2021 Year-End Deadlines and Processes

2021 Year-End Deadlines

Year-End Processes

The month of August will be closed Sept. 10, 2021:

An accrual period for FY 2021 will remain open for a period of time after that date. Any entries made during the accrual period will require approval by Accounting Services.

The FY 2021 roll to FY 2022 will take place Sept. 11, 2021:

All financial systems will be closed to transaction processing from Friday evening through Sunday morning. Cognos will be available for reports.

Open encumbrance review process:

Review all open encumbrances in Cognos: Team Content > HSC El Paso Finance > Encumbrances, Invoices and Checks >Open Encumbrances by Fund and Organization

• Review for validity:

  • Is order expected to be fulfilled before Aug. 31, 2021?

  • Have you received the order, but it has not yet been invoiced (paid)?

• Request purchase order (PO)/encumbrance close from the PO and Encumbrance Change Request link if the PO needs to be closed.

Encumbrance adjustment process:

• Requests for increases or releases of FY 2021 and prior year encumbrances must be received by Purchasing by Aug. 31, 2021. Departments are encouraged to review encumbrances in June and July in order to avoid problems associated with attempting to spend available funds in late August.
• Encumbrances on E&G funds only roll one year. The encumbrance should be expended by the second year; otherwise, the encumbrances will be systematically closed July 30, 2021.
• E&G encumbrances that rolled from FY 2020 to FY 2021 will not roll to FY 2022. If there is a legitimate business need to reestablish or keep an encumbrance open, contact Purchasing by July 30, 2021.
• To keep the funds available beyond July 30, 2021 requires action involving multiple departments, so if there is a legitimate business need to reestablish or keep an FY 2020 encumbrance open, please contact Purchasing by July 23, 2021.
• The encumbrance roll process also rolls associated budgets to the next year to cover the encumbrance. The budget for E&G funds can only be used for the associated encumbrance.
• Releasing/closing prior FY encumbrances on E&G funds does not release funding to be spent in the current FY. When prior FY encumbrances are closed, the associated budgets will also be reversed.

Revenue should be recorded in the period that it is earned: 

• Deposits should be recorded as of the bank deposit date.
  

  Any amount earned in the fiscal year being closed but not received must be accrued. Contract revenue should be accrued via the Contracting/Accounts Receivable System by Sept. 6, 2021. For non-contract revenue accruals, an IN form should be submitted to Accounting Services no later than Sept 3, 2021. The IN form is available online. Please note that entry of revenue accruals via the IN form occurs under rare circumstances and is NOT the preferred method for most revenue accruals. Please contact Accounting Services at accountingelp@ttuhsc.edu if you are uncertain regarding how a specific revenue accrual should be entered.

  Any award/PO/contract requiring approval at the August Board of Regents (BOR) meeting will need to be completed and ready for submission in early July.

  An expense should be accrued if an invoice has not yet been received, but the item has been received or the service provided.
  

  If a good or service has been received, the receiving information should be submitted through Techbuy. A cost receipt should be created for services and a quantity receipt for goods.
  

  E&G Funds (100000-109999) should be fully expended or encumbered by the end of FY2021 to avoid recapture.

  Accounts Payable will record payments as a prepaid asset if applicable.

  Changes in the reported inventory balance will be reclassified from expenses to assets.

  Unclaimed wires and deposits:

• Review the Holding Account Report on the Accounting Services website.
• Amounts not claimed within six months will be swept to a scholarship account per HSCEP OP 50.35.