Published: May 3, 2021

It鈥檚 that time of year again! Here are a few tasks you can do now to get ready for June 30.

  • 听Did you miss our recent presentation on this topic?听

Things You Can Do Now

    Start clearing balances in all clearing SpeedTypes and Account Codes, including:

    • 013106 Departmental Cash Clearing
    • 013109 Company Card Personal Charges
    • 150300 Undistributed Receipts
    • 410100 Suspense Salary
    • 553201 Company Card Unallowable Expense

    To check these balances, run the m-Fin Financial Detail II in CU-Data.听听

    1. Enter a SpeedType, a set of听SpeedTypes听or an org number in the search parameters on the first page.听Click听Next听at the bottom of the screen.
    2. Click听Account Custom Range听and enter the account code you want to look at in the听From听and听To听boxes and click听Insert.听听
    3. If you entered more than one听SpeedType听or a full org on the first screen, click听Next.
    4. At the听Page By听drop-down听box, choose SpeedType听then click听Finish.
    5. If you entered just one听SpeedType, click听Finish.
      • Review the m-Fin Outstanding Encumbrances report to check for any POs and SPOs that need to be closed.听Any PO/SPOs over $1 will carry over to the next fiscal year.
      • Ensure all the assets (except allowance for doubtful accounts) in the general fund, auxiliary, gift fund听and renewal and replacement plant funds are in positive (debit) status.听
      • Ensure all the liabilities in the general fund, auxiliary, gift fund, and renewal and replacement plant funds are in negative (credit) status.
      • You can check the balances of both asset and liability account codes with the m-Fin Balance Sheet report. Use the Balance Sheet Summary if you would like to see each听SpeedType听individually or the Balance Sheet Total if you would听like to see everything summarized by fund type.
      • For goods/services that were previously recorded as prepaid expenses and were received in the current year, move the cost to expense.
      • Recognize revenue for any previously recorded unearned revenue for which the department has now provided the goods/services.
      • Move any deposits held in custody into revenue for situations where the customer failed to return the goods as required.
      • Reconcile your听SpeedTypes听to ensure all of your transactions are posted accurately and any deficits are being resolved.
      • Do all of the expenses belong to that program or project?
      • Do you have the appropriate back-up documentation for each transaction?
      • Are any听SpeedTypes听in a cash or budget deficit?听Do you anticipate that they will听be in deficit by the end of the fiscal year?听If so, how will you remedy that?

      Things to Do Closer to June

      • Record all amounts owed to the department by external entities as an accounts receivable. Reconcile accounts receivable customer detail to the amounts in the Finance System.
      • Calculate and adjust any allowance for doubtful accounts.
      • Analyze any past due accounts receivable and submit a request to CCO to write off those determined to be uncollectible.
      • Complete a physical count of inventories; enter any needed adjustments into the Finance System; and turn in inventory worksheets to CCO by the deadline.
      • Submit a to reimburse petty cash funds and record听all petty cash purchases made in FY21听in the Finance System.
      • Submit a prior to acceptance for all qualifying non-cash gifts during FY21听in accordance with the .
      • Submit a UBIT Questionnaire form to report business activity that may not be substantially related to the university鈥檚 mission of education, research or service.
      • Review funding distributions on both monthly and biweekly employees to be sure that pay information is correct so that payroll suspense will be avoided.

      Upcoming Dates from the PSC

      • April 30, 2021听- Last day to submit requisitions for purchases requiring documented quotes.
      • May 14, 2021听- Last day to submit all other PO/SPO requisitions using FY21听funds.

      Budget Date

      The General Fund continuing budget change cutoff date for the campus was April 16, 2021.

      Please take note of the following regarding the cutoff date:

      • After the cutoff, general fund continuing budget may only be moved within the same general budget account and campus division until June 11, 2021.
      • Please notify Budget and Fiscal Planning (BFP) if you plan to enter a continuing budget change after the April 16, 2021 cutoff.
      • Budget journals in the temporary ledger will be approved until the June close date.
      • Continuing and temporary budget journals may now be entered in the FY22 budget ledgers.
      • No FY21 general fund continuing BJEs will be approved after June 11.听

      To contact BFP, email听bfp@colorado.edu听or use their听online form.

      FYE Close Dates

      • July 7, 2021听- 1st close (also last day to allocate PCard reports for accrual)
      • July 14, 2021听- 2nd close
      • July 21, 2021听- Final close

      As we get closer to fiscal year-end, we will confirm these dates with you. We communicate to you through emails, the Fiscal News and the June 3听Town Hall听about important dates, tasks and any questions you may have.听Subscribe to emails and the Fiscal News.

      If you have any questions, please contact your area accountant.