The most recent accounting month is now closed. Your Management Reports are complete and ready for your review. For most departments/units, review and approval should follow the steps outlined in this memo. Some departments/units have alternate procedures in place to accomplish review and approval. Check with your unit’s accountant and/or the liaison listed at the bottom of your Management Report if you have questions about review and approval.
To proceed, please check both your PROJECTS and ACTIVITIES.
TO MAKE CHANGES, correct errors, etc.: Contact your departmental administrator as soon as possible (e.g. to prevent delay in posting your changes, please do not wait for the PAR forms).
MARK the Projects/Activities you have reviewed. (This does not necessarily indicate the transactions are correct, only that you reviewed them). There are only two approved methods to indicate Evidence of Review, and both are completed using the EOR web application
- Select reviewed activities/projects, and click button “Mark Reviewed,”
- Select reviewed activities/projects, and click button “Indicate Review PDF.”
Either action leaves a data indicator that review is complete. Signed review PDFs should be retained in your files for as long as you retain other Management Report documentation. Click here for a quick online EOR tutorial.
A new Guideline has been published to offer clarification to Policy 3-003: Authorizations and Approvals Required for Financial Transactions.
This Guideline is meant to improve internal controls across campus as it outlines:
- Account Executives (AEs) and PIs remain primarily responsible for monthly review of their Management Report and submission of EOR (Evidence of Review) – even if they have chosen to delegate this authority.
- This responsibility cannot be delegated to an individual who also has the authority to initiate financial transactions.
- GFA (Granting Financial Authority) is an application found on CIS that has been recently enhanced to allow AEs and PIs to make separate delegations for financial transaction approval and Management Report Review. (Follow these instructions to delegate authority)
Review and approval of these monthly reports is a key element in the University’s system of internal controls, and is further explained in University Policy 3-003, Authorizations and Approvals Required for Financial Transactions. – See Section III.F.
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The Payroll Processing for the July 22nd, 2019 paycheck is completed, and the paycheck information is available on Campus Information Services.
- Signon to the CIS and click the Employee dropdown (if it is not your default tab).
- Click the Payroll, Taxes and Salary tile.
- Click View Paycheck and you will see your current check.
- Click W-4 Tax Information and you can view/update your W-4 Tax Information.
- Click Direct Deposit and you can view or edit your direct deposit accounts, or suppress the printing of your direct deposit advice.
Please remember if your net pay is being direct deposited, it will not be in your bank account until NOON on July 22, 2019 . If you receive a check, the University will mail it to your home address on file.
Payroll Reports: For more information about how to view your Check and Advice Roster please see the FBS News Post – Check Advice Roster
All Payroll self-service functions are turned off during payroll processing, which begins on the final day of the pay period at 5:00 PM and ends on payday.
If you have further questions please call Payroll at 581-7873.
As of July 1, 2019 (fiscal year 2020), General Accounting will begin assessing a $10 fee for posting un-booked deposits greater than 90 days old to the appropriate Department.
University Policy (Rule 3-003B) states transactions should be documented, appropriately approved, and recorded on a timely basis. Revenue should be reported in the month in which the revenue is earned. Deposits that have not been recorded in PeopleSoft for more than 90 days are not meeting this requirement. Failure to book deposits in a timely manner results in inaccurate reporting of revenue on a Department’s Management Reports. See the attached memo from Laura Howat, Interim AVP for Financial and Business Services.
The State auditors will begin their fieldwork testing June 24th and will be working on campus through September. This year’s State audit team will include Jason Allen and Bertha Lui, Senior Audit Managers and their staff; Kathryn Hoins, David Ingram, Daniel Layton, Chase Brown, Tyler Lanham and Craig Hatch.
The Board of Trustees has approved both Policy 3-014; Financial Record Retention and Rule 3-014A; Financial Records Retention and Disposal.
New Policy 3-014 and its associated Rule establishes a records retention policy, as well as outlines the processes and best practices for the retention and disposal of University of Utah financial records. Policy 3-014 is meant to meet legal requirements, optimize use of space, and minimize cost.
This policy is binding for all University colleges, departments and units, including University Hospital & Clinics. This policy does not govern retention and disposal of non-financial University documents.
Departments should review Policy and Rule and implement retention and disposal schedules immediately.
1. Definitions of financial records, retention schedules, archives and document destruction.
2. Major categories of financial records with unique retention periods such as grants and contracts, bonds, purchasing, tax, Pcard, real property and capital equipment as well as general financial documents.
3. Disposal requirements.
Questions regarding the new Policy or the new Rule should be forwarded to Accounts Payable using the following ASK US form.
The BPAG minutes from the June 14, 2019 BPAG meeting are now available on the Business Analysis & Support Services website.
What is BPAG?
BPAG stands for Business Process Advisory Group. Business officers from across campus meet monthly with central administration to address problems and issues along with suggestions to solve them. Over the past several years, BPAG has helped to facilitate many important changes implemented by central administration. BPAG is not a policy making group, a priority setting group nor is it intended to be the primary means of communicating to all the departments.
To learn more about BPAG, click here.
Subscribe to the BPAG mailing list
Please ASK US if you have any questions.
The Property Accounting Office wants to inform you of upcoming, and required changes to Noncapital Equipment Account Codes due to the recent revision of Policy 3-041: Accountability for Noncapital Equipment. The revisions now include THREE CATEGORIES of assets, physical inventory requirements of these categories are outlined below.
- MANDATORY INVENTORY: Noncapital equipment with an acquisition cost greater than or equal to $3,000 but less than $5,000.
- MANDATORY INVENTORY: All university-owned computers, laptops, tablets and cell phones of any value less than $5,000 that may contain Personally Identifiable Information (PII) at any point during the university’s ownership of the asset.
- OPTIONAL INVENTORY: Noncapital equipment having an acquisition cost or donated value less than $3,000 and having a useful life in excess of one year. Assets in this category are to be inventoried at the discretion of the departments or units, but not required.
Currently, in Management Reports, the Noncapital Equipment is identified as: Equip-Noncapital $1,000-$4,999, account number range 61400-61419, but this account code structure doesn’t provide the granularity required to implement new inventory requirements.These changes will be effective as of July 1, 2019, but you may want to include the accounts codes in setting up new PO’s and PR’s for FY2020.
There have been no changes to the capital equipment account codes (61000-61021), for all assets including computer related devices over $5,000.
If you have any questions please call employees of Property Accounting: Paula Monaco 581-8673, Pamela Day 585-6969 or Robin Love 581-3973.
The ending quarter endowment pool unit market value (UMV) for March 31, 2019, is $220.44 per unit. This information is necessary for Method 2 of projecting endowment income and is provided quarterly through FBS News. All other factors in the instructions remain the same through the fiscal year. For detailed instructions on how to project endowment income, please click here. The instructions are available there now for fiscal year 2019-2020.
If you have any questions or feedback just ask us!
EBT by BU 01 Activ/Proj Org report in the Payroll folder of the Financial Information Library is now functioning. We appreciate your patience while this issue was resolved. You may need to clear cache and cookies to access the updated report.
Adequate Documentation for Journal Entries Submitted by Departments that are not an approved Service/Recharge Center or University Auxiliary
With the demise of the Campus Order Form almost a year ago, a number of internal billing transactions once submitted on that form are now processed through the University’s eJournal Entry system. One advantage of the old Campus Order was it acted as an invoice and contained all the elements required for the transaction to be adequately documented. Unfortunately, not all journal entries submitted by departments (billing another dept. or a sponsored award) are adequately documented when submitted in the eJournal Entry system.
For those departments (which are not an approved Service/Recharge Center or a University Auxiliary) entering Journal Entries that internally charge another dept. or a sponsored award, please include the following detail with each journal entry submitted. Failure to include this detail may result in the JE being recycled.
JE explanation field:
- A brief summary of what the expense was for (the explanation should generally reflect the description of the expense item on the invoice)
Authorization and request:
- An agreement or other written authorization (e.g. email) from Account Executive, PI, or authorized individual for expense to be incurred and charged to their Activity/project
- Authorization date of the expense
- Activity/Project chartfield identified in the authorization
Included on a formal invoice:
- University Department/Organization and contact information
- Invoice date
- Date/time period services/work was performed
- Description of services/work provided that a financial auditor will understand
- Total number of units/countable items provided (if applicable)
- Rate(s) for services/work performed (if applicable)
- Total amount
- Provider’s activity chartfield to be credited
- Project chartfield to be debited
Please ASK US if you have any questions.