Fiscal Year End Review Session

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Fiscal Year End Review Session. Agenda. Year End Schedule Dual Year Processing Review of Indexes Purchasing Encumbrances Purchase Order Receiving Commodity Level Accounting for POs Accounts Payable Accruals Miscellaneous Questions. Key Year End Dates. - PowerPoint PPT Presentation

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<p>Slide 1</p> <p>Fiscal Year End Review SessionAgendaYear End ScheduleDual Year ProcessingReview of IndexesPurchasingEncumbrancesPurchase OrderReceivingCommodity Level Accounting for POsAccounts PayableAccrualsMiscellaneousQuestionsKey Year End Dates June 25 - DPRs, JVs and IDVs to be included in FY14 are due to Fiscal Monitor. June 27 - Last day to purchase items from Bookstore. The Bookstore will not be closed during year end.June 30 - any FY14 ELRs must be completed and approved by all parties.July 1 - Preliminary 1 Close</p> <p>3Key Year End Dates, cont.July 7 - P-Card transactions through 6/19/2014 will be posted to Banner. July 7 - Deadline for JVs from Business Managers and Research Centers July 10 - Preliminary 2 CloseJuly 17 Controller Close starting at 5:00pmJuly 22 - Final Close reports available after 5:00pm</p> <p>4Dual Year ProcessingYou may begin processing FY15 purchase requisitions on June 2, 2014Creating a FY15 requisition during the Dual Year period: -Transaction Date must be &gt;June 30, 2014-Delivery Date must be &gt; Transaction date5Dual Year Processing, cont.</p> <p>6Transaction Date vs.Activity Date</p> <p>Transaction Date Banner posts transactions to fiscal years and periods based on the transaction date. Activity Date The date a transaction is actually entered into Banner.7Reviewing FundsGeneral Ledger ReviewReview Assets, Liabilities and Fund BalanceLook for reverse balancesCompare for no change from prior yearAFR exception reports will help identify issues, but dont wait for them.8Reviewing IndexesUnrestricted FundsI&amp;G and Non I&amp;G FundsCompare current year activity to prior year activityQuestion any expense with a credit balance Verify that there is not any YTD expense activity in account code 799800Compare budget to actual expenses</p> <p>9Reviewing Indexes, cont.I&amp;G FundsThere should not be any YTD activity in the following account codesRevenue accountsResale accountsApplied charges accounts, 795xxx (except in specific circumstances)10Reviewing Indexes, cont.Non I&amp;G FundsQuestion any revenue that has a debit balance Verify that any resale account codes, 77xxxx are appropriate on that index.</p> <p>11Reviewing Indexes, cont.Zero all default P-card account codes - 738010 and 738011Federally excluded account codesRequesting back up documentation for journal vouchers versus using various reports with transaction detail (ex: COGNOS, JV text or BDMS)</p> <p>12Reviewing Indexes, cont.Restricted FundsVarious State of New Mexico billings have a quicker than normal turnaround time.Be prepared to submit final expenditures in order to avoid the risk of late billing which could result in the agency refusing to pay.Departments should continuously review any accounts receivable balances that are 120 days or older and support SPA in collection efforts, to avoid the write off of receivables at year end.</p> <p>13PurchasingClean up Incomplete Purchase RequisitionsReview Banner FOADOCU (Document by User) Refer to Banner Finance Manual for process to delete a requisition</p> <p>14Purchasing, cont.</p> <p>15PCard FY 14 DeadlinesLast FY14 PCard cycle 6/6/14 6/19/14PCard transactions posted in WellsFargo by 6/19 will be posted to FY14PCard transactions posted in WellsFargo after 6/19 will be posted to FY15Business managers will be contacted to assist with outstanding PCard balances in their areas16Encumbrances</p> <p>Review Open Reservations and Open CommitmentsUse Finance Self-ServiceView ReservationsBudget QueriesOperating Ledger Data Column, check reservationsInput Index</p> <p>17Encumbrances, cont.Check Reservations</p> <p>18Encumbrances, cont.Drill down on account code</p> <p>19Encumbrances, cont.View list of reservations</p> <p>20Purchasing, cont.View open encumbrancesEncumbrance QueryInput Index number</p> <p>Purchase Order, cont.</p> <p>All POs for fiscal year will appear</p> <p>22Purchasing, cont.Completion of Receiving Banner FOIDOCHDocument History</p> <p>Purchasing, cont.</p> <p>Purchase Order</p> <p>Purchase Order HistoryFinance Self-ServiceView Documents by Purchase OrderAll transaction associated with Purchase Order Invoice will show summary of Purchase Order</p> <p>25Purchase Order, cont.All transactions related to PO</p> <p>26Purchase Order, cont.Summary of PO</p> <p>27Commodity Level Accounting for POs</p> <p>Commodity Level Accounting is a way of processing requisitions in which each line (commodity) of the requisition has its own accounting distribution-When using multiple FOAPALS, you can identify a specific item to be paid by a certain FOAPAL-Payment distribution can specify a dollar amount given for a FOAPAL-Once invoiced each line will be paid as indicated on FOAPAL distribution-A change in FOAPAL can be made</p> <p>28Commodity Level Accounting for POs, cont.Commodity Level accounting is the default on all purchase requisitionsUse Commodity Level in these instances:Mixed CommoditiesMixed FOAPALSAsset Tags required</p> <p>29Commodity Level Accounting for POs, cont.Original PO</p> <p>30Commodity Level Accounting for POs, cont.Invoice</p> <p>31Commodity Level Accounting for POs, cont.Invoice, cont.</p> <p>32PurchasingReminders on Purchase Requisitions using the FPAREQN form:Requestor/Delivery Information tabInput phone number and email addressItem text versus Document TextItem text expands on description of itemDocument text applies to information related to the whole purchase requisition (example: enter free form information and select clauses)</p> <p>33Purchasing, cont.Assign clauses03 Federal Grant04 Federal Contract08 Delivery Before July 1 14 Delivery After July 163 End of Year Payment DelayList commodity items separately, do not combine</p> <p>34Purchasing, cont.FGRIDOC (Incomplete Document Listing)E-print</p> <p>FPIOPOF (Open Purchase Orders)Banner Screen35Accounts PayableNotable DatesRemaining FY14 PO invoices will not be paid between 2nd and 3rd closeFY15 PO invoices will not be processed until July 1st Between 2nd and 3rd close, only FY15 PO invoices will be paid. FY14 encumbrances will not be rolled forward to July until 3rd close (July 17)NOTE: All DPRs received after June 30, 2014 will be posted in FY15</p> <p>36AccrualsFull accrual financial statements require income to be reported when earned and expenses to be reported when incurred. Our financial statements must include all revenue earned and expenses incurred in FY14, even if the transactions have not been completed. The year end accruals adjust the revenues and expenses that are in Banner to amounts required for full accrual financial reporting.37Accruals, cont.Types of Accruals</p> <p>Three-way matchTwo-way matchSubcontractorConstruction</p> <p>38Accruals, cont.Purchase Order DefinitionsTwo-way match The terms of the PO requires that the invoice be matched to a line on the PO before the invoice can be paid. Three-way match The terms of the PO require that the invoice be matched to the PO, and that the goods/services have been received in Banner, before the invoice can be paid. </p> <p>39Accruals, cont.There is a process that automatically identifies and posts three-way match PO accruals. The criteria used to identify the amount to be accrued are:As of June 30, 2014A valid three way match PO existsGoods/services have been received in BannerThe Invoice has not been posted in Banner 40Accruals, cont.The accrual process for two-way match POs isnt that easy - you must tell us which of your two-way POs should be accrued and how much we should accrue.COGNOS form is FI-Det-Two Way PO EncumbranceIf you received the goods or services on or before June 30, 2014 the value of those goods or services should be accrued.PO balances for plant funds charged to account codes 754x, 782x, 783x and 792x will not appear on the two-way report. These POs are included in the Construction or Subcontract accrual reports.</p> <p>41Accruals, cont.Subcontract accrual process:AFR uses a COGNOS report to identify subcontractors.Banner Subcontract form is FGIENCDEach department will be sent a list of their subcontracts and asked to provide information on any services rendered before 7/1/14 that have not been billed to the University.Based on information received, AFR will post the subcontract accrual.42Accruals, cont.Construction accrual process:Facilities and Services are given a list of open PO balances associated with large construction projects.Facilities and Services personnel review the POs and if necessary, contact the vendors to determine the appropriate accrual.AFR posts the accrual based on information provided.43Accruals, cont.Details of the Two Way Accrual Process:AFR runs a COGNOS report that lists open two-way match POs.Each department will receive a list of their open two-way match POs for review.Departments are asked to review the information and provide AFR with a list of the POs should be accrued for year-end, and the amount of each accrual based on invoices or correspondence from the vendor.44FIP JV Processing</p> <p>Electronically Routed JVs (JEC/JED, B4C/B4D)These must be routed through Banner queues for approval, so consider the timing when close to month endElectronic JVs (JE16s, CR05s, &amp;c)Consider FIP and Fiscal Monitor deadlinesHard copies requiring fiscal monitor signaturesPhysical copy &amp; electronic copy sent to fiscal monitors who forward them to FIP after reviewManual entry (IDVs, CR05s, &amp;c)Less than ten linesConsider FIP and Fiscal Monitor deadlinesPlan ahead! Errors cause delays.</p> <p>45FIP JV Processing</p> <p>Electronically routing JVs Remember that year end is a busy time, so plan ahead to avoid delays.Uploads requiring signatures Non-routing uploads (JE16s, etc) must come to FIP from fiscal monitors. Posting schedule Uploads submitted late in the period may be delayed by errors. Timely and early submission to fiscal monitors will help avoid delays.46FIP JV Processing</p> <p>Errors will cause delays in processingTips to avoid common errors:Make sure index is valid (i.e., not termed, etc.)Make sure username is authorized to postDouble-check account numbersUse the correct spreadsheet (JE16 vs. JED, etc)Make sure transaction date is in the current open period</p> <p>47Miscellaneous</p> <p>Electronic Processing (Uploads) of Budget, Journal Vouchers, and Cash Entry Vouchers is mandatory for entries with over 10 lines. Routing Reminders:If there are any restricted funds - route the electronic file to SPA.If there are no restricted funds route the electronic file to AFR</p> <p>48Upload Templates</p> <p>49Ben Glickler FIP bglickle@nmsu.eduCynthia Vigil AFR cvigil02@nmsu.eduLesley Doyle AFR ldoyle@nmsu.eduRennette Apodaca Purchasing rennette@nmsu.edu Robert Valdez Property Accounting rovaldez@nmsu.edu </p> <p> Questions????????????????????52</p>

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