Year-End Closing of the Books

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Year-End Closing of the Books
2012-2013
Overview of Closing:
- Why?
• GAAP – Generally Accepted Accounting Principles.
• End of the business cycle:
– State sessions end in June.
– UO activity begins with summer school (excluding law).
• Federal (GASB) & State (OUS) requirements.
– OUS has a number of mandated deadlines.
• Snapshot in time.
– YTD Activity is used to monitor, project, budget, compare
and contrast with other funds, institutions, etc…
– YTD balances are used for performance evaluations, system
audits, anomalies, etc…
Overview of Closing:
- Why?
• Annual reporting – Internal & external
– Rolled into OUS and State financial statements
– Used by DHHS and other federal agencies, State Board of
Higher Education, bonding services, etc…
• Auditors –
– Test for accuracy, consistency & reliability of systems,
including our policies & procedures. Help us establish best
practices.
– Includes: DHHS, Naval Research, NCAA, Clifton Larson
Allen (financial statement & A-133), Secretary of State, etc…
• OUS Financial Statements:
http://www.ous.edu/dept/cont-div/accounting-reporting/annualfinreport
Overview of Closing
- When?
Activity that takes place between:
July 1, 2012 and June 30, 2013
• Including accruals thru July 22, 2013.
• Transactions must be recorded in the fiscal year that
the event takes place, not when it is processed.
• This applies to all funds in FIS regardless of the
funding source.
Overview of Closing
- What?
• Close fiscal period 12.
– Our goal is to have all June transactions recorded in FP-12.
•
•
•
•
•
•
Open accrual period (fiscal period 14).
Departments have one week for adjustments.
BAO/BRP/SPS have one week for adjustments.
Close fiscal period 14 (FY-13).
OUS extracts our data & populates the HFM System.
UO reports any FY-13 transactions to OUS through
the date financial statements are released.
FY-14 Balances
• FY-14 balances will only include FY-14
transactions until fiscal period 14 is
opened.
• When fiscal period 14 is opened, beginning
balances in FY-14 (FP-00) are populated
with FY-13 FP-12 ending balances.
• Each entry posted to FY-13 during FP-14
has a mirror entry in FY-14 (FP-00).
Balance Sheet Account Codes
A = Assets
B = Liabilities
C = Income Statement Totals
D = Fund Balance
E = Fund Additions
F = Fund Deletions
Income/Expense accounts are rolled up to fund
balance at fiscal year-end.
Balance Sheet/Income Stmt.
FGITBAL
Balance Sheet
C0010
C2010
C1010
C5010
FWIBUDG
Income Stmt
0XXXX
1XXXX
2XXXX8XXXX
9XXXX
Revenue
Labor
General
Expense
Transfers
Subsidiary Ledgers
• The FIS general ledger is the official source of
financial information for the UO.
• Provide a greater amount of detailed information.
• FIS Examples – Operating ledger, Student A/R,
Grants, Fixed Assets, Accounts Payable, etc…
• Departmental shadow systems can be used as a
subsidiary ledger. They can be useful in
providing information for accounting and
reporting to departmental staff. These subsidiary
ledgers must be reconciled to Banner FIS.
Subsidiary Ledger
• General ledger account codes requiring
supporting detail and account reconciliations
A3103 – Misc A/R
A3106 – Sundry Receivable
A3702 – AR from Affiliated Foundation
A4002 – Organized Storeroom Inventories
A5030 – Misc Prepaid Expense
A5901 – Prepaid Expense Year End Accrual
B0101 – Year End A/P Accrual
B0190 – Received Items Payable
B5802 – Misc Undistributed Income
B5901 – Accrued Undistr Income
Dates to Remember:
• June 7 June regular payroll deadline
• June 17 Contact BAO for help accruing department
non-student accounts receivable
• June 28 Last day to submit student receivables
• June 28 Last day to deposit cash by 3:00 p.m.
• June 30 Item(s) must be received by this
day to pay with FY13 funds
• July 2
Last day to submit payroll form (PAA)
for FY13.
Dates to Remember:
• July 7 Last day to submit Service Department
Upload JVs, “Z” documents through
AppWorx, for Period 12
• July 3 Last day to direct input Inter-Institutional JVs
(Charts B-K) for Period 12
• July 8 Last day to submit budget changes for Period 12
• July 8 Last day to input an invoice for Period 12
• July 8 Last day to input JVs for Period 12
• July 8 Period 12 Close (5:00 PM)
***(Above items must have a June transaction date)
Dates to Remember:
• July 9 Period 12 reports are available
• July 9 Last day to direct input Inter-Institutional
JVs (Charts B-K) for Period 14
• July 15 Last day to input JVs for Period 14
• July 15 Last day to input budget changes for Period 14
• July 15 Last day to pay an invoice for Period 14
Dates to Remember:
• July 19 Last day to submit IIJVs to BAO for
Period 14
• July 16 Detail and aging reports due for all
non-SIS accounts receivable
• July 22 Last day to submit AP Reports
• July 22 Period 14 Close (FY13)
• July 23 Period 14 reports are available
Year End Accruals
Prepaid Expense - A5901
Expenditures must be charged to the fiscal year in which goods are received
or the majority of the services are performed.
Example JV’s as follows:
To record expenditure as a prepaid expense in FY13:
Debit
Department Fund
A5901 - Prepaid Expense
Credit Department Index
Expense Account Code - ex.
24505 Performance Fees
To record the reversal in FY14:
Debit
Department Index
Expense Account Code - ex. 24505
Performance Fees
Credit Department Fund
A5901 - Prepaid Expense
Year End Accruals
Prepaid Revenue - B5901
Revenue must be credited to the fiscal year that the goods or majority of the services
are provided.
Example JV’s as follows:
To record revenue as a prepaid revenue in FY13:
Debit
Department Index
Credit
Department Fund
Prepaid Revenue
To record the reversal in FY14:
Debit
Department Fund
Credit
Department Index
Revenue Account Code - ex. 01102 Nonresident
Undergrad Tuition
B5901 - Accrued Undistr Income
B5901 - Accrued Undistr Income
Revenue Account Code - ex. 01102 Nonresident
Undergrad Tuition
Non-SIS Accounts Receivable
• Each department must submit a detail and aging
report of their non-SIS accounts
• These reports must be reconciled to banner as of
period 14 (use FGITBAL)
• Includes service departments, auxiliaries, and
designated operations accounts receivables from
entities that are external to OUS institutions
• All internal transactions need to be posted before
the close of period 14
Dating FIS Documents
• Documents entered
between July 1 and
July 15 for FY13,
you will need to
change the
transaction date to
30-JUN-2013
This includes:
• Budget Changes
• Invoices
• JVs
• Travel
Reimbursements
Encumbrances
• All open encumbrances (except zero
balance items) will be rolled into FY14
Banner FIS operating ledger
• Liquidate any encumbrances that you do
not want to roll into FY14 before the close
of period 12 (July 8th)
Expenditure Cut-Off Guidelines
• Expenditures must be charged to the fiscal year
in which goods are received or services are
performed
• For goods and services received by June 30 for
which vendor invoices have not been received as
of July 22, fill out an AP Report and forward it to
BAO Financial Services
• http://ba.uoregon.edu/sites/ba/files/forms/yearend
ap.pdf
Service Centers
• Service center compliance
• 5 yr. Plan (CAMP)
• See BAO website for detailed instructions
http://ba.uoregon.edu/staff/service-centers
Reporting Property Not Owned
by the UO
• To provide required information for leased
asset year-end reporting
• To provide adequate insurance coverage
• FWIFLST – Banner query form to review
inventory records
– Leased Property (LE/LP)
– Loaned Property (LN)
Real Property
• Performed in conjunction with BAO and
CO Capital Construction Department
• Capitalization of construction in progress
(CIP) expenses
• Conversion of completed projects into the
Banner FIS real property records
• Componentization of specified buildings
used extensively for research
BAO Help
• Accounting and Financial Management Contacts
http://ba.uoregon.edu/staff/actg-and-finl-mgmt-contacts
• Accounts Payable (6-3143)
http://ba.uoregon.edu/staff/ap-invoice-payment
• Travel (6-3158)
http://ba.uoregon.edu/staff/travel
Year End COB Deadlines 2012-2013
• http://ba.uoregon.edu/staff/year-end-deadlines-13
Other Links
• http://ba.uoregon.edu/staff/year-end-close
• http://ba.uoregon.edu/staff/year-end-departmental-instructions-13
Closing Remarks
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