First close for FY 2024 is being pushed back due to hurricane.  All original entries for FY 2024 should be turned in by Friday, July 12, and results will be available in dashboards on Monday, July 15.

Please do not be alarmed.  Beginning balances for FY 2025 can’t be posted until we know the ending balances for FY 2024.  You will see the beginning balance post later in July, around July 22 for projects and around August 7 for general ledger.

Every year, without fail, someone on campus is going to be alarmed that their beginning fund balance is not showing up on July 1.  Please remain calm.  I’m perfectly happy to explain this repeatedly, but I hate to think of anyone being stressed or upset thinking their money is missing when it is not!

The June close window is extended, with the final close falling quite late in July.  I need that final June amount in order to roll forward the balance from the old year to the new year, otherwise I’d just be guessing at the amount.  That beginning balance will post before we close July business.

You can initiate transactions in July before the fund balance roll is posted.  You will not be blocked from creating purchase orders, paying vendors, charging payroll, or completing expense reports.

Certain LD corrections made during FY 2024 for any prior year caused a GL summary to post entirely to salary & wages with nothing to fringe.  The Controller’s Office is posting a correcting entry to credit salary & wages and debit fringe benefits for these adjustments, so that the general ledger will accurately reflect the underlying payroll entry.

The issue was caused by the mismatch between the payroll period and the active fringe rate.  Going forward, all LD corrections submitted on a chart string should be for the current fiscal year.  We will continue processing LD corrections for FY 2024 as long as possible.  After FY 2024, LD corrections for prior fiscal years cannot include any chart string, only projects.

Last office hour of FY 2024, we will discuss fund balance roll and you can bring your year-end questions.  Today June 26 1-2 pm

Join Zoom Meeting
https://riceuniversity.zoom.us/j/93134533306?pwd=ckNHRXpsR3ZHUThoWU5wWXZLcWlpdz09

Meeting ID: 931 3453 3306
Passcode: 282821

James sent the updated labor distribution form for FY 2025.  The template is available in Box https://rice.box.com/s/od19rxsyt4hhlesjzj9nuf031bb8mium or you can download it right here Labor Distribution Template Update rv. 6.24.2024

For your downloading convenience, here is an updated chart of accounts for all general ledger values: All_Oracle_Values_COA_June_20_2024

This file is also available in the “FBDI templates and drop off” folder in Box, under templates > reference material which is here https://rice.box.com/s/l950e36fnzj0orc9gswbhwxfpmd6s9ba

This file is also available in the “Controllers office resources and reference material” folder in Box, which is here https://rice.box.com/s/1d4lmmok8zglwoh17x6ngdmncpobq0ve   This folder is the home of prior year processed documents.  I’ve tried to keep the membership list synchronized with the FBDI folder, but if you have a burning desire to read an FY2022 document for some reason and need an invitation please let me know at crystald@rice.edu.

This is the checklist starting point shown in today’s meeting:  Checklist

Starting with the year-end memo, delete items that do not apply to you and add items that have been problems or areas of discussion in prior years.

A chance to ask your year-end questions, if any.  We will also discuss building a year-end checklist.  Recording will be available in Box afterwards.

Join Zoom Meeting https://riceuniversity.zoom.us/j/93134533306?pwd=ckNHRXpsR3ZHUThoWU5wWXZLcWlpdz09

Meeting ID: 931 3453 3306 Passcode: 282821

The fiscal period for May is now closed.  You can safely run final May reports after 10 pm tonight.