00:00

Fiscal Year End Preparation for Travel Expenses in Concur - UO Financial Procedures

The University of Oregon follows Generally Accepted Accounting Principles, necessitating the recording of travel expenses in the fiscal year they occur. Expenses related to FY23 travel must be recorded by June 30, even if reports are not yet approved. Accrual entries split expenses for trips crossing fiscal years, ensuring accuracy. Post-approval, reversals balance entries. Timely review and adjustments are essential for accurate financial reporting.

chuvieco
Download Presentation

Fiscal Year End Preparation for Travel Expenses in Concur - UO Financial Procedures

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Concur Travel Fiscal Year End Preparation Phil Davis Business Affairs - General Accounting

  2. Why? The UO produces financial statements following Generally Accepted Accounting Principles. This requires that we record transactions based on activity that takes place between July 1 and June 30theach year. So the expenses associated with travel that takes place in FY23 needs to be recorded in FY23, whether the Concur expense report has been fully approved or not. This is what the year end accrual achieves.

  3. Process Expenses associated with FY23 travel on reports that are not approved by June 29thwill be accrued. Based on trip dates on the report • Split proportionately between fiscal years for trips that cross fiscal years • The index, account code, activity code, and amounts (including any itemizations) used in the accrual JV are based on the Concur expense report • Reports approved on June 30thwill post to Banner the following business day with a transaction date in the new fiscal year, but will be included in the accrual entry because they were not approved as of June 29th •

  4. Mechanics The expense is recorded in FY23 with the accrual JV and the reversal in FY24 nets to zero against the document form Concur when the report is approved.

  5. Trip with 1 day in FY23 and 3 days in FY24 $100 of the expense is recorded in FY23 with the accrual JV. The reversal in FY24 nets against the Concur posting, resulting in $300 of the total expense in FY24.

  6. Changes and Corrections If the expense report changes after the accrual entry is created, the two won’t net against each other in FY24.  Make sure any pending reports for FY23 are as complete and accurate as possible  Review the accrual entries for accuracy in July and report any adjustments that are needed

  7. Timeline  Accrual report data pulled July 10th You have this extra time after June 30thto review Concur reports for FY23 travel that weren’t approved.  Accrual entries will be posted to Banner by the end of that week  Review the entries in Banner for accuracy against any recently updated reports and report any necessary adjustments before the end of July

  8. To Do List 1. Work to assign any outstanding One card and Lodge card activity to expense reports and submit/approve reports for FY23 travel if possible. 2. Delete any “test” data and reports from Concur. 3. Ensure completeness and accuracy of any reports for FY23 travel that will not be approved prior to fiscal year end. 4. Review accrual entries in July and report any adjustments that are needed.

  9. Pcard  All outstanding Pcard activity through the June 2023 billing cycle will be accrued. Additionally, the Pcard posting on 7/3/23 will be reversed in FY24 and posted to FY23. This is FY23 activity that is not included in the primary accrual entry data.   Work to get as many Pcard reports submitted and approved in Concur as possible.

  10. Thank You!

More Related