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Fiscal year end close and accruals

Fiscal year end close and accruals. Presented by Laura Putz & Doug Nelson April 12 & 13, 2010. YEAR END CLOSE. Differences from month end close Additional tasks at year end Accrual Entries Completion of Purchase Orders & Invoices Annual adjustments Catastrophic Leave

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Fiscal year end close and accruals

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  1. Fiscal year end close and accruals Presented by Laura Putz & Doug Nelson April 12 & 13, 2010

  2. YEAR END CLOSE • Differences from month end close • Additional tasks at year end • Accrual Entries • Completion of Purchase Orders & Invoices • Annual adjustments • Catastrophic Leave • Endowment true-ups to market value • Endowed Spending index distributions • Inventory adjustments • Annual Leave Accrual

  3. DEPARTMENT TIPS • Reconcile your indices monthly. • Require and monitor your year end P-Card transactions; posted as soon as they are received. • Leave Accrual • A Worksheet is available to estimate your leave accrual in advance.

  4. ELIMINATE DANGLING ENCUMBRANCES

  5. ELIMINATE DANGLING ENCUMBRANCES

  6. ELIMINATE DANGLING ENCUMBRANCES

  7. LEAVE ACCRUAL WORKSHEET • A Leave Accrual Worksheet has been developed and posted at http://hsc.unm.edu/financialservices/accounting/Forms%20&%20Documents.shtml • This worksheet will assist departments in closely estimating the annual leave accrual for their departments.

  8. LEAVE ACCRUAL WORKSHEET

  9. Significant Department Dates: • Departments have until July 6th to complete and submit their final Journal Voucher entries • After this date, any material adjustments must be initiated by the Financial Services Office

  10. DPI’s • Complete all DPIs by June 30th • If received in the Financial Services Division by 5pm on Friday, July 2nd • FSD will review and approve by Friday, July 9th, before year end close.

  11. PHAREDS • Complete all PHAREDS by Tuesday, July 6th • Form will be disabled beginning Wednesday, July 7th • Form will be reactivated on Wednesday, July 21st • Financial Services Division will review and approve by Friday, July 9th before year end close.

  12. PURCHASING REQUISITIONS • Fiscal Year 2010 POs and SPQs for requisitions greater than $20,000 must be entered, completed, and approved by the department by Friday, May 7th • Fiscal Year 2010 POs and SPQs for requisitions between $5,001 and $20,000 must be entered, completed, and approved by the department by Friday, June 11th • Fiscal Year 2010 POs and SPQs for requisitions less than $5,000 must be entered, completed, and approved by the department by Friday, June 18th

  13. JOURNAL VOUCHERS • All need to be completed by Tuesday, July 6, 2010 • Use “June 30, 2010” as the posting date. • Financial Services to review by Friday, July 9th

  14. POST DATE YEAR END ENTRIES This must be June 30, 2010 to post as a year end entry!

  15. JOURNAL VOUCHERS • Significant, Material amounts found after 7/9/10? • Call Financial Services Office for instructions • Tracking Journal Vouchers in Banner

  16. JOURNAL VOUCHERS

  17. JOURNAL VOUCHERS

  18. JOURNAL VOUCHERS

  19. JOURNAL VOUCHERS

  20. JOURNAL VOUCHERS

  21. JOURNAL VOUCHERS

  22. DEPARTMENT TIPS • Biweekly Salary Accrual • HSC will accrue the biweekly salary for June, and reverse it when the actual expense posts. • This will allow departments to project their salary expenses at year end before the final payroll posts.

  23. OTHER YEAR END INFORMATION • The Year End Schedule is Posted at: • http://www.unm.edu/~fssc/index.html

  24. SCHEDULE UPDATES • You will receive an email when the Year End Schedule is modified

  25. PRELIMINARY BANNER TAX • Two preliminary Banner tax runs will be completed before year end close. • On or about July 6th • On or about July 13th

  26. AnyQuestions?

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