Year End 2023 - Reporting Deadlines
|Accounts Payable||Accounts Payable PCard reconciliations for PCard charges up to & including March 31, 2022 submitted & approved by ALL approvers (except A/P) to facilitate posting of actuals to fiscal 2022/23.||Fri April 14|
|Procurement||Requisitions for fiscal 2022/23 entered & approved.||Fri April 21|
|Accounts Receivable||Last date to post transactions on the students’ accounts from the Financial Aid module.||Tues April 25|
|Departmental external file load (i.e. Group post).||Fri April 28 noon|
|Campus Solutions Module closed for fiscal 2022/23.||Sun April 30 9pm|
|Other Deposits||MacBill, Moneris, cash & cheque deposits entered (other than students, dated April 30th or earlier, received by April 30th).
A/R module close morning May 5.
|Wed May 3|
|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.||Tues May 2 noon|
|Purchase Orders (PO) invoices related for goods & services received/completed/in transit by April 30th emailed to email@example.com||Wed May 3|
|PCard reconciliations for PCard charges up to & including April 30, 2023 submitted & approved by ALL approvers (except A/P) to facilitate posting of actuals to fiscal 2022/23.||Wed May 3|
|Expense reports for travel prior to April 30th submitted & approved by ALL approvers (except A/P).||Wed May 3|
|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 3|
|Journal entries||Entered (majority should be by May 6th to allow time for approvals)
(Note: must be completed by 6:00PM to be posted overnight)
|Wed May 10
FHS May 5
|Journal entry approvals completed (Note: must be completed by 6:00PM)||Thurs May 11
FHS May 10
|Journal entry re-allocations to Appropriation closing balances
(Note: must be completed by 6:00PM)
|Fri May 12|
Year End 2023 – Additional Communication
Please see additional information below regarding reporting deadlines:
All new disbursements and/or adjustments/cancellations of existing disbursements must be entered by Tuesday April 25th in the Campus Solutions Financial Aid module as these transactions cannot be completed by journal. This enables posting in the student account in fiscal 2022/23 and ensures trust and endowment statements are accurate.
If a fiscal 2022/23 cheque deposit is received after April 30th, it must be entered as a May deposit and set up as an accounts receivable for 2022/23, 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 firstname.lastname@example.org the non-po voucher number along with “Foreign Payment” in the subject line.
All PCard transactions prior to March statements should be reconciled and approved prior to March 15th. March transactions will be uploaded to My Wallet on Monday March 27th, these reconciliations should be reconciled and submitted on or before April 14th. April PCard transactions will be automatically uploaded to My Wallet on Thursday April 27th. PCard transactions submitted and approved by ALL approvers (except A/P) on or before May 3, 2023 will be posted to fiscal 2022/23. Remaining outstanding PCard transactions in My Wallet or in workflow (not fully approved) will be accrued by A/P by Tuesday May 9th to the default chartfield on file for the PCard holder in fiscal 2023. The accrual will be reversed in May 2023. Transactions/reconciliations included on the accrual still need to be completed by PCARD holders or delegates and will be posted in fiscal 2023/24.
All transactions approved by all approvers (except A/P) by the deadline of May 3rd, 2023, will be reflected in G/L balances in Mosaic at the latest by Monday May 8th. Should a manual accrual entry be required for additional transactions it will be posted Tuesday May 9th. 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 2023.
For fiscal 2022/23 faculty and staff pays will not be split. Pay period end date is April 29th (Saturday). For one-time payments it is advisable to still pay these out prior to the last pay period periods (pay period end date – April 15th, 2023). For the transaction and payroll deadlines, please visit the HR Website. The payroll entries will be posted by Friday May 5th.
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 Friday May 5th with the journal line description ‘22/23 CS Fee Deferrals’.
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 2023/24.
Appropriation balances when fiscal 2022/23 closes are the opening balances for fiscal 2023/24. 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 2022/23 closes. You may wish to complete this transfer entry on Friday May 12th once most 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 10th 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 the 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. In addition, nVision will be decommissioned sometime in the next fiscal year. 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.
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 the Administrative Home Page.
Actual updated results will be available daily in Hyperion for funds 20, 30 and 45 beginning Monday April 10th. Hyperion will be refreshed by approximately 9 am each day once the upload is completed.
Effective May 1, 2022, the threshold for capitalization increased to $10,000. Account codes in Mosaic were updated as shown below and are reflected in the capitalization policy on Financial Affairs website. The threshold for capitalization of $5,000 had been in effect since 2019. A review determined that an increase in the threshold would reduce year-end effort with an immaterial impact on McMaster’s reported financial status. The policy was also updated to include guidance on permanent and temporary transfers of funding to capital Fund 60 for major building and renovation projects. Please contact Dennis Tavares (email@example.com) if you have any questions.
Year End 2023 – Contact List
|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, capital account thresholds||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||Cindy Liu – email@example.com|
|PDA/MPDA, Salary and Benefit Account Codes||Chris Sylvester – firstname.lastname@example.org|
|Appropriation transfer entries||Budgeting – email@example.com|
|Hyperion||Alfredo Sordo – firstname.lastname@example.org|
|FHS||Kathy Pfeiffer – email@example.com|
|FHS Research||Ruby Nguyen – firstname.lastname@example.org|
|Research||Dave Reinhart – email@example.com|
|Payroll – one time payments||Your Departmental HR Advisor|