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2016 Financial Year End Close

2016 Year End Close news posting from the Director of Shared Services and Corporate Finance & Advisory Services, Catherine Yeung.  

Once again we will be seeking your assistance and cooperation as year-end is fast approaching and our attention focuses on the University’s end of year close off and statutory obligations. 

To facilitate our end of year close and the timely and accurate lodgement of our 2016 Financial Statements, attached are three documents for your reference and action. I would be grateful if you could distribute them to the appropriate/responsible person in your faculty/division and school/unit. 

 

1)   2016 UNSW Group End of Year Close-off

This document provides timelines and deadlines for the completion of the Group Financial Statements (UNSW and its controlled entities), and the finalisation of the end of year audit.

2)   2016 End of Year Operational Close-Off Guidelines

This document provides the dates and deadlines of the University’s key processes as well as the relevant contact details.

3)   2016 End of Year Templates

This file provides blank templates for a number of key areas referred to in the guidelines above, such as accruals.

 

If you have a question which is not addressed in these guidelines please view the Frequently Asked Questions.

Alternatively contact either Ashish Sharma, on 9385 3775 (ashish.sharma@unsw.edu.au) or Wayne Wang, on 9385 3241 (wayne.wang@unsw.edu.au).

Your assistance and support in meeting the tight deadlines required to be met in the preparation of UNSW’s annual statutory accounts is greatly appreciated.

 

Frequently Asked Questions

Purchasing & Receipting

Q: I have an outstanding Purchase Order (PO) for 2016 for goods that will be received in 2017. It is not a Bulk PO. Do I need to cancel the PO?

A: No, you don't need to cancel the Purchase Order. If you have not physically received the goods in 2016, the PO will remain open in 2017.   It is important that all receipting is completed when orders are delivered.

 

Q: Will the system close the Bulk POs for 2016?

A: No the purchase order will no longer be closed by the system automatically. You are required review all your POs (inclusive of Bulk PO) and close off any POs no longer required.

 

Q: What is the last day to review the POs and how often should the POs be reviewed?

A: The POs need to be reviewed on a regular a basis i.e. monthly. All 2016 POs should have be reviewed by 1st December 2016, and any PO no longer required needs to be closed.

 

Q: I have reviewed my POs and need to close some of the Bulk POs. How can I close off the Bulk PO?

A: After identifying the Bulk POs that need to be closed, you would need to email helpdesk (financehelp@unsw.edu.au) to close off the PO.

 

Q: When can I run the most updated open Purchase Order (PO) query as at 31 December 2016?

A: The most updated open PO query (FUP_PO_OPEN_ENCUMB) will be available on Friday 6th January 2017.

 

Q: Can I receipt an Asset Purchase Order (Asset PO) if the asset is received but not commissioned?

A: No, an Asset PO should only be receipted when the asset has been commissioned and installed.

 

Q: When is the money taken out from my budget?

A: Budget won’t be taken out until Purchase Order (PO) is receipted.

 

Q: I have a purchase over $100,000 that I want to make this year and it is unlikely the goods will be fully received this year.  We have been in contact with Procurement and they are aware of the order.  I would like to understand why the process takes so long.

A: Sourcing of major equipment purchasing can be complex, highly variable and may have long lead times.  The earlier the Strategic Procurement team are engaged to assist and advise can significantly reduce the lead time.

 

Q:  Can I receipt any goods or services that I have forecast for in the 2016 budget but have not received the goods or services?

A:  No, you should not receipt any goods or services that have not been physically received.

Accruals

For details of the accrual requirement, please refer to the Decision Tree for End-of-Year Accrual.

 

Q:  I have a Bulk Purchase Order (PO) to cover one year's worth of services. At end-of-year, do I need to accrue for one month of services that have already been incurred but not yet been invoiced?

A:  Yes, you need to accrue the service that you have received but has not yet been invoiced, unless you have receipted the service in the system.  If the service has been receipted in the system, you do not need to do anything as the accrual will be picked up automatically by the "Goods Received Not Yet Invoiced" accrual.

 

Q:  What is the process to accrue "Goods Received Not Yet Invoiced"?

A:  “Goods Received Not Yet Invoiced” will be automatically accrued by the system upon the close of the ledger, and the query used for accruals will be forwarded to Finance Managers on Friday 6th January 2017.  Finance Managers can then validate and process any amendments or additional accrual entries in the 2016 ledger.

 

Q:  Do I need to accrue an open Purchase Order (PO)?

A:  No, you should not accrue an open PO if you have not physically received the goods/service.  If you have physically received and tested/accepted the goods/service, you need to receipt them in the system. The accrual for this item will be picked up automatically by the "Goods Received Not Yet Invoiced" accrual at year end.

 

Q:  Can I accrue for goods or services that I have forecast for in the 2016 budget but have not received the goods or services?

A:  No, you should not accrue for any goods or services that have not been physically received.

 

Q:  How do I know if the invoice that I sent to Accounts Payable at year end has been processed in the 2016 ledger?

A:  All invoices received by Accounts Payable by Thursday 15th December 2016 will be processed in the 2016 ledger.  In addition, you can run the query “FUP_AP_VOUCHER_YEAR_END” which can be used to identify invoices that have been processed by AP. This may assist with your accrual process.  Invoices received directly by Accounts Payable after cut-off date, greater than $5,000, will be emailed to the Finance Manager for accruing, as Accounts Payable will not be able to process them. 

 

Q: How can I check whether my expense claim has been processed?

A:  To check whether your claim has been processed run the query UNSW_EX_BY_EMPLID (enter an emplid to see that person or % to see everyone's).

 

Q:  How does the system deal with a debt that is 6 months overdue for payment? Do I need to make a provision?

A:  No, you don't need to make a provision as it will be processed by Accounts Receivable.

 

Q:  If there is a staff member in my unit who has reconciled his/her credit card but it has not been approved, what is the impact?

A:  All credit card transactions are now posted in the Actuals Ledger in the allocated chart fields at the time of reconciliation. There is no impact in the General Ledger if the card statement is still unapproved

Note for EOY, please ensure all reconciliations are completed by Wednesday 4th January to be allocated to the Actuals Ledger.

Furthermore, any amendments in the Actuals Ledger, please ensure that the credit card statement is approved by Wednesday 4th January 2017.

 

Q:  If there is a staff member in my unit who has not reconciled his/her Credit Card, do I need to accrue for the expenses?

A:  There is no need for an accrual as any unreconciled credit card transactions are now allocated to the clearing account code 6688 with the card holder’s default chart fields in the Accrual Ledger.

 

Manual Journals

Q:  What is the final date for manual journals (online journals, spreadsheet journals, flat files) to be received by the Faculty/Division Management Accountants so the journals can be included in the 2016 ledger?

A:  All manual journals must be uploaded, approved and posted by midnight Monday 9th January 2017. Journals received after this date will be processed in the 2017 ledger.

 

Q: What is the final date to post internal charges journals?

A: All internal charges journals must be posted by COB Friday 6th January 2017.

 

Q:  If I prepare a journal after 31 December but before 11 January 2016, what date should I put on the journal so it is processed in the 2016 ledger?

A:  The journal should be dated as of 31 December 2016 so that the journal can be posted to the 2016 ledger.

 

Q: Do I need to accrue for GST when posting manual journals?

A: No you don’t need to accrue for the GST. GST accruals will be control centrally Corporate Finance and Advisory Services (CFAS). In order for CFAS to correctly accrue for the GST, Faculties and Divisions are required to fill out the year end accruals templates and send to CFAS by COB Monday 9th January 2017.

 

Q:  Do I post the 2016 year end accruals to the Actuals or Accruals ledger?

A:  You can select either the Actuals or the Accruals ledger to post the accruals.

 

Q:  What is the final date that I can access and post entries to the 2016 ledger?

A:  You will have access up to Monday 9th January 2017. Please note that the system is not available from COB Wednesday 4th January until 9am Friday 6th January 2017.

 

Q:  When will the allocation journals be posted to the 2016 ledger?

A:  The system allocation journals will be posted on Monday 9th January 2017. Please note that an additional manual allocations journal will be posted on Thursday 12th January to account for any transactions posted after the 8th January.

 

Payroll

Q:   What is the final date for amendments and adjustments to payroll details so they can be included in the last pay run of 2016?

A:   All amendments and adjustments to the last payroll of 2016 (29th December 2016) must be completed by COB Thursday 15th December 2016.

 

Q:   What is the final date for amendments and adjustments to payroll details so they can be included in the first pay run of 2017?

A:   All amendments and adjustments to the first payroll of 2017 (12th January 2017) must be completed by COB Thursday 5th January 2017.

 

Q:  What is the last date to clear the BCM errors relating to 2016 payroll?

A:   All BCM errors for 2016 need to be cleared by COB Wednesday 4th January 2017.

 

Q:  When will the 2016 split salary for 30th December 2016 be posted to the Ledger?

A:   The split salary for 30th December will actually be posted by Sunday 8th January 2016.

 

Q:  How can I ensure that the 30th December spilt pay will not have any errors?

A:   To ensure that the 30th December split pay is correct, please ensure that all BCM errors for the pay on 29th December is cleared by Wednesday 4th January and any amendments to the first pay run of 2017 (which includes the 30th December pay) are done by COB Thursday 5th January.

 

Q:  Will the split salary for 30th December posted to the 2016 or 2017 Ledger?

A:   The split salary for 30th December will actually be posted to the 2016 Ledger.

Controlled Entities

What are UNSW controlled entities?


Here is a list of the UNSW Controlled Entities:


1.  University of New South Wales Press Ltd
2.  NewSouth Innovations Pty Limited
3.  Cystemix Pty Ltd
4.  Qucor Pty Limited
5.  UNSW Global Pty Ltd
6.  UNSW Global (Singapore) Pte Limited
7.  UNSW Global India Pvt Limited
8.  Australian Education Consultancy Ltd

9.  UNSW (Hong Kong) Ltd

10.  The University of New South Wales Foundation Ltd
          -  as Trustee for the University of New South Wales Foundation
          -  as Trustee for the New South Wales Minerals
11.  UNSW Hong Kong Foundation Limited
12.  UNSW & Study Abroad -  Friends and U.S. Alumni, Inc

13.  UK Friends of UNSW Australia

14.  Scientia Clinical Research Limited