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Accounts Receivable Accrual Process For FY06

Accounts Receivable Accrual Process For FY06. Accounts Receivable Accrual Process. Specialized Subsystem Establishes Estimated Receivables Allows Complete audit trail Variety of reports Automatic generation and offset entries Transaction Table As Resource Page 1.

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Accounts Receivable Accrual Process For FY06

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  1. Accounts ReceivableAccrual Process For FY06

  2. Accounts Receivable Accrual Process • Specialized Subsystem • Establishes Estimated Receivables • Allows • Complete audit trail • Variety of reports • Automatic generation and offset entries • Transaction Table As Resource Page 1

  3. Accounts Receivable Accrual Process • Designates Amounts Due But Not Yet Received • Post Against Receivables • Generate Reports • Must Use System • Allows Setup and Payment in Proper Years • 9229 FY06 to 9210 FY07

  4. 2004/2005 Accounts Receivable Cleanup • By Friday, June 9, 2006 • No Open Receivables • Zero 9210 G/L Balance • Clear Outstanding FCS Batches • No Orphan Batches • Open, Closed, Held for Audit • See Closing Manual For Procedures Page 2

  5. 2004/2005 Accounts Receivable Cleanup • Run “Open Receivables Report” • Run in PRIXX, Only Task Done in FY05 • Screen Print A/R Manual on Page 2/3 • From/To 0-999999 • Identify Remaining Items • Run G/L Detail Report • Run in FY06 From FIN Menu • GLD120 Object 9210 • See Year-End Closing Manual

  6. 2004/2005 Accounts Receivable Cleanup • No Open Receivables/9210 G/L Balance Zero ***YOU’RE DONE*** • No Open Receivables BUT G/L Balance • Transactions Other Than AR System to 9210 • Check G/L Activity • JE to Credit 9210/Debit Appropriate Revenue Account • Open Receivables BUT No G/L Balance • AR Entries Booked as FY06 Receipts • Check Cash Receipts • Z out Receivable – System Automatically Fixes Books • Journal if Setup and Receipt Accounts Differ • JE to Credit 9210/ Debit to ER Setup Account Page 3

  7. 2004/2005 Accounts Receivable Cleanup • Review Remaining AR Entries For Validity • If Not Needed • Z out to remove • Release Batch • If Needed • Z to remove, Release Batch • Re-establish as FY06 Receivable • Done by June 9, 2006 • Purge of FY05 Data - Early July Page 4

  8. 2005/2006 Estimated Receivables • Year-End Closing Manual Guidelines • Accounts Receivable Definition • Page 5 Receivable Manual • BDX/FAR Revenue Account Review • Credit Memo’s From APY • Transaction Table Resource For FY Page 5 4

  9. 2005/2006 Estimated Receivables • Estimated Receivable (ER’s) Auto-Number Beginning 060001 • Use 06302006 for Date • Reference Field is Any 6-digits • Description of Who Owes and For What • 26 Digit Code Valid in FY07 a Must • See 5/11/06 Matrix Change Memo • Amount Due • Accrual Object 9229 Preset • Open Until July 31, 2006

  10. 2005/2006 Estimated Receivables • Changes Before July 31, 2006 • Only For AR’s With No Activity • Add New AR’s For Differences • Done in Appropriate Fiscal Year (See Chart) • Know Differences in Estimated Receivables • G/L Balance 9229 Should Balance to Total Estimated Receivables Report Page 6

  11. 2005/2006 Estimated Receivables • Far311 When Done For Fiscal Year • Dates – 6/30/06 to 7/01/2006 • Signature Page • Combined A/R’s and PCL’s • Fund Sort • Review Report For Accuracy Page 7

  12. 2006/2007 Receivable(AR) Receipts • Run Receivable Transaction Report • R on Add Receivables/Setup Screen • Reference Number Sort • Update Often/Keep Handy • Use AR Receipt or Cash Receipts • Screen Print Page 8 in A/R Manual • Payment Types • Partial • Final • Z or Liquidate • Do Not use C (Close)

  13. 2006/2007 Receivable(AR) Receipts • Clear 06XXXX A/R’s in FY07 • See Example Page 9 A/R Manual • Changes to Existing FY06 AR’s • Batching Procedures • Same as Cash Receipts, Except…. • Z’d Out Entries Create Batches • No Transmittal Report for SCOE Page 10

  14. Accrual Reports • Reports Menu Screen Print Page 11 • Receivable Transaction Report • Lists All AR’s With Date, Descript, Acct and Ref • Open Receivable Report • List Open AR’s With Remaining Balances • Receivables History Report • AR Setups/Receipts by Ref # or Vendor Pages 11/12

  15. Accrual Reports • Established Receivables Financial Report • AR Setups by Account Code • Receivables Reconciliation Report • AR Setups and Receipts by Account Code • Receivables/Payables Financial Activity(FAR311) • FY06 or FY07 • Signature Page, Total AR’s/PCL’s, Fund Sort • FAR311 Advantage/Review Report Page 12

  16. 2005/2006 Accounts Receivable • Cross Reference Year-End Closing Manual • District Responsibilities • Vocational Ed - Federal Grants • Mandated Costs (Only if Received) • Do NOT Set Up PL81-874 • Contracts – Money Due District • Cafeteria – Due to/Due From • Not permanent transfers • Must balance • Lottery – 3rd/4th Quarter Apportionment Entry • Watch for Notice from Accountants Page 13

  17. 2005/2006 Accounts Receivable • SCOE Responsibilities • Either will make entries or provide spreadsheet for district entries • Title I (Resource 3010) 80% to date • Spec Ed PL 101- 476 (Resource 3310) 75% to date • Lottery (Resource 1100/6300) Page 14

  18. 2005/2006 Accounts Receivable Reminders • No Invalid FY07 Resource Use • 5/11/06 Matrix Change Memo • No JV’s, Cash JV’s, or Cash Transfers • Use Accounts Receivable Accrual System (A/R) • 9229 to 9210 System Entries • Check For Z’d Batches • FAR311 • Signature Page/Combination of AR’s/PCL’s • Break by Fund • July 31, 2006 Last Date to Establish Page 14

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