Reminder: SWIFT FY 2015 Closing Deadlines Approaching
This is a reminder that many FY 2015 Closing deadlines are fast approaching. These are important tasks which agencies need to accomplish to ensure a successful hard close on August 14th.
A list of deadlines for this Friday, August 7th, and Monday, August 10th, is provided below. Here's a link to the full schedule which can be found on MMB's web page: Swift 2015 Agency Annual Schedule
Year End Hard Close - FMS Availability
The SWIFT Financial Management System (FMS) will be unavailable on Friday August 14, 2015, beginning at 6 pm for hard close and to make a year-end copy of production for point in time reporting. The system will become available on Monday August 17, 2015 at 6 am.
What happens at hard close?
At a high level, two important things happen at hard close:
First, the fiscal year (accounting year) is closed and agencies can no longer enter an accounting date prior to 7/1/2015, meaning nothing further can be processed against that year. This facilitates reporting by allowing MMB to develop the CAFR report 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 2015 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.
FMS Year End Reporting for 2015
FY 2015 Hard Close information will be available from the FMS Year End Reporting page the week of August 24th.
New Accounts Payable Finalizing PO Lines Quick Reference Guide
Finalizing Purchase Order Lines
is a process that agencies can use to show that the current distribution line on the voucher represents a final liquidation of the associated PO transaction. Finalizing as well as undo finalize functions are discussed in this Quick Reference Guide. It also describes the differences between finalizing on the header, invoice line or distribution line and the impact the finalize function has on the purchase order. PO transactions that are not associated with distribution lines marked as "Final" will not be liquidated.
The new Quick Reference Guide can be found at: https://mn.gov/mmb/accounting/swift/training-support/reference-guides
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:
Module (Accounts Payable, Purchase Orders, etc.)
Transaction ID (Voucher ID, PO ID, etc.)
Error Message Print Screen
Additional reference information can be found on the SWIFT
SWIFT Update Listserv
The SWIFT Update is sent to SWIFT Agency Sponsors/Project Managers/Readiness Coordinators, Chief Financial Officers, SWIFT Project Team, SWIFT Steering Committee, and Agency Training Managers. It is also sent to a larger listserv composed of SWIFT end users. To be removed or added to the SWIFT Update list, please send an email to the Swift Help Desk (SWIFTHelpDesk.MMB@state.mn.us