Fiscal Year End Review Session Agenda Year End

  • Slides: 52
Download presentation
Fiscal Year End Review Session

Fiscal Year End Review Session

Agenda • • • Year End Schedule Dual Year Processing Review of Indexes Purchasing

Agenda • • • Year End Schedule Dual Year Processing Review of Indexes Purchasing Encumbrances Purchase Order Receiving Commodity Level Accounting for PO’s Accounts Payable Accruals Miscellaneous Questions

Key Year End Dates – June 25 - DPRs, JVs and IDVs to be

Key Year End Dates – June 25 - DPRs, JVs and IDVs to be included in FY 14 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 FY 14 ELRs must be completed and approved by all parties. – July 1 - Preliminary 1 Close

Key Year End Dates, cont. – July 7 - P-Card transactions through 6/19/2014 will

Key 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 Close – July 17 – Controller Close – starting at 5: 00 pm – July 22 - Final Close reports available after 5: 00 pm

Dual Year Processing • You may begin processing FY 15 purchase requisitions on June

Dual Year Processing • You may begin processing FY 15 purchase requisitions on June 2, 2014 • Creating a FY 15 requisition during the Dual Year period: -Transaction Date must be >June 30, 2014 -Delivery Date must be > Transaction date

Dual Year Processing, cont.

Dual Year Processing, cont.

Transaction Date vs. Activity Date • Transaction Date – Banner posts transactions to fiscal

Transaction Date vs. Activity Date • 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.

Reviewing Funds • General Ledger Review – Review Assets, Liabilities and Fund Balance •

Reviewing Funds • General Ledger Review – Review Assets, Liabilities and Fund Balance • Look for reverse balances • Compare for no change from prior year • AFR exception reports will help identify issues, but don’t wait for them.

Reviewing Indexes • Unrestricted Funds – I&G and Non I&G Funds • Compare current

Reviewing Indexes • Unrestricted Funds – I&G and Non I&G Funds • Compare current year activity to prior year activity • Question any expense with a credit balance • Verify that there is not any YTD expense activity in account code 799800 • Compare budget to actual expenses

Reviewing Indexes, cont. – I&G Funds • There should not be any YTD activity

Reviewing Indexes, cont. – I&G Funds • There should not be any YTD activity in the following account codes – Revenue accounts – Resale accounts – Applied charges accounts, 795 xxx (except in specific circumstances)

Reviewing Indexes, cont. – Non I&G Funds • Question any revenue that has a

Reviewing Indexes, cont. – Non I&G Funds • Question any revenue that has a debit balance • Verify that any resale account codes, 77 xxxx are appropriate on that index.

Reviewing Indexes, cont. • Zero all default P-card account codes - 738010 and 738011

Reviewing Indexes, cont. • Zero all default P-card account codes - 738010 and 738011 • Federally excluded account codes • Requesting back up documentation for journal vouchers versus using various reports with transaction detail (ex: COGNOS, JV text or BDMS)

Reviewing Indexes, cont. • Restricted Funds – Various State of New Mexico billings have

Reviewing Indexes, cont. • Restricted Funds – Various 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.

Purchasing • Clean up Incomplete Purchase Requisitions – Review Banner FOADOCU (Document by User)

Purchasing • Clean up Incomplete Purchase Requisitions – Review Banner FOADOCU (Document by User) – Refer to Banner Finance Manual for process to delete a requisition

Purchasing, cont.

Purchasing, cont.

PCard FY 14 Deadlines • Last FY 14 PCard cycle 6/6/14 – 6/19/14 •

PCard FY 14 Deadlines • Last FY 14 PCard cycle 6/6/14 – 6/19/14 • PCard transactions posted in Wells. Fargo by 6/19 will be posted to FY 14 • PCard transactions posted in Wells. Fargo after 6/19 will be posted to FY 15 • Business managers will be contacted to assist with outstanding PCard balances in their areas

Encumbrances • Review Open Reservations and Open Commitments – Use Finance Self-Service • View

Encumbrances • Review Open Reservations and Open Commitments – Use Finance Self-Service • View Reservations – Budget Queries – Operating Ledger Data Column, check reservations – Input Index

Encumbrances, cont. Check Reservations

Encumbrances, cont. Check Reservations

Encumbrances, cont. Drill down on account code

Encumbrances, cont. Drill down on account code

Encumbrances, cont. View list of reservations

Encumbrances, cont. View list of reservations

Purchasing, cont. • View open encumbrances – Encumbrance Query – Input Index number

Purchasing, cont. • View open encumbrances – Encumbrance Query – Input Index number

Purchase Order, cont. All POs for fiscal year will appear

Purchase Order, cont. All POs for fiscal year will appear

Purchasing, cont. • Completion of Receiving – Banner FOIDOCH • Document History

Purchasing, cont. • Completion of Receiving – Banner FOIDOCH • Document History

Purchasing, cont.

Purchasing, cont.

Purchase Order • Purchase Order History – Finance Self-Service • View Documents by Purchase

Purchase Order • Purchase Order History – Finance Self-Service • View Documents by Purchase Order – All transaction associated with Purchase Order – Invoice will show summary of Purchase Order

Purchase Order, cont. All transactions related to PO

Purchase Order, cont. All transactions related to PO

Purchase Order, cont. Summary of PO

Purchase Order, cont. Summary of PO

Commodity Level Accounting for PO’s • Commodity Level Accounting is a way of processing

Commodity Level Accounting for PO’s • 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

Commodity Level Accounting for PO’s, cont. • Commodity Level accounting is the default on

Commodity Level Accounting for PO’s, cont. • Commodity Level accounting is the default on all purchase requisitions • Use Commodity Level in these instances: – Mixed Commodities – Mixed FOAPALS – Asset Tags required

Commodity Level Accounting for PO’s, cont. Original PO

Commodity Level Accounting for PO’s, cont. Original PO

Commodity Level Accounting for PO’s, cont. Invoice

Commodity Level Accounting for PO’s, cont. Invoice

Commodity Level Accounting for PO’s, cont. Invoice, cont.

Commodity Level Accounting for PO’s, cont. Invoice, cont.

Purchasing • Reminders on Purchase Requisitions using the FPAREQN form: – Requestor/Delivery Information tab

Purchasing • Reminders on Purchase Requisitions using the FPAREQN form: – Requestor/Delivery Information tab • Input phone number and email address – Item text versus Document Text • Item text expands on description of item • Document text applies to information related to the whole purchase requisition (example: enter free form information and select clauses)

Purchasing, cont. – Assign clauses • 03 Federal Grant • 04 Federal Contract •

Purchasing, cont. – Assign clauses • 03 Federal Grant • 04 Federal Contract • 08 Delivery Before July 1 • 14 Delivery After July 1 • 63 End of Year Payment Delay – List commodity items separately, do not combine

Purchasing, cont. • FGRIDOC (Incomplete Document Listing) – E-print • FPIOPOF (Open Purchase Orders)

Purchasing, cont. • FGRIDOC (Incomplete Document Listing) – E-print • FPIOPOF (Open Purchase Orders) – Banner Screen

Accounts Payable • Notable Dates – Remaining FY 14 PO invoices will not be

Accounts Payable • Notable Dates – Remaining FY 14 PO invoices will not be paid between 2 nd and 3 rd close – FY 15 PO invoices will not be processed until July 1 st – Between 2 nd and 3 rd close, only FY 15 PO invoices will be paid. FY 14 encumbrances will not be rolled forward to July until 3 rd close (July 17) – NOTE: All DPRs received after June 30, 2014 will be posted in FY 15

Accruals • Full accrual financial statements require income to be reported when earned and

Accruals • Full 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 FY 14, 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.

Accruals, cont. • Types of Accruals – Three-way match – Two-way match – Subcontractor

Accruals, cont. • Types of Accruals – Three-way match – Two-way match – Subcontractor – Construction

Accruals, cont. Purchase Order Definitions – Two-way match • The terms of the PO

Accruals, cont. Purchase Order Definitions – Two-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.

Accruals, cont. • There is a process that automatically identifies and posts three-way match

Accruals, 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, 2014 • A valid three way match PO exists • Goods/services have been received in Banner • The Invoice has not been posted in Banner

Accruals, cont. • The accrual process for two-way match POs isn’t that easy -

Accruals, cont. • The accrual process for two-way match POs isn’t 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 Encumbrance – If 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 754 x, 782 x, 783 x and 792 x will not appear on the twoway report. These POs are included in the Construction or Subcontract accrual reports.

Accruals, cont. • Subcontract accrual process: – AFR uses a COGNOS report to identify

Accruals, cont. • Subcontract accrual process: – AFR uses a COGNOS report to identify subcontractors. – Banner Subcontract form is FGIENCD – Each 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.

Accruals, cont. • Construction accrual process: – Facilities and Services are given a list

Accruals, 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.

Accruals, cont. • Details of the Two Way Accrual Process: – AFR runs a

Accruals, 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 twoway 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.

FIP JV Processing • Electronically Routed JVs (JEC/JED, B 4 C/B 4 D) –

FIP JV Processing • Electronically Routed JVs (JEC/JED, B 4 C/B 4 D) – These must be routed through Banner queues for approval, so consider the timing when close to month end • Electronic JVs (JE 16 s, CR 05 s, &c) – Consider FIP and Fiscal Monitor deadlines – Hard copies requiring fiscal monitor signatures – Physical copy & electronic copy sent to fiscal monitors who forward them to FIP after review • Manual entry (IDVs, CR 05 s, &c) – Less than ten lines – Consider FIP and Fiscal Monitor deadlines • Plan ahead! Errors cause delays.

FIP JV Processing • Electronically routing JVs– Remember that year end is a busy

FIP JV Processing • Electronically routing JVs– Remember that year end is a busy time, so plan ahead to avoid delays. • Uploads requiring signatures– Non-routing uploads (JE 16 s, 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.

FIP JV Processing • Errors will cause delays in processing • Tips to avoid

FIP JV Processing • Errors will cause delays in processing • Tips to avoid common errors: – Make sure index is valid (i. e. , not termed, etc. ) – Make sure username is authorized to post – Double-check account numbers – Use the correct spreadsheet (JE 16 vs. JED, etc) – Make sure transaction date is in the current open period

Miscellaneous • Electronic Processing (Uploads) of Budget, Journal Vouchers, and Cash Entry Vouchers is

Miscellaneous • Electronic Processing (Uploads) of Budget, Journal Vouchers, and Cash Entry Vouchers is mandatory for entries with over 10 lines. • Routing Reminders: – If there any restricted funds - route the electronic file to SPA. – If there are no restricted funds – route the electronic file to AFR

Upload Templates

Upload Templates

Ben Glickler – FIP bglickle@nmsu. edu Cynthia Vigil – AFR cvigil 02@nmsu. edu Lesley

Ben Glickler – FIP bglickle@nmsu. edu Cynthia Vigil – AFR cvigil 02@nmsu. edu Lesley Doyle – AFR ldoyle@nmsu. edu Rennette Apodaca – Purchasing rennette@nmsu. edu Robert Valdez – Property Accounting rovaldez@nmsu. edu