year-end milestones why, what, when and resources for year-end
Post on 19-Dec-2015
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Why and What One of the most frequently asked
questions: Why isn’t this written down anywhere?
Milestones represent year-end tasks that are, in theory, standard across campuses May not fit perfectly for non-Peoplesoft Dates represent task to be complete by
What this list is not… This is not a list of all tasks to be
completed Given the wide variations in policies and
procedures between campuses, it is impossible at this point
Following this list to the letter is not a requirement Represents a framework for those who may
be struggling to put together a successful close strategy
How was the list compiled? Year-End closing schedules for
several campuses reviewed While the lists were much more
campus specific, in general they were very similar in what activities were occurring on particular timelines
Late May – Hopefully already done… Finalize year-end schedule and distribute
to staff 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
Late May – Hopefully already done…continued Collect data and analyze capital leases,
capital projects & other potential complex transactions Develop strategy for booking to ledger
Review reverting funds Clear any remaining assets and liabilities Current year revenues and expenses will
close to fund balance clearing Review closing rules and trees
Update for reverting/reverted funds
Early June Close and reconcile May data Notify Auxiliaries of Year-End Deadlines
FIRMS/GAAP/IPEDS Request Contingent Liabilities list June 16th SCO MUST have final 2005/06
Claims/PFA/Transfer Requests in Hand for guaranteed processing Consider if enough General Fund balance
available to meet June 30 payroll
No later than June 23rd Final Escheat Checks Remitted Review and Adjust A/R Reserves Clear all SAM99 reconciliation
issues identified in May month-end or June mid-month review
Clear all known FIRMS error messages
No later than June 29th 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
June 30 Post/Reconcile Payroll Post Final ProCard from June
statement Receiving Completed Close Purchasing Close Cash Receipts Final Check Run/Claims Close Accounts Payable
Week of July 3 – 7th Fixed Assets and Retention Entries Complete Run and Post GL 15 process Manually liquidate Reimbursed Activities
remaining Encumbrance Balance Complete Payroll Accruals and Manual
Obligations Final Reimbursed Activities Billing
Completed/Confirm RA in Balance by CSU Fund
Reconciliation of all subsystems to ledger complete: ARBI, Student, etc.
Week of July 3 – 7th Continued Complete routine month-end journal
entries Load Bank Recon/Paid Claims
(CD102)/SAM99 Files Revolving Fund Reconciled – Closing
Entries Completed Bank Reconciliation Completed –
Negative Cash Balances Resolved SAM99 Reconciliation Completed – All
SAM99 Reconciling Items Cleared
Interdependent Tasks Tasks listed for the last week of
June and first week of July are largely interdependent
Planning and performance is critical to meeting close deadline
Interdependent Tasks Example:Reimbursed Activities
Payroll
Payables
Purchasing
Invoice
Expense
Revenue
High level manual Enc. liquidation
0
100
100
July 10 through the morning of the 12th All entries at this point under the
supervision of Campus Budget Office Clear any remaining FIRMS errors Final review of program/ledger balances
Clear any remaining deficits Final preliminary Data Quality Review Book Final Accrual – Encumbrance Close xxCMP Business Unit to prevent
further entries
Afternoon of July 12th Generate Final SAM99 file Final FIRMS derivation Prepare Manual Reporting
Packages for Management Review
July 13th & July 14th July 13: Management
Review/Approval July 14: FIRMS submission to CO’s
SFSR group 24 hour review may still be in effect
What if FIRMS file doesn’t pass review? Depending on the Error – Program
code vs. Object/Fund Reclassification Re-open xxCMP – Make Object/Fund
reclassification Repeat steps from Afternoon of July
12th until FIRMS file is accepted
Critical Dates Documents in SCO hands: June 16th
Chancellor’s Office cut-off: May 31st
Invoices, PFA’s and Allocation Orders Exception: Campus Request
Chancellor’s Office AR/AP: June 30th
Chancellor’s Office FBC: July 5th
FIRMS Validation tables set: July 5th
Resources CO FBC, AR/AP and Allocations
http://www.calstate.edu/fms/ FIRMS
http://www.calstate.edu/CIM/financialAssets/fmenu1.shtml
FUG Presentations http://cms.calstate.edu/T5FUG_Postings.asp
CMS 8.4 Business Process Papers http://cms.calstate.edu/T2fn84bp.asp
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