Year End 2020 - Reporting Deadlines
|Accounts Payable||Accounts Payable PCard transaction information (e.g. chartfield, VAT) for PCard charges up to & including March 2020 entered in PCard module and approved reconciliation package received in Accounts Payable to facilitate posting of actuals to fiscal 2020.||Fri April 17|
|Procurement||Requisitions for fiscal 2019/20 entered & approved.||Fri April 24|
|Accounts Receivable||Last date to post transactions on the students’ accounts from the Financial Aid module.||Mon April 27|
|Departmental external file load (i.e. Group post).||Thurs April 30 noon|
|Campus Solutions Module closed for fiscal 2019/20.||Thurs April 30 9pm|
|Other Deposits||MacBill, Moneris, cash & cheque deposits entered (other than students, dated April 30th or earlier, received by April 30th).||Mon May 4|
|Accounts Payable||Non-PO vouchers for foreign currency payments entered & approved by all approvers (except A/P) with an accounting date of April 30th or earlier.||Thurs April 30|
|Purchase Orders invoices related for goods & services received/completed/in transit by April 30th emailed to email@example.com||Wed May 6|
|PCard transaction information (e.g. chartfield, VAT) for PCard charges up to & including April 2020 entered in the PCard Module to facilitate accrual entry by Accounts Payable.||Wed May 6|
|Expense reports for travel prior to April 30th submitted & approved by ALL approvers (except A/P).||Wed May 6|
|Non-PO voucher submitted and approved by all approvers (except A/P) with an accounting date of April 30th or earlier for goods & services received/completed/in transit by April 30th.||Wed May 6|
|Journal entries||Entered (majority should be by May 8th to allow time for approvals)||Tues May 12
FHS May 8
|Journal entry approvals completed||Wed May 13
FHS May 11
|Journal entry re-allocations to Appropriation closing balances||Thurs May 14|
Please see additional information below regarding reporting deadlines:
All new disbursements and/or adjustments/cancellations of existing disbursements must be entered by Mon April 27th in the Campus Solution’s Financial Aid module as these transactions cannot be completed by journal. This enables posting in the student account in fiscal 2019/20 and ensures trust and endowment statements are accurate.
If a fiscal 2019/20 cheque deposit is received after April 30th, it must be entered as a May deposit and set up as an accounts receivable for 2019/20, unless the receivable has already been setup through MacBill.
Contact your suppliers to ensure invoices are received and entered by the dates noted. To ensure all goods/services are accurately recorded, the supporting documentation (i.e. invoice and purchase order number if applicable), must clearly indicate the date the goods were physically received or the date the services were completed.
April transactions will be available in Mosaic Wed April 29th. All transactions will be accrued in April and reversed in May. Transactions with chartfield information entered by Wed May 6th will be accrued to these chartfields. All other transactions with be accrued to the default account on the PCard application form. Actuals will be posted in fiscal 2021 when the approved reconciliation package is received.
The faculty and staff pays that straddle April and May will be automatically split and posted to the proper period based on the number of days in April vs May. One-time payments in either of those last pays will also be split between the two periods. If the one-time payment should be charged to the 2019/20 fiscal year, it is advisable to pay these out prior to the last pay period periods (pay period end date – April 18th, 2020). For the transaction and payroll deadlines, please visit the HR Website. The payroll entries will be posted by Fri May 8th.
Deferral of fees billed prior to April 30th through CS (tuition, supplementary fees, etc.) for services to be rendered after April 30th, are done by Financial Affairs. Therefore, if a fee is billed through CS on the student account, do not defer it. These entries will be posted by Thurs May 7th with the journal line description 19/20 CS Fee Deferrals’.
The final Accounts Payable (A/P) accrual entry will be posted Mon May 11th. Journal entries to accrue unpaid expenses should only be considered once the A/P cut-off mechanisms are exhausted. Should an entry be required, ensure supporting documentation is attached to the journal entry and the entry is set up to reverse in May 2020.
Prior to year end, managers should review PDA/MPDA open items in their departments. Refer to Mosaic for queries and guidance. In the new fiscal year, Budgeting Services will do the entitlement entries for the fiscal year 2020/21.
Appropriation balances when fiscal 2019/20 closes are the opening balances for fiscal 2020/21. Should you wish to re-allocate your appropriation balances in Fund 20, 30, 45, 72 or 78 prior to the start of the new fiscal year, a transfer journal entry must be completed before fiscal 2019/20 closes. You may wish to complete this transfer entry on Thurs May 14th once the majority of year end entries are completed. Account 480099 has been added to separately identify these reallocations, and will appear below the net income sub-total on nVision & Hyperion reports. FHS departments should contact FHS Finance by Wednesday May 13th if they wish to transfer appropriations.
General Ledger inquiries, queries and reports can be run anytime. However, blocks of nVision reports (e.g. Statement of Operations for an entire department) should be scheduled to run between midnight and 7 am. This will assist in ensuring the reports are ready when needed and not unnecessarily slow down system performance during the day. Actual updated results will be available daily in Hyperion for funds 20, 30 and 45 beginning May 1st. Hyperion will be refreshed by approximately 9 am each day once the upload is completed. Quick guides for running reports and queries can be found in Mosaic within Support and Documentation. Alternatively, most commonly used reports and queries can be found all in one place within the Financial Reporting Hub tile within Administrative Home Page.
*NEW* Statement of Operations reports in the Business Intelligence (BI) tool will be available in late April. Benefits of this more dynamic tool will include: ability to self-select department and program combinations, ability to instantaneously drill down from account balances to transaction details, labour distribution details, and expanded budget information. Users will be contacted with more details when available.
|Procurement – Purchase requisitions||Tracie Felton – firstname.lastname@example.org|
|Accounts Receivable||Account Receivable – email@example.com|
|Moneris Deposits||Erica DiCenzo – firstname.lastname@example.org|
|Other Deposits||Dianna Creamer – email@example.com|
|Accounts Payable||Sharon Patry – firstname.lastname@example.org|
|Purchase Order payments||Karen Campbell – email@example.com|
|General ledger, journal entries, chartfields, queries, firstname.lastname@example.org|
|Prepaid expenses & accruals||Dennis Tavares – email@example.com|
|Deferral of campus solution transactions||Saad Khan – firstname.lastname@example.org|
|Workflow updates and email@example.com|
|Trust and Endowments||Khalid Wahoush – firstname.lastname@example.org|
|PDA/MPDA||Chris Sylvester – email@example.com|
|Appropriation transfer entries||Budgeting – firstname.lastname@example.org|
|Hyperion||Paola Morrone – email@example.com|
|Payroll – one time payments||Your Departmental HR Advisor|