This issue of the Financial Management Office Newsletter includes information about the following:
- Fiscal Year-End Update and Right to Use Accounting Data Collection
- Recording and Reconciling Bank Deposits
- Proposed Updates to AP 8.710, Credit Card Administration
- Proposed Updates to AP 8.740, Dishonored Checks
- Proposed Updates to AP 8.651, Non-Student Accounts Receivable and Delinquent Financial Obligations
- Proposed Updates to AP 8.635, Accounting for Leases
- LLCP Request Template
- Resources
The Financial Management Office Newsletter is distributed monthly. Should you have any questions about this newsletter, contact Amy Kunz via email: amykunz@hawaii.edu.
Subscribe to this FMO Newsletter
Unsubscribe from this FMO Newsletter
___________________________________________________________________________________________________________________
Fiscal Year-End Update and Right to Use Accounting Data Collection
Target Audience: Fiscal Administrators and Support Staff
Beginning with the fiscal year 2024 close, General Accounting (GA) will request accounting data related to GASB Right to Use pronouncements – GASB 87 Leases, GASB 94 Public-Public Partnerships and Availability Payment Arrangements, and GASB 96 Subscription Based Information Technology Arrangements.
Based on prior surveys, exclusions, and set thresholds, we do not anticipate that many departments will have reportable agreements. However, we are requesting this information to ensure that we record all applicable agreements and that the information provided to our auditors is both complete and accurate. Note that information on lease agreements administered by the Office of Strategic Development and Partnership (OSDP) is provided to GA by OSDP and should not be reported by fiscal offices.
Detailed instructions for GASB Right to Use pronouncements are included in each template. An overview was included in the Fiscal Year End Overview that was presented during the May 8 Town Hall meeting.
For additional information on the fiscal year 2024 close, please see:
Fiscal Year-End Calendar:
https://drive.google.com/file/d/1WwHtRLsz7clKt5EoA5YGPh38ckWe934h/view
Fiscal Year-End Forms for FAs and Central Offices:
https://www.hawaii.edu/fmo/general-accounting/forms-general-accounting/
GASB 87 Leases, GASB 94 Public-Public Partnerships and Availability Payment Arrangements, and GASB 96 Subscription Based Information Technology Arrangements FAQs:
https://www.hawaii.edu/fmo/general-accounting/faqs-general-accounting/
Please email Suzanne Efhan via email: efhans@hawaii.edu should you have any questions.
___________________________________________________________________________________________________________________
Recording and Reconciling Bank Deposits
Target Audience: All
With fiscal year-end coming soon, the Treasury Office asks that all bank deposits (cash/check, electronic fund transfers, and credit card payments) are reconciled and recorded in KFS in a timely manner. In addition, if you are notified by the Treasury Office of any deposit adjustment that requires a correcting entry in KFS or receive a follow up request on an unrecorded amount, please record as soon as possible. All funds received as of June 30, 2024, must be reconciled and recorded in KFS before KFS closes for the fiscal year.
As a reminder, in accordance with Administrative Procedure, 8.701, Receipting and Depositing Funds Received by the University, the due dates established for recording of deposit transactions in KFS are as follows:
| Deposit Type | KFS eDocument | Initiate and Submit KFS eDocument within three (3) business days from: |
|---|---|---|
| Cash and check | Cash Control/Payment Application or Advance Deposit | Date of Deposit |
| Electronic funds transfer (wire or ACH) | Cash Control/Payment Application or Advance Deposit | Notification received from Treasury Office |
| Credit Card | Cash Control/Payment Application or Credit Card Receipt | Batch settlement Date |
The FA (or delegate) shall approve and finalize the eDocument as soon as possible, however, no later than three (3) working days from the eDocument submission date. Efforts should be made to record and finalize all eDocuments for the month by the last business day of the month.
For the month of June, all receipts received as of June 30, 2024, must be reconciled, recorded and the eDocument finalized in KFS by July 1, 2024.
Your assistance to ensure that these deadlines are met is appreciated.
Should you have any questions, please contact Joanne Yama at jyama@hawaii.edu.
___________________________________________________________________________________________________________________
Proposed Updates to AP 8.710, Credit Card Administration
Target Audience: All
The following updates to AP 8.710, Credit Card Administration are proposed:
- Descriptions of Payment Card Industry (PCI) Data Security Standard (DSS) requirements were removed from the Administrative Procedure and a summary of the PCI DSS v4.0 requirements are added as Appendix A; the information is directly from the PCI Security Standards Council (SSC)
- A specific reference is included that credit card data is classified as Regulated (High Risk) data in the UH Data Classifications Policy (EP 2.214); Minimum Security Standards (MSS) applies; a link is provided to the UH MSS for technical guidance for PCI DSS
- Additional clarification requiring monitoring Third Party Service Providers and the compliance documentation that must be obtained
- Added Merchant Account Contacts are responsible for coordinating and confirming merchant personnel are compliance with annual acknowledgment of Credit Card Administration Policy
- A Kuali Build form will be replacing the form fillable Appendix B (Participation and Change Request From); a draft version is available for testing and comments at:
https://hawaii.kualibuild.com/app/65a19013a9f0e9013b860849/run
The above changes were presented at the Credit Card Merchant Spring 2024 Updates Zoom session on April 30, 2024.
The drafts (red-line and changes accepted) of the updated AP 8.710 are available here. (red-line)
Please provide any comments to Joanne Yama (jyama@hawaii.edu) by May 31, 2024.
___________________________________________________________________________________________________________________
Proposed Updates to AP 8.740, Dishonored Checks
Target Audience: All
We are proposing the following updates to AP 8.740, Dishonored Checks:
- Add a timeframe for finalizing the Non-check Disbursement (ND) eDocuments and related DM invoice
- ND eDocument – update account information and finalize ND eDocument within five (5) business days from date the Treasury Office submits the ND eDocument
- Complete and submit DM invoice within seven (7) business from date ND eDocument is finalized
- Added additional references to Accounts Receivable Training Guides
A discussion related to the AP 8.740 and the proposed changes were presented at the Town Hall session on Wednesday, May 8, 2024.
The draft of the updated AP 8.740 is available here.
Please provide any comments to Joanne Yama (jyama@hawaii.edu) by May 31, 2024.
___________________________________________________________________________________________________________________
Proposed Updates to AP 8.651, Non-Student Accounts Receivable and Delinquent Financial Obligations
Target Audience: All
In an effort to ensure the policies that help guide our work are updated, FMO has reviewed Administrative Procedure (AP) 8.651 Non-Student Accounts Receivable and Delinquent Financial Obligations, and we are looking for your feedback on the proposed updates.
The following updates to AP 8.651, Non-Student Accounts Receivable and Delinquent Financial Obligations are proposed:
- Financial Administrators will no longer have to prepare the Customer Invoice Write Off (INVW) eDocs. Instead, the Financial Administrators will send the OGC’s Write Off approvals to the General Accounting Office. The General Accounting Office personnel will prepare the Customer Invoice Write Off (INVW) eDocs.
- Financial Administrators will submit their write-off requests using the Office of General Council online Legal Services Request (LSR) system. Paper LSRs are no longer accepted.
- For additional information on using the OGC online LSR system, please go to:
https://www.hawaii.edu/offices/legal/.
The current policies are posted at:
https://www.hawaii.edu/policy/docs/temp/ap8.651.pdf
The proposed (red-line versions) policy will be temporarily available here. Please review and provide any feedback by May 31. The red-lined versions will be deactivated at that time and feedback will be reviewed and incorporated where appropriate.
Should you have any questions on this topic, please contact Suzanne Efhan at efhans@hawaii.edu.
___________________________________________________________________________________________________________________
Proposed Updates to AP 8.635, Accounting for Leases
Target Audience: All
In an effort to ensure the policies that help guide our work are updated, FMO has reviewed Administrative Procedure (AP) 8.635 Accounting for Leases, and we are looking for your feedback on the proposed updates.
The following updates to AP 8.635, Accounting for Leases are proposed:
- This update is required due to the change in authoritative guidance. Changes incorporate GASB 87 – Leases, GASB 94 – Public-Private and Public-Public Partnerships and Availability of Payment Arrangements, and GASB 96 – Subscription Based Technology Arrangements.
- The proposed updates delineate responsibilities for General Accounting (GA), Fiscal Administrators (FA), and the Office of Strategic Development and Partnership (OSDP).
- GA is responsible for coordinating with DAGS, providing guidance and instructions to University staff, assisting OSDP in determining whether agreements should be reported as right-to-use agreements, and recording accrual journal entries. FAs are responsible for reporting right-to-use agreements in accordance with GA’s instructions and notifying GA of any significant changes. OSDP is responsible for analyzing and reporting agreements that it administers and providing GA with required information.
The current policies are posted at:
https://www.hawaii.edu/policy/index.php?action=viewPolicy&policySection=ap&policyChapter=8&policyNumber=635&menuView=closed
The proposed (red-line versions) policy will be temporarily available here. Please review and provide any feedback by May 31. The red-lined versions will be deactivated at that time and feedback will be reviewed and incorporated where appropriate.
Should you have any questions on this topic, please contact Suzanne Efhan at efhans@hawaii.edu.
___________________________________________________________________________________________________________________
LLCP Request Template
Target Audience: Fiscal Administrators and Support Staff
The new LLCP Request Template is posted at: https://www.hawaii.edu/fmo/general-accounting/forms-general-accounting/. Please use this template for all LLCP requests going forward and do not alter any of the columns in the file. The template includes a “sample” tab for reference. Information required to complete this template is available in the KFS Labor Ledger View.
Should you have any questions and to submit a completed form, please email uhgalc@hawaii.edu.