Year End 2021 - Reporting Deadlines
|Accounts Payable||Accounts Payable PCard transaction information (e.g. chartfield, VAT) for
PCard charges up to & including March 2021 entered in PCard module and
approved reconciliation package received in Accounts Payable to facilitate
posting of actuals to fiscal 2021.
|Fri April 16|
|Procurement||Requisitions for fiscal 2020/21 entered & approved.||Fri April 23|
|Accounts Receivable||Last date to post transactions on the students’ accounts from the Financial Aid module.||Wed April 28|
|Departmental external file load (i.e. Group post).||Fri April 30 noon|
|Campus Solutions Module closed for fiscal 2020/21.||Fri April 30 9pm|
|Other Deposits||MacBill, Moneris, cash & cheque deposits entered (other than students, dated
April 30th or earlier, received by April 30th). Finance AR module closes morning May 6.
|Wed May 5|
|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.
|Fri April 30|
|Purchase Orders invoices related for goods & services received/completed/in
transit by April 30th emailed to firstname.lastname@example.org
|Wed May 5|
|PCard transaction information (e.g. chartfield, VAT) for PCard charges up to
& including April 2021 entered in the PCard Module to facilitate accrual entry
by Accounts Payable.
|Wed May 5|
|Expense reports for travel prior to April 30th submitted & approved by ALL
approvers (except A/P).
|Wed May 5|
|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 5|
|Journal entries||Entered (majority should be by May 7th to allow time for approvals)||Tues May 11
FHS May 7
|Journal entry approvals completed (Note: must be completed by 6:00PM)||Wed May 12
FHS May 11
|Journal entry re-allocations to Appropriation closing balances||Thurs May 13|
Please see additional information below regarding reporting deadlines:
All new disbursements and/or adjustments/cancellations of existing disbursements must be entered by Wednesday April 28th 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 2020/21 and ensures trust and endowment statements are accurate.
If a fiscal 2020/21 cheque deposit is received after April 30th, it must be entered as a May deposit and set up as an accounts receivable for 2020/21, 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.
Email email@example.com the non-po voucher number along with “Foreign Payment” in the subject line.
April transactions will be available in Mosaic after noon on Wed April 28th. All transactions will be accrued in April and reversed in May. Transactions with chartfield information entered by Wed May 5th will be accrued to these chartfields. All other transactions will 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.
For fiscal 2021 faculty and staff pays will not be split. Although pay period end date is May 1st (Saturday) the full pay period ending May 1st will be April Finance month (note: split is based on a 10 day work week). For one-time payments it is advisable to still pay these out prior to the last pay period periods (pay period end date – April 17th 2021) For the transaction and payroll deadlines, please visit the HR Website. The payroll entries will be posted by Fri May 7th.
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 6th with the journal line description 20/21 CS Fee Deferrals’.
The final Accounts Payable (A/P) accrual entry will be posted Mon May 10th. 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 2021.
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 2021/22.
Appropriation balances when fiscal 2020/21 closes are the opening balances for fiscal 2021/22. Should you wish to reallocate 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 2020/21 closes. You may wish to complete this transfer entry on Thurs May 13th once the majority of year end entries are completed. Account 480099 has been added to separately identify these reallocations, and will appear below the total revenues and expenses for Statement of Op’s reports (BI or nVision) & Hyperion reports. FHS departments should contact FHS Finance by Wednesday May 12th if they wish to transfer appropriations.
BI Statement of Operations Dashboard
We highly recommend using the BI Statement of Operations Dashboard for department and program reporting as it provides many benefits over nVision Statement of Operations including: 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. Additional information about the Dashboard including training documentation and videos can be found here. You can access the Dashboard via the Financial Reporting Hub in Mosaic or bi.mcmaster.ca.
Mosaic Reports & Queries
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. 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.
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.
|Procurement – Purchase requisitions||Tracie Felton – firstname.lastname@example.org|
|Accounts Receivable and Other Deposits||Dianna Creamer – email@example.com|
|Moneris Deposits||Peter Cobbold – firstname.lastname@example.org|
|Accounts Payable & PCard||Sharon Patry – email@example.com|
|Purchase Order payments||Karen Campbell – firstname.lastname@example.org|
|General ledger, journal entries, chartfields, queries, email@example.com|
|Prepaid expenses & accruals||Dennis Tavares – firstname.lastname@example.org|
|Deferral of campus solution transactions||Saad Khan – email@example.com|
|Workflow updates and firstname.lastname@example.org|
|Trust and Endowments||Khalid Wahoush – email@example.com|
|PDA/MPDA||Chris Sylvester – firstname.lastname@example.org|
|Appropriation transfer entries||Budgeting – email@example.com|
|Hyperion||Paola Morrone – firstname.lastname@example.org|
|FHS||Kathy Pfeiffer – email@example.com|
|FHS Research||Mahnoor Mapara – firstname.lastname@example.org|
|Research||Christine Chartier – email@example.com|
|Payroll – one time payments||Your Departmental HR Advisor|