SWIFT Update July 3, 2024

Annual Budget and Accounting Instructions - Doc 3 posted now

The Annual Budget and Accounting Instructions - Document 3 is now posted on the SWIFT Budget and Accounting Instructions page. The current year document is posted under Establishing Budget Fiscal Years 2025 Budgets and Closing Fiscal Year 2024.

How to Process Transactions During the Close Period   

The close period is July 1 through August 16, 2024. When entering transactions in the close period, do not let the Accounting Date default to the current date. Also, see instructions in the Annual Budget and Accounting Instructions - Document 3.

A. Transfers

Agency staff should always use the current date in the Journal Date field when entering budget transfers in SWIFT. The current date populates into the Journal Date field by default. BFY 2024 transfers processed after June 30 must reference the current date/date processed in the Journal Date field, and should not be backdated.

B. Receipts

• For SWIFT receipts that were deposited at the bank by June 30 but the deposit entry in SWIFT was not recorded by June 30, use an Accounting Date of June 30, 2024 and a Received Date of when you deposited the receipt at the bank.

• For miscellaneous cash receipts (SWIFT directly journaled deposits) that are received July 1, 2024 or later and relate to FY 2024, agencies should use an Accounting Date of June 30, 2024 and a Received Date of the date the receipt was deposited at the bank.

• Make sure that all miscellaneous cash receipt transactions (SWIFT Directly Journaled deposits) coded to Budget Fiscal Year (BFY) 2024 have a matching accounting Fiscal Year (FY) of 2024. Use an Accounting Date of June 30, 2024 or a prior date.

• Process correcting direct journal entries for FY 2024 with an Accounting Date of June 30. These must be processed no later than August 16, 2024. See the Annual Budget and Accounting Instructions - Document 3 for further details and exceptions.

C. Payments

For payments, the Accounting Date is based on the Received Date of the goods or services. This Received Date may cause the Budget Date to be different. The goods or services must be received by June 30 to be in accounting FY 2024.

D. Indirect Cost Payments

If you make indirect cost payments after June 30 that relate to FY 2024, enter the Accounting Date of June 30, 2024. Change this field manually; do not let this date default as SWIFT will default it to the current date.

E. Capital Assets

The SWIFT Asset Management module (AM) will close for FY 2024 activity at the hard close this year on August 16. Agencies should complete all FY 2024 AM transactions on or before that date. FY 2024 transactions entered between July 1 and August 16 must have an Accounting Date of June 30 or prior if they are to be recorded as FY 2024 transactions.

ACFR Asset Certification reports will be available in the EPM Data Warehouse to aid in completing the Asset Certifications. The Capital Asset Certification worksheets and instructions will be emailed for agencies to complete on August 1 and due back August 19, 2024. Send capital asset certification questions to Rachel.Vasend@state.mn.us.

Resolved: Punchout Orders for MSC

The issue with MSC has been resolved. Please return to using the Catalog Punchout process when ordering from MSC. If you experience issues, please contact the SWIFT Help Desk.

Thank you for your cooperation,

MMB Statewide Systems Teams

Requirement to Resolve OLT Rows in Grants Module by Hard Close

Agencies must clear up Over-the-Limit (OLT) rows in the Grants module prior to hard close. Over-the-Limit rows represent transactions processed against a grant agreement which have exceeded the established Contract Billing Limit. OLT rows will cause complications with SEFA reporting, and may require your agency to make manual adjustments to the report if not resolved by hard close.

Run the M_GM_GBL_GRNT_OVER_LIMIT_TRANS query in SWIFT to obtain a list of Over-the-Limit transactions for your agency.

To resolve OLT rows:

• Agencies can process a Contract Amendment to increase the Contract Billing Limit. Steps for this are provided in the Add or Reduce Grant Funding Quick Reference Guide. After completing the Contract Amendment, the OLT rows should disappear following overnight batch processing.
• If total grant expenditures exceed the reimbursable amount of the grant, agencies should process expenditure corrections to move expenditures.

If you have questions or issues regarding resolving OLT rows, please contact the SWIFT Help Desk.

Requirement to Resolve Possible Missing Expenditures in Grants Module

An agency may add a project and or activity that relates to an existing contract, but failed to associate the project/activity to the contract. When this happens, the expenditures are excluded from SEFA reporting. Agencies should run the M_GM_GBL_UNBILLED_REIMB_ROWS query in SWIFT to obtain a list of 2024 reimbursable transactions without contract numbers.

Steps to add a project and or activity to a contract is in the Add Projects and Activities Quick Reference Guide. After completing, please email MMB at AgencyAssistance.MMB@state.mn.us to run the Pricing job to create the billable rows. Once the billable rows are created, the expenditures will properly reflect on SEFA reporting.

If you have questions or issues regarding resolving possible missing expenditures, please contact the SWIFT Help Desk.

Reminder: Payroll Budget Fiscal Year (BFY) 2024 Deadlines

BFY 2024 Closing Deadlines:

• 7/5/2024.  BFY2025 All other Position Funding updates must be completed by noon.
• 7/15/2024. BFY 2024 Relocation Expense reports must be received by noon.
• 7/18/2024. BFY 2024 Business Expense, Travel Advance Settlements, and Business Expense Transfers must be completed by the end of the day.
• 7/19/2024. BFY 2024 Prior Pay Period Adjustments and Retroactive Pay Adjustments must be completed by noon.
• 7/26/2024. BFY 2024 Mass Expense Transfers must be completed by noon.

SWIFT and EPM Data Warehouse Training

The SWIFT Training team offers training through a variety of methods. There are SWIFT training guides and training videos, EPM training guides, webinars, labs, eLearning, and individual sessions (by request through the SWIFT Help Desk).

Find current SWIFT training in Learning Management. Enter "SWIFT" in the Find Learning text entry box.

SWIFT Help Desk

Contact the SWIFT Help Desk for any SWIFT-related questions or issues.

Email: SWIFTHelpDesk.MMB@state.mn.us

Phone: 651-201-8100, option 2

Hours: 7:30 a.m. to 4:00 p.m., Monday through Friday (closed holidays)

When contacting the SWIFT Help Desk, make sure to include details about your question or issue, including:

• Your Business Unit
• Description of the issue/question
• SWIFT Module (Accounts Payable, Purchase Orders, etc.)
• Transaction ID (Voucher ID, PO ID, etc.)
• Error message print screen

Additional assistance can be found on the SWIFT Training Guides and Resources page.