FISCAL YEAR END CLOSE AND ACCRUALS Presented by
FISCAL YEAR END CLOSE AND ACCRUALS Presented by Laura Putz & Doug Nelson April 12 & 13, 2010 1
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
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
ELIMINATE DANGLING ENCUMBRANCES 4
ELIMINATE DANGLING ENCUMBRANCES 5
ELIMINATE DANGLING ENCUMBRANCES 6
LEAVE ACCRUAL WORKSHEET • A Leave Accrual Worksheet has been developed and posted at http: //hsc. unm. edu/financialservices/accounti ng/Forms%20&%20 Documents. shtml • This worksheet will assist departments in closely estimating the annual leave accrual for their departments. 7
LEAVE ACCRUAL WORKSHEET 8
Significant Department Dates: • Departments have until July 6 th to complete and submit their final Journal Voucher entries • After this date, any material adjustments must be initiated by the Financial Services Office 9
DPI’s • Complete all DPIs by June 30 th • If received in the Financial Services Division by 5 pm on Friday, July 2 nd • FSD will review and approve by Friday, July 9 th, before year end close. 10
PHAREDS • Complete all PHAREDS by Tuesday, July 6 th • Form will be disabled beginning Wednesday, July 7 th • Form will be reactivated on Wednesday, July 21 st • Financial Services Division will review and approve by Friday, July 9 th before year end close. 11
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 7 th • 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 11 th • Fiscal Year 2010 POs and SPQs for requisitions less than $5, 000 must be entered, completed, and approved by the department by Friday, June 18 th 12
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 9 th 13
POST DATE YEAR END ENTRIES This must be June 30, 2010 to post as a year end entry! 14
JOURNAL VOUCHERS • Significant, Material amounts found after 7/9/10? – Call Financial Services Office for instructions • Tracking Journal Vouchers in Banner 15
JOURNAL VOUCHERS 16
JOURNAL VOUCHERS 17
JOURNAL VOUCHERS 18
JOURNAL VOUCHERS 19
JOURNAL VOUCHERS 20
JOURNAL VOUCHERS 21
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
OTHER YEAR END INFORMATION • The Year End Schedule is Posted at: – http: //www. unm. edu/~fssc/index. html 23
SCHEDULE UPDATES • You will receive an email when the Year End Schedule is modified 24
PRELIMINARY BANNER TAX • Two preliminary Banner tax runs will be completed before year end close. – On or about July 6 th – On or about July 13 th 25
Any Questions? 26
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