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 29, 2018 will be recorded in FY18.

Any questions concerning these transactions should be directed to:

Penny Mills: 575-8451 or plmills@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, 2018. All invoices will be credited for FY19 that are submitted to the Treasurer's Office after July 1, 2018.

Any questions concerning these transactions should be directed to:

Penny Mills: 575-8451 or plmills@uark.edu

All funds received on or before June 29, 2018 by any department on campus should be deposited with the University Cashier's Office and recorded as an FY18 receipt. The Cashier's windows will remain open until 4:00 p.m. on June 29th to allow all departments who receive funds in the mail to deposit them into FY18 accounting.

Any questions concerning these transactions should be directed to:

Dorothy Landerito: 575-5651 or dlanderi@uark.edu or
Kathy White: 575-6259 or kw013@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 Monday, July 9, 2018.

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 29, 2018, to Property Accounting. These balances need to be on file with Property Accounting by Tuesday, July 3, 2018.

Building Inventories: All units that receive building lists from Property Accounting shall have those checked and returned to Property Accounting by Monday, July 9, 2018. 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 FY18 must be submitted and approved by July 20, to ensure that the transactions show in FY18 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, 2018.

Interdepartmental invoices and expense transfers on sponsored programs must be submitted and approved by July 24, 2018 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 FY18 must be submitted and approved by July 24, 2018.

All UPAYs on sponsored programs for FY18 must be submitted and approved by July 20, 2018 in order to appear on FY18 DBRs.

All GJIM transactions, such as funds transfers, expenditure transfers, and interdepartmental invoices, with an effective date of June 2018 must be submitted and approved no later than July 24, 2018. If they are not approved by July 24, 2018, these transactions will have to be re-entered into the system for FY19.

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 FY18 must be submitted and approved by July 20, 2018 to ensure that they are posted to June 2018 accounting. LABOR will be locked to prevent retroactive labor distribution changes on July 23 and 24, 2018. Retroactive labor distribution changes done on or after July 25, 2018 will be effective in FY19.

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 10.

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 29th.

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