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QSS and Year End Closing
Presented by
Beth WilsonTempleton Unified School District
QSS and Year End Closing
We will cover Calendar of due dates How QSS can make your closing easier How to use QSS and the SACS software
to give you what you want when you want it
Navigating GASB 34 before year end
QSS and Year End Closing
Calendar (generally) Fiscal year end June 30 Recording of accruals (receivables &
payables) thru July 31 Actual preparation of the SACS20xxALL
during August Approval by your Board at the first
meeting in September Submission to COE September 15
QSS and Year End Closing
In May, run either a GLD400 (or 500) and look for unusual balances. Specifically, check the following: Prior year Accounts Receivable Prior year Accounts Payable Due to/From Other Funds Deferred Revenue Transfer of Direct Costs (intra-fund) Transfer of Direct Costs (inter-fund)
QSS and Year End Closing
Accounts Receivable Object 9209 - Must be zero before you
begin recording year end receivables Prior year Accounts Payable
Object 9509 - Must be zero before you begin recording year end payables
Ending balances should have rolled to 9210 & 9510 at the beginning of the year. These too should be zero.
QSS and Year End Closing
Due to/From Other Funds Objects 9310 & 9610 At year end these balances must not be
more than 120 days old Pay off what you can, even if you re-
loan the same amount the next day
QSS and Year End Closing
Due to/From Other Funds (cont.) These need to balance each other,
across funds Start with a GLD115 GL Recap, at the
fund level Out of balance? Run a GLD110 &
download to Excel transaction number and amounts. Look for: Out of balance entries
QSS and Year End Closing
Deferred Revenue Object 9650 Balance must be zero before recording
current year accruals Reverse prior year accrual to current
year income
QSS and Year End Closing
Transfer of Direct Costs Intra-fund, Object 571x
These are balanced within each fund Inter-fund, Object 575x
These are balanced across funds Out of balance? Run a GLD110 &
download to Excel transaction number and amounts. Look for: PO payments Out of balance entries
QSS and Year End Closing
In June, Download Backwards Do what?
Down load this year’s information into last year’s SACS software
Why do you want to do this? SACSALL is typically released late Get an early look at the Technical Review
Checklists for errors that do not show up during interim reporting
Correct errors early
QSS and Year End Closing
Log into last year’s program Request a SACS export of unaudited
actuals with current year dates Request a download of the file you just
exportedIt is very important to do this from last year’s QSS. SACS will only accept files from the year you are loading into. Downloading from last year’s QSS program will stamp
the file as “last year” and allow you to fake out the software.
QSS and Year End Closing
Open up the SACSALL software – the one you used for the last interim Set up
Preferences Unaudited Actuals (ignore the year)
File Import (browse for your file) Other import Delete all (you don’t want any old info)
QSS and Year End Closing
Run your Technical Review Checklist Look for and correct
Function and Object invalid Goal and Function invalid PERS RLR out of balance Objects have a negative balance
Run & Print GASB 34 worksheets Government Wide Reporting Conversion Entries
QSS and Year End Closing
Calculating Indirect Costs using the BDR110 Multi-Year Comparative Report (seven column report) The report will do the calculation for you Review for exceptions
Allowable ICR less than your approved rate
Categoricals that allow IRC on Ob 6XXX
QSS and Year End Closing
The CAT (categorical) Form & GLD400 This form is not required for SACS, its
optional (unless your auditors make you do it)
After you have completed recording year end operating receivables and payables
Call report broken by Resource Go to the last page of the report, the
Fund Reconciliation (balance sheet)
QSS and Year End Closing
Grants Prior year carryover is in the top left
column, Deferred Revenue Subtract that from Line A, current
revenue (Col 4) for Cash Received Line B (Col 4) is Donor Authorized
Expenditures Line G
Positive=Record Deferred Revenue Negative=Record a Contribution
QSS and Year End Closing
Entitlements Line A (Col 3) Current Year Award Line A (Col 4) Current Cash Received Line A (Col 5)
Positive=Record Accounts Receivable Negative=Record Accounts Payable
Line B (Col 4) Donor Authorized Expenditures
QSS and Year End Closing
Entitlements (cont) Line D (Col 4) Flexibility Transfers &
Contributions Line F (Col 3) Beginning Balance=Prior
Year Carryover Line G (Col 4)
Negative=Record Contribution Positive=Current Year Carryover, no
adjustment necessary
QSS and Year End Closing
GASB 34 What needs to be recorded in QSS
Fixed asset additions Components of debt – Interest vs principle Donated assets
What does not get recorded in QSS Depreciation Compensated absences Post retirement benefits (unless you are
funding the benefits, Fund 71)
QSS and Year End Closing
Check asset additions using GLD110 Call two reports
All budget lines using Function 8500 All budget lines using Object 6xxx
These will give you the same information that will show up on SACS
Conversion Entry CE001
QSS and Year End Closing
Download reports to Excel Sort for
Budget lines with total amounts less than your district’s capitalization level
Postings to Fn 8500 but not to Ob 6XXX Reclassify all items that should not be
capitalized
QSS and Year End Closing
Check debt postings using GLD110 Compare to your debt schedule
Ob 7638 should contain principal only Ob 7639 should contain interest only No other expenses should be in these
accounts (fees, etc) New debt belongs in Ob 8931-8979
Reclassify as necessary
QSS and Year End Closing
Donated Assets Are you keeping a list of donated
assets that meet your capitalization policy?
How about assets purchased by Student Body Organizations?
Do you record them in your general ledger? Debit Ob 6xxx, Credit Ob 8694
QSS and Year End Closing
You now have the tools to Get an advanced look at you first download
before the state makes the software available Call reports that will give you the same
information that the GASB 34 reports from the SACS software will report
Correct your books for closing (unaudited actuals) and financial statements (GASB 34) before the last minute
When are you going to get started?