Title: Year End Closing 2001 Getting It Done June 13 and 20, 2001
1Year End Closing 2001 Getting It Done!June 13
and 20, 2001
Diana McShea Stephanie Bonanno Randi-Ann
Jasmin YSM Financial Operations
2Todays Objectives
- Whats different this year
- Review Year End Closing Schedule
- Understand Priorities
- Reports to help you get it done
- Review Setup Activities for FY02
3Whats 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.
4Transaction 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)!
5Cash 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.
6AP 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.
7AP 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
8AP 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.
9AP 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).
10Purchasing Card/SWAP
- See Yearend Closing Document for purchasing card
and SWAP processing schedule.
11ISP 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.
12TVP 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
13Clear 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.
14Clear 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.
15Reports 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
16Position to Plan Report (Dept./Source level)
17Position to Plan Report (Source/Org./Project
Level)
Org 7XXXX1
18Fund Balance Report (Source/Dept. Level)
19BUG 403 Calculated Source Balances Fund Fund
Balance Report(Source/Org./Project Level)
20Reports 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
21BUG 403 Calculated Source Balances (Source/Dept.
Level)
22BUG 403 Calculated Source Balances(Source/Org./Pr
oject Level)
23BUG 307 Sortable Detail Transaction Report(Brio)
24BUG 307 Sortable Detail Transaction Report (Excel)
25FY02 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)
26Review 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
27Reference 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