26
FISCAL YEAR END CLOSE AND ACCRUALS Presented by Laura Putz & Doug Nelson April 12 & 13, 2010 1

Fiscal year end close and accruals

  • Upload
    dante

  • View
    68

  • Download
    0

Embed Size (px)

DESCRIPTION

Fiscal year end close and accruals. Presented by Laura Putz & Doug Nelson April 12 & 13, 2010. YEAR END CLOSE. Differences from month end close Additional tasks at year end Accrual Entries Completion of Purchase Orders & Invoices Annual adjustments Catastrophic Leave - PowerPoint PPT Presentation

Citation preview

Page 1: Fiscal year end close and accruals

FISCAL YEAR END CLOSE AND ACCRUALS

Presented byLaura Putz & Doug Nelson

April 12 & 13, 2010

1

Page 2: Fiscal year end close and accruals

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

2

Page 3: Fiscal year end close and accruals

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.

3

Page 4: Fiscal year end close and accruals

ELIMINATE DANGLING ENCUMBRANCES

4

Page 5: Fiscal year end close and accruals

ELIMINATE DANGLING ENCUMBRANCES

5

Page 6: Fiscal year end close and accruals

ELIMINATE DANGLING ENCUMBRANCES

6

Page 7: Fiscal year end close and accruals

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.

7

Page 8: Fiscal year end close and accruals

LEAVE ACCRUAL WORKSHEET

8

Page 9: Fiscal year end close and accruals

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

9

Page 10: Fiscal year end close and accruals

DPI’s

• Complete all DPIs by June 30th

• If received in the Financial Services Division by 5pm on Friday, July 2nd

• FSD will review and approve by Friday, July 9th, before year end close.

10

Page 11: Fiscal year end close and accruals

PHAREDS• Complete all PHAREDS by Tuesday, July 6th

• Form will be disabled beginning Wednesday, July 7th

• Form will be reactivated on Wednesday, July 21st

• Financial Services Division will review and approve by Friday, July 9th before year end close.

11

Page 12: Fiscal year end close and accruals

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 7th

• Fiscal Year 2010 POs and SPQs for requisitions between $5,001 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

12

Page 13: Fiscal year end close and accruals

JOURNAL VOUCHERS

• All need to be completed by Tuesday, July 6, 2010

• Use “June 30, 2010” as the posting date.

• Financial Services to review by Friday, July 9th

13

Page 14: Fiscal year end close and accruals

POST DATE YEAR END ENTRIES

14

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

Page 15: Fiscal year end close and accruals

JOURNAL VOUCHERS

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

• Tracking Journal Vouchers in Banner

15

Page 16: Fiscal year end close and accruals

JOURNAL VOUCHERS

16

Page 17: Fiscal year end close and accruals

JOURNAL VOUCHERS

17

Page 18: Fiscal year end close and accruals

JOURNAL VOUCHERS

18

Page 19: Fiscal year end close and accruals

JOURNAL VOUCHERS

19

Page 20: Fiscal year end close and accruals

JOURNAL VOUCHERS

20

Page 21: Fiscal year end close and accruals

JOURNAL VOUCHERS

21

Page 22: Fiscal year end close and accruals

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.

22

Page 23: Fiscal year end close and accruals

OTHER YEAR END INFORMATION

• The Year End Schedule is Posted at:

– http://www.unm.edu/~fssc/index.html

23

Page 24: Fiscal year end close and accruals

SCHEDULE UPDATES

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

24

Page 25: Fiscal year end close and accruals

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

25

Page 26: Fiscal year end close and accruals

AnyQuestions?

26