year-end planning and checklist legal basis reporting workshop may 19, 2008
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Year-End Planning and Checklist
Legal Basis Reporting Workshop
May 19, 2008
May 19, 2008 Year-End Checklist 2
AGENDA Preparation and Planning Year-End Checklist and Timeline
Includes RMP issues and guidelines Discussion and Q & A
May 19, 2008 Year-End Checklist 3
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?
May 19, 2008 Year-End Checklist 4
Preparation and Planning Key Deadlines
Work backwards from these dates when planning
June 13 - 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
May 19, 2008 Year-End Checklist 5
Reminders for RMP Close CO Pullback prior year GF Close GF without accruals or current
year BBA Entries for unpaid Claims Do not accrue Payroll, CSURMA, 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.
May 19, 2008 Year-End Checklist 6
Changes for 2007-08 GAAP by CSU Fund
Where possible all legal basis schedules or reconciliations prepared as part of the close used for GAAP preparation should include a CSU fund breakout
New Due To/From Transfer In/Out accounts for SCO fund 0948 105027/202027 and 506026/680026 may
no longer be recorded in SCO fund 0948
May 19, 2008 Year-End Checklist 7
Changes for 2007-08 Establish CSU fund 541 Pooled
Investments Discontinue use of object codes
506051/680051 Commercial Paper Equipment
Program reclassified
May 19, 2008 Year-End Checklist 8
Fund Reclassifications 2007-08 Student Fee Activity recorded in CSU funds
467 or 496 reclassified to CSU fund 485. Use of CSU fund 467 discontinued at close of
2007/08 Student Study Abroad (except programs
run by Extended/Continuing Ed) reclassified to CSU fund 464
Grants/Contracts recorded in CSU fund 465
May 19, 2008 Year-End Checklist 9
Fund Reclassifications 2007-08 Campus self supporting service
providers moved to new CSU fund 543/544, except those in reimbursed activity Those in reimbursed activity must move
in 2008/09 Campus Construction Project
Management moved to CSU fund 542
May 19, 2008 Year-End Checklist 10
Use of New Object Codes EO 1000 Definition of Inter-fund
Activity When recording a revenue/expense
between funds 580094 – When activity is between funds
within SCO fund 0948 580095 – When activity is between the
campus and auxiliaries Do NOT Use 580017 – Cost Recovery for Aux Org
580096 – When the activity is between funds but not within the same SCO fund
May 19, 2008 Year-End Checklist 11
Preparation for 2008-09 New Student Fee Policy Move of Augmented Health to CSU
fund 485 Reclassification of Restricted /
Unrestricted Miscellaneous Scholarships
Reclassification of Campus Service Providers in Reimbursed Activities to CSU funds 543/544
May 19, 2008 Year-End Checklist 12
Year-end Closing Checklist - 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
May 19, 2008 Year-End Checklist 13
Year-end Closing Checklist - May Collect data and analyze capital leases,
capital projects & other potential complex transactions Develop strategy for booking to ledger
Chancellor’s Office pull back in reverting General Fund year (in 2008, pull back 2004)
Distribute 4Q SWIFT Investment Earnings Remember 4Q is March, April and May June interest will be accrued in GAAP
May 19, 2008 Year-End Checklist 14
Year-end Closing Checklist - May Review reverting funds
Clear any remaining assets and liabilities CY revenues and expenses will close to
fund balance clearing Review closing rules and trees
Update for reverting/reverted funds Confirm all of 0948 funds close to
305002, pay special attention to FNAT flip funds.
May 19, 2008 Year-End Checklist 15
Year-end Closing Checklist - May
Ensure budget and actuals equal (BBA=0) in the following CSU Operating Fund (485) accounts:506100 – SWAT Transfers In680100 – SWAT Transfer Out690003 – General Fund Transfer In
Review Revenue in CSU Operating Fund Make sure appropriate revenues are
recorded
May 19, 2008 Year-End Checklist 16
Year-end Closing Checklist - May Budget and Accounting develop a
plan for year-end reserve entries Create campus accounts as needed
for reserves
May 19, 2008 Year-End Checklist 17
Year-end Closing Checklist - Early June Close and reconcile May data Notify Auxiliaries of Year-End Deadlines
FIRMS 7/31/08 GAAP 9/30/08 IPEDS 10/31/08
Request Contingent Liabilities list June 13th SCO MUST have final 2007/08
Claims/PFA/Transfer Requests in Hand for guaranteed processing
May 19, 2008 Year-End Checklist 18
Year-end Closing Checklist - No later than June 22nd
Review and Adjust A/R Reserves Clear all known SAM99
reconciliation issues Clear all known FIRMS error
messages Remember warning messages usually
turn to errors in the 4th quarter
May 19, 2008 Year-End Checklist 19
Year-end Closing 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
May 19, 2008 Year-End Checklist 20
Year-end Closing 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
May 19, 2008 Year-End Checklist 21
Year-end Closing Checklist – July Week 1 CO Data will be communicated to campuses
via AD NOAT no later than July 7 Includes Non-Delegated CWIP, FBC, Q4 CSURMA
Deductible Recovery and 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
May 19, 2008 Year-End Checklist 22
Year-end Closing 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 Bank Recon Cleared Checks/Paid Claims (CD102)/SAM99 Files
May 19, 2008 Year-End Checklist 23
Year-end Closing Checklist – July, Week 1, Continued Bank Reconciliation Completed (CO will
finalize Bank of CSU Statement no later than July 7th) – Negative Cash Balances Resolved
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
May 19, 2008 Year-End Checklist 24
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 (485) accounts:506100 – SWAT Transfers In690003 – General Fund Transfer In
Review Revenue in CSU Operating Fund Make sure appropriate revenues are
recorded
May 19, 2008 Year-End Checklist 25
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
May 19, 2008 Year-End Checklist 26
Year-end Checklist – July, Week 2 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
May 19, 2008 Year-End Checklist 27
Year-end Checklist – July, Week 2 Close xxCMP Business Unit to
prevent further entries Generate Final SAM 99 File Final FIRMS derivation Close xxCSU Business Unit to
prevent further entries Prepare Manual Reporting Package
for Mgt Review
May 19, 2008 Year-End Checklist 28
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
May 19, 2008 Year-End Checklist 29
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 Submit all CO required reports Additional reporting dates in
September and October for GAAP and IPEDs.
Reference http://www.calstate.edu/sfsr/
May 19, 2008 Year-End Checklist 30
Discussion and Close
Questions?
Justine Heartt, University Controller
Sacramento [email protected]