BUSINESS NOTES &
NEWS
SEPTEMBER 2007
In This Month's Issue:
Key Dates for
September
HUB Vendor of the
Month
Who's Who
September Calendar
Period 998
FAQs
Milage Rate for FY2008
HUB Statistics
Private Queries
Policy
Changes
Business Meal Limit
Foreign National Employees
Changes in Employment
NEW! Employment
Manager's Toolbox
Employment Manager's Toolbox
Survey
Training
>
PRINTABLE VERSION
If you have comments or would
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Spotlight, contact Sara Carter at
scarter@uh.edu
Contents Edited by the
Administration & Finance Customer
Service Center |
Period 998 FAQs
Q: WHAT is period 998?
A: The accounting period following period 12
used for year-end adjustments.
Q: What kind of transactions CAN be
processed in period 998?
A: The following transactions:
• GL journals transferring expenses from one
cost center to another, including state to
local and local to state. Make sure the
expense is allowed on the cost center
receiving the expense (i.e., the debit cost
center). Finance will prepare the voucher to
transfer expenses between state and local
cost centers. See Creating 998 Journal
Entries under Year-End Procedures on the
References page:
http://www.uh.edu/finance/pages/References.htm
• GL journals transferring revenue from one
cost center to another only where allowed.
• GL journals transferring fund equity from
one cost center to another only where
allowed. See Fund Equity Transfers under
Transaction Processing on the References
page:
http://www.uh.edu/finance/pages/References.htm
• GL journals to clear P-Card liability
(20109) and Travel Card liability (20110)
balances. These balances should be zero at
all times under the new SDOL procedure, but
must be zero at year-end.
• Payroll reallocations and payroll suspense
(16100) clearing for FY07.
Q: WHEN can I create and submit period 998
(FY07) transactions?
A: From September 1 to September 14 (noon).
Q: What type of transactions CANNOT be
processed in period 998?
A: The following transactions:
• Cash deposit journals. Cash received by
August 31 should be deposited in period 12.
• Vouchers and SC vouchers.
• GL encumbrance journals (except by Finance
for accrued PO vouchers).
Q: What ADDITIONAL transactions will be
posted to department cost centers in period
998 by Finance?
A: The following transactions:
• Accrual journal entries for vouchers
posted Sept 1-15 with a Goods Received Date
prior to Sept 1. These journals will
increase expense in FY07. Finance will run
the UHS_AP_VOUCHERS_TO_ACCRUE query to
determine the accruals.
• Short-term interest income allocated to
certain cost centers, which will increase
revenue.
• Administrative Service Charges for
transactions posted in period 998 on
auxiliary (fund 3) cost centers. These
journals will increase expense.
• Indirect Cost expense and encumbrance
journal entries for transactions posted in
period 998 on sponsored project (fund 5)
cost centers. These journals increase
expense.
If you have any questions, please call Mike
Glisson at 713-743-8706.
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