2018 Fiscal Year End Deadlines

Loyola Community,

Loyola’s Fiscal Year-end of June 30, 2018 is rapidly approaching! Please review the important year-end deadlines below.

Why is the Fiscal Year-end so important?

The University is required to prepare financial statements in accordance with Generally Accepted Accounting Principles (GAAP). The financial statements provide an overview of the financial position of LUC as of June 30th, therefore it is critical that all revenues and expenses that relate to the fiscal year (July 1 – June 30) are captured.

Year-End Information Presentation

The Financial Services Division held information sessions to review year-end deadlines and processes. Additional information along with examples of the processes and deadlines noted below are contained in the presentation. Please review them at your earliest convenience. The presentations can be found at: http://blogs.luc.edu/finance/2018/04/30/year-end-information-sessions/.

Fiscal Year-End Expenses

 Departments should ensure that all invoices for goods received or services rendered during FY18 are reflected in the FY18 financials.

Accounts Payable

  • Check Requisitions and Expense Reimbursements for activity related to May 2018 and prior must be received electronically by Accounts Payable (AP) (accounts-payables@luc.edu) by no later than Friday, June 15, 2018 at 5 p.m. for all expenditures including operating, gift/grant accounting unit requests.
  • Check Requisitions and Expense Reimbursements for June activity must be received by AP (accounts-payables@luc.edu) by Friday, June 22, 2018 at 5pm for all expenditures including operating, gift/grant accounting unit requests. Any requests received after Friday June 29, 2018 will be paid in FY2019.

Expense Accruals

  • Every effort should be made to notify Accounts Payable in a timely manner regarding FY18 invoices received after June 30th so that all expenses are appropriately accrued for.
  •  Expenses incurred prior to June 30th must be accrued and charged to your FY 2018 budget even if you have not received an invoice by the dates above.
  • If you DO NOT have an FY18 invoice to submit a check requisition by July 3rd, 2018, submit an expense accrual form to General Accounting (accounting@luc.edu) to set up an expense accrual, documentation to support the accrual will be needed. Use the “Year End Accrual Form/Expense Accrual” found under the General Accounting Forms: https://www.luc.edu/finance/forms.shtml#d.en.103630

Purchasing: Purchase Orders

  • Invoices received by departments for items ordered using a purchase order should be sent immediately to Accounts Payable for payment processing.
  • Purchase orders that have not been paid, but have a receipt processed against the order in the Lawson system (“received, not invoiced”) by June 30th will be accrued as an expense in FY 2018.
  • Please make sure that all items that have been physically received are also recorded as “received” in the purchasing system by June 30th.
  • Purchase orders must be physically received on Dock 8 by 4:30pm on Friday, June 29, 2018 for the Health Sciences Campus. Lakeside and Water Tower campus items received by a department must be substantiated with the signed PO to purchasing by no later than June 30, 2018.
  • There will be no exceptions made for items in transit or back ordered even if the order has been placed prior to June 30th, therefore, please plan accordingly and place all orders as soon as possible.

Procurement Card

  • Procard transactions must be posted to PNC Active Pay by no later than Wednesday, June 27, 2018 to be applied to the FY18 budget as this is the end of the June billing cycle. The “posted” date is not the transaction date, so please plan on making all FY18 transactions as soon as possible.
  •  Please use account code 1810 (Prepaid expenses) in active Pay for any purchases on your procard that relate to FY19 services/expenses. (Examples include: Airfare, hotel deposits, conference registrations, etc.)

Payroll Adjustments

  • General Accounting Payroll Adjustments: To transfer salary expenses between Operating or Endowment Accounting Units (excluding Gift or Grant AU’s), please submit a completed Salary Transfer Request Form to General Accounting (send to cfraczkowski@luc.edu) by no later than Wednesday, June 20, 2018. No salary corrections will be processed for FY18 after this date.
  • Sponsored Program Accounting Payroll Adjustments

For Salary transfers involving Gift, Grant, or 103XXX/104XXX AU’s, please refer to Sponsored Program Accounting’s Year-End deadlines here:

https://www.luc.edu/media/lucedu/sponsoredprogramaccounting/pdfs/SPA%20Year%20End%20Deadlines_2018.pdf

Petty Cash

  • Departments with Petty Cash accounts must reconcile their accounts prior to year-end so that FY18 expenditures are recognized. A reminder from General Accounting will be sent out the week of June 11th.

Cash Management

Repetitive EFT’s/ACH’s

  • Repetitive EFT’s/ACH’s that need to be processed in Fiscal Year 2018, must be sent electronically to the Treasurer’s Office at Cashmgmt@luc.edu by Thursday June 28, 2018 at 12pm. These transactions will be processed on June 28th and clear Loyola’s bank account on June 29, 2018.
    • Any repetitive EFT’s/ACH’s that come in after 12 pm on June 28, 2018 will be processed on June 29th and clear Loyola’s bank account on July 2, 2018 and these transactions will be recorded in Fiscal Year 2019.

Non-Repetitive Wire Transfers

  • Non-Repetitive Wire Transfers that need to be processed in Fiscal Year 2018, must be sent in with all supporting documentation to the Treasurer’s Office at Cashmgmt@luc.edu by Tuesday June 26, 2018 at 12pm.  If any documentation is missing or has incomplete banking information, it will not be processed and it will be returned to you for additional information and will then be processed in Fiscal Year 2019.

Fiscal Year-End Revenue

  • Revenue Deferral: Revenue received/deposited prior to June 30th for programs being held in FY2019 must be deferred to the new fiscal year.
  • Revenue Receivable: Any revenues not received by June 30th that relate to services provided by the University in Fiscal Year 2018 should have a revenue receivable set up.

Credit Card Deposits

  • Credit Card transactions should be deposited with the Bursar’s office as soon as possible for any activity that relates to May and June. Please do NOT combine May and June deposits together.
    • Credit card refunds should be sent to General Accounting to accounting@luc.edu with the supporting documentation showing the initial charge to the credit card and then the refund processed.
    •  Please check your Accounting Units as soon as possible to verify that all your credit card revenue has been posted. If you believe there are deposits that have not been recorded, please reach out to Michael Steele msteele2@luc.edu immediately. Credit card activity for FY18 needs to be deposited in June, otherwise you may forfeit that revenue. If you do not make a credit card deposit, your AU will NOT reflect the revenue.
  • All University deposits for FY18 should be taken to the Bursar’s office by no later than June 29th, 2018 by 12pm to ensure they are recorded for FY18. If you are unable to deliver FY18 deposits to the bursar by this date, you must set up a receivable for that revenue.
  •  Contact Maria Araque at maraque@luc.edu or Megan Basso at mfriedberg@luc.edu by no later than Thursday, July 5th, 2018 if you have questions on setting up a revenue deferral or receivable.
  •  Year-End Revenue Deferral/Receivable forms and instructions can be found under the General Accounting Forms under “Year End Accrual Form” https://www.luc.edu/finance/forms.shtml#d.en.103630

Year-end Gift Revenue

  • Any checks received by June 30th should be forwarded to Gift Processing immediately so they can be entered in Advance and accrued as gift revenue for FY18.

If you have any questions regarding these procedures, please contact the appropriate department.

The entire Financial Services team appreciates your efforts and we look forward to a successful and efficient year-end close!

The Financial Services Division

 

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