YEAR END CLOSE

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					YEAR END CLOSE TIPS
 FOR NEW FINANCE
     OFFICERS


     JUNE 23, 2011

     KDE - Division of District Support
             LOTS OF RESOURCES
• KDE Fiscal Year End Processing (BGL-2) and
  Annual Financial Report (STW-GL-2) dated
  June 2011
• MUNIS Fiscal Year End Processing document
• finance.report@education.ky.gov for KY specific
• MUNIS Help Desk – (800) 722-4908
• KDE Help Desk – (502) 564-3846
      Only Thursday, Friday and Monday (7-21,
      7-22 and 7-25) 8:00 a.m. thru 5:00 p.m. EST
 June 2011       KDE - Division of District Support   2
 YEAR-END CLOSE MANTRAS

Planning, preparing and validating data will
  assist in having a successful year end close.

Most of the work for year-end closing is done in
 June and July before the buttons are pushed.



 June 2011       KDE - Division of District Support   3
            PRIOR TO JUNE                            30TH

Print the checklist out of the Year-End
 Processing (BGL-2) document and have one
 person in charge of assigning tasks and
 ensuring all items get completed
Create default journal numbers for 2012 by
 copying 2008, since next year is a leap year,
 you must use a leap year to copy or make
 sure to correct the last day of February as
 the 29th
June 2011       KDE - Division of District Support          4
Default
Journal
Numbers




   June 2011   KDE - Division of District Support   5
    PRIOR TO JUNE                         30TH      (cont)
Review balance sheet for last year activity –
 look for A/R, A/P, D/R, unassigned fund
 balances
Review open PO’s and open invoices
Review old year projects in fund 2 – being
 very careful to not post transactions to
 projects on hold (Z in fifth digit)

June 2011      KDE - Division of District Support            6
Fund 2
Project
Budget
Report




  June 2011   KDE - Division of District Support   7
            PURCHASE ORDERS
• Finding old PO’s that are not closed
• Finding open PO’s – two ways
     o Run PO by GL Account report
     o Run Open PO by Expense Account report
• Cancel and delete any PO that is not
  absolutely necessary to carry forward


June 2011         KDE - Division of District Support   8
                 PO INQUIRY
After finding
PO’s that are
not closed,
browse the
group and                             <2012
print out the
list.
You will have                        >0
to go to PO
Maintenance
to close or
cancel each
PO.

     June 2011   KDE - Division of District Support   9
            PO BY GL ACCOUNT

       1
                                             Define
       2
       3



                                                      Rpt Opt




June 2011       KDE - Division of District Support      10
OPEN PO BY EXPENSE ACCOUNT




June 2011   KDE - Division of District Support   11
    PRIOR TO JUNE 30TH (cont)

Enter A/P invoices in a batch with June 30th
 effective date and your July warrant – this
 will have these invoices show as accounts
 payable at year end; then pay bills in July
 just like normal and have them post in July
 (period 1)



June 2011      KDE - Division of District Support   12
Invoice
  entry
for June                                   July warrant number
 bills in
  July                                           Invoices will post in June




     June 2011   KDE - Division of District Support                  13
     Invoice entry for June bills in July (cont)




                                                       July warrant




                                                                      14
June 2011         KDE - Division of District Support
            JULY WARRANT

                                    July warrant



                                                   Checks post in 2012




June 2011     KDE - Division of District Support                15
            TABLES VALIDATION
• Always run a full tables validation
• Should be running each month when closing
• All errors must be resolved prior to closing
  the year
• Any errors from a prior year must be resolved
  with help of MUNIS
• Call MUNIS for assistance with any errors
  that you cannot resolve yourself
June 2011       KDE - Division of District Support   16
   1 st     WORKING DAY OF JULY


Set default period to 2012 period 1 in Roll
 Accounting Period

Set Holding Year Open Flag


June 2011       KDE - Division of District Support   17
            AFTER JULY 1ST

Go through everything that was already
 listed as things to do before June 30th
This time it is more serious and things must
 be resolved before you close the year
Perform mucopy and close in test
 system


June 2011      KDE - Division of District Support   18
       YEAR END PROCESSING

Perform daily backup
Halt all MUNIS processing – use instructions
 for locking MUNIS – no one can be in the
 system while you are closing the year
Continue with closing the year process –
 follow documentation closely


June 2011     KDE - Division of District Support   19
             FISCAL YEAR END
            PROCESSING MENU
A.     Set Holding Year Open Flag
B.     Close Current Fiscal Year
C.     Year End Trial Balance
D.     Open New Fiscal Year
E.     Budget Completion Journal/Updt
F.     Post Last Year Adjustments
G.     NSFY Prior Year General Journal Entry
       Non-standard FY – DO NOT USE THIS
June 2011                                             20
                 KDE - Division of District Support
            PERIOD 13 ENTRIES
• Possible
     – Fixed asset transactions
     – On-behalf payments
• Always
     – Accounts receivable
     – Accounts payable
     – Deferred revenue
     – GASB 54 fund balance classifications
June 2011         KDE - Division of District Support   21
              ANNUAL FINANCIAL
                  REPORT
• AFR is due to Frankfort on July 25th
• Cannot be run until after closing old year and
  opening new year
• Run the report without detail and with detail
• Submit four files to Frankfort
      AFD; ASR; BS and BSF
• Save the files in plain text or text only format
• Submit through SEEK Web Application at
  http://odss.education.ky.gov/webforms           22
  June 2011       KDE - Division of District Support
              ANNUAL FINANCIAL
                REPORT (cont)
• KDE only wants two AFR’s
• 1st one by July 25th – make sure it reflects good
  numbers – the figures in these reports will be
  released whenever KDE receives records
  requests – must include on-behalf payments and
  GASB 54 entries
• 2nd one after audit adjustments have been posted
  – these figures must agree to the audit and are
  used for tax rate calculations and for reporting to
  federal government                              23
  June 2011       KDE - Division of District Support
               REMEMBER
• Must implement both GASB 54 documents
• GASB 54 journals will all be posted in period 13
• Do all the clean up work required in June and the
  first part of July
• Use the resources shown on the first slide
• Make sure you have a good backup
• Follow the instructions closely – they are the best
• Close in test first
• Don’t let the large task get you stressed
 June 2011       KDE - Division of District Support   24

				
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