Financial System EventsFinancial System Events

Knowledge of when specific Financial Events happen can be critical in analyzing financial data. This page lists Financial Event Families (i.e. logical groupings of events). Each of the below links directs the user to details of various Financial Events.

Click here to view the Financial & Business Services Calendar.


Accounting Month Closed

Please see the Accounting Calendar for: Management Reports Closing Dates, Transaction due Dates for Departmental Deposits, Journal Entries and Interface Billings & PCard Reallocation

Accounting Month Date Closed Statement Available
September 10/11/2017 10/11/2017
August 09/13/2017 09/13/2017
July 08/10/2017 08/10/2017
June 07/19/2017 07/19/2017 

Accounting Month – Period of time from the first of the calendar month until the month has been closed (usually the 6th or 7th working day of the following month). Date Closed – The date when all accounting data for the month has been input and the month has been closed. Statement Available – The date when the Evidence of Review application is open.


Payroll Processing

Pay Period(s) Ending Pay Day Pay Sheet Created Payroll Processing Completed Payroll Posted to General Ledger
10/15/2017 10/20/2017 10/13/2017 — 07:23 PM 10/17/2017 — 04:43 PM 10/21/2017
09/30/2017 10/06/2017 09/29/2017 — 06:19 PM 10/03/2017 — 03:28 PM 10/06/2017
09/15/2017 09/22/2017 09/15/2017 — 06:32 PM 08/19/2017 — 07:10 PM 09/22/2017
08/31/2017 09/07/2017 08/31/2017 — 06:25 PM 09/05/2017 — 04:22 PM 09/08/2017
 
Pay Period(s) Ending – For GL purposes (i.e. Payroll Journals and Hardcopy EBT Reports) there are only two pay periods per month: the 15th and the last day of the month. In reality there are other payrolls that may run each month (e.g. Cell Phone pay period which is usually the 16th of the month and other pay periods as needed to allow for year-end adjustments). All special payrolls are included in one of the “regular” GL journals and EBT reports. The WEB Check and Advice roster will show each pay period separately.
Pay Day – The date which employees are paid.
Pay Sheet Created – This date /and time marks when the Payroll Process “begins”. All PAN distribution changes after this time will not take effect until next pay period.
Payroll Processing Completed – All checks have been created. The Check/Advice roster has been prepared. The WEB EBT data is now available. Several GL adjustments, including the encumbrance calculations, occur between this point in time and when the Payroll journal is actually posted to the General Ledger (see next event). Other GL adjustments include Reallocations, Work Study, etc. There may be a delay between the creation of the Check/Advice Roster and when the WEB EBT data is available. This event will be recorded when both have occurred. A FBS News Post will continued to be created when the Check/Advice Roster is available.
Payroll Posted to the General Ledger – Indicates the Payroll Journal has been posted to the General Ledger and all reports are current. The information shown on WEB Journal Detail and Encumbrance reports is updated sometime during the previous day.
 
 

Personal Activity Report

The University has established a Personal Activity Report (PAR) System which consists of after-the-fact effort reports for all exempt employees who expend effort on sponsored projects for which reimbursement is claimed from the grantor and, in addition, exempt employees paid from state appropriations in a department associated with grants and contracts. Each calendar quarter the PAR must be completed to show:

  1. 100 percent of the effort expended in fulfilling the obligations of the employee’s University appointment and,
  2. The percentage distribution of payroll charges to each sponsored agreement.
Reporting Period PARs Sent PARs Due Back
01/01/2015 – 03/31/2015 04/07/2015 05/08/2015
10/01/2014 – 12/31/2014 01/14/2015 02/16/2015
07/01/2014 – 09/30/2014 10/14/2014 11/14/2014
04/01/2014 – 06/30/2014 07/11/2014 08/25/2014
   

Campus procedures for operation of the PAR system will include the following steps:

  1. At the end of each reporting period, a PAR form is generated for each employee required to report.
  2. The PARs are transmitted to the appropriate department and completed in accordance with the instructions.
  3. The completed PARs should be reviewed by a knowledgeable person within the department to ensure that there are no misunderstandings or gross inaccuracies. Obvious errors or discrepancies between the effort and payroll distributions should be corrected on the PAR form. The changes made to the PAR will affect the dollars charged to the Chartfields. The PAR should be signed by the employee or the responsible official with a suitable means of verification of all the work performed by the employee.
  4. After review and within 30 working days, the completed PARs are sent to Cost Accounting & Analysis, 201 S. Presidents Circle (Park Building), Room 416.
  5. The University reallocates the changes of effort plus benefits, taxes, and indirect (F&A) costs associated with adjusted effort.
  6. Periodic internal reviews are made by accounting personnel to assure that the effort reporting system is operating properly. The scope and results of these reviews are summarized in a written report and sent to the appropriate University officials for necessary corrective actions.: