Fiscal Year End FAQ

Q. Will the balance in my General Use Speedtype roll over to FY10?
A. NO. All FY09 Telecom & Networking charges will be posted in PeopleSoft by June 12th. Financial reports printed on June 15th should reflect the final IDB service division billings. Any funds remaining in Telecom budgets after the IDB postings in June (for May) will be automatically transferred to the OOE budgets by Kim Shore. If you have questions concerning these transfers, please call Kim @ 293-3570.

Restricted fee and Grant speedtype funds will roll over to FY10 unless the grant is expiring.

Q. Can I use unspent Salary budget for OOE expenses?
A. No, Salary budgets can only be spent on salary/fringe.

Q. What do I do if my General Use Speedtype is over budget or will be over budget by June 30th?
A. If your General Use budget is currently overspent, a previous expenditure will have to be reclassified to an alternate Speedtype. This can be accomplished in two ways:

1. Reclassification of a paid purchase order - This option requires KUMC Control & Reporting to perform a journal entry. To reclassify a paid purchase order, first locate the voucher ID number on the PeopleSoft AM91 report.  Next, submit a journal voucher request on the Journal Voucher Request screen in PeopleSoft
2. Reclassification of an Interdepartmental Billing (IDB) - This option requires an adjustment by a KUSM-Wichita service division. To reclassify an IDB expense, locate the IDB charge/invoice and request the service division to credit the original Speedtype and debit the Speedtype to be charged. If you anticipate your General Use budget going over budget, determine an alternate source of funding and notify the KUSM-Wichita service division to bill the new source of funding for subsequent IDB charges.

Q. I'm looking for more money; where can I find it?
A. The Open Commitment Report. You may have purchase order lines that are still open and encumbered even though the purchase order has been fully paid. If this is the case submit a KUMED Request to Final PO form located at: http://www2.kumc.edu/finance/forms/requestFinalPO.html

If an entire PO needs to be canceled submit a KUMED Request To Cancel PO form located at: http://www2.kumc.edu/finance/forms/requestCancelPO.html When the purchase order is closed (as indicated by a zero amount in the open commitment current amount column and a "complete" status) it reduces the amount of open commitments; thereby increasing your budget balance available on the AM90 PeopleSoft report.

Q. Is there a Year End cut-off date for using my Business Procurement Card?
A. You may continue using your Business Procurement Card for purchases with no interruption. Only those transactions entered in your BPC log before noon on June 25, 2009, will be posted to your June 2009 PeopleSoft Reports (FY09). We will not have access to the PeopleSoft Transaction Log system from then until July 1, 2009. All transactions entered starting July 1, will be posted to FY10.

Q. What is the last day I can purchase from the KUSM-Wichita service divisions and have the items billed to the current fiscal year? Can I make purchases from the KUSM-Wichita service divisions in June?
A. May 31st. Yes, but the goods/services will be billed to the upcoming fiscal year.

• See also KUSM-Wichita Service Division Purchasing Deadlines e-mail.

Other Helpful Hints

• Read and refer often to the KUMC Fiscal Year End Closing Procedures Memo.
• Submit fiscal year mileage reimbursements.
• Cancel/finalize old purchase orders.
• Confirm requisitions are approved via KUMC purchase order assignment or inquire of PO number in PeopleSoft.
• Encumber goods/services/maintenance agreements expected to occur in June but receipt of invoice is expected in July.