Fiscal Year End Close Process

Due to the timing of the payroll cycles this fiscal year end, there will be two separate payroll accrual entries recorded to capture all payroll expenses for FYE June 30th, 2020. While we will continue to observe the July 15th, 2020 customary deadline to complete the recording of all departmental expenses journals, including the PCard expense journals, first Accounts Payable expenses accrual and the main payroll accrual (for pay period through June 26th, 2020 that was paid on July 3rd, 2020), we will delay the running and posting of the Auxiliaries Enterprise Development shared services allocation journals until Monday July 20th, 2020. This will allow for sufficient time to record the second payroll accrual that includes the June 29th and June 30th, 2020 payroll expenses but does not pay out until July 17th, 2020. This delay in completing the AED allocation journals process is necessary primarily to ensure all payroll expenses for the fiscal year are recorded prior to running the allocation process. Notwithstanding, this slight change in the timing for the allocation journals process to be completed, will not impact the general ledger close deadline for FYE June 30th, 2020, which will remain on August 3rd, 2020.

Creating Travel Authorizations

When creating Travel Authorizations in the Financial System, list all anticipated expenses by the expense type. This includes the expenses that are out-of-pocket and paid with the University Credit Card. Do Not list prepaid expenses in the “Benefit to FIU or Project” area of Travel Authorizations or Expense Reports. The funding for prepaid expenses doesn’t encumber.

Note: A Travel Authorization is a traveler’s permission to travel on behalf of Florida International University. Travel Authorizations are not required for online conferences, seminars, webinars, etc. as there is no travel involved. An expense report is not required for online conferences, seminars, webinars, etc. unless the participant paid out of pocket and is seeking reimbursement.

Professional or other organization membership dues

Public funds may be used for the purpose of paying professional institutional/organizational membership dues, provided that the membership is essential to the duties and responsibilities of the institution or organization. Individual memberships are not reimbursable unless there is written certification by the organization stating that it does not accept institutional memberships. Individual memberships also must be essential to the statutory duties and responsibilities of the individual. Do not include departmental / organizational memberships that are paid on an expense report.