Transcript Accrual Manual For Accounts Receivable FY02

Accounts
Receivable
Accrual Process
For
FY06
Accounts Receivable Accrual
Process
Specialized Subsystem
Establishes Estimated Receivables
Allows
Complete audit trail
Variety of reports
Automatic generation and offset entries
Transaction Table As Resource
Page 1
Accounts Receivable Accrual
Process
Designates Amounts Due But Not Yet
Received
Post Against Receivables
Generate Reports
Must Use System
Allows Setup and Payment in Proper Years
9229 FY06 to 9210 FY07
2004/2005 Accounts Receivable
Cleanup
By Friday, June 9, 2006
No Open Receivables
Zero 9210 G/L Balance
Clear Outstanding FCS Batches
No Orphan Batches
Open, Closed, Held for Audit
See Closing Manual For Procedures
Page 2
2004/2005 Accounts
Receivable Cleanup
Run “Open Receivables Report”
Run in PRIXX, Only Task Done in FY05
Screen Print A/R Manual on Page 2/3
From/To 0-999999
Identify Remaining Items
Run G/L Detail Report
Run in FY06 From FIN Menu
GLD120 Object 9210
See Year-End Closing Manual
2004/2005 Accounts Receivable
Cleanup
No Open Receivables/9210 G/L Balance Zero
***YOU’RE DONE***
No Open Receivables BUT G/L Balance
Transactions Other Than AR System to 9210
Check G/L Activity
JE to Credit 9210/Debit Appropriate Revenue Account
Open Receivables BUT No G/L Balance
AR Entries Booked as FY06 Receipts
Check Cash Receipts
Z out Receivable – System Automatically Fixes Books
Journal if Setup and Receipt Accounts Differ
JE to Credit 9210/ Debit to ER Setup Account
Page 3
2004/2005 Accounts Receivable
Cleanup
Review Remaining AR Entries For Validity
If Not Needed
Z out to remove
Release Batch
If Needed
Z to remove, Release Batch
Re-establish as FY06 Receivable
Done by June 9, 2006
Purge of FY05 Data - Early July
Page 4
2005/2006 Estimated
Receivables
Year-End Closing Manual Guidelines
Accounts Receivable Definition
Page 5 Receivable Manual
BDX/FAR Revenue Account Review
Credit Memo’s From APY
Transaction Table Resource For FY
Page 5
4
2005/2006 Estimated
Receivables
Estimated Receivable (ER’s) Auto-Number
Beginning 060001
Use 06302006 for Date
Reference Field is Any 6-digits
Description of Who Owes and For What
26 Digit Code Valid in FY07 a Must
See 5/11/06 Matrix Change Memo
Amount Due
Accrual Object 9229 Preset
Open Until July 31, 2006
2005/2006 Estimated
Receivables
Changes Before July 31, 2006
Only For AR’s With No Activity
Add New AR’s For Differences
Done in Appropriate Fiscal Year (See Chart)
Know Differences in Estimated Receivables
G/L Balance 9229 Should Balance to Total
Estimated Receivables Report
Page 6
2005/2006 Estimated
Receivables
Far311 When Done For Fiscal Year
Dates – 6/30/06 to 7/01/2006
Signature Page
Combined A/R’s and PCL’s
Fund Sort
Review Report For Accuracy
Page 7
2006/2007 Receivable(AR)
Receipts
Run Receivable Transaction Report
R on Add Receivables/Setup Screen
Reference Number Sort
Update Often/Keep Handy
Use AR Receipt or Cash Receipts
Screen Print Page 8 in A/R Manual
Payment Types
Partial
Final
Z or Liquidate
Do Not use C (Close)
2006/2007 Receivable(AR)
Receipts
Clear 06XXXX A/R’s in FY07
See Example Page 9 A/R Manual
Changes to Existing FY06 AR’s
Batching Procedures
Same as Cash Receipts, Except….
Z’d Out Entries Create Batches
No Transmittal Report for SCOE
Page 10
Accrual Reports
Reports Menu Screen Print Page 11
Receivable Transaction Report
Lists All AR’s With Date, Descript, Acct and Ref
Open Receivable Report
List Open AR’s With Remaining Balances
Receivables History Report
AR Setups/Receipts by Ref # or Vendor
Pages 11/12
Accrual Reports
Established Receivables Financial Report
AR Setups by Account Code
Receivables Reconciliation Report
AR Setups and Receipts by Account Code
Receivables/Payables Financial Activity(FAR311)
FY06 or FY07
Signature Page, Total AR’s/PCL’s, Fund Sort
FAR311 Advantage/Review Report
Page 12
2005/2006 Accounts Receivable
Cross Reference Year-End Closing Manual
District Responsibilities
Vocational Ed - Federal Grants
Mandated Costs (Only if Received)
Do NOT Set Up PL81-874
Contracts – Money Due District
Cafeteria – Due to/Due From
Not permanent transfers
Must balance
Lottery – 3rd/4th Quarter Apportionment Entry
Watch for Notice from Accountants
Page 13
2005/2006 Accounts
Receivable
SCOE Responsibilities
Either will make entries or provide
spreadsheet for district entries
Title I (Resource 3010) 80% to date
Spec Ed PL 101- 476 (Resource 3310) 75% to date
Lottery (Resource 1100/6300)
Page 14
2005/2006 Accounts Receivable
Reminders
No Invalid FY07 Resource Use
5/11/06 Matrix Change Memo
No JV’s, Cash JV’s, or Cash Transfers
Use Accounts Receivable Accrual System (A/R)
9229 to 9210 System Entries
Check For Z’d Batches
FAR311
Signature Page/Combination of AR’s/PCL’s
Break by Fund
July 31, 2006 Last Date to Establish
Page 14