Q3 FY15 Planning &

Extended Close JE Procedures

FINANCIAL MANAGERS FORUM

MARCH 18, 2015

Quarterly Close – Q3 FY2015

Dates/Deadlines:

•4/6 afternoon – Run FA Reports

•4/7 - 1st Close – 9am

•4/13 - JE due date for Final Close (final close 4/14 at 9am)

•4/16 - Data Available in HUBS

•4/28 – Flux, Narrative and Projection

Due Date

•5/7 – Quarterly Checklist Due Date

Income and Expense Flux:

• Flux threshold of $250k ($500k large

schools) and 10%

•Student Income template, similar to Q2

FY15 template

•Salary & Wage flux explanation, regardless of $/% flux, consistent with Q2

Write-offs & impairments – please

communicate any known or expected write-offs

that have already occurred or that may occur in

FY15.

Processes:

•Templates: All Tubs to be performing

self-refresh of data

•JEs – see next slide

Balance Sheet Flux:

•Flux threshold of $250k ($500k large

schools) and 10%

•Reconciliations must be completed

for all B/S o/c of $1M+

Narrative: Similar to Q2 FY15

quarterly narrative Projection: To be updated using

HUBS input form; comparison to Q2

projection

Quarterly Extended Close Journal Entry Procedures

Please continue to send a copy of every ADI to your tub analyst for FAR records, along with

the JE reference number and dollar amount of entry

Change in process for quarterly extended closes:

• Beginning in Q3FY15

• Tub should send separate emails to its tub analyst for uploaded journals vs central only

object code journals

• This change will allow FAR to streamline its processes

Uploaded Journals:

• Prepare journal in ADI template and send to tub analyst, with all entries consolidated in

one email per day

• Journals uploaded by tubs during the second close have been reviewed and approved

according to the tub’s policies and controls

• FAR’s responsibility will be limited to posting for the tubs

• Sent no later than 3pm daily deadline

Central Only Object Codes: • Prepare journal in ADI template and send separate email from uploaded journals to tub

analyst

• FAR will review for appropriateness and respond with questions or upload/post the entry

• Sent no later than 3pm daily deadline

Quarterly Extended Close Journal Entry Procedures, Continued

Restrictions: TUBS cannot transact to the following during the extended close period:

• No College Work Study entries allowed (o/c 0133 – 0171)

• No CIP, Plant, WIP, and Equipment entries (o/c1000-1630 & 6800-6816), including

accruals

• No entries to sponsored funds (fund range 100000-299999)

• Intertub transactions are NOT allowed UNLESS explicit approval has been given by the

impacted TUB

Quarterly 2nd

Close – Tub-Generated Journals Process and Restriction (effective

beginning Q3FY15)

During the “second close” each quarter, journals are not automatically posted by Oracle systems. Journals

must be manually posted, and the ability to do so is restricted to FAR staff. For the past two years, our

process has been to have tubs upload journals into Oracle (ensuring that journals meet chart validation

rules) and send copies of the ADI template along with the reference number to their tub analyst. The

analyst then posts the journals for the tubs if received by the daily deadline (3 pm).

This document is meant to clarify when and for what FAR reviews 2nd

close journals, outline a separate

process for transactions that include Central-only object codes, and remind tubs of object codes and/or

funds that cannot be transacted to in the 2nd

closes.

Process and Review:

In an effort to streamline FAR’s journal processing effort during quarterly 2nd

closes, Tubs should send

separate one consolidated email to its tub analyst for uploaded journals and a separate consolidated email

for central-only object code journals. For uploaded journals, FAR’s responsibility is limited to posting only.

FAR will expect that any journals uploaded by tubs during the 2nd close have been reviewed and approved

according to the tub’s policies and controls, and follow the restrictions outlined below.

Uploaded Journals: For uploaded journals, prepare journal in an ADI template, include the request ID and amount of the

journal, and email to your tub analyst by the 3pm daily deadline. Please include all uploaded journals in

one consolidated email to your analyst.

Central-Only Object Codes:

For journals for which tubs need to transact against Central-Only object codes (see attached list), tubs will:

prepare a journal for those transactions on an ADI template,

send the template in a separate email from the uploaded journals to their tub analyst by the 3 pm

daily deadline. If you believe the journal names and transaction line descriptions will not

adequately describe the need for transacting against Central Only codes, please include in your

email further explanation.

FAR will then review the journal for appropriateness, and respond with any questions or concerns if

necessary. Otherwise, the journal will be uploaded and posted.

Restrictions:

There are certain object codes and/or funds to which tubs should not transact during the second close. The

restrictions on object codes and/or funds are:

No College Work Study entries are allowed (codes 0133 – 0171).

No CIP, Plant, WIP, and Equipment entries (object codes 1000-1630 & 6800-6816) are allowed,

including accruals.

No transactions are allowed on sponsored funds (fund range 100000-299999).

No intertub transactions are allowed without written approval from the other tub.

Note: These processes and restrictions apply to the 2nd

closes during Quarters 1, 2 and 3 only; separate

guidelines will be distributed for the year end close.