SWIFT Update July 25, 2024

Payments

BFY 2024 payments made after June 30, 2024 must be for goods ordered and services performed by June 30, 2024. Generally, these payments must reference a purchase order.

While it is important for agencies to accurately code the date of receipt field throughout the fiscal year, it becomes critical at year-end. The date of Goods/Services Received field is used to determine liabilities for the State’s Annual Comprehensive Financial Report (ACFR). To ensure this information is accurate, agencies must:

• Enter the date they received goods or services accurately in SWIFT, rather than allowing the date to default to the current date. If the service dates on an invoice cross fiscal years, multiple PO receipts are required.
• Complete MMB ACFR confirmation requests received in mid-August to identify any goods and/or services received by June 30, but not coded to FY 2024. Based on materiality thresholds, MMB will send agencies transactions and ask them to identify what portion, if any, is for goods and/or services received by June 30.
• Expenditure Corrections and expenditure refunds should be entered by June 30. The last day to enter these corrections is August 16, 2024. This includes any corrections between fiscal years, which require an AP journal voucher. Whenever possible use the same accounting fiscal year as the original transaction.

Late Payments on Purchasing Card Statements 

US Bank charges late fees on past due purchasing card (PCard) accounts. Agencies are invoiced in the amount of up to one percent (1%) per month on the amount overdue, or a minimum of $2. Late fees are included on your monthly statement from US Bank and available to view in SWIFT. However, the Late Payment transaction cannot be reconciled the same way other transactions are reconciled.

To pay a late fee associated with a PCard statement, agencies must manually add this fee to their monthly PCard voucher by adding a line and entering the information. Make sure to enter Late Payment Charge in the Description field. In the Account field use Expense code 430008 (Interest Pd To Vend Late Pymt). After the line has been added, provide the voucher number to Angie Brandt, and she will remove the transaction from the PCard pages.

As a reminder, pay PCard statements on time to avoid potential late fees, take advantage of available rebates, and avoid potential violations of Minn. Stat. § 16A. Purchasing Policy 1b requires that Purchasing Card Coordinators use Access Online to review statements and monitor account activity.

• If you have questions regarding processing payments for PCards, please contact Angie Brandt (angie.brandt@state.mn.us).
• For questions regarding the state contract or Purchasing Card Use Policy 1b, please contact Robbyn Overall (robbyn.overall@state.mn.us).

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Voucher Clean-Up Reminder

In preparation for the upcoming hard close, agencies should ensure all transactions are fully processed in SWIFT. To help identify unprocessed transactions in Accounts Payable, agencies can run the queries below:

For Accounts Payable, agencies can run the M_AP_GBL_EXCEPTION query to see a complete list of vouchers with exceptions. Throughout the year, we recommend running this query for the entire current fiscal year and include past fiscal years. For previous fiscal years, it can be harder to clean up these vouchers due to closed accounting periods. If that is the case, please contact the SWIFT Help Desk for assistance.

To assist with voucher maintenance, there are several queries agencies can run:

• M_AP_GBL_DENIED_VOUCHERS: Vouchers that have been denied
• M_AP_UNAPPROVED_VOUCHERS: Vouchers that have been denied or pending approval
• M_AP_GBL_RECYCLED_VCHRS: Vouchers in recycle status
• M_AP_GBL_VOUCHER_BUILD_ERROR: Interface vouchers that failed voucher build
• M_AP_UNPAID_VOUCHERS: Vouchers that are unpaid
• M_AP_GBL_UNPOSTED_JOURNAL_VCHR: Unposted journal vouchers
• M_AP_GBL_BUD_EXCEPTION: Vouchers with budget exceptions
• M_AP_GBL_MATCH_EXCEPTIONS: Vouchers with match exceptions
• M_AP_GBL_NEGATIVE_VOUCHERS: Negative vouchers

Hard close is scheduled for August 16, 2024. This is the deadline for processing most BFY 2024 transactions. Review denied vouchers or unposted journal vouchers which can still have valid budget status. Denied vouchers should be corrected, closed, or deleted. Journal vouchers that have been unposted must be reposted.

Please see the Accounts Payable Quick Reference Guides for helpful information on deleting and closing vouchers in SWIFT.

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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 30, 2024
• August 13, 2024

Reminder: Payroll Budget Fiscal Year (BFY) 2024 Deadlines

BFY 2024 Closing Deadlines:

• 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; 9/4/24
INTRO	Introduction to SWIFT eLearning	Anytime
INTRO	Overview of SWIFT Reporting webinar 9/10/24 session time is 8:30 a.m. - 10:00 a.m.	8/8/24; 9/10; 10/10
AR	SWIFT Accounts Receivable Part A: Direct Journal Deposits webinar	9/17/24
AR	SWIFT Accounts Receivable Part B: Apply Payments to Invoices webinar	9/18/24
AR	SWIFT Accounts Receivable Part C: Maintenance Worksheets	9/19/24
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 9/10/24 session time is 1:00 p.m. - 2:30 p.m	9/5/24
EPM	Create a SWIFT All Expenditures Report in EPM lab	10/3/24
EPM	Create a SWIFT All Receipts Report in EPM lab	10/16/24
EPM	Introduction to the EPM Data Warehouse for SWIFT webinar	8/22/24
EPM	SWIFT EPM Create and Save a New Analysis lab	8/22/24
EPM	SWIFT EPM Formatting Your Report lab	9/24/24
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
KK	SWIFT Budget Journal Administration webinar Time, 9:00 a.m. - 11:15 a.m.	10/23/24
PO	SWIFT Create Purchase Orders Overview webinar	8/15/24
SC	SWIFT Create a Supplier Contract Shell webinar Time, 9:00 a.m. - 10:00 a.m.	1/7/25
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

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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.