This issue of the Financial Management Office Newsletter includes information about the following:
- Quarterly Interest Rate for Late Vendor Payments
- KFS Fiscal Year End Reminders
- Treasury Operations: Fiscal Year-End Reminders and Due Dates
- 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.
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Quarterly Interest Rate for Late Vendor Payments
Target Audience: Fiscal Administrators and Fiscal Support Staff
Pursuant to Section 103-10 of the Hawai`i Revised Statutes, the interest rate for obligations related to goods delivered or services performed remaining unpaid after 30 days is equal to the prime rate for each calendar quarter plus two percent. The interest rate is adjusted quarterly using the prime rate as posted in the Wall Street Journal on the first business day of the month preceding the calendar quarter. Please refer here for the 3rd quarter interest rate and calculation.
Should there be any questions regarding this change, please call the Disbursing Office at (808) 956-5535.
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KFS Fiscal Year End Reminders
Target Audience: KFS Users
Please note the following system activities during fiscal year end:
- Fiscal Year Maker was run on 6/8/2024. This batch job copies table values that are specific to a fiscal year into the new upcoming fiscal year. Please make sure any updates to sub-object codes after this date are maintained properly in the new fiscal year.
- KFS transactional eDocs (except REQS, POs, POAs) that are in ENROUTE status will be auto disapproved on 7/1.
- The list of eDocs that were auto disapproved will be distributed to the PageCenterX mailboxes in the KFS | GL folder called autoDisapprovedDocs_FOnnn.csv. The FO Code is assigned based on the document initiator’s primary chart-org. If these documents still require processing, please copy and resubmit them in the new FY.
- KFS will be in restricted status from 7/2-4 and will only be accessible by central office staff.
- KFS will be open for FY 2025 activity without balances on 7/5/2024.
Thank you for your efforts in reviewing and processing your KFS documents in a timely manner.
Should you have any questions, please contact Fiscal Services via email at fissrv@hawaii.edu.
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Treasury Operations: Fiscal Year-End Reminders and Due Dates
Target Audience: Fiscal Administrators and Fiscal Support Staff
Please refer to the Fiscal Year 2024 Year-End Closing schedule for fiscal year-end due dates related to treasury operations.
Recording Bank Deposits
Please note the following due dates for FAs to approve KFS e-docs for deposits:
| G-Funds | June 13, 2024 |
| Non G-Funds | Monday, July 1, 2024 (by 4:30 p.m.) |
Please note that the last day to finalize KFS e-docs (Cash Control/Payment Applications, Advance Deposits, and Credit Card Receipts) for non G-fund deposits is Monday, July 1, 2024. Include only receipts received as of June 30, 2024.
Credit card transactions for Friday, June 28, 2024 through Sunday, June 30, 2024 should be recorded in KFS for fiscal year 2024, even if the settlement deposit will not be recorded in bank until July 1, 2024.
Please remind approving parties to review their KFS Action List items and coordinate approvals that are necessary so that all ENROUTE e-docs are finalized for the fiscal year. Any ENROUTE deposit e-docs remaining will be disapproved once KFS is disabled for the fiscal year on July 1, 2024 at 7:00 p.m.
During the month of June, the Treasury staff will be working with BOH to obtain daily electronic payment information as well as debit and credit memo adjustments. When this information is provided, please record the entries in KFS. As all receipts for FY 2024 are to be recorded in KFS for the fiscal year, please start your process to review and reconcile all funds received with deposit entries recorded in KFS. The Treasury staff may be contacting you via email or phone to follow up on unrecorded items and adjustments.
Your assistance to process and record these items in a timely manner is appreciated.
Dishonored Check Invoices
Please be sure to finalize transactions for all dishonored checks for the fiscal year:
- Update the Account and Object Code information and finalize the Non-check Disbursement (ND) e-docs initiated by the Treasury Office, and
- Create/finalize the DM invoice.
The due date to finalize all dishonored check invoices is Friday, June 28, 2024 (4:30 p.m.).
For questions regarding Fiscal Year-End Reminders and due dates, please contact the Treasury Office at uh-treasury@lists.hawaii.edu or by phone at 808-956-7638.