In this Edition...
Monthly Closing Calendar
Year End Closing Dates
Entering Receipts - Very important!
Deadline to Process Departmental Card Transfer of Changes
Card Inactive Reviews
Reminders and Deadlines
Monthly Closing Calendars
The April 2017 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.
Year End Closing Dates
Each year, key deadlines and important dates for the fiscal year end close are issued. The dates for this fiscal year end can be found here. Please refer to the contacts page for the appropriate individual to direct questions.
Effective May 1, 2017 the maximum dollar amount allowed for employee travel cash advances will be $5,000.00. Advance amounts that exceed $5,000.00 require an explanation/justification for the amount requested and require approval by the Office of the Controller. This explanation/justification must be entered in the "Benefit to FIU or Project" section of the Cash Advance request (see example below). An employee will still be allowed one (1) cash advance at a time.
The use of the procurement system (purchase order, departmental card, etc.) is the preferred method to be used for travel expenses that can be prepaid by the University.
Example: Benefit to FIU or Project section of a Cash Advance request of $5,000.00
Entering Receipts - Very important!
The receiving against the PO should be done as soon as the items are physically received or services are rendered, and the date MUST be updated to reflect the actual date the items were physically received. Please do not wait until an invoice is received.
If you have completed the receiving entry for an order and continue to receive an e-mail requesting a receiving transaction, please contact Accounts Payables to clear the match exception. Please do not resend the invoice to Accounts Payable.
The receiving date in PeopleSoft should always be the date the product was physically received or when the service was rendered – not the date that the receiving entry is made (default date). Please see job aid for instructions.
Contact the PantherSoft Help Desk at ext. 7-7200 with any questions.
Invoices should be submitted to Accounts Payable in PDF format only. The invoices must be sent to firstname.lastname@example.org. Invoices attached to requisitions will NOT reach Accounts Payable for processing. Vendors should be instructed to send invoices directly to the Accounts Payable invoices email above.
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 should 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.
Note, the last day to submit a Transfer of Departmental Card Charges Form for FY 2016-17 is May 31, 2017. Additionally, the 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.
||Bad Practices / RED Flags
|Plan expenditures as much as possible
||Transfers older than 90 days
|Double check entries to eliminate errors
||Large Number of Transfers
|Review / monitor monthly ledgers
|Initiate required transfers in a timely manner
||Transfers with inadequate explanations "to correct and error""to transfer to correct project"
Any 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 departmental card 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 transdata query report that shows the original charge.
Project Related Non-Payroll Transfers must follow the guidelines as established by the Division of Research Policy: Cost and Payroll Transfers on Sponsored Project, which can be found in the Compliance Website.
Card Inactivity Reviews
Bi-annually, a Card Inactivity Review is conducted by the Credit Card Solutions Team. Cardholders who have not had card activity during the consecutive three month period prior to the review will be sent an Inactivity Notification via email.
We require that a Cardholder reply with a justification as to why the card account must remain open.
Cardholders may also reply to the notification indicating that the card is no longer needed and request account closure.
If no response is received within three weeks of the notification, the card account will be automatically cancelled and the Cardholder will receive notification of closure.
We have recently completed this analysis and notified Cardholders that were identified with inactivity via email during the week of April 24th. We kindly ask that all responses be provided no later than May 12th.
Fiscal Year End
As the fiscal year end approaches, we would like to remind you to complete the receiving in PantherSoft as soon as services are rendered or ordered items are received. In most circumstances, you should not need to review the invoice in order to complete the receiving in PantherSoft.
An invoice will only be approved for payment when all of the below criteria are met:
In other words, the ordering department controls when payments are made by controlling the receiving of the merchandise or service in PantherSoft.
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 April 28, 2017) loaded into PantherSoft on May 2, 2017 and must be completely processed by the end of business on May 15, 2017.
Any charges not processed by the closing deadline will be automatically charged to the cardholder's default accounting on file and will not be eligible for a transfer.
Additionally, cardholders with three non-approvals that were not justified in the same fiscal year will have their card temporarily suspended until they complete a retraining session.
Let's expedite approving Travel Authorizations, Cash Advances, and Expense reports. Documents that have not been completely finalized and are older than 90 days will be cancelled or deleted by the Travel Department. A list of pending documents can be found here. Information regarding report status abbreviations and how to close or cancel Travel Authorizations and/or Expense Reports can be found here.
If you wish to be added to the ListServ for the Panther Post, please email email@example.com.