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Fiscal Year-end April 30, 2018

Thursday, February 15, 2018

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:        Sarah Hadley, Acting Director, Finance         

Date:          15 February 2018

Subject:    April 30, 2018 Fiscal Year-end


What is happening?

The April 30, 2018 fiscal year-end is approaching and it is important that all current year transactions are posted and reviewed in a timely manner.  We expect that there will be an increased workload related to our first year end in the new Unit4 financial system.  We ask for your assistance in managing that workload and helping meet year end deadlines by communicating with your departments to ensure that tasks in Unit4 are processed by end users as soon as possible after they are received.  You can help to ensure the accuracy of the 2018 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, but 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.

What does this mean to me?

The following are actions required and deadlines for April 2018 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 20th
  • 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 20th 
  • No corrections to current year transactions will be processed after the deadline date
  • Remember that adjustment requests must be in accordance with the Correcting Journal Entries procedure

April Financial Statement Review

  • Departments should review their statements on a regular basis throughout the year.  In the months of March and April, reviews should be done more frequently using the available enquiries in the system to ensure accuracy of the transactions and timely identification of issues.
  • Extra care should be taken when assigning work order 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 contact Accounts Payable to communicate the circumstances so that the appropriate steps can be taken
  • Please communicate with the end users in your departments regarding timely processing of tasks in their queues.  If the user believes that they have received the task in error, they should contact the sender in Finance.  A single user receives a task; as such, if it is received by a user in error, this needs to be brought to someone’s attention.

Faculty Professional Expense Reimbursement Plan

  • As outlined in the Memorandum of Agreement, FPER claims must be received by Finance, complete and correct, by April 30th.  Please allow time for claims to be reviewed by the Concur Audit Service and the Chair/Dean by April 30, 2018.  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 6th 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 $10,000 Canadian, for which a Purchase Order was not issued 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 Patti Hancock

Purchasing Card

  • Purchases posted to the purchasing card system by April 15th will be included in the April 30, 2018 fiscal period
  • Changes to the default account must be completed in CentreSuite 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

External Invoicing

  • Customers required for April invoicing must be requested through Unit4 by Friday April 20th to ensure appropriate review time
  • Sales Orders for all sales activity up to the end of April must be entered into Unit4 (or submitted to Finance) as soon as possible, but no later than noon on Tuesday May 1st

Bank Deposits

  • All cash, cheques, and credit card payments 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 Tuesday May 1st.  All relevant templates should be completed and submitted to Finance by end of day on May 1st.
  • 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

Patti Hancock

   36618

phancock@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 and Corrections

Angela Herman    35847 a6jordan@uwaterloo.ca
Budgets Doug McTavish    35850

drmctavish@uwaterloo.ca

Thank you in advance for your support and cooperation.

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