AFM Newsletter for October 28, 2021

In This Issue:

  • 13th Month for Fiscal Year 20-21 Now Closed  
  • AFM Assists with Recent Real Estate Acquisitions 
  • UT Launches New Single Use Virtual Credit Program
  • In Case You Missed It: Financial Reporting Resources to Save and Share
  • Submit Newsletter Feedback and Article Suggestions to AFM@austin.utexas.edu

13th Month for Fiscal Year 20-21 Now Closed   

The 13th month for fiscal year 2020-2021 is now closed. The 13th month is a virtual month that falls between the last month of the prior fiscal year and the first month of the new fiscal year. Accounting and Financial Management uses the 13th month to complete year-end entries for reporting purposes. All 13th month transactions are posted with DEFINE VJR documents and have a date of August 31st. The closing of the 13th month also signifies the completion of the Annual Financial Report.


AFM Assists with Recent Real Estate Acquisitions  

Accounting & Financial Management is often involved in real estate acquisitions such as Dobie Twenty21 as well as privatized construction transactions like the Moody Center, Block 164 – Innovation Tower, Graduate Student Housing, and the WaterHub. Support from AFM is regularly provided by Treasury and Risk Management, Tax Services, Plant Funds, Inventory Services, and Capital Project Financial Analysis and Planning. The groups work together to identify the critical issues and timeline for when actions are needed. These acquisitions also involve collaboration with other departments like the Campus Real Estate Office, Capital Planning & Construction, Utilities & Energy Management, Budget Office, the Purchasing Office, Legal Affairs and UT System Office of Finance just to name a few.


UT Launches New Single Use Virtual Credit Program

The Procurement and Payment Services team, in partnership with J.P. Morgan Chase, is launching a new method of supplier payment called the Single Use Virtual Credit Program (SUVC). The new payment type sends virtual credit card information to vendors replacing traditional check and ACH payments.

The SUVC program provides benefits for both the university and our vendors.

University benefits include:

  • Reduces the time, resources, and costs associated with check processing and exception handling
  • Reduces the risk of fraud as compared to other methods of payment
  • Defers the outflow of funds by combining University invoices into a single payment to Chase per monthly billing cycle
  • The program simplifies the selection of vendor mail codes by automatically selecting the virtual credit mail code for enrolled suppliers

For more information about the Virtual Credit Program, please contact Virtual Credit Program Team in Accounts Payable at paymentservices@austin.utexas.edu.


In Case You Missed It: Financial Reporting Resources to Save and Share

In an effort to assist those in financial roles across campus, the askUS team recommends three financial reporting resources to save and share with others. Read the previous newsletter to learn more about this.


Submit Newsletter Feedback and Article Suggestions to AFM@austin.utexas.edu

Many thanks to the readers who have written in with suggestions and feedback about the newsletter. Please continue to write in with any suggestions for improvements or comments to the AFM@austin.utexas.edu email address.

Subscribe to the AFM Newsletter

Oct. 28, 2021