2009_Year_End_PowerPoint_Presentation by shimeiyan1

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									Year End Presentation
FY09 Closing / FY10 Opening
        Procedures




    Office of Business and Financial Services
  University Accounting and Financial Reporting
Session Objectives
The objective of this presentation is to enhance the
understanding of the information published in the
University of Illinois FY09 Closing/FY10 Opening
Procedures document.
At the end of this presentation, you will be able to:
    Understand the importance of implementing year
     end closing and opening procedures for your unit
    Anticipate year end impact on daily activities
    Plan for critical year end dates
    Work with 2 fiscal years
    Identify unique characteristics of various funds
    Locate helpful resources and links
                                                        2
Why We Care!
Annual Financial Report
   Stakeholders
   External Auditors
   State Regulations
What’s In This For Me!
   Do you make purchases?
   Do you reconcile your FOAPALs?
   Peace of mind




                                     3
Year End Terminology
Important Terms
   Accounts Receivable
   Allowance for Doubtful Accounts
   Fiscal Year
   Lapse Period
   Deferred Income
   Deferred Charges
   Accrued Expenses




                                      4
Year End Terminology
Important Terms
   Encumbrance
   Overdraft
   Excess Funds
   Transaction/Default Date
   Preliminary Statement
   Period 12
   Period 14




                               5
Year End: P-CARD
 June 30th Swipe date for FY09 funds
 FUND CODE CHANGES JULY 1ST
 July 17th Received & Reconciled FY09 funds
 General encumbrance not required




                                               6
Year End: iBUY
 June 1st $5,000-$50,000
    Requisitions completed and approved to Purchasing
 June 26th Discontinue use of FY 09 state fund
 FUND CODE CHANGES JULY 1ST
 July 17th Departmental approval queues cleared
    Approve or reject ALL requisitions




                                                         7
Year End: Requisitions
Critical Dates (properly completed and approved)
   March 27th $50,000 - $199,999
     Professional/Artistic $20,000-$99,999
   June 1st <= $49,999
     Professional/Artistic <= $19,999
   June 1st <= $69,999 Construction
   June 30th Banner & iBUY State Reqs cancelled




                                                   8
Year End: Encumbrances
Encumbrances
   General Encumbrances
   Purchase Order Encumbrances
   Payroll Encumbrances
   Encumbrance Statement Options
     Banner--FGIOENC
     View Direct—HRPAY00102; FIGLENCUM#
     EDDIE—FIGL Encumbrance Statement




                                           9
Year End: General
General Encumbrances
   State, Institutional Funds, Self Supporting
   Not for Internal Transactions (P-Card, Stores)
   June 30th Petty Cash, Travel Expenditures,
    contractual services,
   July 18th Roll to FY10




                                                     10
Year End: Purchase Orders
PO Encumbrances
   July 14th Change order required
   OBFS Home > Purchases > Ordering & Payment
    Methods > Banner Orders > Process to Reduce
    Standing Purchase Order Encumbrances
   If you know reduction amount email:
      UIC:
     Ozie Williams oziewill@uillinois.edu
     Nancy Reynolds nreynold@uillinois.edu
      UIS:
     Mike Bloechle mbloe1@uillinois.edu
     Jill Menezes jmene1@uillinois.edu
      UIUC:
     Megan Wells mrwells@uillinois.edu
     Oulay Luyando luyando@uillinois.edu
                                                  11
Year End: Purchase Orders
Renewable and Multi-year POs
   June order date vs. July invoice date
   Renewal of FY09 Standing and Multi-Year Orders
    Report
     OBFS Home > Purchases > Reports
Receiving Documents
   July 17th For FY09, otherwise posts to FY10
      August 28th Using 100009
   Receipts Required Report
     OBFS Home > Purchases > Reports


                                                     12
Year End: Labor Encumbrance
Labor Encumbrances
      July 1-June 30
      To liquidate material encumbrances
      uas@uillinois.edu
      July 10th fully liquidated
      View Direct Personnel Encumbrance Reports
        HRPAY00098-Pay Period version
        HRPAY00102-Monthly version




                                                   13
Year End: Payroll
Payroll Labor Distribution Statements
   BW 14, 15 & MN 7
     BW 14 100% FY09
     BW 15 20% FY09, 80% FY10
        Will not appear on preliminary statements
     MN 7 50% FY09, 50% FY10
     MN 7 9 over 12 100% FY10
   FY 09 accrual pay period MN-999, BW-998, BW-999
   View Direct Reports
     HRPAY00104-pay period version
     HRPAY00103-monthly version
                                                      14
Year End: Payroll
Labor Redistributions
   July 9th Noon (disposition 60) Preliminary
   July 16th Noon (disposition 60) P12
   FY09 transactions use June posting override date
   2009 BW14 & 2009 MN7 use blank posting override
    date
   BW 15 and MN 7-use edit distribution to select
    correct fiscal year
   OBFS Home > Accounting & Financial Reporting >
    Year-End Procedures > Year-End Deadlines for
    Labor Redistributions
   Performing Year End Labor Redistribution Job Aid
                                                       15
Year End: Other Payments
Miscellaneous/Travel Vouchers Payables
   June 30th Receive date, Travel completed
      July 14th submitted
   June 30th General Encumbrance


Internal Transactions
   No encumbrances allowed
   June 25th Ordered & Delivered

   July 17th Stores/Service Vouchers/JV

                                               16
Year End: Reports
JUNE Preliminary Reports
   Run July 10th , available 13th
   View Direct June 28th report date
JUNE P12 Reports
   Close July 18th , available 21st
   View Direct June 29th report date

JUNE P14 Reports
   Close August 1st, available 4th
   View Direct June 30th report date


                                        17
Year End: Fixed Assets
July 14th FABWeb to UPAR
    Equipment received, gifted, or fabricated
    Software developed
    Construction completed
July 17th Complete acquisition details in FABWeb
Why?
    Capitalization and depreciation calculations
Corrections/Changes
    Each item requires 1 debit and 1 credit
    JV transaction date

                                                    18
Year End: Other Important Areas
Accounts Receivable
   (SAR) and (GAR) feeders no back dating
   June 25th 5:00pm
   Why?
Deposits
   2pm June 30th
   Why?

Petty Cash and Change Funds
   July 15th Annual Renewal Forms


                                             19
Year End: Fact Sheets
Who needs to complete a Fact Sheet?
   Self-Supporting Funds
   Practice Plans
When does it need to be completed?
   After careful review of P12 reports July 22nd
   July 23th received by University Accounting Services
   Subject to audit

A new electronic fact sheet form, currently under
  development, is anticipated to be available for
  your submission.

                                                           20
Year End: Fund Facts
State Funds
   June 26th Discontinue use of state fund in iBUY
   June 30th General Encumbrances established
   June 30th Request exchange state & institutional
    campus Budget Office
   July 1st State Fund 100009 to 100010
   July 14th Invoices/Misc./Travel vouchers/Equip.
   July 17th P-Card reconciled & approved
   August 10th All 09 State appropriations (100009)
    invoice vouchers/travel
   August 28st All 09 State appropriations (100009) JV
    and receiving reports
                                                          21
Year End: Fund Facts
Institutional Support Funds
   June 30th Accurate encumbrances
   June 30th Request exchange state &
    institutional campus Budget Office
   July 14th Invoices/Misc./Travel vouchers/Equip.
   July 17th P-Card reconciled & approved
   July 17th PO Receiving reports completed
   July 18th Encumbrances roll
   August 2nd Budget Balances




                                                      22
Year End: Fund Facts
Self-Supporting
   Subject to Excess Funds calculations
   June 30th Accurate encumbrances
   July 14th Invoices/Misc./Travel vouchers/Equip.
   July 17th P-Card reconciled & approved
   July 17th PO Receiving reports completed
   July 18th Encumbrances/GL Balances/Requisitions
    roll
   July 22nd Fact Sheets—University Acct.
    Services


                                                      23
Year End: Fund Facts
Practice Plans
    July 14th Invoices/Misc./Travel vouchers/Equip.
    July 17th P-Card reconciled & approved
    July 17th PO Receiving reports completed
    July 22nd Fact Sheets—University Acct.
     Services
      MSP Units
      DSP/NSP Units




                                                       24
Year End: Fund Facts
Gift and Endowment Income Funds
   May 29th Depts. clear all overdrafts
   June 19th Reinvest endowment income
   July 14th Invoices/Misc./Travel vouchers/Equip.
   July 17th P-Card reconciled & approved
   July 17th Receiving reports completed
   July 18th Encumbrances/GL Balances/
    Requisitions roll




                                                      25
Year End: Fund Facts
Grant and Contract Funds
   May 29th clear Sponsored projects overdrafts
    (400000-599999)
   July 1st Yes, Year End applies to Grants &
    Contracts
   July 14th Invoices/Misc./Travel vouchers/Equip.
   July 17th P-Card reconciled & approved
   July 17th Receiving reports completed
   July 17th State of Illinois sponsored projects
    (560000-599999)



                                                      26
Year End: Fund Facts
Other Non-State Funds
   May 29th Eliminate inactive funds/overdrafts
   July 14th Invoices/Misc./Travel vouchers/Equip.
   July 17th P-Card reconciled & approved
   July 17th Receiving reports completed
   July 18th GL Balances roll forward




                                                      27
Year End: Key Dates
Remember these dates?
   June 30th end of FY09
   July 1st Transition to new fund codes
   July 14th All invoices/FABWeb
   July 18th P12 Closes
   August 1st P14 Closes
   August 10th 09 State appropriations (100009)
    invoices vouchers

   August 28th 09 State appropriations (100009) JV



                                                      28
Year End: July 1st
FY10 System Changes in Banner
   State Appropriations new fund code 100010
   FWS converts to FY10 498110, 498210, 498410
   Index codes/defaults, override for FY10
   P-Card C-FOP will change to new fund numbers
   State Appropriation on labor distribution
   ***Default date on transactions FY10***




                                                   29
Journal Voucher Mass Entry Form-FGAJVCM




                                    30
Journal Voucher Entry Form-FGAJVCD




                                 31
Journal Voucher Quick Form-FGAJVCQ




                                32
Labor Redistribution-PZAREDS




                               33
Year End: HELP!!!
Links and Resources:
   OBFS Home > Accounting & Financial Reporting > Year-End
    Procedures
   OBFS Home > Banner Alerts and Resources > Calendar of
    Finance / Payroll Events:
   OBFS Home > Forms > Accounting & Financial Reporting > Fact
    Sheets Requirements
   OBFS Home > Accounting & Financial Reporting > Year-End
    Procedures > Year-End Deadlines for Labor Redistributions
   OBFS Home >Training >Job Aids & Training Materials > Payroll &
    Earnings Training Materials
   Performing Year End Labor Redistribution Job Aid




                                                                     34
Year End: HELP!!!
Links and Resources:
   OBFS Home > Purchases > Reports >
     Receipts Required Reports
     Renewal of FY09 Standing and Multi-Year Orders and select
     the appropriate chart
   OBFS Home > Purchases > Ordering & Payment Methods > Banner
    Orders > Process to Reduce Standing Purchase Order
    Encumbrances
   OBFS Home > Training > Job Aids




                                                                  35
Year End: Summary




        Questions?




                     36

								
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