year-end milestones

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Year-End Milestones. Why, What, When and Resources for Year-End. Why and What. One of the most frequently asked questions: Why isnt this written down anywhere? Milestones represent year-end tasks that are, in theory, standard across campuses May not fit perfectly for non-Peoplesoft - PowerPoint PPT Presentation


  • Year-End MilestonesWhy, What, When and Resources for Year-End

  • Why and WhatOne of the most frequently asked questions: Why isnt this written down anywhere?Milestones represent year-end tasks that are, in theory, standard across campusesMay not fit perfectly for non-PeoplesoftDates represent task to be complete by

  • What this list is notThis is not a list of all tasks to be completedGiven the wide variations in policies and procedures between campuses, it is impossible at this pointFollowing this list to the letter is not a requirement Represents a framework for those who may be struggling to put together a successful close strategy

  • How was the list compiled?Year-End closing schedules for several campuses reviewedWhile the lists were much more campus specific, in general they were very similar in what activities were occurring on particular timelines

  • Late May Hopefully already done Finalize year-end schedule and distribute to staffLoad SAM99 Accrual Reversal TapeSAM99 should be run with Accrual Reversal checkbox marked from this point forwardAnalyze data dependencies for month and year-end entriesMeet with departments or contact third-party providers to determine dates information will be ready or potential cut-off of activity to meet deadlines

  • Late May Hopefully already donecontinuedCollect data and analyze capital leases, capital projects & other potential complex transactionsDevelop strategy for booking to ledgerReview reverting fundsClear any remaining assets and liabilitiesCurrent year revenues and expenses will close to fund balance clearingReview closing rules and treesUpdate for reverting/reverted funds

  • Early JuneClose and reconcile May dataNotify Auxiliaries of Year-End DeadlinesFIRMS/GAAP/IPEDSRequest Contingent Liabilities listJune 16th SCO MUST have final 2005/06 Claims/PFA/Transfer Requests in Hand for guaranteed processingConsider if enough General Fund balance available to meet June 30 payroll

  • No later than June 23rdFinal Escheat Checks RemittedReview and Adjust A/R ReservesClear all SAM99 reconciliation issues identified in May month-end or June mid-month reviewClear all known FIRMS error messages

  • No later than June 29thRecord all chargebacksAll Requisitions must be sourced to a Purchase Order or cancelledFinal Student System feeds to A/P completed, prep for final fiscal year check run

  • June 30Post/Reconcile PayrollPost Final ProCard from June statementReceiving CompletedClose PurchasingClose Cash ReceiptsFinal Check Run/ClaimsClose Accounts Payable

  • Week of July 3 7thFixed Assets and Retention Entries CompleteRun and Post GL 15 processManually liquidate Reimbursed Activities remaining Encumbrance BalanceComplete Payroll Accruals and Manual Obligations Final Reimbursed Activities Billing Completed/Confirm RA in Balance by CSU FundReconciliation of all subsystems to ledger complete: ARBI, Student, etc.

  • Week of July 3 7th ContinuedComplete routine month-end journal entriesLoad Bank Recon/Paid Claims (CD102)/SAM99 FilesRevolving Fund Reconciled Closing Entries CompletedBank Reconciliation Completed Negative Cash Balances ResolvedSAM99 Reconciliation Completed All SAM99 Reconciling Items Cleared

  • Interdependent TasksTasks listed for the last week of June and first week of July are largely interdependentPlanning and performance is critical to meeting close deadline

  • Interdependent Tasks Example:Reimbursed ActivitiesPayrollPayablesPurchasingInvoiceExpense

    RevenueHigh level manual Enc. liquidation 0100100

  • July 10 through the morning of the 12thAll entries at this point under the supervision of Campus Budget OfficeClear any remaining FIRMS errorsFinal review of program/ledger balancesClear any remaining deficitsFinal preliminary Data Quality ReviewBook Final Accrual EncumbranceClose xxCMP Business Unit to prevent further entries

  • Afternoon of July 12thGenerate Final SAM99 fileFinal FIRMS derivationPrepare Manual Reporting Packages for Management Review

  • July 13th & July 14thJuly 13: Management Review/ApprovalJuly 14: FIRMS submission to COs SFSR group24 hour review may still be in effect

  • July 17thFIRMS Submission CompletedPre- and Post- Close FilesTransmit Final SAM99 file to SCO

  • What if FIRMS file doesnt pass review?Depending on the Error Program code vs. Object/Fund ReclassificationRe-open xxCMP Make Object/Fund reclassificationRepeat steps from Afternoon of July 12th until FIRMS file is accepted

  • Critical DatesDocuments in SCO hands: June 16thChancellors Office cut-off: May 31stInvoices, PFAs and Allocation OrdersException: Campus RequestChancellors Office AR/AP: June 30thChancellors Office FBC: July 5thFIRMS Validation tables set: July 5th

  • ResourcesCO FBC, AR/AP and Allocations FIRMS FUG Presentations 8.4 Business Process Papers

  • Resources ContinuedSystemwide AD NOATS Financial Standards & Reporting