medical school year-end information session fy 2015
TRANSCRIPT
Medical School Year-End Information Session
FY 2015
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REVIEW EARLY & OFTEN
During the month of MAY
review the transactions
posted against your accounts in:
RPT FR90, andDMAS/FRS
DOLFIN -- FRS Transactional
Cube
WHAT WE NEED YOU TO DO
Cash Items
Gift System Deposits – Cash & Check Donations
Due Date: Friday, May 29th, 10:00 AMForm of Submission: Donation Box at UMHC
– Credit card donations Online payments
Due Date: Sunday, May 31st, 11:59 PMForm of Submission: http://
advancement.miami.edu/NetCommunity/Page.aspx?pid=343
Non-web paymentsDue Date: Friday, May 29th, 2:00 PMForm of Submission: Fax to Development Services (305)
284-2484
Cash Items
All Other Cash DepositsDue Date: Wednesday, June 3rd, 12:00 PMForm of Submission: Donation Box at
UMHC
All documentation supporting the cash/checks deposits will be reviewed to determined the proper year in which the related revenue will be recorded
Expenditure Items
Purchasing – Encumbrances
Review and notify Purchasing of any discrepancies
Due Date: ASAP
– Purchase Orders Create new POs or change orders Due Date: Friday, May 29th, 1:00 PM
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Expenditure ItemsSteps to close a PO & release Encumbrance
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Expenditure ItemsSteps to close a PO & release Encumbrance
13. Type additional comments explaining why the PO needs to be closed. Note attachments are not required by Purchasing and may be utilized for personal records.
14. Click Submit to begin processing.
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Expenditure Items
It is critical that all cardholders reconciling transactions in the Corporate Account Reconciliation system (CAR), pays close attention to the mapping dates and the period that will be mapped. It is a common practice to map weekly during fiscal year end. The following link provides the dates for mapping to FRS and the mapping period. Any reallocation or splitting of charges must be done within the periods shown for fiscal year end.
The following link provides the dates for mapping to FRS and the mapping period: https://umshare.miami.edu/web/wda/treasurer/Accounts%20Payable/Fiscal%20Year%20Ending/PCard_Mapping_Schedule_FY15.pdf
Purchasing Card
Expenditure Items
Accounts Payable– Invoices
Invoices are to be sent to Gables One Tower, Suite 400, Locator Code 2943
Please mark “OLD YEAR 2015” or “NEW YEAR 2016” as applicable across the top of the invoice
Due Dates:• Tuesday, June 2nd (Close 1.0)• Friday, June 12th, 12:00 PM (Close 2.0)
Expenditure Items
Accounts Payable– eChecks/eBERFs
Must be in the ARIBA queue for approval by the submission deadline
The fiscal year for which the eCheck/eBERF will be processed is based on the date materials or services were received, or the date the expenditure occurred
Due Dates: • Tuesday, June 2nd, 12:00PM (Close 1.0)• Friday, June 12th, 12:00 PM (Close 2.0)
Expenditure Items
Accounts Payable Final FY2015 close of DEGA & A/P system
Tuesday, June 16th
If an invoice wasn’t sent to AP by the FY2015 cut-off date, and the expense relates to FY2015, Medical Finance can assist with recording the expenditure. Please refer to the “expense accruals” section for further instructions.
Expenditure Items
DHRS/ Workday– Clear Payroll Default Accounts
These accounts must be at zero by year-end Review and clear balances in these accounts by
submitting salary transfers/corrections
If pay period occurred before Workday go live, please submit salary correction journal
If pay period occurred after Workday go live, please submit salary correction via Workday
Due Date: ASAP
Expenditure Items
DHRS/ Workday– Salary transfers/corrections
DHRSSubmit salary correction journal to Office of
Research Administration, Gables One Tower, Suite 650, ATTN: Teresita (Tessie) Ramirez
Due Dates: • Wednesday, June 3rd (Close 1.0)• Thursday, June 11th, 12:00 PM (Close 2.0)
Expenditure Items
DHRS/ Workday– Salary transfers/corrections
WorkdayRefer to Workday tips sheets for payroll
accounting adjustments, at the following link: http://www.miami.edu/index.php/workday_hr/training/tip_sheets/finance/
Due Dates: • Monday, June 1st, (Close 1.0)
• Friday, June 12th, 12:00PM (Close 2.0)
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Expenditure Items
Workday – Payroll Accounting AdjustmentsIMPORTANT TIPS
Initiated by the Cost Center
Managers or the Finance Business Process Initiator
Transmitted to the ORA office for
review and approval When approved,
data included in the FRS integration fileBatches released
into FRS For further details
how to create payroll accounting adjustment, click
link below: http://www.miami.edu/index.php/workday_hr/training/tip_sheets/finance/
Expenditure Items
Restricted Gift Deficits– By year end no Restricted Gifts Accounts (7
accounts) can be in deficit– Options for curing deficits:
1. Transfer expenses from restricted gift accounts (7 accounts) to unrestricted accounts (1 or 3 accounts)
2. Receive additional gifts to cover deficit
Due Date: ASAP
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Expenditure ItemsAccruing Non-comp expenses
There could be a lag between the time services or goods are received and when the vendor invoice is received and processed. When expenses have been incurred but not yet recorded via the standard business processes, an accrual entry is necessary at fiscal year-end to recognize the expenses in the fiscal year during which the business transactions occurred.
Expenditure Items
Expense accruals– Non-comp expenses
Please review your accounts online before submitting requests for expense accruals in order to avoid double charging of expenses
No accruals will be accepted until June 17th, the day after A/P closes
If an invoice doesn’t get posted by A/P prior to final A/P close, please send your expense accruals to Medical Finance
Submissions timeline: Wednesday, June 17th thru Thursday, June 18th
Due date: June 18th
Expenditure Items
Expense accruals– Salary accruals
Compensation earned in FY2015 to be paid in FY2016
For more information, refer to incentive/bonus memo distributed by Medical Finance
Due Date: Thursday, June 4th
Expenditure Items
AMC Taxes– Recorded in DOLFIN by Medical Finance
Updated after FRS Close 1.0, 1.5 and 1.75
– Recorded in FRS by Medical Finance Will be posted Tuesday, June 23rd
Departments will be notified via email
Revenue Items
EPIC– EPIC Front Desk Module
Must be closed out and all batches must be balanced Due Date: Friday, May 29th
– Patient Refund Requests All request must be submitted to Central Business
Office in Gables One Tower Due Date: Friday, May 29th
Revenue Items
May IDCs– Distributed by Medical Finance
Tuesday, June 9th after first sponsored overhead run
Trued-up on Monday, June 22nd after final overhead run
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Revenue ItemsAccruing Revenue
There could be a lag between the time a sale of services or goods to a third-party is complete and when the invoicing is done and recorded in the general ledger or the payment from a third party is received and processed.
When revenues have been earned but not yet recorded via the standard business processes, an accrual entry is necessary at fiscal year-end to recognize the revenues in the fiscal year during which the business transactions occurred.All accrual journal entries should be supported by documentation
showing completion of the sale of services or goods before the end of the fiscal year, and all journals should be appropriately reviewed and approved.
Revenue Items
Revenue accruals– Non-EPIC revenue accruals
Ex: VA, other service agreements, etc. Submit support for revenue accruals to your
Medical Finance representative
Due Date: Friday, June 12th
Routine Journal Entries
Entries Between SOM and Hospitals All support for corrections/adjustments
between the SOM and Hospitals, for purchased service arrangements, must be submitted to:Adriana Mera for UMH serviceElizabeth Salazarte for UMCH & ABLEH services
Due Date: Thursday, June 4th
Routine Journal Entries
Interdepartmental Requisitions (IDRs) Submit your IDRs to Medical Finance for
review and posting Applies to all Interdepartmental charges
regardless of the type of document (journal entry, interdepartmental requisition form, or Sponsored form FA-11) used to submit the charge
Due Date: Monday, June 8th
Routine Journal Entries
Correcting entries (within the same department)
Review monthly accounting reports from RDS and/or DOLFIN, as well as the on-line screens of the FRS and DMAS systems during the month of May
Submit entries to correct errors and omissions for FY 2015
Due Date: Thursday, June 11th
Routine Journal Entries
IDC and AMC Tax Redistribution Entries If applicable, please submit entries to
redistribute IDCs and AMC taxes on June 23rd
IDC final distribution takes place on June 22nd
and AMC taxes will be posted in FRS on the morning of June 23rd
Please analyze your accounts in the afternoon and submit your entries by end of day
Due Date: Tuesday, June 23rd
Net Activity Balancing Entries
• Entry #1 – Department responsibility Entries to balance Fund 10 (1 accounts)
against Fund 21 (3 accounts) Use Object Code 7199 for debit and credit side
of the entry No balancing entries will be accepted until
June 25th since entries will be posting in FRS all the way through June 24th.
Due Date: Friday, June 26th, 12:00 PM
Net Activity Balancing Entries
• Entry #2 – Department responsibility Entries to balance Fund 21 (3 accounts) against
Plant Reserves (8 accounts) For Plant Reserves with a Net Activity Deficit Debit 8xxxxx–7116 & Credit 3xxxxx–7172 No balancing entries will be accepted until June
25th since entries will be posting in FRS all the way through June 24th.
Due Date: Friday, June 26th, 12:00 PM
Net Activity Balancing Entries
• Entry #3 – Medical Finance responsibility Entries to balance Fund 21 (3 accounts)
against Plant Reserves (8 accounts) For Plant Reserves with a Net Activity Surplus Final entries will be posted between Close 2.0
and Final Close based on Medical Center’s performance relative to budget
Due Date: Friday, July 10th
FRS Close Dates & Reports
FRS will close 5 different times throughout the close process for the Medical School
Department Income Statements will be available in DOLFIN after each close
Medical Finance will notify departments via email once Financial Statements are ready
RDS reports will be available after Close 1.0 and Close 2.0
FRS Close Dates & Reports
Schedule for Close Deadlines: Close 1.0 (1st Prelim) – June 9th at 4:00 PM; income
statements available in DOLFIN late June 10th
Close 1.5 (Interim) – June 17th at 4:00 PM; income statements available in DOLFIN late June 18th
Close 1.75 (Interim) – June 22nd at 4:00 PM; income statements available in DOLFIN late June 23rd
Close 2.0 (2nd Prelim) – June 24th at 4:00 PM; income statements available in DOLFIN late June 25th
Final Close (Field Final) – July 10th at 4:00 PM; income statements available in DOLFIN late July 13th
Other Helpful Information
Departmental Management Accounting System (DMAS) Research transactions on the Web rather than FRS 10+ Years of Account Summary and Detail Information Download Account Information to Excel View Business Expense Reimbursement Form and
Check Requisitions Website: https://dmas.ir.miami.edu/DMAS/signon.asp User Identification and Password the same as for FRS
Other Helpful Information