How to Survive the Annual Report Daniel Bush Director School Financial Services Team WASBO New Administrators and Support Staff Conference September 8 2021 WUFAR Matrix Due to Due from Ledger ID: 1039108
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1. PI-1505 DPI Annual Report Processing 101(How to Survive the Annual Report)Daniel Bush, DirectorSchool Financial Services TeamWASBO New Administrators and Support Staff ConferenceSeptember 8, 2021
2. WUFAR MatrixDue toDue fromLedgerRejected AccountGrant ReceivablesTrial BalanceInter-fund TransferFund Equity AccountsBeginning BalanceAids Register AmountPI 40108B Long-term Debt ObligationsDebt TablesEOY Adjusting EntriesEditsReconciliationDPI On the RecordDebits = CreditsCents vs No CentsTax LevySAFRVocabulary
3. [We Hope You Started] EarlyStart preparing for the DPI Annual Report at least 2-3 weeks BEFORE the due date!Give yourself PLENTY of uninterrupted time since you are new to the processMake sure your login works (PI-1500)
4. 4Annual Report Process1. Finalize Your Books2. Upload or Enter Your Data4. Submit Your Report3. Resolve Errors and Complete Addenda
5. 1. Finalize Your BooksTransactions complete and booked through June 30Purchase orders liquidatedInvoices paid and check runs completedGrant claims completedPayables and receivables, end-of-year adjustments posted
6. 1. Finalize Your BooksFunds are balancedDebits equal creditsInter-fund transfers are completeTransfers from Fund 10 to:Have a zero balance in Fund 27Cover any deficit in Funds 38 or 50Pay your share of a Fund 99 co-op, if you have one
7. DPI June/July Payment Adjustments
8. June General AidsPayment (2018-19)Accrual of DelayedJuly Payment (2018-19)July Payment (2019-20)6/17 ACH7/22 ACHNOTE: It works thesame for 2020-21!
9. Annual Report & Your AuditIdeal: Your audit is complete before you begin working on the Annual ReportIf you have to start your Annual Report while your auditor is still working…Make sure to update both your books and your Annual Reportas your auditor sends you corrections!
10. Review Information Pagedpi.wi.gov/sfs/reporting/safr/annual/overview
11. Review and Know Your DataBefore You Start the Extraction ProcessGenerate reports that can be used to compare SAFR data to your Ledger AFTER you upload including:Total Revenues and Expenditures for All FundsAll Balance Sheet Beginning and Ending BalancesHave a copy of the district’s prior year SAFR Annual Report for reference
12. Review and Know Your DataDoes Fund 27 balance? (assets=liabilities) Do you have any negative amounts?Do you have amounts in inactive accounts?
13. SAFR WorkbookDownload at dpi.wi.gov/sfs/reporting/safr/annual/overviewPurpose is to help youbalance funds and record debt
14. Complete the WorkbookTrial BalanceLong-Term Debt ReconciliationInter-Fund TransfersDue to and Due from Fund Accounts
15. Trial Balance Starting Assets– Starting Liabilities= Starting Balance Ending Assets– Ending Liabilities= Ending BalanceBasic Accounting Equations:
16. Trial BalanceBasic Accounting Equations: Starting Balance+ Total Revenues– Total Expenditures= Ending Balance
17. Long Term DebtData from yourDebt ScheduleData from yourLedger
18. Viewing Your Debt Schedule
19. Viewing Your Debt Schedule
20. Debt Schedule to Workbook
21. Debt Schedule to Workbook2017-18Report
22. Debt Schedule to Workbook2018-19Report
23. Debt Schedule to Workbook2018-19Report
24. Debt Schedule to Workbook2019-20Report
25. Debt Schedule to Workbook2020-21Report
26. TransfersA transfer intoone fund...27 R 411000 110transfer fromthe other fund10 E 411000 827must be matched bythe corresponding…ERROR
27. TransfersA transfer intoone fund...27 R 411000 110transfer fromthe other fund10 E 411000 827must be matched bythe corresponding…
28. Due To/Due From…are just transfers on the balance sheet that haven’t happened yet.They still have to balance out between funds:
29. Rejected AccountsComparison ofyour ledger…to the allowedaccount combinations
30. Rejected AccountsThe workbook includes some common reasons for rejected accounts:
31. Important NoteDon’t just fix it in the workbook,fix it in your ledger too!
32. 2. Upload or Enter Your DataUse your software package’s utility to create a strip file for uploading to SAFR, orEnter data into SAFR manually based on ledger reports (not recommended, especially when starting from scratch!)
33. Strip FileText file created by your software package for your Annual andBudget Reports33
34. 34
35. 35
36. 36
37. One account: Select the account code you wish to change and then change amount.Multiple accounts: Use “Enter Data” on the left-hand menu. You can search for multiple accounts, update the amounts for each, and save all at once.Manual Data Entry
38. One Account38
39. 5,575.58
40. 40
41. Multiple Accounts
42. Multiple Accounts
43. Multiple AccountsUpdate your numbers and hit “Save Data” at the bottom
44. After Loading - View All DataConfirm fund balances, revenues, and expenses match ledgerReview LEFT Menu Choices44
45. 3. Resolve Errors and Complete AddendaSome types of errors are related to each other:Balance and Transfer: Fund transfers have to be complete in order for your funds to balanceDPI Amount and Aids Register: Comparing amounts we expect to what you report
46. Complete Addenda
47. Complete AddendaAn addendum asks for additional informationdepending on what you report for certainaccounts. It usually saves us from having tocall or email you about it!
48. The 4 Most Problematic SAFR EditsRejected AccountsDPI Certified Amounts “On Record”Receivables, Grants, Aids Register, and Related Revenues08B Long-Term Obligations (Debt Payments & Debt Tables)
49. Rejected Accounts
50. Rejected AccountsWhy was the account code rejected?Rejected Object/SourceRejected FunctionRejected Fund/Object/Source/Function combinations
51. Rejected Account ResourcesReview WUFAR UpdatesOctober and AprilUse WUFAR matrices to find “allowable” accounts.
52. WUFAR Matrix (Chart)Shows requiredreporting codes
53. Note # of places (up to four)ObjectFunctionFund53
54. Rejected Account ExampleIs the fund valid?Is the object valid?Is the function valid?Is the combination valid?Local Account used by district10 E 800 217 110000 000
55. 10 E 800 217 110000 000
56. Rejected Account ExampleIs the fund valid?Is the object valid?Is the function valid?Is the combination valid?Local Account used by district10 E 800 230 220000 000
57. 10 E 800 240 220000 00010 E 800 230 220000 000
58. Rejected Account ExampleIs the fund valid?Is the object valid?Is the function valid?Is the combination valid?Local Account used by district10 E 800 341 110000 000
59. 10 E 800 240 220000 00010 E 800 341 110000 000341 PUPIL TRAVELUsed with all functions and sub-functions in the 256 700 series.The cost of contracted pupil transportation between home and school, for field trips, spectator buses, extra curricular activities. Include transportation cost for students between school sites.
60. “Clean Up Your Books”Reclassify rejected accounts on the district’s ledger and run the report again to confirm there are no rejected accounts (Recommended)orRecode by changing/hand entry the data in the extraction/upload file before upload to the PI-1505
61. The 4 Most Problematic SAFR EditsRejected AccountsDPI Certified Amounts “On Record”Receivables, Grants, Aids Register, and Related Revenues08B Long-Term Obligations (Debt Payments & Debt Tables)
62. “On Record”
63. DPI AmountCertified Amount Errors, Tax Levy Errors, and Amounts “On Record” are all taken from either:1.) Information you have already reported to us via another report2.) Information we have provided via Aids Register, June and Delayed July Aid Payment Journal Entries, etc.
64. Example: Tax LevyDid you levy cents, did you round?2018
65. Example: Tax Levy
66. The 4 Most Problematic SAFR EditsRejected AccountsDPI Certified Amounts “On Record”Receivables, Grants, Aids Register, and Related Revenues08B Long-Term Obligations (Debt Payments & Debt Tables)
67. Aid Payment Errors
68. Grant Aid Amounts and ReceivablesIf the cash from a grant reimbursement claim won’t be received by the district until AFTER the start of the new fiscal year, a grant receivable for the just-completed fiscal year needs to be booked in the ledger.In accrual accounting, revenue is booked in the fiscal year in which it is earned. The grant expenditure occurred in the just-ended fiscal year, so the district “earned” the revenue in the just-ended fiscal year; however, since the actual cash will not come until the “new” fiscal year, a receivable is used to account for the expected cash.
69. Expected Value for Source 751Aid Payments Reconciliation ErrorTarget from aids registerBeginning Balance 10B 715000 001 Receivable 7/17/2017 payments $294,803.60$115,961.15$170,661.80$240,102.95$240,102.95Ending Balance 10B 715000 002 Receivable that will show up on next year’s Aids RegisterCalculated Expected Value source 751 Value Reported for source 751lessplus
70. Due from Government Explain beginning balance170,661.80
71. Aids Register Due From (Receivable)Aids Register value for Source 751
72. Due from Government Explain ending balance
73. Aids Register Due From (Receivable)
74. Aid Payment Reconciliation ErrorAid Payments Reconciliation ErrorsThere are 5 aid payments reconciliation errors.IMPORTANT: Before tackling this error, be sure to complete the Addenda regarding receivable function 715000 "Due from Other Governments" (listed as Addenda 53 on the Addenda page).See How to Fix Aid Payment Reconciliation Errors.DescriptionExpectedAid Revenue ReceivedReportedAid Revenue Received170,661.80$240,102.95$240,102.95$240,102.95
75. The 4 Most Problematic SAFR EditsRejected AccountsDPI Certified Amounts “On Record”Receivables, Grants, Aids Register, and Related Revenues08B Long-Term Obligations (Debt Payments & Debt Tables)
76. Long Term Debt Errors
77. Long Term Debt ErrorsDEBT SUMMARY will show you the district information reported in the Debt Tables(Recall that you are required to report to DPI the issuance of debt within 10 days)
78. Long Term Debt ErrorsDebt Schedule VariancesAmount reported on annual report does not equal amount reported on debt scheduleLong-Term Debt ErrorsBeginning balance plus revenues minus expenditures must equal ending balance
79. WUFAR ResourcesWUFAR PDF Format for PrintingBalance Sheet Account ClassificationsRevenue Account ClassificationsExpenditure Account ClassificationsFund 27 Matrix dpi.wi.gov/sfs/finances/wufar/overview
80. Contacting the SFS TeamEmail: dpifin@dpi.wi.govPhone: (608) 267-9114Web: dpi.wi.gov/sfsTeam Directory: dpi.wi.gov/sfs/communications/staff-directory
81. My Contact InformationDaniel BushDirectorDPI School Financial Services Teamdaniel.bush@dpi.wi.gov(608) 266-6968