2004–2005
Year-End Closing
June, 2005

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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 FY2005 year-end closing process.
  • First day standard reports will be available electronically on Friday, July 8 after first closing.
  • The accrued vacation and sick liability for appointed positions (PA, PAE, PAU, PAO, and PB) in general fund and auxiliary accounts is calculated based on the liability at December 31, 2004.
  • The bi-weekly payroll ending June 18, paid on July 1, will be accrued 100%. The bi-weekly payroll for the period of June 19 through July 2, paid on Friday, July 15, will be accrued at 90% for June 30.
  • The monthly payroll will be paid on June 30.
  • Between Friday, July 1 and Tuesday, 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 Tuesday, July 5, the General Ledger entries will again be posted the day the invoice is entered into TOPS.
  • Bill Overman in FMS, woverman@indiana.edu, or (812) 855-2557, will be closing out the clearing accounts for all campuses. Bill will be sending out a memo to the fiscal officers in the next several weeks advising them of this process.
  • 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 (see below) 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 Thursday and thus is the end of the fiscal year. On Thursday, June 30, the hours for the FIS/TP system will be 6:00 AM-9:00 PM. The automatic disapproval process will be initiated Thursday night during the batch cycle. The FIS System Administrator, Damon Dorsey, will be available from 1:00 PM-6:00 PM on Thursday, June 30 as well if special approvals on financial documents are required. The System Administrator can be contacted by calling (812) 855-7460 or by sending a message to dadorsey@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 2004-2005, the document must be completely approved by Tuesday, June 28.

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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