| Fiscal Operations Policy & Procedures Manual |
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Each year, during the 4th week of May, the Office of Business Affairs distributes Year End Closing instructions to campus departments with specific dates and deadlines for that year.
All cash receipts must be received by the Cashiers Office by noon on the last working day of June, for inclusion in the current fiscal year accounting records. Deposit all cash receipts in a timely manner. Do not accumulate receipts for one final deposit.
Off campus locations (e.g., Ag. Experiment Stations and Extension offices), after making the final deposits at the bank, must provide detailed receipt information, including the final deposit information, to the Cashiers Office (by fax at 541-737-0625 or by e-mail at cashiers@oregonstate.edu) by noon on the last working day of June. Don’t follow these fax or e-mails with hard copy. Cashiers Office closes at 3:00 PM on that day.
For inclusion in the current fiscal year accounting records, all accounts receivable transactions to be entered by Business Affairs must be received by on the date specified in the year-end closing instructions.
Departmental entry of SIS accounts receivable transactions must be completed by the last working day in June.
For all Funds: For current fiscal year invoices that represent goods or services received on or before June 30th, process each invoice in the current fiscal year accounting records by using a June transaction date (current fiscal year, period 12). See each year’s schedule for deadlines for all departmental approvals, and the date that all paper invoices must be received by the Business Affairs Accounts Payable office.
For all funds: For current year invoices received after the specified July date, maintain listings of all current fiscal year invoices processed in the new fiscal year accounting records that represent goods or services received on or before June 30.
For invoices for the new fiscal year, process each invoice in the new fiscal year accounting records by using the current date as the transaction date. For off-campus Extension locations, follow instructions issued annually by the Extension Accounting Office.
Auto Pays (e.g., Boise Cascade, OSU Bookstore) are expenditures charged directly by the Office of Business Affairs to departmental accounts via journal voucher (“VXxxxxxx” documents). OSU has approximately 40 direct pay vendors and each direct pay vendor sets its own billing cycle. To be sure that purchases from direct pay vendors are included in the current fiscal year accounting records, complete those purchases by the date specified in the current year’s schedule for year end close. Purchases made between that date and June 30 may appear in either the current fiscal year or the new fiscal year accounting records based on the auto pay vendor’s billing cycle.
All travel advances and reimbursements for travel incurred up through June 30 must be included in the current fiscal year accounting records. The reimbursement requests must be completed and in the Business Affairs Accounts Payable office by noon on the date specified in the current year’s closing schedule.
Airfare purchased in the current fiscal year with departure dates in the new fiscal year must be reflected in the new fiscal year accounting records. The Office of Business Affairs processes the airfare billings from the travel agencies. Any expenses that have not posted by period 12 close should be put on the accrual spreadsheet.
When a trip spans the end of one fiscal year (June 30) and the beginning of the next fiscal year, there are various options for processing the reimbursement.
Option 1: The amount of the trip that has not already been processed can be entered on the Accounts Payable Accrual Spreadsheet Report so the total cost s recorded in the fiscal year the trip began.
Option 2: Final travel costs are not recorded until the reimbursement is processed in the fiscal year when the trip ended.
See the dates on the Payroll calendar and on the current year’s schedule. Redistributions for the current fiscal year need to be made by the period 12 payroll redistribution deadlines. Any attempt to make prior year redistribution’s in the next fiscal year will be reviewed for the effect on the financial statements. No retroactive redistributions will be allowed which affect Program Codes or are between funding sources (restricted, general, and auxiliary).
Manual encumbrances (“E” documents) remaining in the current fiscal year accounting records will be rolled into the new fiscal year accounting records. Therefore, all manual encumbrances must be correct on the last working day in June.
If departments or colleges have a budget adjustment need after the specified July date, contact the Budget Office at 737-4121 or send e-mail to budgets@oregonstate.edu. There will be a time period in July when only administrative budget offices (OSU Budget Office, Agricultural Experiment Station, Extension Service and Forest Research Lab) will be allowed to process budget adjustments for the current fiscal year.
Gift Funds (M’s, FS, FE, 438xxx, and some FA). Gift Funds require a positive cash balance. Cash received and posted after noon on the last working day in June will be reported in the next fiscal year and will not show as cash (A0901) in the current fiscal year. Therefore, it is important that gift fund balances are closely watched and that expenditures are not made against those funds unless cash is positive, or funds are available at OSU Foundation for immediate reimbursement.
All funds must have a positive cash balance at the close of period 12. If there is an overdraft at that time, the expenses will be moved to the departmental general funds to clear the negative cash balance. Reminder – direct payments such as Printing/mailing, Transportation services, Telecommunications, and OSU Bookstore process with June 30th or before dates, and because these are JV’s, they immediately affect cash even though the process may be run up to period 12 close (in July).
FSxxxx OSU Foundation reimbursement funds are considered gifts to the university and must also be positive at year-end. Be aware of this when processing requests to OSU for payment and then making a request to OSU Foundation for reimbursement. All checks written on or before June 30th will affect the cash balance and cash must be received from OSU Foundation by the last working day in June for these payments. Remember, payroll and OPE may post after June 30th, but with a June 30th transaction date.
Specific funds may not have negative fund balances at June 30. The necessary adjusting entries to resolve any negative fund balances must be recorded in the current fiscal year accounting records by the specified date on the current year’s schedule, using a June 30 transaction date.
At year-end, no balances can remain in any operating ledger accounts (AXXXX, BXXXX, CXXXX) of clearing funds. Departments with clearing funds have until the date specified in the current year’s schedule to complete journal vouchers using a June 30 transaction date to make the necessary adjustments. (Note: If the transaction is done in period 12, use the rule code 3JV1. If the transaction is done in period 14, rule code 3YEC must be used.)
Balance Sheet Reconciliation: General Ledger
Purpose: The purpose of Balance Sheet Account Code reconciliation is to ensure and demonstrate that:
All reconciliation detail schedules of Balance Sheet Accounts will be available to the OUS Controller’s Division and the independent auditors of OSU’s Financial Statements to support the reported balances. The auditors may use them to confirm balances with vendors or customers and subsequent tracing to disbursements or cash deposits in order to verify the reported balances.
Requirement: The following requirements relate to all Balance Sheet Account Code reconciliation for all Fund Groups:
BALANCE SHEET AND REPORTS ARE REQUIRED FOR ALL FUNDS AS OF JUNE 30 of the current fiscal year.
Note that different fund groups have additional requirements specific to the type of fund involved.
In addition to the requirements in this portion of these instructions, be sure to follow the specific instructions for the fund group or groups which apply to your area.
Note: All of the revenue and expense accrual Journal Vouchers entered in the current fiscal year must be reversed during July of the new fiscal year by using a July transaction date.
Use Rule Code 3JV1 for accrual entries during period 14 and a June 30 transaction date. Use rule code 3JV1 to reverse accrual with July date.
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