Year End Closing 2001 Getting It Done June 13 and 20, 2001 - PowerPoint PPT Presentation

Loading...

PPT – Year End Closing 2001 Getting It Done June 13 and 20, 2001 PowerPoint presentation | free to view - id: 37ba9-MjQzZ



Loading


The Adobe Flash plugin is needed to view this content

Get the plugin now

View by Category
About This Presentation
Title:

Year End Closing 2001 Getting It Done June 13 and 20, 2001

Description:

Contact Stephanie Bonanno with questions regarding accruals (5-6129). 10. Purchasing Card/SWAP ... Ken Hoyt 5-4449. Stephanie Bonanno 5-6593. Randi-Ann ... – PowerPoint PPT presentation

Number of Views:62
Avg rating:3.0/5.0
Slides: 28
Provided by: patric75
Category:

less

Write a Comment
User Comments (0)
Transcript and Presenter's Notes

Title: Year End Closing 2001 Getting It Done June 13 and 20, 2001


1
Year End Closing 2001 Getting It Done!June 13
and 20, 2001
Diana McShea Stephanie Bonanno Randi-Ann
Jasmin YSM Financial Operations
2
Todays Objectives
  • Whats different this year
  • Review Year End Closing Schedule
  • Understand Priorities
  • Reports to help you get it done
  • Review Setup Activities for FY02

3
Whats Different This Year
  • Only One Department closing period
  • Deadline for JSA and LD adjustments August 3rd
  • Balances will be updated daily.
  • Beginning July 9, you will be able to enter JSA
    transactions for multiple periods (both June and
    July).
  • June balance info will be available August 7th in
    the Data Warehouse.

4
Transaction Deadlines
  • The Yearend Closing Document and Calendar sets
    forth specific transaction deadlines in June,
    July, and August. Please review these documents
    carefully.
  • During the closing, make sure the Period field
    in the JSA Batch Screen is the correct accounting
    period (June vs July)!

5
Cash Receipts
  • All cash receipts must be delivered to the SHM
    Treasury window by 1200 NOON on 6/29/01.
  • Transactions received after that date and time
    will be posted to FY02.
  • Contact customers (e.g., Affiliated Hospitals,
    Clinical Trials) to collect outstanding payments
    for services earned during FY01.

6
AP Transactions
  • June 25 - All transactions due in Accounts
    Payable
  • June 26 - All on-hold invoices approved and
    submitted to ap.holds_at_yale.edu
  • Review your AP default accounts and clear the
    activity for transactions that affect sponsored
    agreements and other restricted accounts or
    create significant budgetary issues for your
    department.

7
AP Accruals
  • Any outstanding invoices not paid by 6/30/01 for
    goods delivered or expenses incurred on or before
    6/30/01 will be accrued in accordance with the
    following schedule and parameters.
  • After 6/30/01 accrual schedule
  • July 2 - 20 100 accrual of FY01 invoices
  • July 21-27 5,000 and over will be accrued
  • After July 27 50,000 and over

8
AP Accruals
  • Accruals observe the following guidelines
  • Goods (including equipment and supplies) the
    expenditure item date which is the expected date
    of delivery.
  • Services the date the service was rendered.
  • Employee reimbursements Date of travel or date
    other reimbursable expense was incurred.

9
AP Accruals
  • Presentation on Monthly Statements
  • Expense accruals will appear on either June or
    June Adjustment statements.
  • Batch Name will include 527004-APACCR.
  • Accruals will be reversed in Year 2002 to offset
    the expenses recorded when the actuals payments
    are posted.
  • Batch Name will include REVERSE-527004-APACCR
  • Contact Stephanie Bonanno with questions
    regarding accruals (5-6129).

10
Purchasing Card/SWAP
  • See Yearend Closing Document for purchasing card
    and SWAP processing schedule.

11
ISP or Cost Allocations
  • Any final transfers that affect other departments
    should be completed by July 27th to allow time
    for any further departmental adjustments.
  • Refer to Closing Document for expected posting
    dates from University Source Systems.

12
TVP Accounts
  • Calculate Terminal Vacation Pay liabilities and
    move to TVP project 0026917 by August 3rd.
  • Multiply days of accrued vacation by the salary
    rate of each employee
  • Employee annual salary/260 daily salary

13
Clear Labor Suspense
  • Review and move labor suspense transactions by
    August 3rd if they affect sponsored agreements
    and other restricted accounts or create budgetary
    issues for your department.
  • If you wait until FY02 to make FY01 LD
    adjustments, you will have a credit with no
    off-setting debit.
  • End date for LD Adjustments must be entered as
    June 30 or prior for FY01 posting.
  • Contact Millie Anderson (5-2400) with questions
    regarding payroll and LD issues.

14
Clear Deficits
  • All account deficits must be cleared by August
    3rd
  • YSM Fin Ops will monitor deficits at source/dept
    level except for the following
  • Departments should clear all source 00051 00055
    project balances to 0 by August 3rd.
  • Departments must clear true grant and contract
    overdrafts at the award level to 0 by August
    3rd.
  • Residual balances must be reviewed with the
    Budget Office.

15
Reports to help you get it done
  • Web Statements
  • Position to Plan Report
  • Calculates balances daily
  • Clear all deficit balances at the dept./source
    level. Exceptions source 00051 and 00055 all
    balances need to be cleared at org./project/source
    level
  • Fund Balance Report
  • Calculates balances daily
  • Can be run at Source or Source/Project level
  • Will not contain GENAP sources until FY02

16
Position to Plan Report (Dept./Source level)
17
Position to Plan Report (Source/Org./Project
Level)
Org 7XXXX1
18
Fund Balance Report (Source/Dept. Level)
19
BUG 403 Calculated Source Balances Fund Fund
Balance Report(Source/Org./Project Level)
20
Reports to help you get it done
  • BRIO Reports (in BUG Library)
  • BUG 403 - Calculated Source Balances
  • Calculates balances daily
  • Dept./Source tab and Org./Source/Project tab for
    sources 00051 and 00055
  • BUG 307 - Sortable Detail Transaction Report
  • Allows you to limit the results to show any new
    transactions either in brio or after exporting
    results to excel
  • In Brio, limit the field Dw Creation Dt (data
    warehouse creation date) for gt Greater or
    Equal and type in a date to get transactions
    processed the night before that date and
    appearing in the warehouse as of that date
  • In Excel, use the filter feature and filter on
    the field Dw Creation Dt

21
BUG 403 Calculated Source Balances (Source/Dept.
Level)
22
BUG 403 Calculated Source Balances(Source/Org./Pr
oject Level)
23
BUG 307 Sortable Detail Transaction Report(Brio)
24
BUG 307 Sortable Detail Transaction Report (Excel)
25
FY02 Preparations
  • Check your Award End Dates
  • Review the following for any changes and update
    charging, if necessary, by 7/1/01
  • Labor Distribution
  • Stockroom Cards
  • VIP Numbers
  • Use NEW BUG 609 VIP Owners
  • Toll Authorization Numbers
  • Other recurring charges (ITS-Med, etc)

26
Review Balances
  • Review accounts and move balances out of accounts
    that you dont want to track in FY02
  • Accounts with balances on 7/1/01 will generate
    reports for the entire FY02 period

27
Reference Materials
  • YE Closing Schedule and instructions available at
    info.med.yale.edu/finops
  • Questions?
  • Ken Hoyt 5-4449
  • Stephanie Bonanno 5-6593
  • Randi-Ann Jasmin 5-5389
About PowerShow.com