year-end planning and checklist
Post on 22-Jan-2016
61 Views
Preview:
DESCRIPTION
TRANSCRIPT
May 2009
Year-End Planning and Checklist
AGENDA
Reminder for Close Preparation and Planning Year-End Checklist and Timeline
2
May 2009
Reminders for Close Close General Fund without accruals or current year
Budget Balance Available (BBA) Entries for unpaid Claims Do not accrue:
Payroll CSURMA 09/10 Campus Premiums State University Grant (SUG)
Prepare for designated Fund Balance entries for Fund 0948.485 and 0948.441, 442 & 443 Please be sure that the designations include the entire
post-close equity for the fund.
3
Preparation and Planning
Preparation and Planning Monthly recons – Keep ‘em current and resolve factors
Preparation begins in January and February
Consider changes on YOUR campus - (PS Student Finance, GL issues, PS AR/BI, Asset Mgt)
Look at last year, how did you do?
4
Preparation and Planning
Preparation and Planning Key Deadlines
Work backwards from these dates when planning June 15 - SCO Cut-off for Claims\PFA’s\Transfer Requests July 15 – FIRMS Submission COMPLETED (24 hour review
backs this up to July 14) All SCO required reports per legal manual
5
Preparation and Planning
April/May Load SAM99 Accrual Reversal Tape
SAM99 should be run with Accrual Reversal checkbox marked from this point forward
Analyze data dependencies for month and year-end entries Meet with departments or contact third-party providers to
determine dates information will be ready or potential cut-off of activity to meet deadlines
6
Year-End Checklist
May Collect data and analyze capital leases, capital projects &
other potential complex transactions Develop strategy for booking to ledger
Chancellor’s Office will pull back in reverting General Fund (in 2009, pull back 2005)
Review reverting funds Clear any remaining assets and liabilities CY revenues and expenses will close to fund balance
clearing
7
Year-End Checklist
May Review closing rules and trees
Update for reverting/reverted funds Use PS queries based on reversion date and compare
to campus trees Confirm all of 0948 funds close to 305002, pay special
attention to FNAT flip funds. Ensure budget and actuals equal (BBA=0) in the following
CSU Operating Fund (CSU Fund 485) accounts: 506100 – SWAT Transfers In 680100 – SWAT Transfer Out 690003 – General Fund Transfer In
8
Year-End Checklist
May Review revenue in CSU Operating Fund
Make sure appropriate revenues are recorded Augmented Health to CSU fund 485
Miscellaneous Financial Aid – Restricted to CSU Fund 431
Miscellaneous Financial Aid – Unrestricted to CSU Fund 435
Campus internal service providers to 543: TF Campus Services - Internal Services
Campus external service providers to 544: TF Campus Services - Enterprise
Budget and Accounting develop a plan for year-end reserve entries
Create campus accounts as needed for reserves
9
Year-End Checklist
Early June Close and reconcile May data Notify Auxiliaries of Year-End Deadlines
FIRMS 7/31/09 GAAP 9/30/09 IPEDS 10/30/09
Request Contingent Liabilities list June 15th SCO MUST have final 2008/09
Claims/PFA/Transfer Requests in Hand for guaranteed processing
10
Year-End Checklist
Mid-June Upon notification from the CO, submit test SAM99 Files
to the SCO until the SCO personnel indicate a “clean” submission.
Campus Allocation of 4Q SWIFT Investment Earnings Remember 4Q is March, April and May June interest will be distributed late July to be accrued in
GAAP
11
Year-End Checklist
No later than June 22nd
Review and Adjust A/R Reserves– Remember to use contra-revenue allowance/bad debt
accounts Clear all known SAM99 reconciliation issues Clear all known FIRMS error messages
Remember warning messages usually turn to errors in the 4th quarter
12
Year-End Checklist
No later than June 30th
Record all chargebacks All requisitions must be sourced to a Purchase Order or
cancelled Final Student System feeds to A/P completed, prep for
final fiscal year check run
13
Year-End Checklist
No later than June 30th Post/Reconcile Payroll Post Final ProCard statement Receiving Completed Close Purchasing Final recording of Cash Receipts Close Cash Receipts Final Check Run/Claims Close Accounts Payable
14
Year-End Checklist
July Week 1 CO Data will be communicated to campuses via AD
NOAT no later than July 7 Non-Delegated CWIP / Additions to Fixed Assets (IT
Infrastructure) Fund Balance Clearing (FBC) 4th Quarter CSURMA Deductible Recovery Interagency AR/AP (including CSURMA IDL/NDI/UI accruals)
Run and Post GL 15 process Manually liquidate Reimbursed Activities remaining
Encumbrance Balance Complete Manual Obligations Fixed Assets and Retention Entries Complete
15
Year-End Checklist
July, Week 1, Continued
Final Reimbursed Activities Billing Completed/Confirm RA in Balance by CSU Fund
Reconciliation of all subsystems to ledger complete: ARBI, Student, etc.
Complete routine month-end journal entries Load WFB Bank Statement and begin reconciliation
Cleared Checks/Paid SCO Claims (CD102)/SAM99 Files
16
Year-End Checklist
July, Week 1, Continued Bank reconciliation completed
Bank of CSU Statement distributed no later than July 7th Resolve Negative Cash Balances
SAM99 Reconciliation Completed – All SAM99 Reconciling Items Cleared
Reclassify FBC for claims filed to Due To Trust for DVP SCP goes to claims filed If needed, accrue FBC entries created by LCD
17
Year-End Checklist
July, Week 2 All entries now under the supervision of Campus Budget
Office Ensure budget and actuals equal (BBA=0) in the following
CSU Operating Fund (CSU Fund 485) accounts: 506100 – SWAT Transfers In 680100 – SWAT Transfer Out 690003 – General Fund Transfer In
Review Revenue in CSU Operating Fund Make sure appropriate revenues are recorded
18
Year-End Checklist
July, Week 2 Review General Fund (SCO fund 0001) Clear any remaining FIRMS errors Final review of program/ledger balances
Clear any remaining deficits Book Reserve entries to CSU Fund 485
304015 Reserve for Operations 304016 Reserve for Campus Dept / Obligations 304018 Reserve for Encumbrances
Use campus accounts as needed, mapped to above FIRMS Object codes to accommodate campus plans for contingency, roll forward and reserves
19
Year-End Checklist
July, Week 2 Close xxCMP Business Unit to prevent further entries Generate Final SAM99 File Final FIRMS derivation Close xxCSU Business Unit to prevent further entries Prepare Manual Reporting Package for Management
Review
20
Year-End Checklist
July 14 and 15 July 14 - Management Review/Approval July 14 – Latest date for FIRMS submission to CO’s SFR
group for 24 hour review July 15 – FIRMS Submission completed, pre and post
close Transmit Final SAM99 file to SCO
21
Year-End Checklist
July and August Run PO Rollover in xxCMP and xxCSU Submit all required SCO reports per instructions in year-
end legal manual– The SCO requires a separate certification letter for each
state fund submitted through SAM99 or in hard copy. Submit all CO required reports Additional reporting dates in September and October for
GAAP and IPEDs.
Reference http://www.calstate.edu/sfsr/
22
Year-End Checklist
top related