Medical School Year-End Information Session FY 2015.

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