FINANCIAL SERVICES NEWSLETTER
FY09 - June 2009 - ISSUE 18 
Important Dates and Reminders
FY09 Year End Deadlines
The year-end financial closing schedule was recently published by the Office of Human Resources (OHR) in the April Administrative Systems e-News on April 6th and republished on April 28th. It contains strict guidelines, which must be adhered to, including the importance of processing all financial transactions (e.g. capital, accounts payable, expense reimbursements, customer invoices, etc.) affecting fiscal year 2009 in a timely manner.
A separate memo detailing specific dates about the year-end closing (see below) was sent out by UCIO Finance on May 15th. If your responsibilities include cash, capital, accounts payable, PCard, and/or billing, please refer to this memo as it contains important closing deadlines. If you have any questions, please contact your financial partner.
Policy Highlights and Updates
Revenue Recognition & Billing Periods
As year-end approaches, please remember that internal billing transactions should be processed as soon as possible after the goods or services have been provided. In particular, internal billings must be processed within the proper quarter and, most importantly, fiscal year periods.
Internal Billing transactions that are more than three months in arrears since the date that goods or services were provided may not be billed.
Please also remember that pre-billing internal Harvard departments for goods and services that have not yet been delivered is strictly prohibited. Requests from internal customers for pre-billing of products or contracted services is most commonly seen at year-end when departments have unspent dollars in their current operating budgets, but the goods/services cannot be delivered or provided until the next fiscal year. UCIO businesses should deny all such requests and contact their Financial Partner if unable to resolve the issue with the customer.
For more information, please see the UCIO’s Interdepartmental Billing Policy and the Revenue Recognition & Billing Periods Policy.
UCIO Tax Policy Highlights
UCIO Financial Services recently posted the UCIO Tax Policy to its website. Although the University is a non-profit organization and, therefore, generally not subject to certain sales and income taxes, the current business models of several UIS service units require them to comply with tax regulations that govern non-profit institutions. Additionally, Harvard is required to comply with many other state and federal tax obligations including business and meals taxes, automobile excise taxes, and employee benefits on select transactions. It is the responsibility of all UCIO business managers and their employees to understand all tax obligations applicable to their groups. Please take the time to familiarize yourself with the new tax policy, which can be found at University CIO Administrative Services | Harvard University | UCIO Tax Policy.
We hope that this issue of the UCIO Financial News has been helpful and informative. If you have any questions, or would like to see a specific topic covered in a future publication, please email us at UISfin_news@harvard.edu
TO:ALL UCIO Staff
FROM:UCIO Financial Services
The Year-End Financial closing schedule was recently published by Financial Administration (FAD). It has strict guidelines, which must be adhered to. It is especially important that we process all financial transactions affecting Fiscal Year 2009 in a timely manner.
The primary concerns are that we: bill our customers for services rendered, make all vendor payments, deposit all cash receipts, process all travel reimbursements and credit card transactions and move current capital expenditures to capital accounts.
Please note that the dates and times listed as "Deadlines" are for submittal to FAD. Naturally, we will need adequate time to process any transactions.
There are three closings in which UCIO can submit transactions. Listed below are the critical dates and the restrictions for each:
| Closing Schedule | Deadlines | ||||
| Closing | Transaction Description | Day | Date | Time | |
| First | Capital Asset Forms | Friday | 6/5 | 5:00 P.M. | |
| Cash | Thursday | 6/25 | 5:00 P.M. | ||
| Petty Cash Fund Settlement | Thursday | 6/25 | 5:00 P.M. | ||
| MySoft/NOC/SOC/WDS | Friday | 6/26 | 5:00 P.M | ||
| Accware / Counterpoint Billing | Tuesday | 6/30 | 5:00 P.M. | ||
| Accounts Receivable | Tuesday | 6/30 | 5:00 P.M. | ||
| Travel & Expense Reimbursement | Tuesday | 6/30 | 12:00 P.M. | ||
| PCard Transactions – last sweep for FY09 | Wednesday | 7/1 | 3:00 P.M | ||
| Journal Vouchers | Wednesday | 7/1 | 4:00 P.M. | ||
| Interdepartmentals | Wednesday | 7/1 | 4:00 P.M | ||
| New Vendor Set Up | Thursday | 7/2 | 12:00 P.M | ||
| Second | Vendor Payments – Accts Payable | Thursday | 7/9 | 12:00 P.M | |
| Journal Vouchers | Thursday | 7/9 | 4:00 P.M. | ||
| Interdepartmentals* | Thursday | 7/9 | 4:00 P.M. | ||
| Third | Journal Vouchers | Thursday | 7/16 | 4:00 P.M. | |
* Although the University will accept Interdepartmentals through the Second Closing, UCIO policies require that all Interdepartmentals be processed prior to the First Closing.
Restrictions & Notes:
- No Cash, Accounts Receivable or Interdepartmentals after the First Closing
- Transactions billed to Government Contracts have one less day
- Accounts Payable (vendor payments) and Accounts Receivable (affiliate billings) that miss their respective deadlines, can be accrued on Journal Vouchers in the Second & Third Closings (see your Financial Partner)
