Transcript

Year-End Milestones

Why, What, When and Resources for Year-End

Why and What One of the most frequently asked

questions: Why isn’t this written down anywhere?

Milestones represent year-end tasks that are, in theory, standard across campuses May not fit perfectly for non-Peoplesoft Dates represent task to be complete by

What this list is not… This is not a list of all tasks to be

completed Given the wide variations in policies and

procedures between campuses, it is impossible at this point

Following this list to the letter is not a requirement Represents a framework for those who may

be struggling to put together a successful close strategy

How was the list compiled? Year-End closing schedules for

several campuses reviewed While the lists were much more

campus specific, in general they were very similar in what activities were occurring on particular timelines

Late May – Hopefully already done… Finalize year-end schedule and distribute

to staff Load SAM99 Accrual Reversal Tape

SAM99 should be run with Accrual Reversal checkbox marked from this point forward

Analyze data dependencies for month and year-end entries Meet with departments or contact third-party

providers to determine dates information will be ready or potential cut-off of activity to meet deadlines

Late May – Hopefully already done…continued Collect data and analyze capital leases,

capital projects & other potential complex transactions Develop strategy for booking to ledger

Review reverting funds Clear any remaining assets and liabilities Current year revenues and expenses will

close to fund balance clearing Review closing rules and trees

Update for reverting/reverted funds

Early June Close and reconcile May data Notify Auxiliaries of Year-End Deadlines

FIRMS/GAAP/IPEDS Request Contingent Liabilities list June 16th SCO MUST have final 2005/06

Claims/PFA/Transfer Requests in Hand for guaranteed processing Consider if enough General Fund balance

available to meet June 30 payroll

No later than June 23rd Final Escheat Checks Remitted Review and Adjust A/R Reserves Clear all SAM99 reconciliation

issues identified in May month-end or June mid-month review

Clear all known FIRMS error messages

No later than June 29th Record all chargebacks All Requisitions must be sourced to

a Purchase Order or cancelled Final Student System feeds to A/P

completed, prep for final fiscal year check run

June 30 Post/Reconcile Payroll Post Final ProCard from June

statement Receiving Completed Close Purchasing Close Cash Receipts Final Check Run/Claims Close Accounts Payable

Week of July 3 – 7th Fixed Assets and Retention Entries Complete Run and Post GL 15 process Manually liquidate Reimbursed Activities

remaining Encumbrance Balance Complete Payroll Accruals and Manual

Obligations Final Reimbursed Activities Billing

Completed/Confirm RA in Balance by CSU Fund

Reconciliation of all subsystems to ledger complete: ARBI, Student, etc.

Week of July 3 – 7th Continued Complete routine month-end journal

entries Load Bank Recon/Paid Claims

(CD102)/SAM99 Files Revolving Fund Reconciled – Closing

Entries Completed Bank Reconciliation Completed –

Negative Cash Balances Resolved SAM99 Reconciliation Completed – All

SAM99 Reconciling Items Cleared

Interdependent Tasks Tasks listed for the last week of

June and first week of July are largely interdependent

Planning and performance is critical to meeting close deadline

Interdependent Tasks Example:Reimbursed Activities

Payroll

Payables

Purchasing

Invoice

Expense

Revenue

High level manual Enc. liquidation

0

100

100

July 10 through the morning of the 12th All entries at this point under the

supervision of Campus Budget Office Clear any remaining FIRMS errors Final review of program/ledger balances

Clear any remaining deficits Final preliminary Data Quality Review Book Final Accrual – Encumbrance Close xxCMP Business Unit to prevent

further entries

Afternoon of July 12th Generate Final SAM99 file Final FIRMS derivation Prepare Manual Reporting

Packages for Management Review

July 13th & July 14th July 13: Management

Review/Approval July 14: FIRMS submission to CO’s

SFSR group 24 hour review may still be in effect

July 17th FIRMS Submission Completed

Pre- and Post- Close Files Transmit Final SAM99 file to SCO

What if FIRMS file doesn’t pass review? Depending on the Error – Program

code vs. Object/Fund Reclassification Re-open xxCMP – Make Object/Fund

reclassification Repeat steps from Afternoon of July

12th until FIRMS file is accepted

Critical Dates Documents in SCO hands: June 16th

Chancellor’s Office cut-off: May 31st

Invoices, PFA’s and Allocation Orders Exception: Campus Request

Chancellor’s Office AR/AP: June 30th

Chancellor’s Office FBC: July 5th

FIRMS Validation tables set: July 5th

Resources CO FBC, AR/AP and Allocations

http://www.calstate.edu/fms/ FIRMS

http://www.calstate.edu/CIM/financialAssets/fmenu1.shtml

FUG Presentations http://cms.calstate.edu/T5FUG_Postings.asp

CMS 8.4 Business Process Papers http://cms.calstate.edu/T2fn84bp.asp

Resources Continued Systemwide AD NOATS

http://www.calstate.edu/sfo/CodedMemos/coded.shtml

Systemwide Financial Standards & Reporting http://www.calstate.edu/sfsr/


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