Year-End
Closing of the Books
FY 2014-15
Overview of Closing
Why?


GAAP – Generally Accepted Accounting Principles
End of the business cycle:
•
•

Federal (GASB) & State requirements
•

State sessions end in June
UO activity begins with summer session (excluding Law)
UO mandated deadlines in order to meet required State
deadlines
Snapshot in time
•
YTD activity (FWIBUDG) and year-end balances (FGITBAL)
are used to monitor, project, budget, evaluate
performance, perform system audits, analyze anomalies,
audit, compare and contrast with other
years/funds/institutions etc…
Overview of Closing
Why?


Annual reporting – internal & external
•
Rolled into State of Oregon financial statements
•
Used by stakeholders such as general public, federal
agencies, HECC, federal F&A rate setters, accrediting
agencies, NCAA, creditors and bond services, etc…
Auditors – internal & external
•
•
•
Test for accuracy, consistency, & reliability of systems
including our policies & procedures
Help us establish best practices
Includes: UO Internal Audit, DHHS, Naval Research, NCAA,
Moss Adams (financial statement & A-133), Secretary of
State, etc…
Overview of Closing
What?
Recording activity that takes place between:
July 1, 2014 and June 30, 2015

Transactions must be recorded in the fiscal year that
the event takes place, regardless of when budget or
cash is available

Includes accruals posted by July 22, 2015

Applies to all funds in FIS regardless of the source
Overview of Closing
What?

Close fiscal period 12 and open fiscal period 14
•
Fiscal period 12:

•



Record June and remaining FY15 activity
Fiscal period 14:

Review and post necessary corrections/accruals

Departments have first week

BAO/BRP/SPS have additional week
Close fiscal period 14 (FY15)
CAFAR team extracts data and populates reporting system
BAO collects all FY15 transactions through the date financial
statements are issued in November to report subsequent
events
Balance Sheet Account Codes
(FGITBAL – General Ledger)
A = Assets
B = Liabilities
C = Control Accounts (Income Statement Totals)
D = Fund Balance
E = Fund Additions
F = Fund Deletions

When FP12 is closed and FP14 is opened, actual
income/expense account balances from FY15
FP12 are closed into FY16 fund balance.
Income Statement/Balance Sheet
FWIBUDG
Revenue
FGITBAL
Income Statement Balance Sheet
0XXXX
C0010
Labor
1XXXX
C2010
General 2XXXX-8XXXX C1010
Expense
Transfers 9XXXX
C5010
Fund Bal
D0010
FY16 Beginning Balances

Before period 14 is opened, FY16 balances only
include FY16 transactions
FY16 Beginning Balances

When period 14 is opened, FY15 period 12
ending balances become FY16 beginning
balances (recorded in period 00)
•

Document type YEOB, numbered GLRL15XX
Then, each entry posted to FY15 during
period 14 has a mirror entry in FY16 period 00
Subsidiary Ledgers





Provide a greater amount of detailed
information
FIS Examples – Student A/R, Grants Billing
Module, Fixed Asset System, Accounts Payable
Complimentary (shadow) systems are often
used by departments as subsidiary ledgers
(examples – QuickBooks, Excel, Access)
Subsidiary ledgers must be reconciled to
Banner FIS
The FIS general ledger is the official source of
financial information for the UO
Subsidiary Ledgers
General ledger account codes require supporting detail schedules
reconciled to Banner FIS. Commonly used accounts include:
Account Code
Account Code Title
Account
Code
Account Code Title
A3103
Misc Accounts Receivable
B0190
Received Items Payable
A3106
Sundry Receivable
B5120
Prepaid Tuition & Fees
A3702
AR from Affiliated Foundation
B5802
Unearned Revenue
A4002
Organized Storeroom Inventories
B5817
Unredeemed Gift Cards/Certificates
A5019
Prepaid Services & Supplies
B5801
Undistributed Revenue
A5020
Prepaid Travel
B5901
Accrued Undistributed Income
A5021
Prepaid Subscriptions/Memberships
A5022
Prepaid Capital Assets
A5023
Prepaid Software Expenditures
A5030
Prepaid Miscellaneous Expense
A5901
Prepaid Expense Year End Accrual
Non-SIS Accounts Receivable

Each department must submit a detail and
aging report of their non-SIS accounts by
July 16th

These reports must be reconciled to Banner
as of period 14 (generally use FGITBAL)

Includes all receivables from entities that
are external to UO (including other former
and current OUS entities)
Non-SIS Accounts Receivable
Account Code
Account Code Title
A3101
Misc Advances Receivable-Non SIS
A3103
Misc A/R
A3106
Sundry Receivable
A3109
NIBL-Non SIS
A3110
Travel Advance Receivable – Non-SIS
A3130
Restoration Fund Receivable
A3131
Catering Accounts Receivable
A3132
Setup/Tech Accounts Receivable
A3133
Child Care Accounts Receivable
A3134
USDA Accounts Receivable
A3135
Season Ticket Accounts Receivable
Non-SIS Accounts Receivable
University of Oregon
Non-Student Accounts Receivable Aging
Fiscal Year 2015
Department:
Fund:
Prepared by:
Approved by:
Date Submitted:
Due
From
Description of
Charge
< 1 Year
FY15
Acct Code:
1-2 Years
FY14
2-3 Years
FY13
3-4 Years
FY12
4-5 Years
FY11
> 5 Years
Total*
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Total
0
* Reconcile grand total to the General Ledger by fund and account
List indexes associated with this reconciliation:
0
0
0
0
0
0
Expenditure Cut-Off Guidelines

According to Generally Accepted Accounting Principles
(GAAP), accrual accounting requires expenditures to be
charged to the fiscal year and period in which goods are
received or services are performed, regardless of when
budget or cash is available.

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/yearendap.pdf
Prepaid Expense Accruals
Prepaid Expense:
Expenses for future fiscal years that are paid prior to June 30, 2015 should be
coded to a prepaid expense account code. Post a reversing journal voucher with a
transaction date in the future fiscal year and period that the goods or services will be
received. This journal voucher may be processed at the same time, if the future
period is open.
For amounts posted as expense in FY15, that should be prepaid expenses for future years:
Debit
Department Index
Prepaid Expense (A5013 – A5030)
Credit
Department Index
Expense Account Code
To remove the prepaid and recognize the expense in the future year:
Debit
Department Index
Expense Account Code
Credit
Department Index
Prepaid Expense (A5013 – A5030)
*** Tax reportable expenses must first be coded to an expense account
code when processing an invoice.
Prepaid Expense Account Codes
Account Code
Account Code Title
A5013
Prepaid Worker’s Comp
Insurance
A5019
Prepaid Services & Supplies
A5020
Prepaid Travel
A5021
Prepaid
Subscriptions/Memberships
A5022
Prepaid Capital Assets
A5023
Prepaid Software Expenditures
A5030
Prepaid Miscellaneous Expense
*** A5901 Misc Prepaid Expense Year-End Accrual is no longer used.
Unearned and Undistributed
Revenue Accruals
Unearned Revenue - Payments received for goods or services which have not yet been provided.
GAAP requires revenue be credited to the fiscal year that the goods or services will be provided.
Revenue for future fiscal years that is received prior to June 30, 2015 should be coded to an unearned
revenue account code. Post a reversing journal voucher with a transaction date in the future fiscal year
and period that the goods or services will be provided. This journal voucher may be processed at the
same time, if the future period is open. B5802 has been more clearly titled for this purpose.
Undistributed Revenue -
Revenue earned for goods or services and not yet distributed.
Undistributed revenue should be cleared to zero by year-end close. B5801 has been more clearly
titled for this purpose.
Unearned Revenue Accruals
To deposit payment through TWADEPO when it is received:
Debit (CASH, CHEK, CARD, or BANK depending how revenue was received)
Credit (MISC) Department Index
Unearned Revenue Account Code (B5XXX)
To remove the unearned revenue and recognize revenue in the future year:
Debit
Department Index
Unearned Revenue Account Code (B5XXX)
Credit
Department Index
Revenue Account Code
Unearned & Undistributed
Revenue Account Codes
Account Code
Account Code Title
Unearned Revenue
B5120
Prepaid Tuition & Fees
B5802
Unearned Revenue
B5816
Athletics Prepaid Revenue
B5817
Unredeemed Gift
Cards/Certificates
Undistributed Revenue
B5801
Undistributed Revenue
*** B5901 Accrued Undistributed Income is no longer used.
Dates to Remember:


June 5
June 17

June 26
June 30
June 30
June 30

July 2



June regular payroll deadline
Contact BAO for help accruing department
non-student accounts receivable
Last day to submit wire transfer to AP
Last day to submit student receivables
Last day to deposit cash by 3:00pm
Goods and services must be received by this
date to pay with FY15 funds
Last day to submit payroll form (PAA)
for FY15
**(Items input in July require a 30-JUN-2015 transaction date)**
Dates to Remember:







July 7 Last day to submit upload JVs for period 12 (Z
documents through AppWorx)
July 8 Last day to liquidate encumbrances that shouldn’t
roll to FY16
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 (5:00pm)
July 9 Period 12 reports are available
**(Items input in July require a 30-JUN-2015 transaction date)**
Dates to Remember:




July 15
July 15
July 15
July 15
Last day to input JVs for period 14
Last day to input budget changes for period 14
Last day to input an invoice for period 14
Campus lock-out (5:00pm)
For assistance with FY15 transactions after the lock-out, contact
BAO General Accounting.
**(Items input in July require a 30-JUN-2015 transaction date)**
Dates to Remember:




July 16 Detail and aging reports due for all non-SIS
accounts receivable
July 22 Last day to submit year-end AP Reports
July 22 Period 14 close (FY15)
July 23 Period 14 reports are available
**(Items input in July require a 30-JUN-2015 transaction date)**
Dating FIS Documents

After June 30th, any
document input for
FY15 must have the
transaction date
changed to
30-JUN-2015
This includes:

Budget changes

Invoices

JVs

Travel reimbursements
Encumbrances

All open encumbrances (except zero
balance items) will be rolled into FY16
Banner FIS operating ledger

Liquidate any encumbrances that you do
not want to roll into FY16 before the
close of period 12 (July 8th)
Late FY15 and Subsequent
Event Reporting
Report FY15 activity and subsequent events
to BAO Financial Services as follows:

July 16 to 22 – for posting into Banner FIS
during lock-out

July 23 to August 31 – to be included in
UO Financial Statements

September to October – late reporting
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 (Acquisition codes LE/LP)
•
Loaned Property (Acquisition code LN)
Real Property

Performed in conjunction with BAO
Property Control and Campus Planning,
Design & Construction

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
FY15 Accomplishments




Governance change
•
First independent year-end closing
•
First stand alone financial statements
•
UO Internal Audit Department
•
Independent Board of Trustees
•
Moved banking to US Bank
•
Separate tax identification number
UO’s first bond sale
Facilities and administrative rate proposal
submitted
Additional Cognos IDR reporting available
Looking ahead to FY16

Creating a University of Oregon
account code reference webpage to
replace the OUS version

Continuing modification of the UO
Chart of Accounts

Continuing to update adopted policies
BAO Financial Services

Business Affairs http://ba.uoregon.edu/nosidebar/contacts

General Accounting, CAFAR, and Property Control –
http://ba.uoregon.edu/staff/actg-and-finl-mgmtcontacts

Travel (6-3158) - http://ba.uoregon.edu/staff/traveloffice-contacts

Accounts Payable (6-3143) http://ba.uoregon.edu/staff/ap-invoice-payment
Useful Links
Year End COB Instructions and Deadlines FY15
http://ba.uoregon.edu/staff/year-end-close
UO Financial Statements
http://ba.uoregon.edu/staff/financial-reports
Closing Remarks