fy20 year end deadlineskeck.usc.edu/.../06/finance-managers-meeting-06-04-2020.pdf2020/06/04  ·...

FY20 Year End Deadlines

KSOM Finance Managers MeetingJune 4, 2020

Agenda

• Introduction

• Year End Deadlines

•MSAA Year End Process

•CU Overdraft/Clearing Accounts, PETs & Payroll

•Beacon AR System

•Restricted Fund Quality Control Review

Year End Deadlines

FY20 Year End Deadlines (June)

Key Dates System Process

June 5, Friday eMarket • Last date to request new suppliers for FY 20 payments

June 8, Monday eMarket • Last date to submit orders $5,000 and above for FY 20

June 12, Friday Workday • All overpayment reimbursement and payroll check cancellation to Payroll Service by 4:00 pm

June 12, Friday eMarket • Last date for new suppliers to complete their profile in the USC supplier portal for FY 20 payments

June 15, Monday Workday • On demand check requests (ODCRs) and adjustments to be charged to FY 20 to Payroll by 12 PM

June 19, Friday eMarket • Last date to place orders under $5,000 for FY 20• If expected delivery is on or after July 1, select FY 21

FY20 Year End Deadlines (June)

Key Dates System Process

June 23, Tuesday Kuali • JV deadline for June

June 25, Thursday eMarket • Last date for merchants to post FY 20 P-card transactions to Citibank

• Last date to reconcile FY 20 expenses for distributed Prepaid one-time cards

• Last date to add funds to ClinCards for FY 20

June 30, Tuesday Kuali • Cash receipts need to be approved by the Cashier’s Office by 3:30 pm

June 30, Tuesday Kuali • Fiscal Year 2020 closes

FY20 Year End Deadlines (July)

Key Dates System Process

July 3, Friday (University Holiday)* eMarket • Last date to submit FY 20 invoices, ATFs and PO change request (includes completion of approval workflows and receiving)

July 7 (Tues) – July 13 (Mon) Kuali • P-card reallocation period

July 14, Tuesday Kuali • JV deadline for 13-series

July 16, Thursday Kuali • Payroll Expense Transfer (PET) deadline to be processed for same fiscal year (including approval) by 5 PM

July 21, Tuesday Kuali • 13-series closes

*It is advised to have vendors submit invoices directly to acctspay@usc.edu to avoid delays in processing.

Resources – Year End Deadlines

MSAA Year End Process

MSAA Management Performance

• Expenses on these accounts can only be for MSAA-paid USC physicians and residents

• Funds can only be used to specifically reward outstanding County work

• No additional management performance funds are expected before June 30

• Expense transfers to may or may not be approved based on review time available

MSAA Payroll Expense Transfers

• Payroll transfers at year end will be closely reviewed in KSOM Finance

• Payroll transfers onto MSAA must be for individuals who have reported or will report PTS time in both FY20 surveys

• Payroll transfers must be in proportion to reported PTS time

• PETs transfer outside of the last quarter of FY20 must have a strong rationale as to why funds were not allocated appropriately during the fiscal year

Clearing Accounts, PETs & Payroll

CU Accounts

•Please reconcile your CU accounts including cost share accounts to ensure they will not be in overdraft at the end of the year. Charles Albrecht will be sending out reminders.

• If a cost share account was funded by another fund group and there is a remaining balance, remember to request a funds transfer back to the original source.

CU Clearing Accounts

• PETs on clearing accounts (12-xxxx-9997/9991) need to be processed by the 13 series deadline (July 16, 2020) • Once the 13 series PET deadline has passed no PETs from

12/8x accounts will be allowed. If you have grant funding that is pending and will need to process PETs in FY21, please move the payroll to a valid 22-account. Do not use 22-xxxx-8888.

• If possible, request advanced funding through Research Advancement.

CU Clearing Accounts

Allowable transfer between prior fiscal year charges:

Payroll – BW14

• BW14 Payroll will be processed on July 13, 2020

• 6/14ths of this pay period will be applied to FY20 and 8/14ths will be applied to FY21.

• It is very important that all hourly employees are setup correctly in Workday for this pay period.

• FY20 costing allocations will be loaded in early July.

• PETs on the FY20 portion must be submitted by the PET deadline on July 16, 2020.

Beacon AR System

Beacon Accounts Receivable Timeline

• Lawson AR system has sunset on May 27. The invoicing for services to outside entities for “other clinical revenue” will be transitioned to Beacon platform.

• Beacon go live timeline:• Week of June 15—User training via Zoom.

• Week of June 22—Go live. Department staff will have access to create invoice online.

• KSOM Finance Team user support• Mylam Le

• Angelica Chiang

• Lincoln Wong (user access)

Restricted FundsQuality Control Review

Restricted Funds – Quality Control Review

• KSOM Finance will be reviewing select transactions on restricted funds on a monthly basis.• Transactions/Accounts from each department will be selected at least once annually

• The intent of review is to ensure that we are in compliance with University policies.

• We will be reaching out to you if we have questions or need additional information

Business Purpose

Justification

Appropriate supporting

documentation

Complies with the account restriction

Restricted Funds – Quality Control Review

• Business Justification• Sample from current review

• Type of transaction: P-card purchase

• Vendor: Amazon

• Item purchased: Dimmable LED light for tripod

• Business purpose provided: research supplies

• More descriptive business purpose needed. Who, what, when, where and why?• Revised business justification: LED light for camera tripod for use in Dr. Tommy Trojan’s

lab for his ongoing research projects on diabetes.

Restricted Funds – Quality Control Review

• Business purpose should be listed in the appropriate field• Concur example, under “Create New Report”:

Restricted Funds – Quality Control Review• eMarket

Restricted Funds – Quality Control Review• Procurement card e-Statement

Restricted Funds – Quality Control Review

• Appropriate supporting documentation

Restricted Funds – Quality Control Review

• Complies with the account restriction• Gift account restrictions can be found in the following systems:

• Kuali under Chart of Accounts (based on account access)

Restricted Funds – Quality Control Review

• Beacon – Rollup by Fund Type - Gifts

KSOM Resources

https://keck.usc.edu/finance/policies-procedures/

• Link to University’s Expenditure Policies

• USC Business Purpose Memorandum

• Previous Presentations on KFS, eMarket, Concur