FY2017 Year-End Finance and Administration Information
As ISU approaches fiscal year-end the Office of Finance and Administration will be sending out correspondence to guide departments on the steps needed to ensure a smooth year-end closing and minimize the workload on all involved. Other memos will be forthcoming as we move towards the new fiscal year.
All Departments Should:
All Departments should review their outstanding encumbrances. Encumbrances decrease the funds available, thus limiting your spending ability in appropriated indexes. Departments need to review outstanding encumbrances to determine whether they represent items still to be received, or if the encumbrance needs to be relieved. This can impact your budget balance, and there is no need to roll encumbrances for goods/services we will never receive.
Departments may review their outstanding encumbrances within Banner Self Service. If you have never used the encumbrance query in Banner Self Service there is a link called “Encumbrance Quick Query” on the “Help with Finance and Purchasing” channel on the Finance Tab. It will walk you through the query process. Remember; only account directors, reqmasters, and others granted finance lookup access may perform encumbrance queries. This information can also be reviewed in the Argos Open PO report. This report can be found in Argos in the file Finance Campus Wide Reports.
If, after reviewing your departments outstanding encumbrances, you determine that some purchase orders should be closed (relieving the encumbrance and making the funds available) and increasing the accuracy of the year end roll, please email Lisa Leyshon at email@example.com with the purchase order number and state why it needs to be closed. If only a particular line item on the purchase order needs to be relieved, please identify the purchase order number and the line on the purchase order that needs to be relieved. If you have questions while reviewing the information, feel free to contact Lisa at ext. 4207.
Complete Necessary Budget Adjustments:
Departments must pay close attention to ensure they do not overspend in budget categories within appropriated indexes. If you find you might overspend in a budget category, you must complete a budget transfer form, requesting a transfer from a category/index with funding to the category that is overspent.
Standing Purchase Orders:
All standing purchase orders created in fiscal 2017 will be closed as of June 30, 2017, with the exception of those related to grant indexes. If departments need to create new standing purchase orders for FY2018, they are able to do so now. Be sure to use a July date when you create these requisitions.
Regular Open Purchase Orders:
All regular purchase orders that have been completed by June 30th will roll into the new fiscal year.
IMPORTANT NOTE: If goods or services being ordered will not be delivered until July 1 or after please ensure that the requisition and purchase order have a July transaction date so funds are encumbered in the appropriate fiscal year.
We do check to ensure the delivery dates coincide with the fiscal year in which the encumbrance is created.
Approval Queues for requisitions created near year end:
Reqmasters should be conscious of the year-end close process when creating requisitions near the end of the fiscal year. Unless the requisition makes it through all approval queues before June 30th, the requisition will need to be recreated in the new fiscal year.
Reqmasters must either delete or complete all incomplete requisitions by the end of the fiscal year. If the requisition is left in an incomplete status it will be deleted.
Any time a travel authorization is created an encumbrance is created for those estimated expenses. Departments should review their travel encumbrances and send an email to the travel office to have encumbrances relieved for cancelled trips or for those trips that may have an encumbered balance remaining after reimbursements are processed.
All travel that has a return date of June 30 or before should have a reimbursement filed before July 14 to ensure expenses are accounted for in the appropriate fiscal year. When filing your reimbursement please use a report date of June 30 or before.
A report date of July 1 should be used on all travel authorizations when the travel will not occur until July 1 or later.
If you have questions on the information provided above, please contact Lisa, at ext. 4207. Watch for further correspondence from The Office of Finance and Administration as year-end draws nearer and thank you very much for your cooperation and help