Preparing for Fiscal Year End Processing
2014
Kathy Pelletier
MUNIS Implementation Consultant
Tyler Technologies - MUNIS Division
Important
Information/Documents for
Fiscal Year End Processing
• Unaudited AFR due to KDE by July 25th
• KDE Document: Fiscal Year End Processing (BGL-2)
– This document is subject to change. It is recommended that you
check often on KDE’s website to make sure you have the most recent
document
• KDE Newsletters: The newsletters contain information about
changes to Year End, Chart of Accounts, AFR submission, etc.
• AFR & Year End FAQ’s: KDE’s website
• On Behalf Payment Info: On behalf entries must be made on
the unaudited AFR. Info can be found on KDE’s website.
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Chart of Accounts Changes
effective FY 2014
•
Funds
•
410 – Delete (no longer valid; must use 400)
•
6X – Change name to “Fiduciary Fund – Agency Funds”
•
7X – Change name to “Fiduciary Fund – Pension, Investment, and Private-Purpose Trust Funds”
•
•
Functions
•
2420 – Change the name to “School Based Decision Making”
•
5200 – Change the name to “Fund Transfers Out”
•
•
Objects
•
0633 – Delete (Per SCN, group sales are not allowed)
•
0639 – Delete (Per SCN, “other” is not allowed)
•
0738 – Delete (instruction descriptor should be identified through function, not object)
•
0925 Bond Discounts – Add
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Chart of Accounts Changes
effective FY 2014 (Cont’d)
• Revenues
• 1627 – Delete (Per SCN, use 1624 instead)
• 1628 – Delete (Per SCN, this program no longer exists)
• 1632 – Delete (Per SCN, employee purchases are not allowed)
• 1634 – Delete (Per SCN, use 1614 instead)
• 17XX – Change the name to “District Activity Funds”
• 1720 – Change the name to “Bookstore Sales” to correspond to descriptions
• 4800 - Change the name to “Federal Reimbursements In Lieu of Taxes”
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Prior to Year End Closing
• Create journal numbers for the new fiscal year
• If you use the Accounts Receivable and/or General
Billings module, add charge codes for the new year
Review Projects in Fund 2
• Run Project Budget Report for
Active/Inactive/Closed.
• Before projects can be set to closed, make sure
revenue and expenditures must net to zero
• Make journal entries to clean up projects
Check Balance Sheet Balance
• The balance on the balance sheet should equal
the total on the Project Budget Report
– Compare Year-to-Date Total on Project Budget Report (if
Project to Date) has a different total
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Review Purchase Orders
• Run Purchase Orders by GL Account
• Review purchase orders and cancel PO’s you do
not need (you should do this now and several
times throughout year end)
• Identify outdated purchase orders by going into
Purchase Order Change Orders
–In Fiscal Yr/Period, enter <2014 and in Status field,
select each status except zero
–Use “Close PO” button to close these
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Review & Reconcile Balance
Sheets
• Review your balance sheets for each fund
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Review Balance Sheet
• Do any of your balance sheets show “Unassigned Fund
Balance?
• Does Fund 51 show a balance in Restricted or Unrestricted
Net Assets?
• Do you show Deferred Revenue or Accounts Receivable for
Fund 2?
• Does Fund 2 balance reconcile with PBR?
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Review Balance Sheet (cont’d)
• Are your Accounts Payable and other Payable balances
correct for all funds?
• Do Purchase Obligations match your outstanding purchase
orders for each fund?
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Enter Current Fiscal Year Invoices on
Hand
• If you have invoices that will not be paid until July but are
for purchases made for FY 2014, these need to be
entered in period 12 FY 2014
• Cash Disbursements will be run for 2015 period 1 (DO
NOT RUN CASH DISBURSEMENTS FOR 2014 PERIOD 12)
Run GL Tables Validation
• Run FULL GL Tables Validation
–This should be done monthly throughout the year
–If you have errors, review the error document on the
MUNIS website
–If you have questions concerning how to correct the
error, contact Tyler/MUNIS
Run Utilities
• No user in system
• Make sure you have a good backup
• Review reports generated
G/L Memo Balance
• This utility compares the memo balance value to the sum
of all activity on the account including transactions yet to
be posted. It will compare and correct last year, current
year, and next year totals.
• To run utility:
– From menu, select Admin, Diagnostic Tools, G/L Memo Balance
GL Encumbrance Utility
• This utility identifies Purchase Orders with invalid or
incorrect amounts and recalculates the correct
encumbrance balance on each general ledger account
• To run utility:
– Select Admin, Diangnostic Tools, GL Encumbrance
Utilities for Requisitions
• GL Requisition Amount – this utility recalculates
and corrects the requisition balance on general
ledger accounts
(This is also accessed under Diagnostic Tools)
Open Periods
• Close and reconcile open periods by running month end
processing for periods 1 through 11
Check Fund Transfers
• Insure that Transfer Ins equal Transfer Outs
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July 1
• Set default Year and Period
–2015 01
• Update “Set Holding Year Open Flag”
After July 1
After July 1
• Review open purchase orders
• Enter remaining invoices for 2014
– Remember post invoices to 2014-12 and run cash disbursements
for 2015-01
• Review open invoices
– Run Invoice History by GL Account
After July 1
• Review unposted journals
–General journals
–Budget amendments
–Current year requisitions
–Current year purchase orders
–Invoices
–Misc cash and general billing
–Payroll processing and vendor payrolls
–Cash disbursements
After July 1
• Close and reconcile open periods (1 thru 12)
• Run Full Tables Validation – resolve any errors
• Prove encumbrances/Run utilities
RUN YEAR END CLOSE IN
TRAIN!!!!!!!!
Year End Processing (Live)
• Halt all system processing
– lockmunis in Cloud Admin
• Perform Year End Backup
– Year End Backup is in Cloud Admin
• Produce end of year reports
– Project Budget Report
– Payroll Deduction Register
– Month End Trial Balance
Year End Processing
• Close current fiscal year – what happens?
– Outstanding encumbrances for open purchase orders are liquidated
– Unassigned Fund Balance(8770) is reserved for the amount of
outstanding purchase orders
– Expenditure Control and Revenue Control are moved to Unassigned
Fund Balance
Review YEC Journals
Year End Processing
• Produce Year End Trail Balance – (P)reclosing
• Open new fiscal year
• Produce Year End Trail Balance – (F)inal
• Produce Budget Completion Journal
–Verify budget preparation year
–Run Budget Completion Journal – Selective account
inclusion must be checked on fund 2 projection and
must only include 2015 projects
Year End Processing
• Perform a Year End Backup
• Resume MUNIS processing
– lockmunis
Posting Last Year Adjustments
• Enter Accounts Receivable and additional Accounts
Payable
• Enter other GASB entries (committed, restricted,
assigned, etc)
• Enter Accounts Receivable and Deferred Revenue for
Fund 2
– Run Project Budget Report A|I|C
– Report Options Field 12 with Totals, no page break
Fund 2 Deferred Revenue & Accounts
Receivable
 If a grant has $10,000 in revenues but only $8000 in expenditures, a
deferred revenue entry will be made
◦ Debit grant revenue account for $2,000
◦ Credit deferred revenue (20-7481) for $2,000
 If a grant has $15,000 in revenues and $18,000 in expenditures and
the district is due to receive $3,000 more, an accounts receivable
entry is made
◦ Debit accounts receivable (20-6153) for $3,000
◦ Credit grant revenue account for $3,000
FUND 2 BALANCES MUST BE ZERO!!
Posting Last Year Adjustments (Cont’d)
• Reserve fund balance for site based carry forward:
–Debit Unassigned Fund Balance (8770)
–Credit Committed-Site Base Carry Forward(8752)
• Fund 310 and 320 – To restrict balances for even
numbered years, 8770 will be moved to RestrictedOther(8737)
Posting Last Year Adjustments
(Cont’d)
• Fund 360 – if there is a balance in 8770, move to
Restricted-Future Construction(8735)
• Fund 51 – move 8770 to Restricted-Net Assets (5X-8739)
or Unrestricted Net Assets (5X-8712)
Post Last Year Adjustments
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Produce AFR
• Annual Financial Report (AFR) must be created and sent
to KDE through web application
• Create AFR Including Account Detail and not Including
Account Detail
– 4 files (2 balance sheet files, 2 AFR files)
Submitting AFR
• KDE has edit checks when your submit. Some items
may prevent it from being submitted:
– Carefully review fund transfers to insure that transfer ins
match transfer outs
– Make sure you have made the on-behalf entries (including
Technology On-behalf
– Review any document or correspondence that KDE has sent to
insure you do not miss something
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New Year Processing
• Reverse Fund 2 Deferred Revenue and Accounts
Receivable entries – 2015-01
• Reverse Accounts Receivable and Accounts Payable
entries
Move Fund Balances to Beginning
Balance
• Fund 1 – 8770 and 8752 must be moved to beginning
balance (110-0999U)
• Fund 2 – no entry should be made since Fund 2 is zero
• Fund 360 – No entry will be made
• Fund 51 – move from 51-8739 or 51-8712 to beginning
balance (510-0999R or 510-0999U)
New Year Processing (Cont’d)
• Adjust budget for beginning balance
• Budget Site Based Carry Forward for new year
After Audit
• All audit adjustments will be posted to 2014 period 13
• Once all audit adjustments are made, AFR is created
again and sent to KDE through the web application
(including detail and not including detail) – November
2014
• Auditor & Finance Officer should make sure AFR matches
audit
QUESTIONS?
kathy@kpcky.com
(859)771-2520
KATHY PELLETIER
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