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Accounts Payable Accrual Process For FY06

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Accounts Payable Accrual Process For FY06 Accounts Payable Accrual System Specialized Subsystem Establishes Estimated Payables Clears Current Liability Payments ... – PowerPoint PPT presentation

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Title: Accounts Payable Accrual Process For FY06


1
Accounts PayableAccrual Process For FY06
2
Accounts Payable Accrual System
  • Specialized Subsystem
  • Establishes Estimated Payables
  • Clears Current Liability Payments
  • Allows
  • Complete audit trail
  • Variety of reporting options
  • Automatic generation and offset entries
  • Transaction Table as Resource

3
Accounts Payable Accrual System
  • Designates Amounts Owed But Not Yet Paid
  • Post Payments Against Set Up Payables
  • Generates Reports
  • Must Use System
  • Allows Setup and Payment in Proper Years
  • 9529 in FY06 to 9510 in FY07
  • Page 1

4
Clearing Prior Year Payables
  • Run APY Batch Status Report
  • Run in FY06
  • Clear Open, Closed, or Held Batches
  • Journal Entries and G/L Balances (FCS Control)
  • Items Must be Deleted or Posted
  • Run Open Payables Report
  • Run from PRIXX Only
  • Screen Print Payables Manual Page 3/4
  • To/From 0-999999
  • Identify and Research Any Remaining Items

5
Clearing Prior Year Payables
  • Run G/L Detail Report
  • See Year-End Closing Manual
  • Run in FY06 from FIN menu
  • GLD120
  • Object 9510
  • Page 4

6
Clearing Prior Year Payables
  • No Open Payables/ No 9510 Balance
  • YOURE Done
  • No Open PCLs BUT 9510 G/L Balance
  • Transactions From Other Than PCL Program
  • JE to Credit 9510/Debit Appropriate Expense
    Account
  • Open Payables/No 9510 Balance
  • FY05 Entries Recorded as FY06 Expenses
  • Review Online Vendor History
  • Z Out Payable-System Automatically Books
    Correctly
  • JE to Correct the Booking if Accounts Are
    Different
  • Page 4

7
Clearing Prior Year Payables
  • Review Remaining Payable Entries
  • If Not Needed
  • Z Out To Remove
  • Do Not Use C Function
  • If Needed
  • Z Out Payable
  • Do Not Use C Function
  • Set Up as FY06 Estimated Payable
  • No Batch Creation For Z Transactions

8
Clearing Prior Year Payables
  • Rerun Open Payables
  • Verify No Open Payables
  • Rerun Detailed General Ledger/9510
  • Verify 9510 G/L Balance is Zero
  • All Completed by June 9, 2006
  • FY05 Data Purge Begins Early July
  • Page 5

9
2005/2006 Estimated Payables
  • Year End Closing Manual Guidelines
  • Details What to Accrue
  • Payables Definition
  • Review Open Purchase Order Report
  • Screen Print Page 6 Payables Manual
  • Begin May/June
  • Cancel POs if Not Deliverable by June 30
  • June 21 Last Day For APY Backup
  • Page 6

10
Purchase Order Roll
  • Review All Open POs
  • Close if Under 25
  • Close Line, Liquidating Does Not Close PO
  • If Unsure of Receipt, Let Roll
  • Have until July 31 to Modify
  • Request Checks For Credit Memos
  • Run Encumbrances To Payables Report
  • Run After Last APY Run on June 22, 2006
  • Option 4 on PCL Setups and Reports Menu
  • Screen Print Page 7/8 Payables Manual

11
Purchase Order Roll
  • WEDNESDAY MORNING June 28, 2006
  • PCL Roll Begins
  • Establishes a PCL For Each PO Account Line
  • APY/PCL Screens Will Be Locked Out During Roll
    Beginning at 700 AM
  • Page 7

12
2005/2006 Estimated Payables
  • Use Transaction Table for Correct FY
  • Estimated Payables Begin 060001
  • PCL Roll Starts at Next Valid Number
  • Information Needed
  • Date Should be 06302006
  • PO Number 6 digits
  • Vendor Number
  • To Set Up Payable You Must Have Valid Vendor
  • Page 8

13
2005/2006 Estimated Payables
  • Valid FY07 Account Code a Must
  • See Matrix Change Memo dated 5/11/06
  • Amount Including Sales Tax
  • Estimated PCLs May Be Setup or Changed until
    July 31, 2006
  • No Activity, Just Change Amount
  • Activity, Set Up Additional Payable
  • All Known Differences Prior to July 31 Should be
    Adjusted Page 8

14
2005/2006 Estimated Payables
  • G/L 9529 Balance Must Equal Total Estimated
    Payables Report
  • Run Estimated Payables Financial Report
  • Detailed G/L Report Object 9529
  • Both Run in FY06
  • When Done, Run FAR311
  • Signature Page, ARs/PCLs Combined, Fund Sort
  • Run Final Vendor History Report
  • Page 9

15
2006/2007 Payable(PCL) Payments
  • Run Payables Transaction Report June 29
  • R on Add Payables/Setup CL Screen
  • Keep Up to Date Report/Handy
  • Use PCL Payment Option To Pay
  • Open Batch (Unlike Receivable Receipt)
  • Use (P) For Payment Option
  • Enter Payables Number (PCL), Not Original PO
  • Page 10

16
2006/2007 Payable(PCL) Payments
  • Screen Options
  • (P) Partial Payment PCL Remains Open
  • (F) Final Payment Closes Payable, Books Offset
  • (Z) Closes Out Payable Books Amount to FY07
  • (D) Deletes Previous Line Only Before Payment
  • Do not use Credit Memos
  • Set Up Receivable
  • Normal Batching Procedures
  • No Batches Created For Zd Transactions
  • Page 11

17
Payable Reports
  • PCL Reports Menu Page 12 Payables Manual
  • Payables Transaction Report
  • Lists All Payables With Vendor, Original PO
  • Open Payables Report
  • List Open Payables With Remaining Balances
  • Payables History Report
  • List Setup/Payments in Reference or Vendor Order
  • Pages 12/ 13

18
Payables Reports
  • Encumbrances to Payables Report
  • Prelist of POs to Be Converted During PCL Roll
  • Established Payables Financial Report
  • Lists Payable Setups By Account Code
  • Payables Reconciliation Report
  • Lists Setups/Payments By Account Code
  • Receivables/Payables Financial Activity Report
    (FAR311)
  • Run From FY06 or FY07
  • Signature Page, Total ARs/PCLs, Fund Sort
  • Review Report
  • FAR311 Advantage Page 13

19
2005/2006 Accounts Payable
  • Year-End Closing Manual
  • Goods and Services Received On or Before June 30,
    2006
  • In Process Building Projects
  • Utility Bill 12 Payments
  • Health and Welfare Amounts
  • Cafeteria - Due to/Due From
  • Cafeteria Account(93) Okay
  • Page 14

20
2005/2006 Reminders
  • Void All Unwanted Batches by June 21
  • Final APY Roll June 22, 2006
  • POs Will Be Rolled June 28th at 700 AM
  • APY/PCL Screens Will Be Locked For Duration
  • Do Not Use JEs, Cash JVs, Cash Transfers to set
    up Payables
  • Use Payables Accrual System (PCL)
  • Watch for FY07 Invalid Resource Use
  • Run Final FAR311
  • Run Final Vendor History Report
  • Page 15

21
Sales/Use Tax
  • Detail Process Payables Manual
  • Sales Tax Must Be Included in Setup
  • Prior to July 31 Correct Setup
  • Examples
  • Pages 16/17

22
2005/2006 Use Tax Liability
  • Publications 71, 100, and 105
  • www.boe.ca.gov
  • Always Liable For Taxes Owed
  • Internet Sales
  • You Must Pay Correct Tax Owed
  • Prepare Annual Use Tax Report
  • Pages 18/19

23
2005/2006 Use Tax Report
  • Districts Filing Separately
  • Run Use Tax Report 7/1/05 to 6/30/06
  • Run G/L 9580
  • Verify Balances and Mail to State Board of
    Equalization
  • Page 20

24
2005/2006 Use Tax Report
  • Districts Filing With SCOE
  • Run Use Tax Report 7/1/05 to 6/30/06
  • Run G/L 9580
  • Verify Balances and Return Final Report to Bambi
    at SCOE by July 14, 2006
  • Page 20

25
Use Tax Field Options
  • Vendor Maintenance Screen
  • Y or 1 or 2 UT Field Options
  • 7.75 or .25 or 8.0 Percent Options
  • Individual To District
  • Change on Each Vendors Maintenance Screen
  • Page 21
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