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Fiscal Year-end April 30, 2017

Tuesday, February 14, 2017

M E M O R A N D U M

To:            Deans, Chairs/Directors, Faculty Executive Officers, Faculty Financial Officers and Academic Support Department Heads

From:        Jane Manson, Director, Finance         

Date:        14 February 2017

Subject:    April 30, 2017 Fiscal Year-end


What is happening?

The April 30, 2017 fiscal year-end is approaching and it is important that all current year transactions are posted and reviewed in a timely manner.  Due to the increased workload within Finance related to the new financial system implementation, we are sending this reminder earlier than usual.  We ask for your assistance in managing the year end workload by ensuring that transactions are sent to Finance as soon as possible to help ease the influx of processing requests in March and April.  You can help to ensure the accuracy of the 2017 Financial Statements that are presented to the Board of Governors by following the procedures and deadlines below.

Please remember that throughout the year all transactions should be sent to Finance for processing as soon as possible, no later than the month following the completion of the transaction.  Cut-off dates for each month-end can be found on the Finance website.  In addition, financial statements should be reviewed monthly throughout the year for accuracy and completeness.

NOTE: April 30th falls on a Sunday this year, so the last business day of April is the 28th (except in departments like Food Services and Retail Services that may have outlets open on weekends).  When reviewing the deadlines below, in general, April 30th should be read as April 28th when submitting documents to Finance for processing.

What does this mean to me?

The following are actions required and deadlines for April 2017 transactions:

Internal Billings

  • Departments should establish a cut-off date in April for internal billings as they must be received in Finance or posted to SharePoint as soon as possible, but no later than April 21st
  • Any activity occurring after the cut-off date should be included by the department as new year business

Monthly Manual Adjustments

  • Requests for processing other manual adjustments (e.g. corrections, budget adjustments, transfers to capital, journal entries etc.) must be received in Finance or posted to SharePoint as soon as possible, but no later than April 21st
  • No manual adjustments to current year transactions will be processed after the deadline date
  • Remember that adjustment requests must be in accordance with the Small Dollar Entries and Manual Journal Entries procedures and submitted in a timely fashion

Financial Statement Review

  • Departments should review their statements on a regular basis throughout the months of February, March and April to ensure accuracy of the transactions
  • Extra care should be taken when assigning account numbers to transactions to eliminate the need for corrections

Expense Transaction Processing

  • Travel claims or settlements for trips completed and individual expense reimbursements or vendor invoices for all goods received up to and including April 30th must be received in Finance - Accounts Payable as soon as possible for payment, but no later than April 30th
  • In the event of a dispute with the vendor, please submit the invoice along with an explanation and request for Finance to withhold payment until further notice

Faculty Professional Expense Reimbursement Plan

  • As outlined in the Memorandum of Agreement, FPER claims must be submitted complete and correct by April 30th. Claims must also be approved by Chairs/Deans by April 30,2017.  Allowances not claimed by the deadline will be automatically carried forward, without exception.  Claims will not be accepted after April 30th.
  • Completed claims submitted to Finance by April 7th will be processed for payment and the claimant reimbursed by May 1st.

Goods or services received and not yet invoiced (Accruals)

  • For goods or services (including consultant services) received up to and including April 30th, greater than or equal to the equivalent of $5,000 Canadian, and where the invoice has not been received by April 30th, Finance must process an accrual entry 
  • Departments within Faculties must notify the Faculty Financial Officer of this situation by May 1st
  • Other departments please email details of the accrual expense directly to Roberta Wilson

Purchasing Card

  • Purchases posted to the purchasing card system by April 15th will be included in the April 30, 2017 fiscal period
  • Changes to the default account must be completed on-line by end of day on April 25th
  • Purchases posted to the purchasing card system on or after April 16th will be considered new year business

Invoice Templates for External Invoicing

  • All sales activity up to the end of day on April 30th, must be posted to SharePoint as soon as possible, but no later than noon on Monday May 1st

Bank Deposits

  • All cash and cheques received in the month of April are for “old year” business and should be prepared for deposit and sent to the bank no later than Monday May 1st.  All credit card payments received in the month of April are for “old year” business.
  • Bank deposit journal entries for “old year” business must be prepared and posted to SharePoint and necessary hard copy support received in Finance no later than noon on May 2nd
  • All cash and cheques included in a bank deposit prepared after April 30 and all credit card payments received after April 30, should be included as “new year” business

Please ensure that all faculty and staff within your area are aware of the deadlines for this year-end.

What if I have questions?

Academic units should contact their Faculty Executive Officer or Faculty Financial Officer with any questions.  Academic support departments should contact their Financial Officer (if applicable) or the following:

Area

Name

Extension

Email Address

Accounts Payable

Roberta Wilson

36591

r4wilson@uwaterloo.ca

Revenue Accounting (Accounts Receivable/Bank Deposits)

Tyler Wendland

35121

twendland@uwaterloo.ca

Trust or Endowment Accounts

Sarah Hadley

36209

sarah.hadley@uwaterloo.ca

Internal billings

Richard Stuart

32125

rstuart@uwaterloo.ca
Budgets or Corrections

Helen Hannusch

33724

hannusch@uwaterloo.ca

Thank you in advance for your support and cooperation.

Jane Manson

Director of Finance

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