Year-End Closing of the Books
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Year-End Closing of the Books 2008-2009 Overview of Closing: - Why? • End of Business Cycle • Federal & State Requirements • Snapshot in Time • Yearly Reporting – Internal & External Auditors • http://www.ous.edu/cont-div/reports/annfinst_fy2008.php Overview of Closing - When? • July 1, 2008 through June 30, 2009 - including accruals thru July 24, 2009 Overview of Closing - What? • 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 FWIBUDG Balance Sheet Income Stmt C0010 0XXXX Revenue C2010 1XXXX Labor C1010 2XXXX- General 8XXXX Expense C5010 9XXXX 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 08-09 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 08-09. • 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 17 Last day to input JVs for Period 14 • July 17 Last day to input Budget Changes for Period 14 • July 17 Last day to pay an invoice for 08-09, Fiscal Period 14 Dates to Remember: • July 21 Last day to Submit IIJVs to BAO for Period 14 • July 24 Last day to Submit AP Reports • July 24 Detail and aging reports due for all non-SIS accounts receivable. • July 24 Period 14 Close (FY09) • July 25 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 FY09: Debit Department Fund A5901 - Prepaid Expense Credit Department Index Expense Account Code – ex. 24505 Performance Fees To record the reversal in FY10: 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 service are provided. Example JV’s as follows: To record revenue as a prepaid revenue in FY09: Debit Department Index Revenue Account Code – ex. 01102 Nonresident Undergrad Tuition Credit Department Fund B5901 - Accrued Undistr Income Prepaid Revenue To record the reversal in FY10: Debit Department Fund B5901 – Accrued Undistr Income Credit Department Index 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 • This includes: between July 1 and July 17 for fiscal • Budget Changes year 08-09, you will need to change the • Invoices Transaction Date to • JVs June 30. • Travel Reimbursements Encumbrances • BAO will roll only restricted fund-related encumbrances from fiscal year 09 to fiscal year 10. • Other remaining encumbrances will not be rolled into the 09-10 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://baowww.uoregon.edu/forms/yearendap.pdf Service Centers • Service Center Compliance • 5 yr. Plan (CAMP) • Cash Deficits • See BAO Website for Detailed Instructions http://baowww.uoregon.edu/financialmanagement.htm 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 • Rob Freytag 6-1116 firstname.lastname@example.org • Brett Giles 6-1114 email@example.com • Martha Schumacher 6-3524 firstname.lastname@example.org • Robbin Howard 6-1115 email@example.com • Bob Swanson 6-3163 firstname.lastname@example.org • Bruce Abrahamson 6-3032 email@example.com • Teri Rowe 6-1729 firstname.lastname@example.org Year End COB Deadlines 2008-2009 • http://baowww.uoregon.edu/FinMgt/YearEndClosingDeadline09.htm Closing Remarks Year end should not make you fidget, O9 is the last of the single digits, Grab your pen, here we go into Fiscal Year O10!