Year End Information for Financial Affairs

The date goods or services are provided determines the fiscal year revenues and accounts receivables will be recorded. When submitting invoices through ARS, be aware that the fiscal year cannot be changed.

Invoices submitted by departments and approved through ARS for services rendered on or before June 30, 2017 will be recorded in FY17.

Any questions concerning these transactions should be directed to:

Jason Rankin: 575-8451 or jar035@uark.edu

The date goods or services are provided determines the fiscal year revenues and accounts receivables will be recorded. When submitting invoices through ARS, be aware that the fiscal year cannot be changed.

Please do not invoice in advance using ARS until after July 1, 2017. All invoices will be credited for FY18 that are submitted to the Treasurer's Office after July 1, 2017.

Any questions concerning these transactions should be directed to:

Jason Rankin: 575-8451 or jar035@uark.edu

All funds received on or before June 30, 2017 by any department on campus should be deposited with the University Cashier's Office and recorded as an FY17 receipt. The Cashier's windows will remain open until 4:00 p.m. on June 30th to allow all departments who receive funds in the mail to deposit them into FY17 accounting.

Any questions concerning these transactions should be directed to:

Dorothy Landerito: 575-5651 or dlanderi@uark.edu or
Danya Curtis: 575-6259 or djcurtis@uark.edu

Stock Inventories: All departments that have stock inventories of supplies should have their year-end inventories completed, with copies on file with Property Accounting by Friday, July 7, 2017.

Postage: All departments that have prepaid postage on hand such as stocks of stamps or have balances on postage meters, shall report their total postage as of the end of the business day on June 30, 2017, to Property Accounting. These balances need to be on file with Property Accounting by Monday, July 3, 2017.

Building Inventories: All units that receive building lists from Property Accounting shall have those checked and returned to Property Accounting by Friday, July 7, 2017. Please make sure to note, on the lists received, any new buildings constructed during the fiscal year, or any buildings that no longer exist with an explanation of their disposal.

All labor distribution changes for FY17 must be submitted and approved by July 21, to ensure that the transactions show in FY17 on the Departmental Budget Reports. Labor distributions that are made on sponsored programs should be certified.

Please be sure to make the necessary payroll distribution changes in PSB for all personnel currently assigned to sponsored program cost centers that have an inactive date of June 30, 2017.

Interdepartmental invoices and expense transfers on sponsored programs must be submitted and approved by July 25, 2017 to be included on June's accounting. Please take the time to review sponsored program cost centers to ensure that posted expenditures accurately reflect efforts on sponsored programs.

All fund transfers for FY17 must be submitted and approved by July 25, 2017.

All UPAYs on sponsored programs for FY17 must be submitted and approved by July 21, 2017 in order to appear on FY17 DBRs.

All GJIM transactions, such as funds transfers, expenditure transfers, and interdepartmental invoices, with an effective date of June 2017 must be submitted and approved no later than July 25, 2017. If they are not approved by July 25, 2017, these transactions will have to be re-entered into the system for FY18.

Any questions concerning these transactions should be directed to:

Rachel McGathy: 575-4249 or mcgathy@uark.edu or
Larrie Stolfi: 575-6278 or lstolfi@uark.edu

All retroactive labor distribution changes for FY17 must be submitted and approved by July 21, 2017 to ensure that they are posted to June 2017 accounting. LABOR will be locked to prevent retroactive labor distribution changes on July 24 and 25, 2017. Retroactive labor distribution changes done on or after July 26, 2017 will be effective in FY18.

Here's a general year end checklist for you. It is by no means all-inclusive, just some major points to check before the end of the fiscal year.

Internal Order (IO) transactions for June should be posted by July 7.

If ordering merchandise at end of fiscal year, need to determine if it needs to be in this FY or new FY. If for this FY — order in plenty of time to be delivered by June 30th. If for new FY — do not have merchandise delivered before June 30th.

If received merchandise and haven't received invoice — contact vendors to make sure invoice is received and paid in correct FY.

Make sure you've completed all receiving entries for this FY for merchandise that you have received.

If have any money/checks — make sure it gets deposited in the Treasurer's Office by June 30th.

Check cost center activity for the year — make sure expenditures are in the right cost center and right category. Do ET's and FT's as needed and make sure it is approved by appropriate date.

Business Affairs Year-End Information

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