Fiscal Year-End Issues June 30, 2008
Accounts Payable
All accounts payable should be processed through Payable Accounting prior to June 30. If you have outstanding items that have not been processed for whatever reason, please contact Payable Accounting or Accounting Services for advice. If any single or multiple outstanding invoice/invoices are greater than or equal to $100,000, they must be recorded as a liability at the fiscal year end when services have been performed or goods have been received. If you have any questions or need clarification, please contact Accounting Services at 2571 for additional information.
Cost Center Activity
Be sure to review your cost center activity for inappropriate charges and missing charges on a monthly basis. All requests for corrections should be submitted within 90 days of the occurrence. At June 30, all corrections must be received by July 7 th at noon in Accounting Services Warriner 304. All entries received after that time will be processed in the new fiscal year.
Commitment Items/Encumbrances
All commitments are to be reviewed before year end June 30, 2008. Any old commitments remaining should be removed if they are no longer valid. Any manual commitments will be deleted in June. Please contact Purchasing or Payable Accounting for assistance with old or invalid commitments.
College Work Study Charge Back
The university portion of College Work Study wages will be charged back to the user department at year end. Equal funding amounts are credited to all General Fund (2XXXX) cost centers. Designated Fund (4XXXX) and Auxiliary Fund (5XXXX) are responsible for their portion of work study wages.
Summer Session Tuition
All summer tuition revenue for classes is recorded in the departmental cost centers as students register, which includes Session I, and Session II tuition. Entries will be processed to remove Summer Session II tuition from the departmental cost centers because only Summer Session I tuition should be recorded in the fiscal year that is ending 6/30/08. Summer Session II tuition revenue will be recorded in the next fiscal year. The Session II revenue will be calculated and removed periodically prior to the closing of the fiscal year. Any tuition deducted from your cost center will be returned to the same cost center in the new fiscal year.
Wire Transfers
Be sure to process the appropriate journal entry when requesting a wire transfer out or when you are receiving a wire transfer. Please contact Payroll or Accounting Services if you have any questions related to wire transfers. http://www.controller.cmich.edu/downloads/forms.htm#Payroll
SDOL
Be sure to go into SDOL and update your credit card transactions for May 25th through June 24th before the lockdown on Thursday, July 3rd, at 8 a.m. Please take extra care to use valid cost center, WBS and general ledger accounts. A list of available general ledger accounts is available at http://www.controller.cmich.edu/CreditCards/SDOLMainPage.htm