FISCAL YEAR END CLOSE AND ACCRUALS

Presented byLaura Putz & Doug Nelson

April 12 & 13, 2010

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YEAR END CLOSE

• Differences from month end close• Additional tasks at year end– Accrual Entries– Completion of Purchase Orders & Invoices– Annual adjustments• Catastrophic Leave• Endowment true-ups to market value• Endowed Spending index distributions• Inventory adjustments• Annual Leave Accrual

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DEPARTMENT TIPS

• Reconcile your indices monthly.• Require and monitor your year end P-Card

transactions; posted as soon as they are received.• Leave Accrual– A Worksheet is available to estimate your leave

accrual in advance.

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ELIMINATE DANGLING ENCUMBRANCES

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ELIMINATE DANGLING ENCUMBRANCES

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ELIMINATE DANGLING ENCUMBRANCES

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LEAVE ACCRUAL WORKSHEET

• A Leave Accrual Worksheet has been developed and posted at http://hsc.unm.edu/financialservices/accounting/Forms%20&%20Documents.shtml

• This worksheet will assist departments in closely estimating the annual leave accrual for their departments.

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LEAVE ACCRUAL WORKSHEET

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Significant Department Dates:• Departments have until July 6th to complete

and submit their final Journal Voucher entries• After this date, any material adjustments must

be initiated by the Financial Services Office

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DPI’s

• Complete all DPIs by June 30th

• If received in the Financial Services Division by 5pm on 7/2

• FSD will review and approve by 7/12, before year end close.

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PHAREDS

• Complete all PHAREDS by 7/5/09• Form will be disabled from 7/6/09 through

7/20/09• Financial Services Division will review and

approve by 7/12/09, before year end close.

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PURCHASING REQUISITIONS

• Fiscal Year 2010 POs and SPQs for requisitions greater than $20,000 must be entered, completed, and approved by the department by Friday, May 12th

• Fiscal Year 2010 POs and SPQs for requisitions between $5,000 and $20,000 must be entered, completed, and approved by the department by Friday, June 11th

• Fiscal Year 2010 POs and SPQs for requisitions less than $5,000 must be entered, completed, and approved by the department by Friday, June 18th

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JOURNAL VOUCHERS

• All need to be completed by Tuesday, July 6, 2010• Use “June 30, 2010” as the posting date.

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POST DATE YEAR END ENTRIES

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This must be June 30, 2010 to post asa year end entry!

JOURNAL VOUCHERS

• Significant, Material amounts found after 7/9/10?– Call Financial Services Office for instructions

• Tracking Journal Vouchers in Banner

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JOURNAL VOUCHERS

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JOURNAL VOUCHERS

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JOURNAL VOUCHERS

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JOURNAL VOUCHERS

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JOURNAL VOUCHERS

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JOURNAL VOUCHERS

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DEPARTMENT TIPS

• Biweekly Salary Accrual– HSC will accrue the biweekly salary for June, and

reverse it when the actual expense posts.– This will allow departments to project their salary

expenses at year end before the final payroll posts.

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OTHER YEAR END INFORMATION

• The Year End Schedule is Posted at– http://www.unm.edu/~fssc/index.html

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SCHEDULE UPDATES

• You will receive an email when the Year End Schedule is modified

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PRELIMINARY BANNER TAX

• Two preliminary Banner tax runs will be completed before year end close.– On or about July 6th

– On or about July 13th

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AnyQuestions?

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