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YEAR END CLOSE
FY2013
Presented by Financial Accounting & Analysis [FA&A] Team from Business Affairs
Charlotte Rooks
Kim Jenkins
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Why does OSU do Y-E Accruals?
University system is under a “modified accrual basis of
accounting”
 Cash basis throughout the year
 Accrue and make adjustments at year-end
Accrue revenues and expenses connected with external
entities only
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Year End Accruals - Receivables
 An asset on the balance sheet
 Revenue earned but not received by the close of the
fiscal year
 Records income in the current year
Deadlines
SIS A/R - 6/21 @ 5pm to Student Accounts in
Business Affairs and 6/27 @ 5pm for direct entry by
units
Non-SIS A/R - JVs due 7/8 @ 10am for period 12
entry and 7/18 @ noon for period 14
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Year End Accruals – Undistributed
(Unearned) Income
 A liability on the balance sheet
 Cash received in advance for goods or services
not provided by June 28 (Review 2013 deposits)
 Removes income from the current year
 Do not accrue for grants or contracts
Deadlines
 7/8 @ 10am for period 12 entry and 7/18 @
12pm for period 14 entry of JVs
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Year End Accruals – Accounts Payable
 A liability on the balance sheet
 Expenses incurred for goods or services received
in FY13 but not paid for in FY13
 Accrue, if greater than $500
 Records expense in the correct fiscal year
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Year End Accruals – Accounts Payable (cont.)
 Carefully follow instructions for the Year-End A/P
Accrual spreadsheet
Do not change column widths or any formatting
 Caution: Do not process invoices with June date
and include on Accrual Spreadsheet!
-This would result in double counting
Deadline
On or before July 17 @ 5pm, submit electronic
Excel file to BAFF.Accounting@oregonstate.edu
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Year End Accruals – Prepaid Expense
 An asset on the balance sheet
 Cash payments made in advance for goods or
services not received by June 30 - includes FY14
Travel
 Only record those >$500
 Removes expense from current fiscal year
Deadline
Reconciliation spreadsheets due 7/19 @ 5pm
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Accrual JV hints
Quick way to find the Fund of an Index
 Go to FGIBDST in Banner and type index in index field to show
FOAPAL elements
 Remember: the index is merely a shortcut and is not a FOAPAL
element
JV Text and Description
 Should say “FY13 Accrual”, then “FY14 Reverse Accrual”
 Add the same text to the description on all JV lines
All accruals must be reversed with a July FY14 transaction
date
 Tip: Do both accrual and reversal JV at the same time.
 Use the Reverse Function in FGAJVCD
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Accrual Reversals (cont.)
Using the reverse function in FGAJVCD:
Enter the original JV# that you want reversed in the Copy From field. Do not
enter anything in the Copy To field – Banner will generate a new JV#. Check
the Reverse JV box and the Copy Text box. If you Copy Text, change your
dates and text to show the reversal in FY14. Change the Transaction Date to
July. Review step-by-step instructions posted on our YEC website.
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Accrual Reversals (cont)
Departments are responsible for reversing:
 Receivables (Non-SIS)
 Undistributed (Unearned) Income
 Prepaid Expenses
Business Affairs is responsible for reversing:
 Accounts Payable
 OSU Foundation Receivable
 Grants and Contracts Accruals
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Accrual Reversals (cont.)
Reversal JVs must have the following:
 July date – we suggest July 1st
 Rule code 3JV1
 The exact same entries as the accrual with a
change in the debit and credit. Do not add new
entries.
 In the Document Reference Field, enter the
original accrual JV#
 Begin text with “FY14 Reverse Accrual of
J05xxxxx …”
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Fund Balances
Determining the Fund Balance
 Fund Balance = Assets – Liabilities
 Axxxx accounts – Bxxxx accounts
Cash
+ Receivables
+ Prepaid Expenses
- Accounts Payable
- Unearned Income
= Fund Balance
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Reconcile Designated Operation (05xxxx),
Service Center (09xxxx), and Auxiliary (1xxxxx)
Funds
 Make sure all accruals are recorded for the fund with a
transaction date on or before June 30th
 See FIS 1403 policies
 If a fund balance is negative, funding is needed from
another source and a JV must be processed following
instructions found in the FIS policies.
 Ensure the working capital balance requirements are met
for Service Centers.
 When an auxiliary has more than one fund, all 1xxxxx funds
for that unit are rolled together to determine the fund
balance.
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Reconcile Gift Funds
Gift Funds (Mxxxxx, and some FAxxxx)
 Gifts must not be spent before cash is received
 Cash [Account code A0901] must be positive when
FY13 is closed
 Monitor cash balances through year-end close using
FGITBSR
oJVs processed in July with June transaction dates
affect FY13 cash balances
oInvoices processed in July with June transaction
dates do not affect FY13 cash balances
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Reconcile Gift Funds (cont.)
If a gift fund does have a negative cash balance at
year-end, move non-payroll expenses via JV to an
appropriate funding source.
Deadline
July 15th @ 5pm to bring the fund into a positive
balance.
After July 15th, expenses will be moved by OPAA to
the departmental general fund index to bring cash to
zero. These JVs cannot be reversed in a
subsequent year.
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Reconcile OSU Foundation Funds
OSU Foundation reimbursement funds –
FSxxxx, FExxxx, 438xxx, & Gift Plant funds
 Requests for reimbursement from OSUF need to be made
through the OSUF Reimbursement System by Thursday,
June 27th @ 8pm for expenses incurred to date and to cover
current cash deficits
 All FY13 OSUF reimbursement system transactions must
be processed by Thursday, July 18th @ Noon
 Do not process accruals for the reimbursements on these
funds – Business Affairs will process the receivable accrual
centrally after July 19th.
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Reconcile Advance Funds
 See FIS 407-07 for Departmental Advances
and FIS 407-08 for Travel Advances
 Make every effort to collect and settle
advance funds before the end of FY13
 Review your Business Center Advance Fund
00116X
 Reconcile remaining balances for advances
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Reconciliation Tips / Tricks
Review Fund Reconciliation Responsibilities
oMonthly or Quarterly reviews should be done
throughout the year
oView balances in FGITBSR or Data Warehouse
oMake sure of the following:
 Transactions are in correct fund and/or account
 Debit or Credit Balance is correct
(Axxxx = D, Bxxxx = C)
 “Old” balances are resolved
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Reconciliation Tips / Tricks (cont.)
Reconciliation Required for:
 A3150 Department Advances
 A3151 Travel Advances
 A3802 A/R Rec Year End Accruals
 A4xxx Inventory
 A5901 Prepaid Expense Year End Accrual
 B5901 Accrued Undistributed Income
 All other Axxxx & Bxxxx accounts that have a balance at Year
End [Except for A0901 Cash on Hand and B0100 Invoices
Payable]
Send Reconciliation Spreadsheets no later than July 19th @ 5pm
to BAFF.Accounting@oregonstate.edu
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Journal Voucher Reminders
In July
 Period 14 (FY13) and Period 01 (FY14) are open
concurrently, until Period 14 closes on Monday,
July 22nd
 Watch JV transaction and deadline dates
carefully
 During this period, it is important to begin text
with “FYxx” because the JV approvers are not
mind readers
 Use normal rule codes such as 3JV1, 3BCx or
3GNT as appropriate
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Journal Vouchers Reminders (cont.)
Redistributions or corrections
 Do all corrections in current fiscal year, Period 12
 Any prior year redistributions in FY14 will be
reviewed for effect on financial statements. These
must receive approval from the Assistant Director
for FA&A and may be disapproved
 No retroactive redistributions will be allowed which
are between Program Codes or funding sources
(Fund Types).
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Journal Vouchers - IIJVs
Deadlines
 Submit paperwork to FA&A, Business Affairs by
July 3rd @ noon for Period 12
 IIJV paperwork for Period 14 should be submitted
by July 9th @ noon
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Budget Journal Vouchers
FY13 departmental budget change JVs (1xGF, 1xGP
and 1xAS rule codes) processed after June 30th
need to use June transaction date
 Complete and approve by Monday, July 8 at
12pm, noon
Only SWPS administrative budget offices are
allowed to process FY13 budget adjustments
between July 9th-18th @ noon (Period 14)
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Purchase Orders
 Plan ahead for major expenditures
 Watch P.O. deadlines
Period 01 for FY14 opens Friday, June 14th for
PO’s Only
Open purchase orders will be rolled into Period 01,
FY14 July 17th @ 5pm
 Verify purchase orders are “open” – run FGROPNE
 Open PO’s for which final payment has already occurred
should be liquidated by JV
For more information on monitoring PO’s:
http://oregonstate.edu/fa/businessaffairs/bcr#trainfaa
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40199 Construction In Progress
All 40199 account code balances must be zero at
year-end
 Process a JV to move all expenses from 40199 to
401xx or A80xx per policy, if equipment is:
o Completed and ready for use – list “in use” date in text
and follow instructions in Property Manual Exhibit #1
o Still a Work-in-Progress – JV text must state
“Work-in-Progress = Y”
 If the 40199 expense represents an installment or
prepayment, move all expenses from 40199 to
A5901 Prepaid Expense – must be reversed in
FY14
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Cash Receipts
Do not accumulate receipts for one final deposit! All
checks and cash should be deposited within one
business day of receipt.
Deadlines
Depositing all cash - Monday, June 24th @ 4pm
Bulk Coin deposits - Thursday, June 27th @ Noon
Deposits for cash received after June 24th ONLY Friday, June 28th @ Noon
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Petty Cash
FY13 expenses using Petty Cash must be reimbursed in
FY13
 Petty Cash funds should be kept reconciled at all times
 Reimbursements must be processed at least quarterly
 See FIS 1402-10 for responsibilities
Deadlines
June 28th - Physically count cash being held as Petty Cash
or in vault fund
 Dual custody count
 Someone other than the person who has physical custody of
the funds must verify the count
Reconciliation due to Cashier’s Office by July 19th @ 5pm
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Payroll
Process all labor redistributions for payroll posted through
May at the beginning of June when PYAREDS opens. An
extra payroll posting for redistributions will be on June 14th.
Deadlines
Business Center HR/Payroll staff must have paperwork
affecting June pay entered by Friday, June 14th, 5pm
All final FY13 Labor Distribution corrections must be
entered in PYAREDS by Friday, June 28th, 12pm
Note: Prior year retroactive payroll redistributions submitted
in FY14 will only be approved by OPAA when Program
Codes or funding sources are not affected
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Direct Pay Invoices
Vendors such as Office Max, OSU Beaver Store,
VWR, and Fisher Scientific
 Expenditures are charged directly to
departmental accounts via an “ICxxxxxx”
invoice
 Vendor sets its own billing cycle
Deadline
FY13 purchases must be completed by Friday,
June 14th to ensure posting in FY13
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Pcard Distribution
FA&A will stop loading Pcard transactions on
June 26th @ 10am – all transactions in the
Pcard module will be FY13 transactions that
will need to be distributed
Deadline
 Pcard module processing is Friday, July 5th
@ 5pm
FY14 transactions will begin loading again after Period
12 is closed on July 8th.
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Travel
Reimbursement requests for travel taken through
June 30th must be submitted by Monday, July 9th @
10am to be included in the FY13 Accounting
Records – Ensure that the transaction has a June date in
Banner
Final June airfare files will be reviewed by Business
Affairs and only June travel dates will be posted to
FY13
 Airfare for travel dates July and later will be posted as July,
Period 1 FY14 transactions
Any expenses for FY13 travel that have not posted by
Wednesday, July 17th should be put on the accrual
spreadsheet
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Invoices
Period 12: July 1-8, for all funds
 Goods or services received on or prior to June 30th
o Process the invoice in FY13 using a June
transaction date
o Documents must be completed and all
documents/image files to the Final Approval Unit by
Monday, July 8th @ 10am. Business Centers must
complete final approvals by Monday, July 8th @
Noon.
Queues must be completely cleared of all FY13
documents.
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Invoices (cont.)
Period 14: July 12th for Fixed Assets
Using 4xxxx Account Codes or 8xxxxx Plant Funds
 Goods or services received on or prior to June 30th that
must be capitalized
 Process the invoice in FY13 using a June transaction date
 Have all documents/image files to the Final Approval Unit
Deadline
 Friday, July 12th @ 5pm
Necessary to allow Facilities and Fixed Assets sufficient processing
time for capitalization and reconciliation.
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Invoices (cont.)
Period 14: July 9-17, for all funds
 Goods or services received on or prior to June 30
 Continue processing each invoice in FY13 by using a June transaction
date.
 Caution: Period 01 FY14 is open at this time –
watch dates!
 All invoices must be entered and completed, with the documents or
images to the Final Approval Unit by Tuesday, July 16th, 5pm
Final Approval must be completed by Wednesday, July 17th,
12pm, noon.
Queues must be completely cleared of all FY13
invoices.
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Invoices (cont.)
Reminder:
Do not prepay for supplies, services,
memberships, or subscriptions that begin on
or after July 1, 2013.
Hold these invoices and process in Period 01,
FY14 - July 1st or later
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Deadlines & Instructions
Chronological list of deadlines and instructions can
be found on our YEC website:
http://oregonstate.edu/fa/businessaffairs/analysisrep
orting/yearend.php
Pay close attention to the Major Deadlines for year-
end close
OSU Foundation - http://www.osufoundation.org/
Office of Budget and Fiscal Planning http://oregonstate.edu/budget/
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Contact Information
General YEC Questions
Charlotte Rooks, 7-5422
Kim Jenkins, 7-3792
Stephanie Smith, 7-1825
Angelica Smith, 7-6047
Mark Fryman, 7-0624
E-MAIL ADDRESSES
A/P-POs-Encumbrances
RaeLee Aguilar, 7-0635
Pcards
Rose Hamilton, 7-0650
Fixed Assets
Janna Storm, 7-4084
Autopays
Siora Arce, 7-0637
Grants, Gift, and Foundation
Funds
OPAA, 7-4711
Budget.Office@oregonstate.edu
Cashiers.Office@oregonstate.edu
BAFF.Accounting@oregonstate.edu
Paymaster@oregonstate.edu
Departmental.Deposits@oregonstate.edu
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