Year End closing Sabra Sand – Clark College,
Description: Year End closing Sabra Sand Clark College, Director of Business Services Lori Carambot Walla Walla Community College, Director of Special Fiscal Services What we are going to cover Things you can do year round to better prepare your
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slide1. Year End closing Sabra Sand – Clark College, Director of Business Services
Lori Carambot – Walla Walla Community College, Director of Special Fiscal Services<br>
slide2. What we are going to cover Things you can do year round to better prepare your college for year end
Things to do in June
Things to do in July - before June close
Things to do in 13th month<br>
slide3. Things to do all year to be ready for year end Correct any in process out of balance errors
Monthly report from SBCTC
Work with SBCTC
BAR SMEs can also assist
Correct any AFRS and FMS error rejections
Monthly report from SBCTC
Work with SBCTC
BAR SMEs can also assist<br>
slide4. Things to do all year to be ready for year end Upload Smart data monthly
Instructions for each page
Address any errors that you can during the year
Track all investments in capital assets
Buildings, improvements
Book equipment as it comes in
Make sure your VPA is in balance each month
Balance bank statements each month<br>
slide5. Things to do all year to be ready for year end Do annual accounts receivable write offs in a month other than June or July
Set clear purchasing deadlines to easily meet payment deadlines
Set clear accounting entry cutoffs for the campus
Enter appropriations so GA3233 is updated
Monitor expenditures by fund
Build and Test your open/close tables, test, test, test
Stay on top of R2T4<br>
slide6. Things to do all year to be ready for year end Build new year tuition tables as early as possible
Test, test, test
Update tuition for those who have registered
Monitor use of revenue sources 0499 and expenditure subobj EZ
Minimize use when possible<br>
slide7. Things to do in june Monitor expenditures by fund on the GA3233
Shift payroll by fund if needed
Start looking at accounts receivable allowance for doubtful accounts
Ensure all AFRS and FMS errors are corrected
Please ask for help
Review accounts for any outstanding large PO’s
Begin booking due to/ due from as available<br>
slide8. Things to do in june Pay as many invoices as possible
Review any invoices where service crosses fiscal years
Ensure all cash/checks are deposited by end of day June 30
Transfer expenditures in appropriations that are overspent
After the 06A payroll runs, turn off BF (unemployment accrual)
Turn back on after 06B runs<br>
slide9. Things to do in july before june close Begin running BM3200J (if you choose not to do it manually)
This is the accrued expenditure process
Run job to liquidate all encumbrances after July 1 (BM3209J)
Review to ensure no encumbrances remain
Upload to and monitor smart
Due to/due from
Book as you receive info
Ensure all batches for the year are closed<br>
slide10. Things to do in july before june close Accrue any expenditures as needed
R2T4s
Enter any final transfers
Cutoff day recommended-nothing entered on day of closing
Book allotment and expenditures for revolving funds from SBCTC
Use T/C 002, not 503 to fund 101 (001); you do not request VPA reimbursement for these
SBCTC books an offsetting 002R<br>
slide11. Things to do in july before june close Continue to monitor ga3233
After June final payroll runs
Ensure no appropriation is overspent
Transfer expenditures as needed
No expenditures to appropriated funds after June close-recommended
Reconcile financial aid funds
Return any funds
Accrue any receivables<br>
slide12. Things to do in 13th month Balance retainage
Upload smart daily
Monitor due to/due from
Invoice all state agencies by July 15th, estimate if necessary
Ensure COP amounts are in balance with State Treasurer
Reclassify long term debt to short term for amount due in 1 year
If there is a receivable, ensure it balances to the state treasurer due to/due from
Invoice State Board before their deadline<br>
slide13. Things to do in 13th month Accrue expenditures for goods and services received by June 30th, but not invoiced
Reconcile June bank statement and make any adjusting entries necessary
Book deposits in transit
Ensure all travel advances zero out
Ensure all new inventory is added to FAE or Directline
Buildings
Library books (all JD expenditures)
CIP
Improvements<br>
slide14. Things to do in 13th month Year end entries for fixed assets
Run CR2128 in Directline or FAE
Balance beginning GL balances for each asset type and depreciation
Research any differences
Book depreciation by asset type in FMS
Sample a few depreciation calculations manually to ensure accuracy
Book changes to assets in FMS (ensure you can balance the detail of these)
Book additions in FMS (ensure you can balance the detail of these)
Book disposals in FMS (ensure you can balance the detail of these for gains/losses)<br>
slide15. Things to do in 13th month Year end entries for fixed assets
Rerun GA1335, GA1332, and GA1331
Check to ensure ending balance matches the CR2128
Ensure depreciation expense matches current year depreciation
Note any differences, will need for financial statements
Keep track of any salary, benefits or t’s that may have been capitalized, will need for financial statements<br>
slide16. Things to do in 13th month Year end entries for sick leave and vacation leave liabilities
SBCTC sends spreadsheets for calculations
Run PS2160J for balances by fund for CSL, VAC & COMP
Compare beginning balance in SNCTC workbook to GL by type
5128 comp time (should not cross biennium)
5225 vacation leave
5227 sick leave
Calculate entries by fund
Ensure ‘earned’ vs ‘taken’ makes sense
The report does not include leave buyouts, need to be added manually to ‘taken’<br>
slide17. Things to do in 13th month Year end entries for sick leave and vacation leave liabilities
Entries populate automatically on each worksheet, just need to update account
Enter into FMS in 13th month batch
Rerun GA1335, GA1332, GA1331
Compare ending liability balances to pPS2160 to ensure accuracy
5128 comp time
5225 vacation leave
5227 sick leave<br>
slide18. Things to do in 13th month Adjust all consumable inventories based on new inventory counts taken at end of year
Bookstore
Resale programs
Production printing
Copy services
GL 1410 consumable inventory
GL 1420 merchandise inventory
GL 1440 raw materials inventory<br>
slide19. Things to do in 13th month Ensure all cost of goods sold is recorded accurately
Sub-object F should use GL 6516
Guidance on inventories
FAM 40.50
SAAM 35.10
Need to disclose whether:
FIFO first in – last out
LIFO last in – first out
Weighted average (cost per unit)<br>
slide20. Things to do in 13th month Bill grants and accrue A/R where necessary
Book A/R and A/Pp accruals as soon as you can
Reach out to other agencies so they are aware you are booking
Book estimated tax accruals if subject to Ubit
Book deposits in transit
Manually enter tuition split (840) balance in smart, reversible
Calculate allowance for doubtful accounts and adjust GL balances<br>
slide21. Things to do in 13th month Upload to smart daily
Review all smart checklists again once all entries are made
Recommend pre-close
No entries on day of final close
Monitor to ensure no batches are open
Make sure GA3233 remains in balance and is not overspent<br>
slide22. After 13th month Monitor smart for due to/due from from other agencies
Will need manual entry to record<br>
slide23. resources SAAM Manual https://www.ofm.wa.gov/accounting/saam
FAM Manual https://fam.sbctc.edu/
Smart https://smart.sbctc.edu/logon.asp
State board resources https://www.sbctc.edu/colleges-staff/programs-services/accounting-business/accounting.aspx
BAR subject matter experts https://www.sbctc.edu/colleges-staff/commissions-councils/bar/bar-subject-matter-experts-contacts.aspx<br>
slide24. Questions??<br>
Lori Carambot – Walla Walla Community College, Director of Special Fiscal Services<br>
slide2. What we are going to cover Things you can do year round to better prepare your college for year end
Things to do in June
Things to do in July - before June close
Things to do in 13th month<br>
slide3. Things to do all year to be ready for year end Correct any in process out of balance errors
Monthly report from SBCTC
Work with SBCTC
BAR SMEs can also assist
Correct any AFRS and FMS error rejections
Monthly report from SBCTC
Work with SBCTC
BAR SMEs can also assist<br>
slide4. Things to do all year to be ready for year end Upload Smart data monthly
Instructions for each page
Address any errors that you can during the year
Track all investments in capital assets
Buildings, improvements
Book equipment as it comes in
Make sure your VPA is in balance each month
Balance bank statements each month<br>
slide5. Things to do all year to be ready for year end Do annual accounts receivable write offs in a month other than June or July
Set clear purchasing deadlines to easily meet payment deadlines
Set clear accounting entry cutoffs for the campus
Enter appropriations so GA3233 is updated
Monitor expenditures by fund
Build and Test your open/close tables, test, test, test
Stay on top of R2T4<br>
slide6. Things to do all year to be ready for year end Build new year tuition tables as early as possible
Test, test, test
Update tuition for those who have registered
Monitor use of revenue sources 0499 and expenditure subobj EZ
Minimize use when possible<br>
slide7. Things to do in june Monitor expenditures by fund on the GA3233
Shift payroll by fund if needed
Start looking at accounts receivable allowance for doubtful accounts
Ensure all AFRS and FMS errors are corrected
Please ask for help
Review accounts for any outstanding large PO’s
Begin booking due to/ due from as available<br>
slide8. Things to do in june Pay as many invoices as possible
Review any invoices where service crosses fiscal years
Ensure all cash/checks are deposited by end of day June 30
Transfer expenditures in appropriations that are overspent
After the 06A payroll runs, turn off BF (unemployment accrual)
Turn back on after 06B runs<br>
slide9. Things to do in july before june close Begin running BM3200J (if you choose not to do it manually)
This is the accrued expenditure process
Run job to liquidate all encumbrances after July 1 (BM3209J)
Review to ensure no encumbrances remain
Upload to and monitor smart
Due to/due from
Book as you receive info
Ensure all batches for the year are closed<br>
slide10. Things to do in july before june close Accrue any expenditures as needed
R2T4s
Enter any final transfers
Cutoff day recommended-nothing entered on day of closing
Book allotment and expenditures for revolving funds from SBCTC
Use T/C 002, not 503 to fund 101 (001); you do not request VPA reimbursement for these
SBCTC books an offsetting 002R<br>
slide11. Things to do in july before june close Continue to monitor ga3233
After June final payroll runs
Ensure no appropriation is overspent
Transfer expenditures as needed
No expenditures to appropriated funds after June close-recommended
Reconcile financial aid funds
Return any funds
Accrue any receivables<br>
slide12. Things to do in 13th month Balance retainage
Upload smart daily
Monitor due to/due from
Invoice all state agencies by July 15th, estimate if necessary
Ensure COP amounts are in balance with State Treasurer
Reclassify long term debt to short term for amount due in 1 year
If there is a receivable, ensure it balances to the state treasurer due to/due from
Invoice State Board before their deadline<br>
slide13. Things to do in 13th month Accrue expenditures for goods and services received by June 30th, but not invoiced
Reconcile June bank statement and make any adjusting entries necessary
Book deposits in transit
Ensure all travel advances zero out
Ensure all new inventory is added to FAE or Directline
Buildings
Library books (all JD expenditures)
CIP
Improvements<br>
slide14. Things to do in 13th month Year end entries for fixed assets
Run CR2128 in Directline or FAE
Balance beginning GL balances for each asset type and depreciation
Research any differences
Book depreciation by asset type in FMS
Sample a few depreciation calculations manually to ensure accuracy
Book changes to assets in FMS (ensure you can balance the detail of these)
Book additions in FMS (ensure you can balance the detail of these)
Book disposals in FMS (ensure you can balance the detail of these for gains/losses)<br>
slide15. Things to do in 13th month Year end entries for fixed assets
Rerun GA1335, GA1332, and GA1331
Check to ensure ending balance matches the CR2128
Ensure depreciation expense matches current year depreciation
Note any differences, will need for financial statements
Keep track of any salary, benefits or t’s that may have been capitalized, will need for financial statements<br>
slide16. Things to do in 13th month Year end entries for sick leave and vacation leave liabilities
SBCTC sends spreadsheets for calculations
Run PS2160J for balances by fund for CSL, VAC & COMP
Compare beginning balance in SNCTC workbook to GL by type
5128 comp time (should not cross biennium)
5225 vacation leave
5227 sick leave
Calculate entries by fund
Ensure ‘earned’ vs ‘taken’ makes sense
The report does not include leave buyouts, need to be added manually to ‘taken’<br>
slide17. Things to do in 13th month Year end entries for sick leave and vacation leave liabilities
Entries populate automatically on each worksheet, just need to update account
Enter into FMS in 13th month batch
Rerun GA1335, GA1332, GA1331
Compare ending liability balances to pPS2160 to ensure accuracy
5128 comp time
5225 vacation leave
5227 sick leave<br>
slide18. Things to do in 13th month Adjust all consumable inventories based on new inventory counts taken at end of year
Bookstore
Resale programs
Production printing
Copy services
GL 1410 consumable inventory
GL 1420 merchandise inventory
GL 1440 raw materials inventory<br>
slide19. Things to do in 13th month Ensure all cost of goods sold is recorded accurately
Sub-object F should use GL 6516
Guidance on inventories
FAM 40.50
SAAM 35.10
Need to disclose whether:
FIFO first in – last out
LIFO last in – first out
Weighted average (cost per unit)<br>
slide20. Things to do in 13th month Bill grants and accrue A/R where necessary
Book A/R and A/Pp accruals as soon as you can
Reach out to other agencies so they are aware you are booking
Book estimated tax accruals if subject to Ubit
Book deposits in transit
Manually enter tuition split (840) balance in smart, reversible
Calculate allowance for doubtful accounts and adjust GL balances<br>
slide21. Things to do in 13th month Upload to smart daily
Review all smart checklists again once all entries are made
Recommend pre-close
No entries on day of final close
Monitor to ensure no batches are open
Make sure GA3233 remains in balance and is not overspent<br>
slide22. After 13th month Monitor smart for due to/due from from other agencies
Will need manual entry to record<br>
slide23. resources SAAM Manual https://www.ofm.wa.gov/accounting/saam
FAM Manual https://fam.sbctc.edu/
Smart https://smart.sbctc.edu/logon.asp
State board resources https://www.sbctc.edu/colleges-staff/programs-services/accounting-business/accounting.aspx
BAR subject matter experts https://www.sbctc.edu/colleges-staff/commissions-councils/bar/bar-subject-matter-experts-contacts.aspx<br>
slide24. Questions??<br>