2000-2001 Year-End Closing: Overview Checklist

2001–2002 Year-End Closing June, 2002
FMS Home Newsletters Subscribe Archives Feedback Current Issue YEC Home 01–02 YEC YEC Schedule YEC Reports Capital Asset Mgmt. Contracts & Grants Auxiliary Accounting Accounts Payable Accounts Receivable TP Documents Clearing Acct Closing	Year-End Closing
	With this issue of the FMS Newsletter Online, we hope to provide our readers with information that will be helpful throughout the year-end closing process. All financial data will be available electronically after first closing on Saturday, July 6. The accrual for vacation liability in general fund and auxiliary accounts is calculated based on the liability at December 31, 2001. The bi-weekly payroll ending June 22, paid on July 5, will be accrued 100%. The bi-weekly payroll for the period of June 23 through July 6, paid on July 19, will be accrued at 50% for June 30. The monthly payroll will be paid on July 1. The accounting method for TOPS accounts payable has changed. Between July 1 and first closing (July 5), all invoices dated prior to July 1 that are entered and approved will have their associated General Ledger entries posted into period 12. After first closing, the General Ledger entries will again be posted the day the invoice is entered into TOPS. Ron Payton in FMS (rpayton@indiana.edu or (812) 855-5448) will be closing out the clearing accounts for all campuses except Indianapolis. Ron will be sending out a memo to the account managers in the next several weeks advising them of this process, informing the Indianapolis account managers that Charlie Miller is the person to contact. Charlie can be contacted at (317) 274-5002 or chmiller@iupui.edu. Note that several entries are due by a specific date. If you are utilizing TP, these documents must be in the system and fully approved by 7:00 p.m. for the entries to be reflected in the closing reports. Budget Administration and FMS accounting staff will review these entries. Therefore, on the day of each closing, entries should be completed by noon to allow for routing and approval by these areas. If this is not possible, advise Joan Hagen so that arrangements can be made for someone to review and approve the documents after 7:00 p.m. If you do not have access to TP, please contact your RC fiscal officer. In order to maintain integrity of data and to eliminate the possibility of duplicate data entry, we will not accept fax copies of documents. This year June 30 falls on a Sunday, so the end of the fiscal year falls on Saturday, June 29. On Saturday, June 29, the hours for the FIS/TP system will be 6:00 AM-9:00 PM. The automatic disapproval process will be initiated Saturday night during the batch cycle. The FIS System Administrator will be available from 1:00 PM -4:00 PM on Saturday, June 29 as well if special approvals on financial documents are required. The System Administrator can be contacted by calling (812) 855-0375 or by sending a message to spollard@indiana.edu. Please remember that the Disbursement Voucher is not part of the automatic disapproval process, however, if the transaction is to be posted to fiscal year 2001-2002, the document must be completely approved by Wednesday June 27. Questions or concerns about the closing process may be addressed to Joan Hagen. She can be reached by telephone at (812) 855-3657 or via e-mail at jhagen@indiana.edu.
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