05/17/2023
By Sharon-Anne Mapes
As we prepare for the end of the fiscal year (FY23), we need your assistance to ensure an orderly financial closing process. This memorandum provides important information and cut-off dates to be followed.
Please take a moment to review the following information and understand the impact on your budget and areas of responsibility. Any questions or concerns may be addressed to the Controller’s Office at Controller@uml.edu.
Year-End Close:
The June month-end and FY23 actuals ledger closing will be on Friday, July 14.
Reports:
Please be sure to review your operating accounts and reconcile all transactions prior to year-end close. Contact the Budget Office or Controller’s Office for discrepancies needing correction. For help reading reports, please contact the Controller’s Office.
- Reports During Year-End Close - Activity may be viewed online using SUMMIT. The reporting system is updated one day after transactions are posted in PeopleSoft.
- June Reports - SUMMIT and PeopleSoft reports will be available to download after the June month-end close on Saturday, July 15.
- July Reports - Are available in SUMMIT on Tuesday, July 18.
- Prior to the close of the FY23 and the roll forward of balances to FY24, users may not see all their Fiscal Year Fund Balance type funds (i.e., Research Investment Funds and Department Discretionary funds) in SUMMIT:
- If the fund did not have activity in FY23, the fund will not be listed on the Summary page in SUMMIT.
- If the fund had activity in July, the fund will be listed on the summary page in SUMMIT, but the beginning fund balance will be $0 until Tuesday, July 18.
- If a user changes the “Through Fiscal Period” filter back to “2023-12 (June, 2023)”, the user will see their ending balance at June 30, 2023.
Cut-off Dates for Campus Transactions:
Accounts Payable:
Invoices for goods and services received prior to June 30 that are funded from operating budgets will be posted to FY23. Any invoices for FY23 processed in July 2023, will initially be posted to FY24, then later posted back to FY23.
UPST has published the following cut-off dates for contacts for procurement, expense reimbursement and accounts payable. For additional information, job aides, training assistance and other information please contact UPST directly at: upst@umassp.edu.
| Transaction Type | Description | Due Date |
| Cash Deposits | All cash is to be picked up by Brinks or delivered to Cash Management Services by end of business day on Thursday, June 22. | June 22 |
| Cash Transmittal | The cash transmittal is to be submitted to the Cash Management Services by Friday, June 23. | June 23 |
| Account Deficits | Budget deficits and any anticipated transactions through fiscal year-end should be fully funded by Friday, June 16. Budget transfers will be done thru June 30th. Please contact Budget_Office@uml.edu with any questions. | June 16 |
| New Chartfield Requests | New chartfield requests must be submitted by Monday, June 19. Chartfield changes received after this date, will be held and processed after Monday, July 10 (this includes sponsored and non-sponsored requests). | June 19 |
| Equipment Retirements | For equipment no longer in service as of June 30, 2023, please complete an equipment decommission form by Friday, July 21: Asset Decommission/Surplus Form Please contact Inventory@uml.edu with any questions. | July 21 |
| Rollback of Invoices | FY23 General Operating balances will be closed after final invoices have been processed. This activity will be reflected in Summit after July month-end close Friday, August 5th. Activity will be available in SUMMIT on Monday, August 14.
|
Aug. 14 |
Accounts Payable:
Invoices for goods and services received prior to June 30 that are funded from operating budgets will be posted to FY23. Any invoices for FY23 processed in July 2023, will initially be posted to FY24, then later posted back to FY23.
UPST has published the following cut-off dates for contacts for procurement, expense reimbursement and accounts payable. For additional information, job aides, training assistance and other information please contact UPST directly at: upst@umassp.edu.
| Transaction Type | Description | Due Date |
| Supplier Requests | Supplier requests should be submitted in BuyWays by Monday, May 8. | May 8 |
| Sourcing/Bids | A sourcing event takes an average of 6 to 8 weeks to complete. Submit all requests to UPST by Friday, May 12. | May 12 |
| Contracts Processing | Submit all requests by Friday, May 12. | May 12 |
| Supplier Registration | Supplier registrations need to be completed by the supplier on Monday, May 22. Automatic reminders will be sent out to suppliers to take action. | May 22 |
| Bank Card Reallocation | All Bank Card reallocation and expense activities for FY23 should be completed in PeopleSoft by Noon on Wednesday, July 12. | July 12 (Noon) |
| Accounts Payable | All supplier invoices must be received by UPST on or before Saturday, June 17. This also includes all transactions that are entered directly in Peoplesoft. | June 17 |
| T&E Expense Reports Approval | The last day to approve expense reports in PeopleSoft is Wednesday, June 28. | June 28 |
Administrative Oversight
Financial information is relied upon by various constituencies which impact UMass Lowell’s reputation, our comparison to peers and our fund raising. Each administrator is responsible for the data reported in their operating budget(s) and therefore needs to be aware of applicable University policies governing financial stewardship.
Administrators are expected to monitor expenses all year for appropriate classification and accuracy, comparing actual expenses to budget and resolving any significant variances. Routine review and reconciliation of transaction records to the PeopleSoft financial system is necessary to verify the accuracy of records, the appropriateness of transactions and their compliance with policy. This is best accomplished using the SUMMIT reporting dashboards.
Administrators are also entrusted to ensure cash, inventories, equipment and other property are secured physically, counted periodically (at least annually) and compared with control records. In addition, safeguards should be in place to prevent the loss or unauthorized use of university assets, including data.
For questions concerning Purchasing, Bank Card, Accounts Payable and Travel and Expense Reimbursements (T&E) please refer to the UPST table or email: upst@umassp.edu.
If you have campus questions or concerns, please contact the appropriate office:
Budget Office: Budget_Office@uml.edu
Controller’s Office: Controller@uml.edu
Administrators are expected to monitor expenses all year for appropriate classification and accuracy, comparing actual expenses to budget and resolving any significant variances. Routine review and reconciliation of transaction records to the PeopleSoft financial system is necessary to verify the accuracy of records, the appropriateness of transactions and their compliance with policy. This is best accomplished using the SUMMIT reporting dashboards.
Administrators are also entrusted to ensure cash, inventories, equipment and other property are secured physically, counted periodically (at least annually) and compared with control records. In addition, safeguards should be in place to prevent the loss or unauthorized use of university assets, including data.
For questions concerning Purchasing, Bank Card, Accounts Payable and Travel and Expense Reimbursements (T&E) please refer to the UPST table or email: upst@umassp.edu.
If you have campus questions or concerns, please contact the appropriate office:
Budget Office: Budget_Office@uml.edu
Controller’s Office: Controller@uml.edu