fmis r*stars closing fiscal year 2013 part ii gad form x-18 submitted by each financial agency (may...

FMIS

R*STARS R*STARS ClosingClosingFiscal Year 2013Fiscal Year 2013

Part IIPart II

GAD Form X-18Submitted by each

financial agency (may be at batch agency level)

Provides contact information to GAD

Send to: bbrady@comp.state.md.us

GAD Form G-8

Special funds fund balance retainedLegal authority

Non-budgeted funds negative cash balanceJustification

Submitted by Financial Agency

ReceiptsEffective date - June 31Valid until July 5th

Collected July 1 or later

ChargebacksRecorded by STO with an

effective date - June 31. Bad Checks Program 099.Chargeback Accounts must

have zero cash balances at year end.

Cash Balances in Chargeback Clearing Accounts must be allocated to proper accounts as year end adjustments.

Check CancellationThe FY of transaction depends on effective date entered

by STO.Cancellations by June 30th = cash receipts for the fiscal

year being closed.Check cancellations may be accrued in the fiscal year

being closed.

Transfers and Adjusting EntriesUse effective date -

June 31 or month 13Until July 15 - other

Financial AgenciesOr July 26 or until

closed- within Financial Agency

R*STARS Rollover Financial Accounts FY 2013 balances will

rollover to FY 2014 after posting on June 29th.

R*Stars will close at its normal time on June 28th.

R*STARS not available June 29th or June 30th. R*STARS available July 1st - July 5th.

Batch Cycles June 28th, July 1st, July 2nd, July 3rd, and July 5th.

No batch cycle on July 4th.

R*STARS ChecksJune 28th

Expedite 11:00 R*Stars Closes at normal

time

Budget AmendmentsSubmit to DBM - June 14Agencies must record all

Budget Amendments in process beginning June 1

T/C 027 Increase appropriationDecreases to appropriations

T/C 027R

Budget Amendments in Process62 appropriation screenBalance type 04Approved by

DBM

Reversions of AppropriationsAutomatic at year end

once all agencies are closed.

Review DAFR 6000 & 5990For Overspent encumbered balancesCheck Current & Prior Fiscal Year Appropriation Balances

Special Revenue Fund Fund Balance that agencies are not allowed to retain Transferto general fund

Agency posts transaction

T/C 400 / 401 to transfer revenue to general fund

RevenuesRecorded per state

policyRecord year end

accounts receivables & accrued revenues in RSTARS

Federal, Reimbursable FundsRecognition of federal /

reimbursable fund revenue same year as expenditure

Fund Balance = 0Accounts Receivable or

Deferred Revenue

Accounts ReceivableRecord on a

transaction basisNo reversal needed

Or record an accrualReversal will occur

Accrued RevenueT/C 801 will automatically

reverse in next fiscal yearReversal will have the

same AYCash receipts same AY as

accrual and reversal

Accrued Revenue / Accounts Receivable Reductions

Reverse “doubtful” amounts T/C 113R or 456 Transfers to CCU Revenues not collectible

within 60 days of YE deferred in R*Stars

Record Long-Term A/R &

Defer Uncollected Revenue If A/R already recorded

Use TC 824 & 807If A/R not already recorded

Use TC 825These TC’s reverse in next

fiscal year.

Investment AccrualsSpecific Investments-

Accrual Recorded by GAD

Reversing entry to new FY

Pooled Cash- Interest Allocation Recorded by STO

Accounts PayableRecord invoices with an

effective date - June 31Record in July in ADPICS

or as a journal entryRecord for capital projects

fund thru Aug 16

Order of Recording Appropriated Balances

Accounts PayableAccrued ExpendituresEncumbrances

Accrued ExpendituresState policyT/C 803 or 809Reversal will be same AYDistinguish long term

payables using T/C 827

Payroll AccrualsThree options:1) CPB accrues payroll2) CPB accrues payroll and

agency does adjusting entries

3) Agency does own accrual: Notify GAD by May 31 if intend to do your own accrual

Payroll Accruals CPB AccrualRegular- Accrue 19/14 days X

PPE 5/28 payrollRegular- PPE 6/11 disbursed in

fiscal year being closed Regular- PPE 6/25 dis- bursed in next fiscal year

Payroll Accruals (cont’d)Contractual- Accrue 12/14

days X PPE 6/4 payrollContractual- PPE 6/18

disbursed in fiscal year being closed

Contractual- PPE 7/2 disbursed in next fiscal year

Payroll Accruals (cont’d)All accruals and reversals

post to Salaries and Fringe Benefits Payable

All reversals and disbursements in the new fiscal year will be reflected in the next appropriation year

Payroll Accruals (cont’d)Compensated Absences

Employees who terminated employment by 6/30

Record Liability and Accrue Expenditures using TC 805

TC 805 will reverse in next appropriation year

FMIS

R*STARS R*STARS ClosingClosing

End of Part IIEnd of Part II