As we approach the end of the fiscal year (FY), it is important to ensure that outstanding 2019 accounting transactions are complete. To the extent possible, these transactions should be fully processed by June 30.
Agency staff should:
1. Identify and process all known receipt and expenditure corrections related to FY 2019.
2. Deposit at the bank and record in SWIFT all miscellaneous cash receipts received on or before June 30.
3. Review transactions to make sure they are fully processed in SWIFT.
Here are some resources to help with this review:
4. Review and close negative encumbrances.
You can identify them by running the M_PO_GBL_NEG_ENCUMB_KK query in the Query Viewer.
5. Statewide Indirect Cost invoices are due June 30.
Agencies should make all effort to pay them timely. The invoices do not include the federal portion as this is paid separately.
6. Federal Indirect Cost Payments.
Agencies need to process their federal receipt vouchers for the indirect costs timely as well to be included in the reverse bilateral netting process.
The reverse bilateral netting process will be run on the following dates:
7. 2019 Transfers.
Agencies are to complete any known FY 2019 transfers by June 30, so that the fiscal year and the budget year are the same. This helps to minimize manual adjustments in the CAFR reporting.
8. BFY 2019 Year-End Spending.
All goods and services must be encumbered according to MMB Statewide Operating Policy 0901-02, Fiscal Year-End Closing Transactions – Pre-Encumbrances/Requisitions, Encumbrances/Purchase Orders, Expenditures/ Payment Vouchers. Payments for services rendered or goods ordered after June 30 must be made from BFY 2020.
For questions about processing these transactions, contact the SWIFT Help Desk.
The Annual Budget and Accounting Instructions – Document 2 has been posted to the SWIFT Budget & Accounting Instructions webpage under the Establishing Budget Fiscal Year 2020-21 Budgets and Closing Fiscal Year 2019 heading.
The full nightly batch will run as usual on Friday June 28 and the system will continue to be available for on-line transactions until 6:00 pm on Sunday, June 30. At that time, the system will become unavailable and a limited batch will be run to budget check and post transactions to the general ledger. This batch will exclude all interface and payment processing. Note that even though the system will be available, there will not be SWIFT Help Desk support or Appropriation Maintenance Application loads from the end of the day Friday until the system is back up on July 1.
It is anticipated that the system will be back on-line at 7:00 am on Monday, July 1.
