Year End Hard Close - FMS Availability

The SWIFT Financial Management System (FMS) and Supplier Portal will be unavailable on Friday, August 15, 2025, beginning at 6 p.m. for hard close. The system will become available on Monday, August 18, 2025 at 6 a.m.

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, 2025, meaning nothing further can be processed against that year.

• This facilitates reporting by allowing Minnesota Management and Budget 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 2025 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.

Reminder to Buyers: Please be aware the system downtime includes the Supplier Portal. Avoid scheduling solicitation events to close early next week as responders may need extra time to submit bid responses.

Purchase Order Close - Friday, August 15, 2025 

As part of the year-end cleanup on SWIFT, the Purchase Order Reconciliation (PO Close) job is scheduled to run Friday, August 15, 2025. The PO Reconciliation job closes purchase orders that have been fully matched by setting the Status to "Complete."

For additional information on this job, see the SWIFT Procurement Year End Processing Tips.

Remember, you can prevent the PO Reconciliation job from closing a purchase order by selecting the "Hold From Further Processing" checkbox on the purchase order header page.

How to Adjust Pay Terms on a Purchase Order

Agency buyers are responsible for making sure the Pay Terms on purchase orders are accurate. In SWIFT, the Pay Terms field typically defaults to “30.” There are times when a buyer needs to adjust the Pay Terms on a purchase order, such documenting an agreed upon negotiation with the supplier.

Here are the steps to adjust the Pay Terms on a purchase order.

1. When entering details on the purchase order, go to the header and select the Supplier Details link.

2. On the PO Supplier Information page, open the Terms field and select the correct pay term from the list. Then, press OK at the bottom of the page.

3. Save and continue to process the purchase order. 

End of Fiscal Year Accounts Receivable (AR) Reminders

It is important to regularly look for and resolve Accounts Receivable transactions that are incomplete, have not posted, or contain errors. As we approach fiscal year-end, we must be diligent to research and resolve as many issues as possible to ensure accurate end-of-year Accounts Receivable reporting. There are a variety of features in the Accounts Receivable module to help you look for transactions that need attention.

Check for Incomplete Deposits.Refer to the Incomplete Deposits Quick Reference Guide to help you find deposits that are not finished. This inquiry allows you to view posted and unposted deposits that require additional processing. You can monitor the payment amount for the deposit that is still in process, summarize out of balance deposits (only), and/or view a list of incomplete deposits by user.

Check for Incomplete Payments. Refer to the Incomplete Payments Quick Reference Guide to help you find payment worksheets that are not finished and monitor payments that require additional processing. You can view a list of incomplete payments for a Business Unit or a specific user.

Check for AR Pending Items not set to post. Refer to the Groups Not Set to Post Quick Reference Guide to help find pending items that have not posted to the customer accounts by the AR Update process. This inquiry looks for bill groups and maintenance worksheets that have not posted or have encountered errors. Both billing and maintenance groups must be posted since accounting entries have been entered in the Billing module.

Check for “My Work” in the Accounts Receivable WorkCenter. Refer to the Accounts Receivable WorkCenter Quick Reference Guide to help you find transaction exceptions that need resolution in the My Work section of the WorkCenter. Various exceptions including posting errors, deposit balancing errors, and budget check errors.

Contact the SWIFT Help Desk for additional support.

Reminder: Clean-Up Vouchers for Hard Close

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 (AP), agencies can use the Query Viewer to run the AP queries.

Find vouchers with exceptions.

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 that 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

To learn about the Query Viewer, refer to the Overview of SWIFT Reporting User Guide (pages 8-11).

Hard close is scheduled for August 15, 2025. This is the deadline for processing most BFY 2025 transactions.

Things to Remember:

• Review denied vouchers or unposted journal vouchers which can still have a valid budget status.
• Denied vouchers should be corrected, closed, or deleted.
• Journal vouchers that have been unposted must be reposted.
• You cannot delete a voucher that has been posted. Instead, mark the posted voucher for closure. This reverses the accounting entries and closes the voucher during the nightly batch.

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

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, 2025 (MS 16A.28).
• Agencies must certify encumbrances by completing and returning the certification report no later than August 15, 2025, to Minnesota Management and Budget (MMB).

Appropriation Problem Reports

• MMB will continue to send problem reports 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 8, 2025, in preparation for hard close on August 15, 2025.

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. Document 2 covers "Preparing Budget Fiscal Year 2026-27 Appropriations and Closing Fiscal Year 2025." You can find it on the SWIFT Budget and Accounting Instructions page.

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

• August 1, 2025
• August 13, 2025

How to Process Transactions During the Close Period

The close period is July 1 through August 15, 2025.

• When entering transactions in the close period, do not let the Accounting Date default to the current date.
• Refer to the Annual Budget and Accounting Instructions - Document 3 for more information. Document 3 covers "Preparing Budget Fiscal Year 2026-27 Appropriations and Closing Fiscal Year 2025."

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 2025 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, 2025 and a Received Date of when you deposited the receipt at the bank.
• In the rare exception that a miscellaneous cash receipt (SWIFT directly journalled deposit) is received July 1, 2025 or later and relate to FY 2025, agencies should use an Accounting Date of June 30, 2025 and a Received Date of the date the receipt was deposited at the bank.
• Make sure that all miscellaneous cash receipt transactions (SWIFT directly journalled deposits) coded to Budget Fiscal Year (BFY) 2025 have a matching accounting Fiscal Year (FY) of 2025. Use an Accounting Date of June 30, 2025 or a prior date.
• Process directly journalled deposit corrections for FY 2025 with an Accounting Date of June 30. These must be processed no later than August 15, 2025. Refer to the Annual Budget and Accounting Instructions - Document 3 for additional information 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 2025.

D. Indirect Cost Payments

If you make indirect cost payments after June 30 that relate to FY 2025, enter the Accounting Date of June 30, 2025. Change this field manually; do not let this date default as SWIFT will default it to the current date.

E. Capital Assets

The SWIFT Asset Management (AM) module will close for FY 2025 activity at the hard close this year on August 15, 2025. Agencies should complete all FY 2025 AM transactions on or before that date. FY 2025 transactions entered between July 1 and August 15 must have an Accounting Date of June 30 or prior if they are to be recorded as FY 2025 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 21, 2025. Send capital asset certification questions to MMB General Accounting. 

SWIFT Module Training 

The SWIFT Training team offers training through a variety of methods at no additional cost to the agency, including: 

• SWIFT Quick Reference Guides.
• SWIFT and EPM training videos.
• The EPM Data Warehouse Quick Reference Guides for SWIFT data.
• Individual and group sessions requested through the SWIFT Help Desk.
• Webinars, labs, and eLearning available in Learning Management. Enter "SWIFT" in the Find Learning text entry box. 

EPM Data Warehouse for SWIFT Training

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.