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Controller's Office > News > Panther Post Newsletter

Newsletter 2014-2015 Volume 10

In this Edition...

  • Monthly Closing Calendars
  • Fiscal Year End 2014-15 Memorandum is now Available
  • Financial Audit Report for Fiscal Year 2013-2014
  • Changes to activities within Agency Fund (491)
  • Deadline to Process Departmental Card Transfer of Charges
  • Purchasing 101 Training
  • Reminders and Deadlines
  • Monthly Closing Calendars

    The March 2015 period in the general ledger has closed. When running your reports, please keep in mind that the reporting environment has a 24 hour delay in displaying data. The current and future month-end processing deadline schedules can be found at: Monthly Closing Deadlines.

    Fiscal Year End 2014-15 Memorandum is now Available

    The fiscal year end closing process is quickly approaching. In preparation of the fiscal year end close, please refer to the FY2014-15 Year End Memorandum for important information including all year end closing deadlines and a listing of departmental contacts. Our team counts on you to meet crucial year end and monthly closing deadlines, so we thank you for your efforts and cooperation throughout the year.

    Financial Audit Report for Fiscal Year 2013-2014

    The University's audit report for FYE 6/30/2014 was recently issued by the State Auditor General. This report, as well as previous years audit reports, is available on the Annual Reports page of the Office of the Controller website.

    Changes to activities within Agency Fund (491)

    Last fiscal year the Accounting and Reporting Services team completed the clean-up of the balances in Agency Funds to limit the activities in these funds to only those that are truly agency activities. By definition an Agency Fund is established to record the administration of funds for which the University acts as a fiscal agent on behalf of an outside Principal. Agency activities are not operating activities of the University and as such should not be classified as revenues and/or expenses.

    PantherSoft has been modified to prevent revenues and expenses from posting to any activity within Agency Fund (491). Going forward please use Account 399010 Unexpended Agency Funds to record any funds received or disbursed from this Agency fund.

    To further facilitate this change we request all Purchases in Fund 491 be done through an Unencumbered Payment Form using account 399010 Unexpended Agency Funds.

    We are in the process of updating the Allowable Unencumbered Payment List to reflect Agency Transactions to align with the changes stated above.

    For additional assistance please contact Jose Zubimendi at 305-348-1139.

    Deadline to Process Departmental Card Transfer of Charges

    To adjust the accounting applied to a Departmental Card after the billing cycle is closed, an approver will request a Journal Voucher Adjustment in the General Ledger from the Credit Card Solutions Accountant. The Approver must submit this request by completing a Transfer of Departmental Card Charges Form.

    The cost transfer must be accomplished within 90 days of the original transaction. Transfers not completed within 90 days suggest that ledgers are not being reviewed timely. Additionally, transfers will only be processed within the same Fiscal Year that the expense was charged to the general ledger.

    Good Practices:

  • Plan expenditures as much as possible

  • Double check entries to eliminate errors

  • Review / monitor monthly ledgers

  • Initiate required cost transfers in a timely manner
  • Bad Practices / RED Flags:

  • Transfers with inadequate explanations
    1. "to correct an error" or
    2. "to transfer to correct project"

  • Inadequate documentation

  • Transfers older than 90 days

  • Large Number of Cost Transfers
  • Any cost transfers that are not project or grant related, which are submitted to the Controller's Office more than 90 days after the original transaction, will not be processed. These include Pcard transactions, AP vouchers, or travel related expenses. If the transfer is within the 90 day window, please make sure to include all appropriate documentation, in addition to the Trandata that shows the original charge.

    Project Related Non-Payroll Transfers must follow the guidelines as established by Division of Research Policy: Cost and Payroll Transfers on Sponsored Projects found in the Compliance Website at http://policies.fiu.edu/files/266.pdf.

    Purchasing 101

    Purchasing Services is conducting Purchasing 101 Training and we highly recommend that all staff who request goods or services attend, not just the individuals that process the requisitions or oversee the Department's budget and finances. If you have PIs or Directors that cannot attend the two hour training, Purchasing Services will work with your Department to conduct a 30 minute high level overview of FIU's Purchasing Policies. Please distribute the one page Purchasing Services Overview to any staff member who requests goods or services and/or processes the requisitions. Purchasing Services has been communicating the need to stop processing confirming POs since November 2013.

    As of October 28, 2014, we are tracking confirming POs and we will take away access to process requisitions, once a requester has 3 or more confirming POs. We need to communicate to all end users who request goods or services that confirming POs are not allowed to continue within University departments.

    Individuals may view available training dates and register on the Training Registration site. Following is the schedule available to date. Seating is limited so please register soon.

  • Thursday, 4/9/2015 10 am to noon MMC - CSC 1123

  • Thursday, 4/30/2015 10 am to noon BBC - HM 235

  • Monthly Departmental Card Deadline

    As a reminder, Departmental Card billing transactions regularly load the first business day of the month; program participants will have 10 days to process this activity in its entirety. This month's billing statement (dated 03/31/15) loaded into PantherSoft on April 1st and must be completely processed by the end of business on April 15, 2015.

    Any charges not processed by the closing deadline will be automatically charged to the cardholder's default accounting on file and will not eligible for expense transfer.

    Additionally, cardholders with three unjustified non-approvals in the same fiscal year will have their card limits temporarily suspended until they complete a retraining session.

    Travel Reminder

    Travel Authorizations, Cash Advances and Expense reports that have not been completely finalized and are older than 90 days will be cancelled or deleted by the Travel Department. For a list of pending documents, please click here.

    For information regarding report status abbreviations and how to close or cancel Travel Authorizations and/or Expense Reports, please click here.

    Unidentified Wire Transfers and ACH Payments

    The Controller's Office occasionally receives payments that cannot be applied to the appropriate department due to inadequate information. Click here for the list of unidentified wire transfers and ACH payments as of March 31, 2015.

    To claim a payment, please contact Cash Management (Dayan Borges, dborges@fiu.edu, (305) 348-2542) and provide the following information:

  • payment details

  • activity details

  • account to which the payment should be recorded
  • Payments that are not identified within 45 days of the wire/ACH date will be returned to the sender.

    How to sign up for the Panther Post Newsletter

    If you wish to be added to the ListServ for the Panther Post, please email controller@fiu.edu.

    Office of the Controller