Fiscal Year End Treasury Close Instructions & Deadlines

Process

Credits and Cash/Checks

Items that did not clear by 6/30 or prior may need be recorded as FY24 accruals. Departments must verify Bank Dates in Wells Fargo CEO before submitting CR transactions/ DD Sheets to Treasury Cashiers.

CR3 & CR1 Transactions (Cash/Checks – Cash Account 1100)

Note: FY24, accounting period 12 closes 07/19/24 – DD Sheets for CR Transactions must be emailed to treasurycashiers@state.co.us by 12:00, one day prior to period 12 close; (7/18/24).

CR3 & CR1- CASH & Checks

NOTE: All CR transactions approved after the last business day of June must have the Budget FY, Fiscal Year, and Period pre-populated. The Header Page Fiscal Year and Period must agree with the Bank Dates.

CR3 & CR1 Transactions

CR3 & CR1 Transactions for deposit by Treasury MUST be received at the Treasury window by 1:00 p.m. on the last business day of June. This includes walk-ins, and mail (USPS & Intra-Mail). If you mail your checks to Treasury, it is your responsibility to ensure checks reach the Treasurer’s office in a timely manner.

REMINDER: As part of the March FY24 driver update, the ‘enter MICR line manually’ is no longer available statewide, this also included Treasury staff. This means that if there are drop off checks after the Loomis pickup or other items such money orders, foreign checks are otherwise illegible items, your check may not be post until after 06/30. For this reason, it is highly recommended that you arrive to our office BEFORE NOON, as an alternative, you may take your own checks/ cash to a Wells Fargo branch for deposit to the Treasury’s main operating account ending in 0912. This will ensure credit by the last business day of June.

All departments are encouraged to get those “OLDER” checks and cash to the Treasury before the last working day of June. This will help the deposits at the window go much quicker on the last day of June. Note: Checks should always be deposited within a few days after receipt, as checks three months or older may be NSF.

Please make sure the OLD checks are not past the expiration date, which may cause the check to be an NSF.

CR3 & CR1

Transactions for cash and/or checks received in Treasury AFTER the cutoff on the last business day of June will be sent back and will need to be recorded in the new Fiscal Year and cannot be approved until after 7/19/24. Please watch for the CR’s that may have been sent back in your worklist or the transaction catalog and resubmit with the correct fiscal year and on a new DD Sheet. You may also run the DC-003 report for pending CR transactions. On the last business day of June, the Treasury Cashiers will be processing cash and checks as a priority rather than the direct deposits.

Make sure all CR transactions have departmental approval BEFORE Treasury receives the transaction(s).

CR3 Requirements (for check/cash deposits at the Treasury Office only):

Print the header page of the CR3 transactions. Please use the Ctrl-P command to provide the best quality printout. For record-keeping purposes, the printout must be legible.

Provide a contact name and phone number on the CR3 header page – in the transaction description of CORE or handwritten on the sheet so Treasury can reach someone if there is a question/problem.

If the CR transaction consists of Checks +Cash – Attach an adding machine tape (or equivalent) with Cash + Checks to show they equal the CR transaction or use the Cash Breakdown Slip (provided by Treasury). Checks must have an adding machine tape (or equivalent) that contains all checks.

CR3 (Cash and or Checks) Note: All cash & checks should be on a CR3, except for CR1’s.

CASH Cash and checks may be combined on one CR3 transaction.

•  Bank Account 8 and Cash Account 1100 must be filled in.

• All CR’s transactions must have departmental approval before delivery to Treasury.

• Record Date, Budget FY, Fiscal Year, and the Period – all should be correct if filled in.

• Cash tape must equal cash. Copy of Cash tape needs to be attached to a printed copy of theCR3 Header page.

• A breakdown in denomination must be cut to size and taped on the CR3 transaction.

CHECKS

• Each batch of checks must have an adding machine tape.

• If more than one bundle of checks, attach an adding machine tape to the CR3 header page which consist of the total of each batch – to show that the check batch equals the CR3 grand total.

• A batch cannot have more than 100 checks.

All CR Transactions – June CLOSING (Cash Account 1100)

Direct deposits

The funds must be in the State’s main Operating Account on or before the last business day of June in order to be recorded on the CR
Transaction for the Fiscal Year that is closing. See the CORE calendar for the last day to approve direct deposit CR transactions for the closing fiscal year.

DD Sheets must be sent to Treasury via email (treasurycashiers@state.co.us) by close of business the day prior to accounting period 12 close in order for all CR transactions to be approved for the closing fiscal year. Please keep in mind that turnaround times throughout the year are three business days for DD Sheets submitted by 2 p.m.

CRs

Transactions for the direct deposits emailed AFTER 12:00 p.m. the prior day of accounting period 12 final close will be sent back and will need to be recorded in the current Fiscal Year. Please watch for the CR’s that may have been rejected in your worklist or the transaction catalog. Correct and resubmit on a new DD Sheet.

CR & CR1 Requirements: (Direct Deposits) 

• FYxx – Bank Credits/Debits must have an Operating Account bank date of the last business day of June or a prior date, if emailed to Treasury before accounting period 12 close. After accounting period 12 close, the CR transactions must be recorded in the new fiscal year.

• The new fiscal year – Funds must have a bank date of July 1st or after (if emailed to Treasury before accounting period 12).

• Bank Account 8 and Cash Account 1100 must be selected.

• Best NOT to fill in the RECORD DATE

• CR transaction must have departmental approval before submitting DD Sheets to treasury.

• Verify the bank date and the bank credit amount by checking in Wells Fargo CEO – Operating account. (Required)

• Ensure that the direct deposit sheet is correct – CR #’s, bank date, and bank amounts should equal the CR trans, etc.

• Email DD Sheets to treasurycashiers@state.co.us by noon the day prior to accounting period 12 close.

• Do not change the format of the excel “DD Sheet”. If a line is inserted make sure that the formula adding the CR amounts and the bank amounts are correct. Let Treasury know if you need a new form or obtain from Treasury Cashier Forms.

• Contact Name on DD Sheet: Please provide an email address and a phone number in case we have questions about the DD Sheet.

• Email Subject Line should be same as DD Sheet File Name – CORE Dept Code + MM.DD.YY +$AMOUNT

  • Example 1:

  • BAAA 06.30.23 $100,000.00

  • Example 2 where not all CRs are the same department code:

  • B... 06.30.23 $100,000.00

• Budget FY, Fiscal Year, and the Period – Must all be Hard Coded.

• Do not combine Fiscal Years on the same DD sheet. Each fiscal year must have its own sheet – Each FY should be on separate CR transactions and on separate Direct Deposit sheets.

• For the new fiscal year - Do not fill in the Budget FY, Fiscal Year or Period on ANY of the accounting lines. CORE automatically populates these fields, this defaults from the header page, this is critical until the prior fiscal year closes in CORE.

Record dates must match to when the money is deposited in the state’s main operating account. The FY and BFY must match with the period that was open on that bank date. Please also note the BFY and FY must be the same on all CRs; this means you may not use 2024 and 2025 dates on the same CR. If you have additional questions about this work with your internal accounting group.

When Hard Coding a Record Date only – the CR will post to the Fiscal Year the Record Date corresponds to ie. 6/25/24 will post to FY24, and 07/06/24 will post to FY2025.

When Hard Coding both a Record Date & Period, the CR will post to the corresponding Fiscal Year & Accounting Period.

****Reminder, Budget FY and Fiscal Years must be the same year.

For the Fiscal Year closing - CR Transactions approved after July 1st thru July accounting period 12 close; the header page, must NOT be left blank, use Budget FY 2024, Fiscal Year 2024, and Period 12.

After accounting period 12 close, all CR transactions are to be posted for the current Fiscal Year regardless of when the credit was posted in the main Operating Account. However, these cannot be approved until after cash is completely closed in the State’s accounting system. If the funds need to be posted in the fiscal year that is closing a JV1ADVN will need to be done; provide supporting documentation such as the outstanding list, bank statement or a printout from Transaction Search from Wells Fargo’s CEO portal.

• If a fiscal year or period was populated with the closed fiscal year on the CR transaction and the CR transaction has department approval and has not been approved by Treasury by accounting period 12 close you must request Treasury to reject the CR transaction(s) in order for your department to correctly record the fiscal year in the transaction.

• The day after accounting period 12 close Treasury will go through the transactions and return all CRs that have the prior fiscal year. Watch for the returned transactions in your worklist or look for in InfoAdvantage report DC-003, or the transaction catalog.

MD Transactions for the closing fiscal year (Wires/Ach’s) for the FY closing (Cash Account 1100)

It is encouraged for your Department to consider creating a GAX transaction as an EFT for the payment before requesting wires or ACH’s from Treasury. A GAX transaction is more cost-effective and creates a better audit trail.  

ACH Requests (Debits & Credits – Credits see CR requirements)

Requests must be received via email by 11:00 a.m. on the day prior to the last business day in June in order to be recorded in the closing Fiscal Year. This includes Departments that request Treasury to ACH to or from their external bank accounts.

Account Transfer Requests

Transfers to the State Operating account – Emergency cases only, requests need to be sent to the Treasury via email to treasurycashiers@state.co.us no later than 12:30 p.m. on the last business day of June. Call (303)866-2440 to let us know an email is coming as soon as you know to ensure the email will be watched for. If you call JPMorgan or Wells Fargo, they will refer you to Treasury.

Sweeps/ZBA

****NOTE: If your account is set up at the bank to “sweep” or “zba” for credits & debits to or from the operating account, make sure it is done by the last business day of June. After the last business day of June, sweeps/zba’s must be recorded in the new Fiscal Year, (date of the credit=’s Fiscal Year). Contact Wells Fargo if a change for the last week of June needs to be made.

WIRES Requests (debit to bank)

Requests must be received as early as possible – Preferably the prior day and no later than 10:00 a.m. on the prior day to the last business day of June. Let Treasury know if you need a Wire/ACH form or obtain from Treasury Cashier Forms. This form (if wire/ach template is not already setup with Treasury) must be submitted along with a verified bank letter and/or copy of a voided check. Please read and follow the instructions on the form prior to making for funds transfer request.

MD Requirements:

• • • Bank Account 8 and Cash Account 1100 are selected from Dropdown menu.

    • Check Number – Leave Blank

    • Adjusting Entry- Box Selected

    • MD transaction must have Departmental approval before request is submitted to treasury.

    • Transaction Description – Provide Last 4 digits of Acct & ExpectedDate.

    • Date should be the date the transfer is expected to be ACH’d or Wired.

    • Do not combine Fiscal Years for bank debits.

      • These should be on separate MD transactions.

    • Do not fill in the Budget FY, Fiscal Year, or Period on the accounting lines. CORE will automatically fill these fields in based on the header page.

    • Please note MDs have a Check/ EFT Issue Date field in addition a Record Date field.

    • When Leaving Record Date Blank- you must Hard Code BFY, Fiscal Year, and Period

    • When Hard Coding a Record Date only – the MD will post to the Fiscal Year the Record Date corresponds to ie. 6/25/23 = FY FY24 or 7/5/24 =FY2025.

    • When Hard Coding both a Record Date & Period, the MD will post to the corresponding Fiscal Year & Accounting Period.

    • Reminder, Budget FY and Fiscal Years must be the same year.

NOTES for Fiscal year closing July 1st and after:

For the fiscal year that is closing; CR & MD transactions to be approved after July 1st thru accounting period 12 close.  The header should NOT be blank in the Fiscal Year field – Fill this in with the closing fiscal year.  If a transaction is copied from another in CORE - make sure the header is filled in with the proper Budget FY and Period. If a closing fiscal year transaction is copied, make sure these fields are correct – double check the accounting lines fiscal year.

NOTE: FUNDS MUST BE A CREDIT OR DEBIT IN THE STATE OPERATING ACCOUNT on the last business day of JUNE OR BEFORE. This includes all bags with cash and/or checks that are sent to the Treasury Office via intra-mail and runners. Make sure the bags are received by the Treasury office before 12:00 p.m. on the last business day of June. This ensures it can be accounted for in the Fiscal Year that is closing.

***Sorry, no exceptions***

Desktop Scanners: Make sure that the checks are submitted on or before the last business day of June. If they do not post by the last business day the CR transactions will be rejected and will need to post to the new fiscal year.

The Colorado Interactive Portal credits do not have the same date as the CR transactions but the DD Sheet must have the correct operating account bank date – should match the credit date the amount(s) that was received in the operating account. You must take care to watch these dates the last week of June and the first week of July.

NOTES for the new Fiscal Year:  

Departments that deliver cash and checks to the Treasurer’s office: We will be working with departments to get set up with deposit slips in order for the department to deposit at a Wells Fargo bank. You may contact Kim Coleman at kim.coleman@state.co.us to add your department to the list or to get the process started.  

ALL Cash and Check CR transactions delivered to the Treasury office to be deposited MUST be on a CR3 transaction – no exceptions.

All checks should be stamped with the department’s name or department code on the back of the check, or written on the front of the check.  

Do not write on the bottom of the front of the check over the MICR line.
**NOTE: It is best to have customer’s fill in your department name rather than Colorado State Treasury. 

The bank credit dates must be correct on the DD Sheets. If you need access to Wells Fargo CEO in order to get the dates; have your Controller or Supervisor email kim.coleman@state.co.us requesting access to the Treasury Information Reporting and Bank Statements for the operating account.

All DD Sheets must have the CORE transaction amount match CORE and the bank date match the operating accounts credit date as well as the dollar amount. More than one credit can be one on CR or multiple and more than one CR can have more than one credit but must be separated on the DD Sheet.

The Colorado Interactive Portal credits do not have the same date as the CR transactions but the DD Sheet must have the correct bank date – it should match the credit date the funds were received in the operating account. We understand this may be extra work for you but it is critical due to the common amounts; when the date is wrong we may mark off the wrong date, this quickly creates a domino effect of errors for CR’s yet to be submitted to Treasury.

Treasury Contacts:

• DD Sheets/ ACH/WIRE Requests: Kathy Canino treasurycashiers@state.co.us

• Wells Fargo CEO Access kim.coleman@state.co.us

• Direct Deposit Slips: debra.flotte@state.co.us

• Accounting & Cashier Division Manager: estela.trejo@state.co.us

Quick Notes:

• DD Sheets - as of July 01, 2024

• FY24– Use for Bank Dates of June 30th, 2024 and for Prior Dates: If the record date must be filled in, it should be June 30 or before.

• FY25 –Use for Bank Dates after July 1st, 2024. If the record date must be filled in it must be July 1st and after.

• IF BFY and FY must be filled in with 2024 and no record date the accounting period MUST have accounting period 12.

• Beginning July 1st through period 12 close: FY24 and FY25 must be on separate DD Sheets.

• CR TRANS for FY24 must have Record Dates, BFY, FY 2024 and Period 12 pre-populated. These should match with the accounting period that was open on the Bank Deposit Date you provide us on Direct Deposit Sheets (DD Sheet).

• One CR trans cannot claim credits for more than one fiscal year, as per the bank date. June 30th and prior is FY24 & July 1st and after is FY25.

• If claiming a credit in the operating account that has posted June 30th and before must be posted to FY24, acct per 12 on the CR transaction header page - do not fill in the record date. Submit on a DD Sheet with FY24 CR’s only.

• In the operating account; July 1st and after must be posted to FY24 (can leave accounting period and record blank on header page).

• If you must claim a credit after period 12 close for FY24 it will need to be done on a JV1ADVN and approved by OSC. Provide them with backup, such as the outstanding list, bank statement, or a printout from Transaction Search from Wells Fargo CEO.

AFTER PERIOD 12 Close – July 01, FY24

FY24 Bank Credits in Period 13

If you must claim a credit in period 13 for FY24, it will need to be done on a JV1ADVN and approved by OSC.  Provide them with a backup, such as the outstanding list, bank statement, or a printout from Transaction Search from Wells Fargo’s CEO portal.

OSC will work with the Treasury and notify us when the transaction has been approved. The Treasury must receive by no later than 1:00 p.m. one day prior to the last day of Period 13. Treasury must receive by the 1:00 p.m. deadline on 08/02/24.

If you wish to post FY24 credits received in FY24 in FY24 the CR transaction may not be approved until after period 13 close and the CR must not have the header page filled out for FY24, ie; record date. Please do not send DD Sheets until period 1.