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SWIFT Update August 14 2014

SWIFT
 
 

Year End Hard Close - FMS Availability

The SWIFT Financial Management System (FMS) will be unavailable on Friday August 15, 2014, beginning at 6 pm for hard close and to make a year-end copy of production for point in time reporting. The system will become available on Monday August 18, 2014 at 6 am.

What happens at hard close?

At a high level, two important things happen at hard close:
 
First, the fiscal year (accounting year) is closed and agencies can no longer enter an accounting date prior to 7/1/2014, meaning nothing further can be processed against that year. This facilitates reporting by allowing MMB to develop the CAFR report against data that can no longer be changed. It also performs the important function of closing income statement activity into fund balance to create an accurate starting point for the new fiscal year. Remember, the fiscal year is different from the budget fiscal year (BFY). Budget fiscal year (budget period or budget date) is used to control spending authority as required by law and is not closed as part of this process.
 
Second, any unencumbered balances in BFY 2014 appropriations, depending on the appropriation type, are either closed or balanced forward. Exceptions include continuing or education aids appropriation types where the closing process does not affect unencumbered balances. After the close, agencies can make payments against encumbrances and can cancel encumbrances if no longer needed. Agencies can still deposit receipts to the closed budget fiscal year.

FMS Year End Reporting for 2014

FY 2014 Hard Close information will be available from the FMS Year End Reporting page the week of August 25th.

Reminder: Encumbrance Certifications due August 15, 2014

The Prior Year Encumbrance Certification Reports that were sent to agency accounting coordinators are due August 15th, 2014. Your prompt attention in certifying valid encumbrances or canceling unneeded encumbrances is appreciated. Please call Patty Moris at 651-201-8192 with any questions.

Strategic Sourcing Public Event Checkbox Now Defaults in as Checked

When creating a NEW event in Strategic Sourcing, the Public Event checkbox will now default in as checked. If you want to make your event private (only those whom you invited will receive notifications), you must now UN-CHECK the public event checkbox on the Invite Bidders page.
Reminder: when an event is private no other notifications are sent out (i.e., no interest notifications are sent to vendors who may have added the category code to their vendor records).

SWIFT Help Desk

Contact the SWIFT Help Desk for any questions, concerns or issues you have with SWIFT.
651-201-8100, option 2; Hours: 7:30 a.m. to 4:00 p.m., Monday through Friday; closed holidays.
Additional reference information can be found on the SWIFT website.

SWIFT Update Listserv

The SWIFT Update is sent to SWIFT Agency Sponsors/Project Managers/Readiness Coordinators, Chief Financial Officers, SWIFT Project Team, SWIFT Steering Committee, and Agency Training Managers. It is also sent to a larger listserv composed of SWIFT end users - to be removed or added to this SWIFT Update list, go to the SWIFT Newsletter List
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