Month-End Closing Process in SAP (School)

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BUSINESS PRACTICE BULLETIN The School Board of Broward County, FloridaSUBJECT:

BULLETIN NO.: A-481 PAGE: 1 OF 1

DATE:: March 25, 2007

MONTH-END CLOSING PROCESS IN SAP

GENERAL: This bulletin pertains to the fiscal monthly closing process for the District. Many of the tasks involved in closing the financial records involve processes that are also performed on a daily basis. This bulletin does not detail the procedures for these processes, but outlines the tasks themselves and their timing, which must be completed to close the financial records. The goal for month-end processing is to reduce the amount of time and effort expended to close the Districts financial books, to properly close the fiscal period to avoid any prior periods errors, and to expedite financial data reporting to all interested parties. A. PROCEDURES 1. 2. Ensure that financial statements produced on a timely and accurate basis, within 8 working days of the end of the reporting month. Establish a schedule of month-end tasks that are performed by various departments and monitored by the Financial Reporting Department (See Exhibit A SAP Month-End Closing Calendar, and Exhibit B SAP Month-End Closing Checklist). Financial Reporting is responsible for managing the month-end closing process.

. 3.

Supersedes: N/A New Business Practice Bulletins

Issued By: Financial Reporting

EXHIBIT A Responsible Dept Responsible Dept

SAP Month-End Closing CalendarResponsible Dept Responsible Dept

DAY 0 (Last day of the reporting month)Open Next Month's Posting Period (CO, FM, GL) Roll MM period

DAY 1

DAY 2

DAY 3

FR SchJ (Brite)

AP PR

Maintain GR/IR Account (AP, MM) Record Payroll Accrual (HR) (after SAP Payroll 6.0 GoLive) Interfaces & Batch Jobs (Payroll, Compass, POS)

FR Record Accrued Expenses TR (Assets & Liab) FNS AP, GL (no Payroll) Note: Accruals Must be Done before Allocations TR Investment & Debt Postings

CO Test Run Time & Travel (CO) FR JE Upload for Payroll Indirect Fringe

Benefits Allocation (GL)

Schools/ Complete All Goods Receipt Depts Of the Reporting Month (MM)

Brite Complete & Verify Daily

-Interest Accrual -Allocations -Market Valuation (CM)

FR TR FNS

Review and Post All Parked Entries (AP, GL) Review Pre-posted Budget Transfers (FM) Post Final AP Invoices (AP)

TR

Bud CBud AP

Load Last Electronic Bank Statement (EBS) Of the Reporting Month (CM)

FR

FR TR Record Recurring Expenses (GL) FNS FR

Post PO Commitments to GL Fund Balance or Reserve (FM)

EOD: Close A/P period

LegendAR AP BI CATS CM CO EBS FI FM GL GM GR/IR MM Accounts Receivable Accounts Payable Business Intelligence Cross-Appplication Time Sheet Cash Management Controlling Electronic Bank Stmt Financial Module Funds Management General Ledger Grants ManagementGoods Received/Inventory Clearing

Responsible DeptAP Brite Bud CBud FNS FR Grant PR SchJ TR Accounts Payable Brite Team Budget Capital Budget Food & Nutrition Services Financial Reporting Grants Payroll Scheduled Job Treasury

Materials Management

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EXHIBIT A Responsible Dept Responsible Dept

SAP Month-End Closing CalendarResponsible Dept Responsible Dept TR FR FR FR FR

DAY 4

DAY 5

DAY 6

DAY 7 For Financial Reporting Only

FR, TR, Enter Adjusting Entries and FNS Reclasses (GL) Grant Brite Grant Brite

TR Reconcile Fund-Level Cash FNS to Investments & Cash on

FR Run & Review Pre-Close FNS Reports (GL) FR Perform Variance Analysis FNS (GL)

Reverse Accrual for Interest on Investments & Debt (GL) Reverse Accruals in the New Reporting Period (GL) Complete Bank Reconciliations (GL) Run Final Financial Reports

Hand (CM)Run Assessments for Grants (GM) Run Indirect Direct Costs (GM)TR Last Day to Post FNS Cash Receipts/Clearing

FR Post Adjustments (if any) FNS (GL)

(CM)CO

Run FNS Utilities Assessments (CO)

CO Post Time & Travel (CO) CBud

Bank Reconciliations (to final hardcopy (Wave1) (GL) FR Run Financial Accounting FNS Comparative Analysis (Sub-Ledgers) (GL)FR Post Final Adjusting/ReFNS Class Entries (GL) FR FR FR

FR

Verify BI Extracts & Reports (GL)

Grant Resource Related Billing Brite for Reporting Month (AR)

EOD: Close CO period EOD: Close FM period EOD: Close GL period Inform All End-Users that Reporting Month is Closed for FI Postings (GL)

FR

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EXHIBIT B

SCHOOL BOARD OF BROWARD COUNTY, FLORIDA SAP MONTH-END CLOSING CHECKLIST

Step 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25.

Check Box to Indicate Completion

Description Open next month's posting period (GL, FM, CO) Roll MM Period (MM) Complete all Goods Receipts of reporting month (MM) Review parked documents for posting (GL, AP, AR) Post parked documents that belong in reporting month (GL, AP, AR) Review pre-posted budget transfers (FM) Post final A/P invoices (AP) Record recurring expenses (GL) Maintain GR/IR account (AP, MM) Record Payroll Accruals Complete and verify daily system interfaces/batch jobs (Payroll, Compass, POS) Load last electronic bank statement (EBS) of reporting month (CM) Record Accruals (Exp, Assets/Liab, other than payroll accruals) Record Investments & Debt Postings (Interest accruals, allocations, market valuations) (CM) Post PO Commitments to GL Fund Balance/Reserve (FMTB) Test Run of Time & Travel Allocations for Capital Budget to review (CO) Capital Budget review Time & Travel file Allocation for Payroll Indirect Fringe (JE upload) Post adjusting/reclass entries (GL) Run Assessments for Grants (GM) Run Indirect Direct Costs (GM) Run Food Service Utilities Assessments (CO) Capital Budget return Time & Travel file with changes to BRITE Reconcile Fund-Level Cash to Invesments & Cash on Hand (CM) Last day to post Cash Receipts/Cash Clearing entries (CM)1 of 3

Deadline Day 0 Day 0 Day 0 Day 0 Day 0 Day 0 Day 0 Day 0 Day 1 Day 1 Day 1 Day 1 Day 2 Day 2 Day 2 Day 3 Day 3 Day 3 Day 4 Day 4 Day 4 Day 4 Day 4 Day 5 Day 5 FR

Responsibility

SchJ/BRITE Schools/Depts FR, TR, FNS FR, TR, FNS Bud/CBud AP FR, TR, FNS AP PR BRITE TR FR TR FR BRITE/CBud CBud FR FR, TR, FNS BRITE BRITE BRITE CBud TR, FNS TR, FNS

EXHIBIT B

SCHOOL BOARD OF BROWARD COUNTY, FLORIDA SAP MONTH-END CLOSING CHECKLIST

Step 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40.

Check Box to Indicate Completion Post Time & Travel (CO)

Description

Deadline Day 5 Day 5 Day 5 Day 6 Day 6 Day 6 Day 6 Day 6 Day 6 Day 6 Day 7 Day 7 Day 7 Day 7 Day 7

Responsibility BRITE FR/CBud/Bud BRITE FR, FNS FR, FNS FR FR FR, TR, FNS FR FR TR FR FR FR FR

Charge out deficit in Fund 7930 to General Fund and Capital Projects Funds based on allocated budget Resource Grants Related Billing for reporting month Run amd review Pre-Close reports (GL) Perform variance analysis (GL) Bank reconciliations (to final hardcopy) (Wave 1) (GL) Run Financial Accounting Comparative Analysis (SubLedgers) (GL) Post final adjusting/reclass entries (GL) EOD: Close CO period, FM period, GL period Inform all End-Users that reporting month is closed for FI postings Reverse accruals for Interest on Investments/Debts Reverse accruals in the new reporting period (GL) Complete bank reconciliations (GL) Run final Financial Reports (BI) Verify BI reportsNotes: Day 0 = Last working day of reporting month Day 1 = 1st working day of following month Item in grey will be effective after SAP Payroll 6.0 Go-Live

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EXHIBIT B

SCHOOL BOARD OF BROWARD COUNTY, FLORIDA SAP MONTH-END CLOSING CHECKLIST

Step

Check Box to Indicate Completion

Description

Deadline

Responsibility

LegendAA AP AR AuCs BI CM CO EBS FI FM GL GM GR/IR MM Asset Accounting Accounts Payable Accounts Receivable Assets-under-Construction Business Intelligence Cash Management Controlling Electronic Bank Stmt Financial Funds Management General Ledger Grants Management Goods Received/Inventory Clearing Materials Management AP BRITE Bud CBud FNS FR PR SchJ TR

Responsible DepartmentAccounts Payable BRITE Team Budget Capital Budget Food & Nutrition Serv. Financial Reporting Payroll Scheduled Job Treasury

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