Financial 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.

• Accounting Month Closed
• Facilities & Administration (F & A) Posted
• Payroll Processing
• Personal Activity Report (PAR)

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 Mailed
September	10/09/2009	10/12/2009
August	09/10/2009	09/14/2009
July	08/11/2009	08/14/2009
June	07/16/2009	07/20/2009

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 Mailed - The date when all the statements have been mailed.

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Facilities & Administration (F & A) Posted

F & A is normally calculated and posted to the General Ledger weekly and before the month end close.

Actuals	Encumbrances
11/03/2009	11/03/2009
10/20/2009	10/20/009
10/12/2009	10/12/2009
10/06/2009	10/06/2009
9/29/2009	9/29/2009

Actuals - F & A actual charges are calculated using direct cost expenditures on the Project.

Encumbrances - F & A encumbrances are calculated using current encumbrances on the Project.

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Payroll Processing

Pay Period(s) Ending	Pay Day	Pay Sheet Created	Payroll Processing Completed	Payroll Posted to General ledger	EBT’s Mailed
10/31/2009	11/06/2009	10/30/2009 — 05:04 PM	11/03/2009 — 04:59 PM	10/05/2009	Hard copy EBT’s no longer mailed.
10/15/2009	10/22/2009	10/15/2009 — 05:02 PM	10/19/2009 –11:27 PM	10/22/2009	10/27/2009
09/30/2009	10/07/2009	09/30/2009 — 05:05 PM	10/02/2009 — 06:08 PM	10/07/2009	10/13/2009
09/15/2009	09/22/2009	09/15/2009 — 05:02 PM	09/17/2009 — 07:21 PM	09/21/2009	09/30/2009

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.

EBT’s Mailed - Payroll Earnings, Benefits, and Taxes reports have been prepared and placed in Campus Mail. Allow 2 to 3 business days for delivery.  Hard copy EBT’s no longer mailed.

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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
07/01/2009 - 09/30/2009	10/22/2009	12/07/2009
04/01/2009 - 06/30/2009	07/16/2009	08/28/2009
01/01/2009 - 03/31/2009	04/14/2009	05/26/2009*
10/01/2008 - 12/31/2008	01/26/2009	03/10/2009

*PARs must be in by May 26th to ensure processing in this fiscal year. 

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
   Management Accounting & Analysis, 201 S. Presidents Circle (Park
   Building), Room 406.
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.

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