Transcript Year-End Closing of the Books

Year-End Closing of the Books
2009-2010
Overview of Closing:
- Why?
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End of Business Cycle
Federal & State Requirements
Snapshot in Time
Yearly Reporting – Internal & External
Auditors
• http://www.ous.edu/cont-div/reports/annfinst_fy2009.php
Overview of Closing
- When?
• July 1, 2009 through June 30, 2010
- including accruals thru July 26, 2010
Overview of Closing
- What?
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Close Fiscal Period 12
Open Accrual Period 14
Depts. have one week for adjustments
BAO has one week for adjustments
OUS extracts data & creates necessary reports
Balance Sheet Account Codes
A = Assets
B = Liabilities
C = Income Statement Totals
D = Fund Balance
E = Fund Additions
F = Fund Deletions
Income/Expense Accounts are rolled up to Fund
Balance at Fiscal Year-End.
Balance Sheet/Income Stmt.
FGITBAL
Balance Sheet
C0010
C2010
C1010
C5010
FWIBUDG
Income Stmt
0XXXX
1XXXX
2XXXX8XXXX
9XXXX
Revenue
Labor
General
Expense
Transfers
Dates to Remember:
• June 5 June Regular Payroll Deadline
• June 23 Contact BAO for help accruing department
non-student accounts receivable
• June 30 Last day to submit Student Receivables
• June 30 Last day to Deposit Cash by 3:00 p.m.
• June 30 Item(s) must be received by this
day to pay with 09-10 funds
• July 2
Last day to submit Service Dept.
“interface/AppWorx” JVs for Period 12
Dates to Remember:
• July 6 Last day to Submit Payroll Form (PAA)
for 09-10.
• July 6 Last day to direct input Inter-Institutional JVs
(Charts B-K) for Period 12
• July 8 Last day to submit Budget changes for Period 12
• July 8 Last day to input an invoice for Fiscal Period 12
• July 8 Last day to input JVs for Period 12
• July 8 Period 12 Close
***(Above items must have a June transaction date)
Dates to Remember:
• July 9 Availability of Fiscal Period 12 Reports
• July 9 Last day to direct input Inter-Institutional
JVs (Charts B-K) for Period 14
• July 15 Last day to input JVs for Period 14
• July 15 Last day to input Budget Changes for
Period 14
• July 15 Last day to pay an invoice for
09-10, Fiscal Period 14
Dates to Remember:
• July 21 Last day to Submit IIJVs to BAO for
Period 14
• July 26 Last day to Submit AP Reports
• July 26 Detail and aging reports due for all
non-SIS accounts receivable.
• July 26 Period 14 Close (FY10)
• July 27 Availability of Fiscal Period 14
Reports
Year End Accruals
Prepaid Expense - A5901
Expenditures must be charged to the fiscal year in which goods are received
or the majority of the services are performed.
Example JV’s as follows:
To record expenditure as a prepaid expense in FY10:
Debit
Department Fund
A5901 - Prepaid Expense
Credit Department Index
Expense Account Code - ex.
24505 Performance Fees
To record the reversal in FY11:
Debit
Department Index
Expense Account Code - ex. 24505
Performance Fees
Credit Department Fund
A5901 - Prepaid Expense
Year End Accruals
Prepaid Revenue - B5901
Revenue must be credited to the fiscal year that the goods or majority of the services
are provided.
Example JV’s as follows:
To record revenue as a prepaid revenue in FY10:
Debit
Department Index
Credit
Department Fund
Prepaid Revenue
To record the reversal in FY11:
Debit
Department Fund
Credit
Department Index
Revenue Account Code - ex. 01102 Nonresident
Undergrad Tuition
B5901 - Accrued Undistr Income
B5901 - Accrued Undistr Income
Revenue Account Code - ex. 01102 Nonresident
Undergrad Tuition
Non-SIS Accounts Receivable
• Each department must submit a detail and aging
report of their non-SIS accounts.
• These reports must be reconciled to banner as of
period 14. (FGITBAL)
• Includes service departments, auxiliaries, and
designated operations accounts receivables from
entities that are external to OUS and the member
institutions.
• Same process applies for internal transactions.
Dating FIS Documents
• Documents entered
between July 1 and
July 19 for fiscal
year 09-10, you will
need to change the
Transaction Date to
June 30.
• This includes:
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Budget Changes
Invoices
JVs
Travel
Reimbursements
Encumbrances
• BAO will roll only restricted fund-related
encumbrances from fiscal year 10 to fiscal
year 11.
• Other remaining encumbrances will not be
rolled into the 10-11 accounting records.
Expenditure Cut-Off Guidelines
• Expenditures must be charged to the fiscal year
in which goods are received or services are
performed.
• For goods and services received by June 30 for
which vendor invoices have not been received as
of July 23, fill out an A/P Report.
• http://ba.uoregon.edu/sites/ba/files/forms/yearend
ap.pdf
Service Centers
• Service Center Compliance
• 5 yr. Plan (CAMP)
• See BAO Website for Detailed Instructions
http://ba.uoregon.edu/staff/service-center
Reporting Property Not Owned
by UO
• Leased Asset Schedule for Year-End
Reporting
• Leased Property (LE/LP)
• Loaned Property (LN)
• Adequate Insurance Coverage
• FWIFLST – Banner Form to Check for
Completeness of Inventory Records
Real Property
• Capitalization of CIP Expenses
• Conversion of Completed Projects into
Real Property Records
• Componentization of Specified Buildings
used for Research
BAO Help
• Accounting and Financial Management Contacts
http://ba.uoregon.edu/staff/actg-and-finl-mgmt-contacts
• Accounts Payable 6-3143
http://ba.uoregon.edu/staff/ap-invoice-payment
• Travel 6-3158
http://ba.uoregon.edu/staff/travel
Year End COB Deadlines 2009-2010
• http://ba.uoregon.edu/staff/year-end-deadlines
Closing Remarks
It is time to put an end
To good old FY 10
The budgets are dry
In the new year cash will fly
Oh thank heaven
For fiscal year eleven