SWIFT Update August 3, 2017
Year End Hard Close – FMS Availability
The SWIFT Financial Management System (FMS) will be unavailable on Friday, August 11, 2017, beginning at 6 pm for hard close. The system will become available on Monday, August 14, 2017 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, 2017, meaning nothing further can be processed against that year. This facilitates reporting by allowing MMB to develop the Comprehensive Annual Financial Report (CAFR) 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 2017 appropriations, depending on the appropriation type, are either closed or balanced 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.
Update on SWIFT Classroom Training
SWIFT training team does not offer classroom training in the summer. We rebuild our training databases each summer to mirror the most current fiscal year's financial accounting fields. Please look for SWIFT classroom training in early September.
There are some limited SWIFT training options offered online only. All SWIFT classes are free of charge and open to everyone. Find and enroll in online training options by opening Employee Self-Service and selecting the Enterprise Learning Management (ELM) folder. On the Search for Learning section, enter the keyword “SWIFT” and click Search.
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 SWIFTHelpDesk.MMB@state.mn.us
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.
To find SWIFT training, open Employee Self-Service and select the Learning folder. Then, search the Catalog using the keyword “SWIFT” to find and enroll in classes currently scheduled. Classes are free of charge and open to everyone.
SWIFT Update Mailing List
The SWIFT Update is sent to the SWIFT Newsletter subscription list. Use the links at the bottom of the page to subscribe or unsubscribe to the SWIFT Newsletter subscription list.