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    SWIFT Update July 11, 2024


    Appropriations Fund Balance Classification Reminder

    Appropriations for fund balance need to be properly classified based on Governmental Accounting Standards Board (GASB) Statement No. 54, Fund Balance reporting and Governmental Fund Type Definitions. Appropriations for governmental funds can be classified as restricted, committed or assigned and will depend on the revenue source the appropriation has. For more information on appropriation fund balance classifications, please read here.

    New Statewide Cost Code: Summer 2024 Flooding

    A new statewide cost code has been established for agencies to track costs related to flooding and severe weather across the state beginning June 16, 2024.   SEMA4 and SWIFT users may now use the new statewide cost code DD7 (Summer 2024 Floods) to track costs related to flooding and severe weather across the state.

    For more information, refer to the Statewide Cost Code for 2024 Floods memo.  

    Respond to Problem Reports

    Encumbrance Certification

    • Agencies must cancel all encumbrances for the fiscal year unless the agency head certifies that goods were purchased or services were rendered by June 30, 2024 (MS 16A.28).
    • Agencies must certify encumbrances by completing and returning the certification report to Minnesota Management and Budget (MMB).

    Appropriation Problem Reports

    • MMB will continue to send these out every Monday.
    • These reports identify appropriations that are over-obligated, over-extended, or have open requisitions (pre-encumbrances) or anticipated transfers.
    • Agencies must resolve these conditions by August 9, 2024, in preparation for hard close on August 16, 2024.

    Reminder: If payroll costs need to be moved to resolve any of these issues, the deadline for payroll mass expense transfers is noon on July 26, 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

    To correctly account for indirect cost payments related to Fiscal Year 2024 that are made after June 30, it's essential to manually set the Accounting Date to June 30, 2024. Doing so prevents SWIFT from defaulting to the current date. Agencies should make all efforts to process these payments as promptly as possible. Review the open receivable activity reports located in the EPM Data Warehouse under the Accounts Receivable Dashboard to identify any outstanding invoices. Please note that these invoices do not include the federal portion as these are paid through a separate process.

    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.

    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. Please see Budget and Accounting Instructions Document 2 for details on how to enter Federal Indirect Cost Vouchers. You can find it on the SWIFT Budget and Accounting Instructions page.

    The reverse bilateral netting process will run on the following dates:

    • July 16, 2024
    • July 30, 2024
    • August 13, 2024

    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:

    • 7/15/2024. 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.

    MODULE

    WEBINARS/eLEARNING
    Sessions run 9 a.m. - 10:30 a.m., unless otherwise noted.

    DATES

    INTRO

    Introduction to SWIFT Navigation webinar

    7/23/24

    INTRO

    Introduction to SWIFT eLearning

    Anytime

    INTRO

    Overview of SWIFT Reporting webinar

    8/8/24

    AP

    SWIFT Create Vouchers Overview in Accounts Payable webinar

    8/20/24

    BI

    SWIFT Billing Part 1 webinar

    8/28/24

    BI

    SWIFT Billing Part 2 webinar

    8/29/24

    EPM

    Build a My Dashboard for SWIFT Reports in EPM lab
    Time, 1:00 p.m. - 2:30 p.m.

    9/5/24

    EPM

    Create a SWIFT All Expenditures Report in EPM lab

    7/17/24; 10/3/24

    EPM

    Introduction to the EPM Data Warehouse for SWIFT webinar

    8/22/24

    EPM

    SWIFT EPM Formatting Your Report lab
    PM session Time, 2:00 p.m. - 3:30 p.m.

    7/18/24 pm

    EPM

    SWIFT EPM Manager's Financial Report

    7/25/24

    EPM

    Use SWIFT Standard Reports in EPM lab

    9/5/24

    EPM

    Understand the SWIFT Data in the EPM Data Warehouse webinar

    9/12/24

    PO

    SWIFT Create Purchase Orders Overview webinar

    8/15/24



    SS

    SWIFT Strategic Sourcing Part 1: Create, Post, and Approve Events webinar

    11/14/24

    SS

    SWIFT Strategic Sourcing Part 2: Analyze and Award Events webinar
     Time, 1:00 p.m. - 2:30 p.m.

    11/14/24

    SS

    SWIFT Strategic Sourcing eLearning

    Anytime

    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.

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