University of Minnesota
Controller's Office
http://controller.umn.edu/
612-624-1617 or controller@umn.edu

Accounting, Financial Oversight, and General Ledger

These business processes involve the General Ledger module in EFS, accounting standards and controls, asset accounting, liability and fund balance accounting, audits, financial statements, federal award accounting, the unclaimed property process, and certain tax procedures (see also the Tax Office website).

Combination edits in EFS

There are edits in place in the financial system to help ensure some level of quality for ChartField strings--to ensure intended combinations of codes are used as intended. Read more about the current combination edits.

Carryforward calculation process

A description of the carryforward balance calculation process in PeopleSoft Financials is now available. (06/29/2009) (pdf)

Fringe Rates

The fringe rate matrix is posted as an appendix to the policy on budget development for non-sponsored funds, available here.

Unclaimed Property, what departments need to know

Accounting Services is responsible for the Unclaimed Property process. Read more about it here... This page answers questions like 'what is unclaimed property' and what departments need to know/do.

Chart of Accounts

Read more about the Chart of Accounts (COA).

Fixed Assets

Capitalization Policy: Managing University Capital Equipment

Reconciliations

Reconciling and verifying General Ledger accounts and other financial information,see the policies:

Taxes

Read more about taxes.

JE source codes and transaction numbering information

Check the information posted here. If you need more information, contact the University Financial Helpline.

Journals/Budget Journals Q&A

How do I print Journal Entry details?

There are several places to print journal information.

  • General Ledger > General Reports > Journal Entry Detail
  • General Ledger > General Reports > Journal Entry Detail with Attributes
  • General Ledger > Journals > Journal Entry > Create/Update Journals > [Lines Tab] > Process: Print Journal then click the 'Process Button'
  • You can also download to Excel and print in the journal entry screen or in General Ledger > Review Financial Information > Journals
Can a Journal Entry still be approved after the account period end date?
No. Copy the journal and it will give it a current date and a new JE number. Delete the old journal.
Someone deleted my really old journal entry that had errors.
What happened?

Journal Sweep Dates in Accounting Services

Those journal entries (JEs) created and NOT fully processed within a reasonable amount of time will be removed from the system. Each time the journal-related processes/edits run, they check each and every JE pending processing, whether they’ve been checked on previous runs or not. Why? Because someone could have made further edits to the JE and may have made other/different errors. The more transactions that are not yet ready to be posted, the longer each process takes to run.

Transactions that are not fully processed are swept in the month listed below, sometime after the period close of that month. There is no definite date for the removal since it is subject to the availability of central staff to perform the clean-up.

Journal created during Swept from system during
March June
April July
May August
June September
July October
August November
September December
October January
November February
December March
January April
February May

Other frequently asked questions

Accounting period closes in the General Ledger (7/2013)

Accounting periods in the General Ledger will be closed according to the schedule published below, on the morning of the 7th business day following the end of the month.

Many have inquired "what time of day" the deadline is to ensure transactions post to the period that will close. The time depends on which approvals are required:

  • Activity that meets the approval threshold for Accounting Services (where their approval is required) must be to Accounting Services prior to 2:00 p.m. the day before the scheduled close.
  • Activity that does not require Accounting Services approval must be processed and fully approved by 10 p.m. the night before the scheduled close.
  • The morning of the scheduled close is reserved for final adjustments from Accounting Services.
  • The actual process used in the system to close an accounting period runs at about 9 a.m. the morning of the scheduled close.
  • At fiscal year end, for any adjusting periods (913, etc.), please consult with the fiscal year end procedures for times and dates of closings.
When do accounting periods close?

In the new financial system, periods close the morning of:

  • Workday 2 Treasury
  • Workday 3 Purchase Orders, Accounts Payable, and Expenses
  • Workday 5 Asset Management, Grants, Projects, Contracts, Accounts Receivable, and Billing
  • Workday 7 General Ledger
    • Activity that meets the approval threshold for Accounting Services (where their approval is required) must be to Accounting Services prior to 2:00 p.m. the day before the scheduled close. (Updated 12/14/10 to match training materials)
    • Activity that does not require Accounting Services approval must be processed and fully approved by 10 p.m. the night before the scheduled close.
    • The morning of the scheduled close is reserved for final adjustments from Accounting Services.
    • The actual process used in the system to close an accounting period runs at about 9 a.m. the morning of the scheduled close.

As a reminder, departments are responsible for monitoring manual journals they have created to ensure that they are fully processed (posted). Once a period is closed, it will not be re-opened to allow for further processing of a manual journal; the journal will need to be re-created with a date in an open accounting period.

What is a workday/business day? Monday through Friday, excluding holidays. For purposes of the closing of accounting periods, the University usually follows the official Twin Cities campus holiday schedule. For example, the closing of December 2009 (period 6 of fiscal year 2010) will take place January 12, 2010. January 12, 2010 is the 7th workday of the month due to the New Year's holiday.

At fiscal year end the accounting period closes are at different times (period 12 and any adjustment periods). Please refer to the fiscal year end memo for specific dates/times.

Carryforward balance calculation process in PeopleSoft Financials

Accounting Services runs the carryforward calculation processes in PeopleSoft periodically. You will see entries on your ChartField strings in statistical accounts 900101 and 900102. These entries are being made in preparation for recording and displaying the final ending balances (carried forward into the new fiscal year) on the carryforward page and departmental reports. (Note: this process is run for non-sponsored ChartField strings only.) More detailed information is available here including:

  • what the process is doing,
  • what it looks like on the ledger,
  • and more.
  • Note that this information is an example from FY2009.
Adjusting FY08 Carryforward Amounts using Journal Entries

Since fiscal year 2008 was a very long time ago, please contact Accounting Services if you have questions or an issue with the carryforward amount that was brought into EFS from CUFS.

Carryforward amounts from FY08 were mapped from CUFS to "history" ChartField strings in EFS. In some cases, these are not the ChartField strings that contain the current financial activity. Departments that need to move the carryforward balance of a "history" ChartField string will need to create an FY 09 journal entry. The full memo can be found here, and the spreadsheet mentioned in the memo can be found here.

NOTE: The descriptions of the codes on the memo are reversed (the codes themselves are correct). The Transfers out should be 61xxxx/NMTO, and the transfers in should be 60xxxx/NMTI.

Account Definitions for Non-Capitalized Equipment

For FY14 the Account code definitions for capital equipment have changed. Please review the updated Chart of Accounts information.

Reporting encumbrance activity on asset accounts 168001 & 168002 (6/2/09)
Prior to October 24th of 2008, no encumbrance activity was recorded in EFS for accounts 168001 and 168002. A configuration change was made on October 24th to begin recording these encumbrances on any new activity, however; requisitions and purchase orders for capital equipment created prior to October 24th of 2008, which have partial or no invoice/receipt activity, will not reflect the encumbered amount on the standard University reports. In order to provide visibility to the impacted transactions, a public query (UM_FGL_ENC_VW_BY_DEPTID -- name corrected 6/3/09) has been released to capture this encumbrance activity on a department level. The query can be accessed via the query tool in the EFS Reporting instance and will prompt by business unit and DeptID. The results of the query can be used to supplement the results provided by the standard University reports relative to encumbrance activity.
Endowments: Use of CF1 value for Target Income Distribution (6/1/09)
Is the income from your Endowment being deposited to a target ChartField String? Does that ChartField String use the CF1 value to identify the participant ID or the foundation account for that revenue? Use of CF1 can aid in reporting and budgeting. Follow the instructions in the Endowments: Target Income Distribution job aid to change the income distribution setup to use the appropriate CF1 Value.
Attention users of ChartField 1 values for University of Minnesota Foundation (UMF) funds

CF1 values beginning with “UMF” will be maintained through the UMF's Donor Management System (DMS).

The DMS process replaces the BPEL request process for all changes related to UMF CF1 values.

You must have access to DMS to change ChartField 1 values for UMF funds. The information will be updated weekly into EFS.

To change the description you see of University of Minnesota Foundation funds in EFS follow these steps:

  • Login to DMS. Click on Fund Inquiry.
  • Click Maintain EFS ChartField1.
  • Enter the fund number.
  • DMS fund # and description will appear along with the current ChartField1 short and long description. You can now edit the short/long description to update how they will appear in EFS.
  • Edit and click Update.
  • The updated descriptions will appear.
Queries for identifying Journal Entries (5/19/09): Two public queries have
been created to assist users with identifying journals they have prepared
but that have not yet posted to the general ledger.
  • First, UM_FGL_JRNL_BY_CLASS will enable users to determine why a journal has not posted; the query will be run by journal class.

  • Second, UM_FGL_JRNL_BY_X500 will enable the user to monitor the journals that they have entered and find out where the journals are in the approval process; the query will prompt by User Id (also known as Internet ID or X.500 ID) of the preparer.
Program codes that require FinEmplIDs (5/22/09)
Accounting Services wants to help clean up stray balances in ChartField strings that are not allowing transactions because of a FinEmplID combo edit violation. The few system anomalies that resulted in the incorrect ChartField strings have been resolved but the combo edit is making clean-up difficult.

Please check your activity on Programs where a FinEmplID is required to see if you have a balance on a ChartField string that does not include a FinEmplID value but should.

One way to identify these strings is by using the "Chartfield String Budget Status for Current Non-Sponsored Funds" report, grouped by Program and Fin EmplID.

If you have a balance in a problem string, please contact the helpline for assistance. Accounting Services has detailed instructions.
GL Single Transaction Detail Query (2/23/09)
Use the UM_FGL_SINGLE_TRAN_DTL Query to retrieve Voucher, AP Business Unit, SetID, Vendor, and Vendor Name for those journals that were posted to the UMNIS Business Unit in Accounts Payable.
If it times out a journal may have already been created.
Even if the system times out on GL Journals, a journal probably has been created with a Journal ID. The user will have to perform a Journal Inquiry to find out what the Journal ID number is. And of course, they should check the process monitor to see if the process has completed.
Need to figure out if a budget line is established for a Project?

Here is one place to search for information on which budget lines/Account codes are established for use on a Project:
Grants > Awards > Project Budgets

Consult the training materials available on Training Services' Web site for more helpful information.

Entering ChartField strings for cost share accounts
Cost share ChartField strings must include both the non-sponsored Fund-DeptID-Program that the expense is being cost shared from, as well as the PC Business Unit-Project-Activity that is being cost shared to. The system will not allow the use of the CS value in the Cost Share field without both Program and Project in the ChartField string.
What are all those accounting periods; what do the numbers mean?

For the University's accounting system and July to June fiscal year, these are the accounting periods:

  • Accounting period 0 (zero) is opening balances for non-sponsored accounts; for sponsored accounts it reflects pre-award spending (expenses incurred prior to the start date of the award).
  • Accounting period 1 is July.
  • Accounting period 2 is August.
  • Accounting period 3 is September.
  • Accounting period 4 is October.
  • Accounting period 5 is November.
  • Accounting period 6 is December.
  • Accounting period 7 is January.
  • Accounting period 8 is February.
  • Accounting period 9 is March.
  • Accounting period 10 is April.
  • Accounting period 11 is May.
  • Accounting period 12 is June.

  • Accounting periods 900 through 912 are not used. (Some companies using PeopleSoft Financials use these for corrections to the corresponding accounting period, 901 for period 1 corrections, etc. The University of Minnesota does not use these periods.)

  • Accounting period 913 is adjustments for departments at fiscal year end. Historically only non-sponsored activity has been allowed to take place in period 913.

  • Accounting period 914 through 999 are for central accounting adjustments (made by units within the Controller's Office only). If you see activity on your ChartField string for period 914, contact the University Financial Helpline to be referred to the appropriate resource to either explain or correct the activity.

  • Accounting period 999. When viewing sponsored activity, period 999 reflects expenses incurred after the end date of the award.
  • Quarter 1 is July, August, September.
  • Quarter 2 is October, November, December.
  • Quarter 3 is January, February, and March.
  • Quarter 4 is April, May, and June.