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  • 2016-17 PEOPLESOFT YEAR-END CLOSING

    WORKSHOPDistrict Financial ServicesFinancial Accounting & ReportingMay 24, 2017

  • PeopleSoft Closing Workshop AgendaPowerPoint Presentation1. General Accounting

    Information2. Closing Schedules3. Checklists4. Closing Entries &

    Accruals5. Indirect Costs6. Accounting Updates

    Demonstrations1. OPEB Accounting2. CAT Form

  • SECTION 1General Accounting information

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  • Business Advisory Consultants

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  • SECTION 2Closing Schedules

  • Important Dates- 16/17 Closing

    June 27th by 2 p.m.All Deposits to Wells Fargo

    June 29th by Noon1617 Commercial Warrants

    June 29th by 10 a.m.Auditors Transfers to FA

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  • Important Dates- 16/17 Closing

    July 10th by 5 p.m.Finalize all 1617 POsEnter goods received by June 30th

    July 11thFinancial Accounting:Receipt AccrualPO Rollover

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  • Important Dates- 17/18 ProcessingJuly 1st

    New FY activity beginsNo need to wait 3 days!

    July 6thFirst day commercial warrants are issued forFY 17/18

    July 17thPeriod 12 closes at 5 p.m.

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  • Customer Resource Center (CRC )Training

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    Support Sessions for Year End Closing Purchasing Inventory Finance Open Labs

    CRC Website http://crc.sdcoe.net/calendar/yearendclosing

    http://crc.sdcoe.net/calendar/yearendclosing

  • SECTION 3Checklists

  • Closing Steps Before June 30th

    Clear prior year accruals:Accounts receivable LiabilitiesDue-to (object 9610)/Due-from (object 9310)

    - Must be repaid in same fiscal year or following fiscal year if transfer takes place within last 120 days of fiscal year

    Clear Suspense through June

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  • Payroll Adjustments

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    NEW Journal Source PAJRecommended steps

    1. Download & save PEDR each month2. Filter for adjustments

    a. Suspenseb. Funding changesc. Year-end adjustments (ie. EPA)

    3. Enter PAJ journala. Journal Header Description: justification for payroll adjustmentb. Journal Line Description: Employee namec. Journal Line Reference: Employee ID

    4. Print & file for auditors along with print-out of applicable PEDR lines

  • Payroll Adjustments- continued

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    Interfund Payroll Adjustments (transfers that cross funds)Recommended steps

    1. Download & save PEDR each month2. Filter for adjustments

    a. Suspenseb. Funding changesc. Year-end adjustments (ie. EPA)

    3. Enter PAJ journala. Journal Header Description: justification for payroll adjustmentb. Journal Line Description: Employee namec. Journal Line Reference: Employee IDd. Offset: Due to/ Due from other funds (9310 & 9610)

    4. Enter AT journal to clear DTF entries5. Print & file for auditors along with print-out of applicable PEDR lines

  • Closing Steps Before June 30th Continued

    InventoryConduct physical countAdjust G/L to match Actual InventoryFor stores inventory, see CRC Training Guide IN2 Inventory Count & Reconciliationhttp://crc.sdcoe.net/resources/peoplesoft/guides

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    http://crc.sdcoe.net/resources/peoplesoft/guides

  • Closing ChecklistPosted on the Financial Accounting website under Quick Linkshttp://www.sdcoe.net/business-services/financial-services/financial-accounting/Pages/financial-accounting.aspxRun FAR queries, and check by fund/resource:

    Suspense objects (7999XXX & 8999XXX) are zeroContributions (8980s & 8990s) net to zero by fundSuspense resource 9999 is zero(Pre) Encumbrances are zero50% of objects 8081-8082 have been transferred to 8691

    Debit(+) 8089 Credit(-) 8691

    Object 9140 cash collected awaiting deposit is zeroAll Prior year accruals are zeroObject 9910s payroll holding accounts is zero

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    http://www.sdcoe.net/business-services/financial-services/financial-accounting/Pages/financial-accounting.aspx

  • Closing Checklist (continued)Run FAR queries, and check by fund/resource:

    Asset accounts have debit balancesObjects 9100 9399

    Liabilities have credit balancesObjects 9500 9699

    Verify expenditures in resource 8150 meet requirementsFor 2016-17Lesser of:

    a) 3% of 16/17 total general fund expenditures (GFE) (E.C. 17070.75)b) FY 14/15 contribution to resource 8150

    For 2017-18 through 2019-20Greater of:

    a) Lesser of 14/15 amount or 3% of total GFEb) 2% of total GFE

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  • Closing Checklist (continued)SACS Technical checks are passed

    Review explanations with your districts Consultant or Financial Accounting

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  • SECTION 4Closing Entries & Accruals

  • State Aid Accruals

    1. Clear PY Accruals: LCFFFebruary June

    Financial Accounting posts PY recomputations & adjustments to suspenseClear to PY accrual (A/R 9290 or A/P 9590)Difference goes to object 8019

    2. EPAPY Adjustment posted to suspense in March

    AT A004530 3/24/17Clear to object 8019Dont forget to post the EPA Expenditure report on your district website

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  • LCFF Accrual- ReceivableYear-end Calculation:

    Receivable from the State:Res Goal Func Obj DR CR

    Due from Grantor Governments0100 0000 0000 9290 $3,000

    LCFF 0100 0000 0000 8011 $3,000

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    Projection Actuals lowerLCFF Apportionment:

    P-2 Property Taxes 50,000$ 48,000$ Current Year EPA 25,000 24,000 State Aid 25,000 25,000

    Total 100,000$ 97,000$ LCFF Calculator amount 100,000$ Receivable due from State 3,000$

  • LCFF Accrual- LiabilityYear-end Calculation:

    Liability due to the State:Res Goal Func Obj DR CR

    LCFF 0100 0000 0000 8011 $8,000Due to Grantor Government

    0100 0000 0000 9590 $8,000

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    Projection Actuals lowerLCFF Apportionment:

    P-2 Property Taxes 50,000$ 55,000$ Current Year EPA 25,000 28,000 State Aid 25,000 25,000

    Total 100,000$ 108,000$ LCFF Calculator amount 100,000$ Receivable due from State (8,000)$

  • Accrual Journal Entries in PeopleSoft

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  • Reversing Journal Entries in PeopleSoft

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  • Payroll Accruals

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    Districts will enter payroll data in July Any FY 1617 time MUST be entered with a combo code (ie.

    June hourly, overtime, adjustments, VPO, etc.) July payroll runs All time worked prior to July will be posted to June as an

    accrual This entry will automatically reverse in July The accrual reversal entry will clear the expenses in July and

    move them to 9510000

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  • STRS, PERS, SUI Accruals

    FIS Process

    STRS, PERS, & SUI ATs are posted to suspense in July

    District accrues amounts in June Debit 9910Credit 9510

    District clears suspense to accrualDebit 9511Credit 7999

    PeopleSoft Process

    STRS, PERS, & SUI ATs are part of post cash processNo-Post ATsNo suspense for the district to clear

    District accrues amounts in June as a reversing entryDebit 9910Credit 9510

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  • Liability Accruals

    FIS Process

    Accrue to object 9510 Beginning Balances roll to

    9511 Pay liabilities out of 9511 Clear remaining liabilities

    out of 9511

    PeopleSoft Process

    Accrue to object 9510 Beginning Balances roll to

    9510 District options:

    1. Pay liabilities out of 95102. DO journal to reclass Beg Bal

    to 9511 & pay out of 95113. Reversing journal entries

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  • Receipt Accrual & PO Rollover

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    PURPOSE: To accrue the liability for items received by June 30th and roll POs from 1617 to 1718By July 10th at 5 p.m.

    1. Enter receipts with June date 2. Close all POs that should not roll to 1718 3. Final 1617 weekly PO close process runs July 10th

    On July 11th, Financial Accounting will run two processes:1. Receipt Accrual 2. PO Rollover

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  • Receipt Accrual & PO Rollover Receipt Accrual

    Opt-out option please email Financial Accounting by Friday June 23rdwith request to opt-out

    PO Rollover NO opt-out option

    CRC Finance Year End Closing Guides

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  • Liability Accruals- Receipt Accrual

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    Important Notes:Applies to districts with receiving required Purchase OrdersApplies to POs with line items (physical goods to be received)Applies to items physically received by June 30, but not paid by June 30

    For all items received at a district location by June 30th, enter receipts in PS with June date (ie. 06/30/2017)Must be completed by July 10th at 5 p.m.

    Financial Accounting will run the Receipt Accrual process on July 11th and e-mail report to districts with results

  • Liability Accruals- Receipt Accrual

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  • Liability Accruals- Receipt Accrual

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  • Liability Accruals- PO Rollover

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    Important Notes:Applies to POs in Approved or Dispatched status

    Process identifies all POs ready to roll Closes encumbrances in PY Closes POs in PY Opens encumbrances in CY

    Requires valid budget (chartstring) to be set up in new fiscal year

    Opens POs in CYPayments can now be applied in new fiscal year

  • Liability Accruals- PO Rollover