{"id":421,"date":"2022-06-10T11:23:28","date_gmt":"2022-06-10T15:23:28","guid":{"rendered":"https:\/\/blogarchive.utc.edu\/campus-weekly\/?p=421"},"modified":"2022-06-22T16:13:58","modified_gmt":"2022-06-22T20:13:58","slug":"finance-and-administration-updates-on-policy","status":"publish","type":"post","link":"https:\/\/blogarchive.utc.edu\/campus-weekly\/2022\/06\/finance-and-administration-updates-on-policy\/","title":{"rendered":"Finance and Administration: Updates on Policy"},"content":{"rendered":"\n<p>The Finance and Administration Division continues to share policy updates and reminders with the campus community on a monthly basis. The information is intended to serve as a quick refresh for departments as they navigate various fiscal and human resource policies. For a complete list of policies, please visit the <a href=\"https:\/\/policy.tennessee.edu\/\">UT Policy webpage<\/a>. Should you have any questions navigating policies or need help with something else, please do not hesitate to reach out to any Finance and Administration Division team member for assistance.<\/p>\n\n\n\n<p><strong><em>The Office of the General Counsel <a href=\"https:\/\/mailchi.mp\/tennessee\/new-policy-office-policy-website-established?e=7f017a9da3\">recently announced the creation of the Policy Office<\/a>.<\/em><\/strong><\/p>\n\n\n\n<p><strong><em>The most rejected item submitted through Accounting Services is proper Entertainment Approvals.&nbsp; Fiscal Policy requires the CBO or designee to approve entertainment expenditures over $1000.00. During Fiscal Year End processing, the turnaround time is critical if an item is rejected. Please ensure items are processed based on fiscal policy to eliminate the need to reject these items.<\/em><\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Department heads may approve expenditures for group-arranged events or entertainment expenses up to $1,000.00 per function.<\/li><li>The Chief Business Officer or designee must approve expenditures for group arranged events or entertainment expenses for amounts above $1,000.00. <strong><em>Approval before expenses are incurred should prevent requests for unallowable items after they have been procured<\/em>.<\/strong><ul><li><strong>If you process your documents via Accounting Services email for entry, you should attach the approved invoice with CBO Approval or an email approval.<\/strong><\/li><li><strong>If you park your document for Accounting Services Audit, the CBO or designees approval must be attached (signature or email).<\/strong><\/li><\/ul><\/li><li>Entertainment or group-arranged events that exceed $100.00 per person <strong><em>also require approval from the campus business officer or designee for exception approval based on fiscal policy.<\/em><\/strong><\/li><li>Invoices associated with entertainment contracts that have been approved by the campus chief business office do not require additional approval, <strong><em>but should be attached or referenced on the payment as documentation<\/em><\/strong>.<\/li><\/ul>\n\n\n\n<p><strong><em>In light of Fiscal Year End processes, please see the information provided to assist you with completing duties in a timely manner:<\/em><\/strong><\/p>\n\n\n\n<p>Items which are to be included in the current year\u2019s activity, including travel, petty cash, transfer vouchers and invoices must be received for processing by the close of business, <strong>July 6, 2022.&nbsp; <\/strong>Please make sure any<strong> FY 21-22<\/strong> documents submitted for e-processing through ZAP_ENTRY between July 1 and July 6 have a <strong>POSTING DATE of June 30, 2022<\/strong> when entered. The <strong>signature approval date<\/strong> should also be <strong>June 30 or before<\/strong>. &nbsp;Items entered <strong>on or after July 1, 2022<\/strong> will be charged to the new fiscal year if the <strong>posting date is not changed to June 30, 2022<\/strong>. Invoices scanned and sent via email should have <strong>FY 21-22<\/strong> written on the top right hand corner and include <strong>FY 21-22 <\/strong>in the subject line<strong>.<\/strong>&nbsp; All invoices that are requested to be processed in <strong>FY 21-22<\/strong> must have an invoice date of <strong>June 30, 2022<\/strong> or earlier, there are no exceptions.&nbsp; Travel ending <strong>July 1, 2022 <\/strong>or later will be charged to the new fiscal year, <strong>FY 22-23.<\/strong><\/p>\n\n\n\n<p>Department <strong>deposits <\/strong>dated by <strong>June 30, 2022<\/strong> and received in the Bursar\u2019s Office by <strong>noon July 1, 2022 (Due to the Independence Day Closing) <\/strong>&nbsp;will be processed in the current fiscal year<strong>.<\/strong>&nbsp; Funds received by <strong>June 30, 2022<\/strong> must be receipted as of <strong>June 30, 2022<\/strong>.&nbsp; The IRIS document and deposit slip must clearly indicate it is a <strong>FY 21-22<\/strong> deposit.&nbsp; Funds <strong>received<\/strong> and deposited <strong>July 1, 2022<\/strong> or later will be credited to the new fiscal year <strong>22-23.<\/strong><\/p>\n\n\n\n<p><strong>Petty cash<\/strong> funds should be reconciled to ensure the cash on hand and expenditure receipts equal the amount of the petty cash fund. Please document your reconciliation.<\/p>\n\n\n\n<p>Please remember that our objective is to record all revenues, disbursements and encumbrances in the proper fiscal year.&nbsp; In view of our volume and the diversity of transactions, we urge you to arrange for <strong>frequent <\/strong>submission of items to reduce the volume of transactions on the final submission date.<\/p>\n\n\n\n<p>All departments must register any accounts receivables with the Budget &amp; Finance Office.&nbsp; Write off requests must first be approved by the department head and then forwarded to Audit Management for review.&nbsp; All write off requests must be received in the Budget &amp; Finance Office or Controller\u2019s office for year-end processing by <strong>July 8, 2022.<\/strong>&nbsp;<\/p>\n\n\n\n<p>The June cutoff date for purchases made by departmental procurement cards will be <strong>June 24, 2022<\/strong>.&nbsp; The final date to distribute charges for June purchases will be <strong>July 12, 2022,<\/strong> or the default account will be charged. Procurement card purchases made after the billing cycle ends willbe charged to the new fiscal year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Finance and Administration Division continues to share policy updates and reminders with the campus community on a monthly basis. The information is intended to serve as a quick refresh for departments as they navigate various fiscal and human resource policies. For a complete list of policies, please visit the UT Policy webpage. Should you&hellip; <\/p>\n<p class=\"more-link-wrap\"><span><a class=\"more-link button text\" href=\"https:\/\/blogarchive.utc.edu\/campus-weekly\/2022\/06\/finance-and-administration-updates-on-policy\/\"><span>Continue Reading <\/span><\/a><\/span><\/p>\n","protected":false},"author":1493,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[15,120183,8],"tags":[],"class_list":{"0":"post-421","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-campus","7":"category-faculty-staff","8":"category-news","9":"entry"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Finance and Administration: Updates on Policy - Campus Updates Archive<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Finance and Administration: Updates on Policy - Campus Updates Archive\" \/>\n<meta property=\"og:description\" content=\"The Finance and Administration Division continues to share policy updates and reminders with the campus community on a monthly basis. 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