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DISTRICT BUSINESS SERVICES FISCAL YEAR CLOSING ACTION PLAN

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DISTRICT BUSINESS SERVICES FISCAL YEAR CLOSING ACTION PLAN TO: FROM: Business Services Office Dori Campbell, CPA DATE: May 11, 2017 SUBJECT: Fiscal Year Closing The purpose of this action plan is
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DISTRICT BUSINESS SERVICES FISCAL YEAR CLOSING ACTION PLAN TO: FROM: Business Services Office Dori Campbell, CPA DATE: May 11, 2017 SUBJECT: Fiscal Year Closing The purpose of this action plan is to help us have a successful fiscal year closing and to give key document processing dates to all Budget Managers. District Business Services will be working with you to make sure documents are charged to the appropriate fiscal year. Please do not mix old year and new year transactions on a single document. Following are the definitions of several terms used throughout this memo: Fiscal/Budget Year July 1 through June 30 Old Year/FY July 1, 201 through June 30, 2017 New Year/FY July 1, 2017 through June 30, 2018 Fully Approved No further approvals required on the document District Business Services Hours: Summer Hours: AP staff Summer hours 8:00 a.m. to 4:30 p.m., Monday through Friday 7:00 a.m. to 5:00 p.m., Monday through Thursday :00 a.m. to 4:30 p.m., Monday through Thursday 1 Fiscal Year Key Closing Dates NOTE: Due to the specifics involved in the closing process for each document, please read the section pertaining to the document you are processing. The index on pages 3-4 will assist you in locating the closing information for each document type. District Cutoff District Acceptance Document Type Date for Old Year (FY1-17) Date for New Year (FY17-18) Travel Advances /1/2017 5:00 p.m. /1/2017 Staples Orders (next day delivery only) /27/2017 5:00 p.m. 7/1/2017 Receipt of goods and materials for FY 7/1/ at warehouse /30/2017 3:00 p.m. Cash/Check Deposits 7/3/2017 3:00 p.m. 7/1/2017 Roll Banner to New Year (Finance) 7/3/2017 9:00 a.m. N/A Accounts Payable/Direct Pay Invoices 7/13/2017 4:30 p.m. 7/1/2017 Accounts Receivable Invoicing 7/13/2017 4:30 p.m. 7/1/2017 Conference Expense Claims/Travel Expense Claims 7/13/2017 4:30 p.m. 7/1/2017 Revolving Fund Reimbursements 7/13/2017 4:30 p.m. 7/1/2017 Procurement Card (P-Card) Statements/Logs Roll Banner To New Year (Encumbrances) 7/13/2017 4:30 p.m. 7/1/2017 7/27/ :00 p.m. N/A Accrue June Payroll 7/27/2017 5:00 p.m. N/A Preliminary Review of Restricted Funds 7/31/2017 5:00 p.m. N/A Journal Entries 8/3/2017 4:30 p.m. 7/1/2017 Labor Redistributions 8/3/2017 4:30 p.m. 7/1/2017 Post Indirect/Overhead on Restricted Funds 8/7/2017 5:00 p.m. N/A Set Up Accruals and Deferred Revenue 8/8/2017 4:30 p.m. 7/1/2017 Deadline for Effort Reporting 8/9/2017 4:30 p.m. 7/1/2017 Budget Transfers 8/11/2017 4:30 p.m. 7/1/2017 Final Review of Restricted Funds 8/11/2017 4:30 p.m. N/A Final Close 8/17/2017 5:00 p.m. N/A 2 District Business Services Contacts Please read the pages referenced for detailed information on the subjects listed. Document Type Page # Contact Person Phone Number Accounts Payable (A, B, D-L, LPC revolving fund, Staples, Sysco) 5, Susan Affleck Accounts Payable (Measure B, M-R, district utilities, Chabot revolving fund) 5, Dee Sanchez Accounts Payable (C,S-V, FedEx) 5, Nichole Winter Accounts Payable (W-Z, telephone bills) 5, Pedro Ruiz De Castilla Accounts Receivable 7 Pedro Ruiz de Castilla Audit 8 Dori Campbell CC Budget Transfers 7 College Business Office LPC Cash/Check Deposits 7 Joanne Bishop-Wilbur Conference Expense Claims Travel Expense Claims Nichole Winter Direct Pay Invoices (A, B, D-L, LPC revolving fund, Staples, Sysco) Direct Pay Invoices (Measure B, M-R, district utilities, Chabot revolving fund) Susan Affleck Dee Sanchez Direct Pay Invoices (C,S-V, FedEx) Nichole Winter Direct pay Invoices (W-Z, telephone bills) Pedro Ruiz De Castilla Grants & Contracts 8 Spring Chen Journal Entries 7 Helen Henneman Laura Cerda Journal Entries (Measure B) 7 Tim Koehler Labor Redistributions 8 Spring Chen Laura Cerda Helen Henneman Procurement Card (P-Card) Statements/Logs Helen Henneman Purchase Requisitions/Orders 5 Annie Harris Measure B Requisitions/Orders 5 Victoria Lamica Revolving Fund Reimbursements Chabot College Las Positas College Dee Sanchez Susan Affleck Travel Advances Nichole Winter Please also refer to the Business Services Guide at: 4 PURCHASE ORDERS (PO) If goods and services are received by June 30, these costs will be charged against the old year budget. If goods and services are received after June 30, these costs will be charged against the new year (FY 17-18) budget. Please forward all packing slips to the Warehouse. Mark the date of receipt of goods on the packing slip. Purchase Orders with Invoices against them (an invoice has been received for goods and services purchased via a purchase order) Invoices that have been received by Accounts Payable by Thursday, July 20 for goods and services received by June 30 will be processed as part of the Accounts Payable accrual. These expenses will be reflected in the old year. The Accounts Payable accrual process gives proper accounting treatment to old year purchase orders during year-end closing. Uninvoiced Purchase Orders less than 12 months old ( uninvoiced means an invoice has not been received for goods and services purchased via a purchase order) Purchase order encumbrances that have no invoices against them and are less than twelve months old as of June 30, 2017 will be carried forward to the new year. These expenses will be charged against new year budget. For any purchase order less than twelve months old as of June 30, 2017 that you do not want to carry forward, contact Karen Esteller by 4:30 p.m. on Monday, June 2 in order for the encumbrance to be liquidated. Uninvoiced Purchase Orders greater than 12 months old ( uninvoiced means an invoice has not been received for goods and services purchased via a purchase order) Please carefully review the encumbrance reports that Business Services sends to you. Purchase order encumbrances originating in FY will be liquidated on June 30 unless written requests (including PO#, vendor name, amounts, and dates) are received by Karen Esteller in Business Services by Monday, June 2. NOTE: Purchase order encumbrances from FY or prior WILL NOT be carried forward, with the exception of Measure B funds. Receiving Reports (Packing Slips) Timely, accurate receiving information is particularly important at year-end. Receiving reports for goods and services should be forwarded to the Warehouse as soon as possible. Our external auditors review this information for compliance with generally accepted accounting principles. Please contact Victoria Lamica at extension 5233 with your questions concerning Measure B purchase orders. Annie Harris can be contacted at extension 5205 for all other purchase orders. Please contact Accounts Payable with your questions concerning invoices, receiving reports (packing slips), or payments to vendors. 5 DIRECT PAY INVOICES Direct pay invoices for goods and services received by June 30 will be charged to the old year. Supporting documentation for old year direct pay invoices (including revolving fund reimbursements) must be received in Accounts Payable by Thursday, July 20. Your assistance is requested in identifying old year items by marking FY17 in the upper right hand corner of any supporting documentation. Direct pay invoices not fully approved by 4:30 p.m. on July 20 will be charged to the new year with no corresponding budget money carried forward to pay for them. Note about procurement card bills: Charges included on the July billing statements (dated around /22/17) will be recorded as new year expenses. District Business Services will review each statement. If there are material expenses that should be charged to the old year, a journal entry will be prepared to accrue these expenses in the old year. Please forward procurement card billing statements and logs to Helen Henneman by Thursday, July 20. New year direct pay invoices may be submitted beginning Monday, July 3. Your assistance is requested in identifying new year items by marking FY18 in the upper right hand corner of any supporting documentation. Please contact Accounts Payable with your questions regarding direct pay invoices. Special note about old year direct pay invoices: Expenses incurred between now and June 30 must be recorded as an expense for FY When the external auditors arrive, if they find that expenses have been recorded in the new year (FY ) and the expense was incurred in the old year (FY ), they will adjust our books to reflect those expenses in the old year. So, please remember, it doesn t help to turn in documents late. TRAVEL ADVANCES AND CONFERENCE EXPENSE CLAIMS Travel advances for trips beginning after June 30 may be requested beginning Thursday, June 1. Submit supporting documentation for old year Conference/Travel Expense Claims no later than Thursday, July 20. Transactions that are not fully approved by 4:30 p.m. on July 20 will be charged to the new year. Please contact Nichole Winter at extension 5221 with your questions regarding travel advances and travel expense claims. CASH/CHECK DEPOSITS Cash/check deposits must be delivered to your college business office by 3:00 p.m. on Thursday, June 29 or District Business Services by Monday, July 3 by 3:00 p.m. Please contact Joanne Bishop-Wilbur at extension 5225 or your college business office if you have questions regarding cash/check deposits. ACCOUNTS RECEIVABLE ACCRUALS (Including facilities use receivables) It is important to recognize all revenue earned through June 30. If you need to bill an outside party for services you performed on or before June 30, we must record an entry to recognize the revenue and to record a receivable in the old year. Submit supporting documentation for accounts receivable invoicing accruals by Thursday, July 20. Please contact Pedro Ruiz de Castilla at extension 5223 if you have questions regarding Accounts Receivable. JOURNAL ENTRIES Journal entries pertaining to old year transactions must be fully approved by Thursday, August 3 to appear on the preliminary ledgers. Departments should review their funds to determine if journal entries need to be prepared. Journal entries affecting grants & contracts Please prepare all journal entries affecting grants and contracts by Thursday, August 3. Final overhead will be run on Monday, August 7. Please contact Helen Henneman at extension 5510 or Laura Cerda at extension 5248 with your questions regarding journal entries. BUDGET TRANSFERS Old year budget transfers must be fully approved by Friday, August 11. New year budget transfers may be submitted beginning Wednesday, July 5. Contact your College Business Office with your questions about budget transfers. For District Office budget transfers, contact Spring Chen at extension GRANTS & CONTRACTS District Business Services will distribute preliminary fund balance information for all grants and contracts on Thursday, June 29. Any overdrawn funds must be corrected by journal entry no later than Friday, August 11. Please take into consideration that FY 1-17 expense activity will continue to post to funds for some time. Before final close, District Business Services will conduct a final review of fund balances. If any fund balances remain overdrawn at this time, District Business Services will contact you. Labor redistributions must be completed by Thursday, August 3. Contact your College Business Office with your questions about budget transfers. For District Office grants and contracts, contact Spring Chen at extension A FINAL WORD The auditors are expected to be on-site in September (dates TBD) for fieldwork. After our final close on Thursday, August 17, District Business Services and College Business Offices will immediately begin to prepare financial statements, reconciliations and audit schedules for the audit. This means there can be no deadline extensions past those dates published in this memo. I encourage you to start planning now for fiscal year close and start reviewing your encumbrance list and fund balance list. Now is also a good time to search out any invoices or other important documents that might be in your work area. Note that these deadlines are District Business Services deadlines. The College Business Offices deadlines might be earlier. District Business Services is here to help. If you have any questions, you may call me at extension 5282 or anyone on the contact list on pages 3 and 4. Thank you. 8
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