Year-end Planning • Calendar• Key Information• Roles/Responsibilities• Next Steps

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Creighton University VP of Finance

FY 14 Closing Timeline04/29/14

  Person Responsible Finance Directors Target

Begin planning meetings with Finance Directors All Finance Directors 19-May

Petty Cash Confirmation Memos sent (confirm 5/31 balances) Leisha Finance Directors 23-May

Inventory and Cash Wash reminders sent - We will confirm inventory as of June 20, NOT June 30 Leisha Finance Directors 28-May

Preliminary audit work (through 6-20-14) including SFA Audit All Finance Directors 02-Jun

Pcard cycle closes - Any transacitons posting after June 24 will be paid using FY 15 budget Jerrod Finance Directors 24-Jun

Retrofits/TERs to Business Service Center - Assume 2 days mail time - Anything after this will be accrued A/P Finance Directors 25-Jun

P-Card Receipts to BSC (final day) Jerrod M Finance Directors 26-Jun

P-Card Approvals done All Finance Directors 30-Jun

All Receiving for June Completed in CUBuyplus All Finance Directors 02-Jul

Journal entries to Accounting Services- by noon Michon Finance Directors 03-Jul

Accrual entries from BSC - Items In CUBuyplus Katie/Linda Finance Directors 07-Jul

Accrual entries from departments - end of day Leisha Finance Directors 08-Jul

Close Period 12 Michon Finance Directors 09-Jul

Run Preliminary reports All Finance Directors 09-Jul

Material journal entries (except FPC entry from Ray) to Michon by EOD - will post to period 14 Michon Finance Directors 16-Jul

Close period 14 Michon Finance Directors 24-Jul

Start final audit work (through 9-TBD-14)   Finance Directors 25-Aug

• Blanket Orders (CBxxxxxx) – batch close process will run on June 30

• Accounts Payable will close June 30

• Retrofits (DPRs), TERs, and PO Invoices – in BSC by June 25

• Allow 2 days for intercampus mail

• Receiving in CUBuyplus® completed by July 2

• Receiving date in CUBuyplus® must reflect actual date goods received on campus or services were performed

Key Information

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• Journal Entries

• To Accounting Services by noon on July 3

• Expense accruals by end of day July 8

• Key date communication

• Banner Finance listserv and CUBuyplus® active users

• Accounting Services web site

Key Information

Roles/Responsibilities• Departments

• Invoices • Ongoing - send timely to BSC• Year-end - invoices/TERs to BSC by June 25

• Receiving • Ongoing - complete receiving in a timely manner• Year-end - receiving should be completed by July 2

• Submit an accrual for items • Delivered to campus by June 30 and not received in

CUBuyplus® by July 2• When invoice has not been sent to BSC• When service has been provided and not yet invoiced 5

Roles/Responsibilities

• Business Service Center• Goal to have retrofits entered into

CUBuyplus® by June 30• TERs entered into Banner by June 30• Invoices received by BSC and not entered

into CUBuyplus® will be accrued

• Accounting Services• Process accrual journal entries

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Next Steps• Meeting with Finance Liaisons mid-May• Communicate with your departments

• Key year-end dates• Importance of timely receiving• Importance of turning P-Card receipts in timely

• Ongoing • Encourage ordering versus retrofits• Encourage timely receiving

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