Fiscal year end close and accruals

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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


  • FISCAL YEAR END CLOSE AND ACCRUALSPresented byLaura Putz & Doug NelsonApril 12 & 13, 2010


  • YEAR END CLOSEDifferences from month end closeAdditional tasks at year endAccrual EntriesCompletion of Purchase Orders & InvoicesAnnual adjustmentsCatastrophic LeaveEndowment true-ups to market valueEndowed Spending index distributionsInventory adjustmentsAnnual Leave Accrual


  • DEPARTMENT TIPSReconcile your indices monthly.Require and monitor your year end P-Card transactions; posted as soon as they are received.Leave AccrualA Worksheet is available to estimate your leave accrual in advance.





  • LEAVE ACCRUAL WORKSHEETA Leave Accrual Worksheet has been developed and posted at This worksheet will assist departments in closely estimating the annual leave accrual for their departments.



  • Significant Department Dates:Departments have until July 6th to complete and submit their final Journal Voucher entriesAfter this date, any material adjustments must be initiated by the Financial Services Office*

  • DPIsComplete 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.*

  • PHAREDSComplete 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.*

  • PURCHASING REQUISITIONSFiscal Year 2010 POs and SPQs for requisitions greater than $20,000 must be entered, completed, and approved by the department by Friday, May 7thFiscal 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


  • JOURNAL VOUCHERSAll 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


  • POST DATE YEAR END ENTRIES*This must be June 30, 2010 to post asa year end entry!

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

    Tracking Journal Vouchers in Banner*







  • DEPARTMENT TIPSBiweekly Salary AccrualHSC 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.*

  • OTHER YEAR END INFORMATIONThe Year End Schedule is Posted at:*

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


  • PRELIMINARY BANNER TAXTwo preliminary Banner tax runs will be completed before year end close.

    On or about July 6th

    On or about July 13th


  • AnyQuestions?*

    *This worksheet is located on the HSC Unrestricted Website under Forms.*When you set up a purchase requisition, if you know it will only be used once, you can avoid a dangling encumbrance after your purchase. To do this, in the item text enter, One Time Item. Purchasing will then close your purchase order after your item has been purchased.Not all requisitions are set up to be used only once. If money remains in a purchase order that is no longer needed, the department must modify it to prevent inaccurate encumbrances on the index. To do this go to the Employee Life tab in My UNM. Select Electronic Forms.

    *Then select the PO/PR Change Order Form. Log in using your UNM net ID and password*Complete the PO/PR Change Order Request Form. If the purchase requisition is no longer needed, you can select the Cancel Purchase Order or Purchase Requisition block beneath the Vendor Name (not shown). Purchasing will notify you when they have completed your change*This worksheet is posted on the HSC Unrestricted Accounting website*3/30 To use this worksheet, you will run Hyperion report FSH0002 for your department and export it to excel. From excel, you will copy a portion of it into this worksheet, and input the data needed for the yellow headed columns.The funding column has a drop down menu, the other three require you to obtain additional information from other reports.*****The routing and approval status of your Journal Vouchers can be tracked in Banner. The correct posting date is CRITICAL if you want your entry to post in fiscal year 2010 instead of 2011.***Go to Banner form FOAAINP. Type in your Journal Voucher number. In this example there are two queues remaining in which the Journal Voucher must be approved. One is the general accounting queue, and the other is the core accounting office on Main Campus. Since the general accounting line is highlighted, the ten general accounting team approvers names are listed.

    *Go to form FOIAPPH to see the approval status of a document. To get to this form from FOAAINP, select Options, and select Approval History, or go directly to the form, select query (F7), and input the Document number under Document Code.

    *This form shows that the document has been approved four times, and denied once. To see what the denial reason is, go to form GUAMESG.*To see what the denial reason is, go to form GUAMESG. Select the query icon or F7 to query the form. Enter the Journal Voucher number in the item area.

    *When you query (F8) the form, you see a message that tells you why the document was denied. If you need to see the entire message, click on the pencil.*From the Comment Text box, you will receive information as to why it was denied. If this information is insufficient for you to correct the Journal Voucher, call the person who denied it. Their name and phone number should be in the document text. If not, look up their phone number in my UNM using their user ID, in the Recipient field, or their name.

    **This is on the FSSC website. (URL is the FSSC website. No schedule as of 4/5)

    **This was done last year end, and departments found it helpful. The final assessment will occur just before year end close.