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