Finance Client Meeting Year End & FID June 10, 2016 Boyd Arthur’s Auditorium 9:30 am – 12:00 pm

1. Finance Client Meeting Year End & FIDJune 10, 2016Boyd Arthur’s Auditorium9:30 am – 12:00 pm THE WAYNE COUNTY REGIONAL EDUCATIONAL SERVICE AGENCY Board of Education • James S. Beri • Kenneth E. Berlinn • Mary E. Blackmon • Lynda S. Jackson • James Petrie • Randy A. Liepa, Superintendent

2. Welcome Business Service Consultants: Sharon Bourland Karen Keliher MikkiBoury Peggy Liepa Jewell Clair Angela Schulz Brett Forgach Manager, Business Service Systems: Bob Gerrity

3. Agenda • Closing Out the Year-Module By Module • Audit Considerations • FID • New Stuff

4. Module Processing at year-end

5. Vendor & Ledger • Accounts and Vendors being added after 7/1/2016 are added to 16-17 but are available in 15-16 if selected • Accounts & Vendors can be deleted before close; Vendors will not be carried forward, accounts go away as deleted (no history goes away) • Delete using mass capability or run reports in Logi and delete individually

6. LOGI Reports • Under Shared Reports / Fiscal Year End Folder • Vendor YTD and Prior YTD Zero • Accounts Without Activity 2 Years • Check Listing for Auditor • Cash Receipts for Auditor

7. 2015-2016 Requisitions June 30th 2016 • All Requisitions should be approved and turned into a Purchase Order for 2015-2016 year by June 30, 2016 • 2015-2016 Requisitions cannot be used after June 30th but can be cloned and year changed to 2016-2017 • Receipts can be keyed for requisitions in 2015-2016 until the year is closed • Check Requests can be entered into 2015-2016 and 2016-2017

8. Open Purchase Report • SMART Transaction Analysis • Select By Purchase Order • Select Status Open • Press the List Button • Sort by P.O. Number

9. July 1st 2016 • Only 2016-2017 Year is Available to Use Next fiscal year uses the forecast (proposed) budget if you are doing budget checking.

10. PO MAINTENANCE • You can Close a Purchase Order in PO Maintenance for… • This Year’s PO’s • NFY PO’s

11. Purchase Order to Accounts Payable Logic • Check Requests come over to AP in the year they are keyed in the PO System • PO Receipts come over to the batch in the year in which the receipt is dated

12. Transaction Analysis • 2016-2017 is visible in TA When PO System is opened or on 7/1/2016 • When the books are closed, the files are taped and the Fund Balance is calculated. No other updates occur. • Proposed Budget in 16-17 is the Forecast Budget from 15-16 • JE Download and Activity Download comes from TA

13. Journal Processing in Both Years • Payroll entries will post to the appropriate year • Payroll Accrual-Hourly and Contract and Benefits Accrual for Teachers; Use Payroll Encumbrance and Hourly Accrual Report (see documentation) • Do Accruals in 15-16 and Reversals in 16-17

14. Journal Processing

15. Prepaid Checks & AP Processing • After 7/1/16 Only Check Processing and Prepaids for 16-17 • To Void Checks go to 2016-2017 after 7/1/2016 • Batches of AP can be posted for both years; Use pull down to select the year

16. Accounts Receivable • Batches can be Entered for 15-16 and 16-17 • Post to correct year for Billing And Cash Receipts by selecting the correct year from the dropdown

17. Budget • Until Close you are still in 15-16 • Update Forecast if working on 16-17 • Roll over to Original after close

18. Fixed Assets • Handout takes you step-by-step through process • Journals go to journal module in SMART to be posted as JE • JE will go to Prior Year if Closed • If redone it overwrites JE if it has not been posted • Adjustments go as soon as you hit Post • Don’t close FA until after audit

19. Fixed Asset Maintenance • Do Not make assets out of items that are Not in Service – CIP • Only Journal Entry to the books is required • DR CIP, CR Contra Expense • Asset Split and Asset Value Adjustment • Call Consultant with any problems when entering Fixed Assets

20. Close When Convenient • Make sure Fringes, Payrolls, Cash Receipts, AP, and 15-16 Original Budget are Correct • 14-15 Journals must be done by July 1, 2016 • Everything else can be done as a Prior Year Journal Entry

21. Close Processing-Before Close • Let RESA Consultant know you want to close • Consultant will check integrity of ledger and work with you to correct any errors • District will run Pre-Close Reports

22. Reports to Print Prior to Close • Open PO List • Open Invoice Report • Trial Balance • Payroll Encumbrance • Any other reports your district uses

23. Fiscal Close Program • RESA Consultant will have a copy made and run the close process • RESA Consultant will Check Integrity and Turn System Back Over to District • Run Post Close Reports

24. Reports to Run Immediately Following Close • Open PO Report • Open Invoice Report • Trial Balance Prior Year • Trial Balance Current Year • Budget / Responsibility (Optional) • Financial Statements Prior Year (Optional)

25. Record Retention • CutePDF-errors when downloading; Now use Bullzip.com for free • Microfiche cannot be relied upon for Record Retention or Reports any longer because it can not be reproduced • New product available called EJES; website is http//host.resa.net:50663/EjesWeb/; use tso id • Costs for Microfiche remain at $3.14 per fiche sheet and $2.10 per duplicate sheet

26. You’re Back in Business! • You are able to work during the Year End Close Process except for approximately 1 hour for RESA to tape and close the books

27. Audit Considerations • Fixed Asset Schedules • Budget, Vendor, or Ledger Tracking Reports • Comparison of Original Budget to YTD Budget • All Journal Entries done during year – SMART and Audit Extract (EJ’s, FJ’s, ER’s) • GASB 68 Report for the Auditors

28. Audit Considerations • Security Reports • GASB #54 Fund Balance Designation • Internal Service Fund for Full Accrual Accounting for District Wide Statements • UAAL Expense Should Equal Revenue and liability and receivable correct • Asset Impairments

29. Audit Considerations • PAR vs Semi-Annual CERT; Single Cost Objective (CERT) Multiple Cost Objective PAR • Food Service Indirect Costs can only include first $25,000 of Purchase Service Contract (Reference MDE Website) • To Book Indirect Costs to Cafeteria Fund • DR 21-611-9990-000-000-8500 CR Revenue to General Fund 10-625-9990-000-000-0000 • JE to Book Transfer to Cafeteria Fund • DR 11-625-8110-000-000-0000 CR 20-611-0000-000-000-0000

30. SMART Audit Extract • From Main SMART Menu • Finance / Reports*****(Access) • Audit – Ledger Export to Excel • Provides Extract of Entire Ledger • Original Budget • YTD Budget • Description • YTD Actual • Remaining Balance

31. Target Close Date For All DistrictsJuly 29, 2016

32. FID • If you use Program or Cost fields for district only, use mass FID update to make them all zeros • New Function code for Pension Liability-594 so make account 9-2-594 • FID due 11/1 and consistent with Financials or State Aid Withheld • Use the FID Checkoff list and the Program Manual

33. Fid workshops • 9/23, 9/30, 10/7, 10/14, 10/21, 10/27, 10/28, 10/31 • Sign up at Solutionwhere: http://www.solutionwhere.com/wayneresa/cw/main.asp Note: Bring Audit, Food Service #’s and 1022 Manual

34. Other workshops • Employee Analysis-June 16, am and pm; bring reports you want to work on • Salary Schedule 8/17, 8/18, 8/25, 8/31, 9/1, 9/8 • Sign up at Solutionwhere: http://www.solutionwhere.com/wayneresa/cw/main.asp

35. Salary schedule demo • Import Function Added • FICA and Retirement added to Employee Distribution Tab

36. What’s coming up • Importing a file into ledger to change descriptions on accounts • More fields in Vendor-Account Number, Custom Field, UIC Code, Product/Services Provided • Query line items in the PO system • Add field in ledger that would allow that account to have an off-sign budget • Exports on every tab in Ledger

37. Upcoming MeetingCalendar year-endNOVEMBER 3, 2016Boyd Arthurs Auditorium