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SWIFT Update August 1, 2019

Year End Hard Close – FMS Availability

The SWIFT Financial Management System (FMS) will be unavailable on Friday, August 9, 2019, beginning at 6 pm for hard close. The system will become available on Monday, August 12, 2019 at 6 am.
What happens at hard close?

First, the fiscal year (accounting year) is closed and agencies can no longer enter an accounting date prior to July 1, 2019, meaning nothing further can be processed against that year.
•    This facilitates reporting by allowing MMB to develop the Annual Comprehensive Financial Report (ACFR) against data that can no longer be changed.
•    It also performs the important function of closing income statement activity into fund balance to create an accurate starting point for the new fiscal year.
•    Remember, the fiscal year is different from the budget fiscal year (BFY). Budget fiscal year (budget period or budget date) is used to control spending authority as required by law and is not closed as part of this process.

Second, any unencumbered balances in BFY 2019 appropriations, depending on the appropriation type, are either closed or rolled forward. Exceptions include continuing or education aids appropriation types where the closing process does not affect unencumbered balances.
After the close, agencies can make payments against encumbrances and can cancel encumbrances if no longer needed. Agencies can still deposit receipts to the closed budget fiscal year.

FY 2019 Indirect Cost Payments

Agencies need to process their FY 2019 federal receipt vouchers for the indirect costs in a timely manner to be included in the reverse bilateral netting process.
The reverse bilateral netting process will be run on August 6, 2019.

Agencies need to confirm that all FEDIDC vouchers are posted timely in order to be picked up in the netting process. Also, ensure that the naming protocol is appropriate for processing:
1.    The invoice number must begin with the characters IDC and these characters must be upper case.
2.    The invoice number must be unique from any vouchers previously posted (e.g., IDC1; IDC2; IDC3; etc.).
3.    All alpha characters used in the invoice number must be upper case.
4.    The entire invoice number must be less than 22 characters in length, including spaces.

SWIFT Help Desk

  • Contact the SWIFT Help Desk for any questions, concerns or issues you have with SWIFT:
    651-201-8100, option 2 or by email
  • Hours: 7:30 a.m. to 4:00 p.m., Monday through Friday; closed holidays.
  • When emailing the SWIFT Help Desk, be sure to include all details regarding the issue. Information to include with your message:
  • Issue Description
  • Business Unit
  • 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 Reference Guide page.

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