Fiscal Year-End best practices from across the division

From the Budget Office

As a reminder, budget transfers will be restricted after Friday, June 21. Please use this opportunity to move any budget necessary to correct negative balances and also ensure adequate funds are available to cover final payroll and other charges that will post to FY19 funds. Negative balances must be addressed before year end in order to properly allocate FY20 resources.

The Hyperion budget system will be available to departments to enter budgeted revenue and expenditures. Entries for State Approp must be completed by Friday, June 14. Remember that the expenditures entered for appropriated funds are used to determine how allocations are split among salary, OPS and operating expense categories.

Carryforward funds will initially be allocated in the amount available to cover purchase orders and travel authorizations rolled from the previous year. Once the charges from the last pay period of the fiscal year have been posted to appropriated funds, any remaining funds will be brought forward to FY20 using the CYFWD budget reference. Funds having the CYFWD budget reference in FY19 will be brought forward into the same chartfield in FY20, while funds having the CRRNT reference in FY19 will normally be reallocated to the applicable VP or dean’s office. It’s important that sufficient budget is available to cover the final projected payroll charges. Otherwise, this will cause negative balances that must be addressed before balances can be rolled into the new year.

Please contact the University Budget Office with any questions or concerns.

From Disbursements/Accounts Payable

In order for Finance and Accounting to determine the proper amount of accounts payable to record on the university’s financial statements as of June 30, all invoices processed after June 30 relating to goods or services that were received prior to July 1 should be entered into the myUFL system using a date of June 30 or earlier for the “Invoice Date” field on the voucher.

From Auxiliaries/Educational Business Activities (EBAs)

As part of Fiscal Year-End closing, there are several steps specific to Auxiliaries/EBAs to ensure general ledger accuracy and completeness:

• Inventory for Products Held for Sale: All units on campus that hold inventory must perform a physical count at fiscal year end. Inventory records must be adjusted based on a physical count. All units that have inventory with a value of $25,000 or more must submit detailed counts to the Auxiliary Office.
• Revenue: Review the detailed transactions in internal and external revenue accounts and ensure that the fiscal year contains 12 months of billings.
• Write-Offs: University departments must submit a request for write-off approval of all accounts that have been deemed uncollectible to the Auxiliary Office by June 3. Once approval is received, the department may reflect the write-off in its records.
• Accrual Adjustments: Annually, the Auxiliary Office will notify EBAs meeting certain criteria to submit the detail of accounts receivable and allowance, prepaids, accruals and deferred accounts.
• Records Retention: Ensure that your unit is following the university records retention schedule. Specific to EBAs, all records outside of the myUFL system that document rates charged, billing records, usage logs, order logs, agreements and other records related to the operation of the unit must be retained.

Read the main story about 2019 Fiscal Year-End closing.