external audit System functionality BackgroundAccounts Payable remained open for up to 3 weeks to record June activity Invoices were recorded based on invoice date and receipt of goods and/or service

4Process change for recording expenses accrual vs. real time.45Banner Three purchase order datesOrder date date order was generatedDelivery date Transaction date used to determine accounting period for encumbranceTwo invoice datesVendor invoice dateTransaction date-used to determine accounting period (month and fiscal year) for expensesRecording ExpensesRecording ExpensesCUBuyplusDatesOrder approved/created dateOrder date- day order received final approvalDelivery date Receiving date day that goods received on campus or services were performed Ongoing change not just for fiscal year-end

66How will accruals be determined?Accrual rules established by order typeCUBuyplus has different order typesStandard Order/Release OrderRetrofit/Standard Release RetrofitBlanket Order

77Accrual by Order TypeStandard Order or Release OrderAccrual based on receiving date and receiving statusReceived in June or earlier and invoice not yet receivedInvoice date is June and entered in JulyInvoice has been received and order is Pending Receiving Example:Order approved/created: 4/5/13Order date: 4/05/13 (always the same except for retrofits)Received: 6/30/13Invoice dated: 7/10/13Will be recorded as July expense in BannerJune expense accrual will be processed

88How will accruals be determined?Retrofit or Standard Release RetrofitAccrued when invoice date and order created date cross monthsReceiving is automatic (same as DPRs were for Banner)

Example:Order approved/created: 4/5/13Order date = Invoice date of: 3/25/13Received: 4/5/13 Invoice dated: 3/25/13Will be recorded as April expense in BannerMarch expense accrual will be processed

99How will accruals be determined?Blanket OrderNo accrual neededAccruals based on Release Order or Standard Release RetrofitSpecial Handling AccrualsUtilities, service/legal type invoices, sub-contractors, etc.

1010ReceivingEnd user is responsible for receivingThree receiving componentsDatePre-populates with current dateDate should be back dated to date goods received on campus or services were performedQuantityPre-populates with order quantityQuantity should be updated as needed for partial deliveryNote section for optional use as neededReceiving available at order or line level

1111Order LevelLine Item

1212ReceivingHow does a user navigate receiving?Covered in trainingReference Browser Guide, pages 13-17BSC Specialist can assist with questionsHow does a user know what needs to be received?User should complete receiving for all purchase ordersCUBuyplus will send an email if items have not been received when an invoice is enteredFor year-end, a report will be sent out showing what is open by areaOngoing process - TBD

1313P-CardsTransactions must post by June 24 for fiscal yearNormal time between purchase and posting is 2 daysOffline merchants can take up to 10 days between purchase and posting Billing cycle closes June 24Last day to turn in receipts June 27Last day for approvals June 281414Roles/ResponsibilitiesDepartmentsInvoices Ongoing - send timely to BSCYear-end - invoices/TERs to BSC by June 26Receiving Ongoing - complete receiving in a timely mannerYear-end - receiving should be completed by July 2Submit an accrual for items Delivered to campus by June 30 and not received in CUBuyplus When invoice has not been sent to BSCWhen service has been provided and not yet invoiced

15Be sure to allow 2 days for intercampus mail. Why does BSC need retrofits so early? Two reasons, first time is needed to enter the item into CUBuyplus and second, the requisition needs to be approved. 15Roles/Responsibilities Business Service CenterGoal to have retrofits entered into CUBuyplus by June 28TERs entered into Banner by June 28Invoices received by BSC and not entered into CUBuyplus will be accruedAccounting ServicesProcess accrual journal entries

1616Next StepsCommunicate with your departmentsKey year-end datesImportance of timely receivingImportance of turning P-Card receipts in timelyCommunicate with Accounting Services and BSCOngoing Encourage ordering versus retrofitsEncourage timely receivingMonitoring of receiving will be ongoing

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