Year-End Closing of the Books

							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
    rfreytag@uoregon.edu
•   Brett Giles 6-1114
    baobrett@uoregon.edu
•   Martha Schumacher 6-3524
    marthas@uoregon.edu
•   Robbin Howard 6-1115
    rchoward@uoregon.edu
•   Bob Swanson 6-3163
    swanson@uoregon.edu
•   Bruce Abrahamson 6-3032
    babraham@uoregon.edu
•   Teri Rowe 6-1729
    trowe@uoregon.edu
  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!