2021 Year-End Deadlines and Processes

2021 Year-End Deadlines

 
 
 

MAY

14
Friday
May, 2021

Orders using FY 2021 funding requiring a bid or Request for
Proposal (RFP) to be performed by Purchasing must be submitted to Purchasing to ensure completion by the end of the year.

FY 2022-funded orders needing to be in place Sept. 1, 2022 and requiring a bid or RFP to be performed by Purchasing must be submitted to Purchasing for processing.

 
 
 

JULY

9
Friday
July, 2021

Renewal orders based on current FY 2021 orders must be submitted to Purchasing by July 09, 2021 to ensure processing and completion by the end of the year. (Examples: space and equipment rentals/leases, maintenance and service contracts, copiers and multiyear bid awards for commodities.)

30
Friday
July, 2021

Encumbrances on educational and general (E&G) funds
(funds that start with a 10) 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.

 
 
 

AUGUST

18
Tuesday
August, 2021

Electronic Personnel Action Forms (EPAFs) must be applied by August 18 to run on MN9 payroll.

Employee one-time payments (EOPs) for monthly employees must be fully approved by Aug. 18 for payment to post against FY21 funds.

20
Friday
August, 2021

Budget will release payroll encumbrances after the semimonthly 16 payroll has posted.

23
Monday
August, 2021

Non-catalog TechBuy orders using FY 2021 funding and not requiring
bids must be submitted to Purchasing by Aug. 23, 2021 to ensure completion by the end of the year.

27
Friday
August, 2021

Purchasing card (PCard) purchases for FY 2021 should be completed Aug. 27, 2021 to ensure posting by Aug. 31, 2021.

31
Tuesday
August, 2021

Requests for increases or releases of prior year encumbrances are due to Purchasing.

Punch-out and catalog TechBuy orders using FY 2021 funding must be submitted to the vendor by Aug. 31, 2021 to ensure completion by year end.

All purchase orders for FY 2021 must be completed, approved, and posted to Banner by close of business (5 p.m. MST). Any orders not completed by Aug. 31, 2021 will be posted in September against FY 2022 funding.

Travel applications to be applied against FY 2021 funds must be entered by 4:30 p.m. (MST).

Labor redistributions (LRDs) must be submitted by Aug. 31 to post against FY21 funds.

 
 
 

SEPTEMBER

1
Wednesday
September, 2021

All FY 2022 orders must have an accounting date of Sept. 1, 2021 or later.

No TechBuy punch-out orders using FY 2022 funding may be entered or submitted before this day.

EOPS for semimonthly employees must be fully approved by Sept. 1 for payment to post against FY21 funds.

3
Friday
September, 2021

Citi PCard statement close date is Sept. 3, 2021.

FY 2021 Non-Contract Revenue Accrual Invoice Forms (INs) are due to Accounting Services. The IN is available online:

FY 2021 consumable supplies/goods for resale inventory counts as of Aug. 31, 2021 are due to Accounting Services.
The Inventory Form is available online:

FY 2021 holding accounts and unidentified wire claims are due to Accounting Services. The Holding Account Report is available online:
https://ttuhscep.edu/fiscal/businessaffairs/accounting/reports.aspx

Questions regarding fund balances for FY 2021 transaction details are due to Accounting Services.

FY 2021 cash receipts must be submitted through the Cash Receipts System and approved by intermediate approvers.

6
Monday
September, 2021

Pcard transactions that posted to Citibank by August 31, 2021 must be added to a Chrome River expense report and submitted for approvals. The report and all supporting documentation must be received by the Pcard office by close of business, September 6, 2021. Expense reports should be submitted weekly in Chrome River throughout the month of August for any FY 2021 purchases.

FY 2021 contract revenue accruals must be entered into the
Contracting/Accounts Receivable System.

FY 2021 FiTS transactions (cost transfers (CTs), interdepartmental
vouchers (IVs), internal purchase funding transfers (IPFTs), and revenue transfers (RTs)) must be entered and approved by department approvers.

8
Wednesday
September, 2021

FY 2021 travel vouchers and required documentation are due to the
Travel Office.

FY 2021 invoices and receiving reports are due to Payment Services.

10
Friday
September, 2021

The August 2021 accounting period (12 FY 2021) in Banner will close
at the end of the day 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 from Accounting Services.

11
Saturday
September, 2021

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 and will reflect August balances.

Budget will roll positions to FY 2021 Approved Status and encumber salaries
for FY 2021.

15
Wednesday
September, 2021

Questions regarding fund balances for FY 2021 transaction details included in Cognos reports after August close are due Sept. 15, 2021. Deficits will be covered from backup FOPs Sept. 16, 2021, unless alternate FOP information is received by Sept. 15, 2021.

16
Thursday
September, 2021

FY 2021 funding deficits will be covered from backup FOPs Sept. 16, 2021.

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.