Recharge center accounts follow a 14-month performance period, from June 1 to July 31 of the following year, to facilitate undisrupted financial activities. These extra months prior to and following the regular July 1 – June 30 fiscal year allow you to set up your purchase orders before July 1 and reconcile any late activities before closing the account in the following year. You may also set up payroll in June to ensure employees are paid promptly with the start of the fiscal year.
Each recharge center is issued a new account number annually but the process is not automatic. Renewal is subject to review and approval from the Office of Financial Analysis.
Renew your existing recharge center account by contacting the Office of Financial Analysis at email@example.com. However, if you work in one of the following academic units, contact the designated staff member to begin the renewal process:
- USC Dornsife — Vance Ito
- Keck School of Medicine — Marie Choi
- Viterbi School of Engineering — Leticia Cornelio
Billing should be done on a timely basis so that recharge account balances are as close to breakeven as possible at the end of each fiscal year.
You may initiate year-end closeout after July 31, when your account expires, as long as all income and expenses for the fiscal year are recorded in the general ledger and all liens are closed.
Prepare your account’s Statement of Activity and review it within your academic unit before submitting it to the Office of Financial Analysis.
13 Series Closing
If your recharge center receives a subsidy, be sure to apply that amount to the recharge account before the 13 series closing date.
In the Kuali Financial System, initiate a journal voucher using object code 15594 NMT – SPA to apply the subsidy, and copy Andres Chan and Vivian Chiang. If you do not have access to a journal voucher, use the General Purpose Workflow Document.
Deficit or Surplus Resolution
Based on your Statement of Activity and general ledger, the Office of Financial Analysis will advise you on resolving any deficit or surplus in your account. Please include any supporting documentation for the transfer and notify Andres Chan and Vivian Chiang. Balances will be carried forward to next fiscal year’s recharge account (based on policy limits) and/or transferred to a departmental account once the Office of Financial Analysis has approved the amount.
When identifying surplus amounts eligible for carry forward, the Office of Financial Analysis will analyze the accounting prior to approval.
Upon approval, initiate a Kuali Financial System General Purpose Workflow Document or journal voucher using recharge closeout object code 15556. Note: If the account has expired, you must use the General Purpose Workflow Document.
Large Deficits or Surpluses
If you anticipate a deficit or surplus at year end that is greater than 20 percent of the cost of operations, please notify the Office of Financial Analysis as soon as possible. We will help you determine the most appropriate disposition of the balance. For more information, review the university’s recharge center policy, Section II, A.