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Year End Closing

Year End Closing. ITA – August 2006. Training Overview. Financial Coding Database 2 Year Funding Issues Year End Closing Procedures Questions. Financial Coding Database. What is it? List of Valid Accounting Codes to replace EMenu Financial Coding Web site How is it used? Show PDF file(s)

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Year End Closing

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  1. Year End Closing ITA – August 2006 Year End Training August 2006

  2. Training Overview • Financial Coding Database • 2 Year Funding Issues • Year End Closing Procedures • Questions Year End Training August 2006

  3. Financial Coding Database • What is it? List of Valid Accounting Codes to replace EMenu Financial Coding Web site • How is it used? Show PDF file(s) • How is it updated? Request to ITA OFM for new organization, project code. Exception: New Trade Event projects from E-Menu (PAY.GOV), State Department RFMS • How is it accessed? Web site: https://ourplace.ita.doc.gov/ Year End Training August 2006

  4. Financial Coding Database - old Year End Training August 2006

  5. ITA Financial Coding Web site-new Year End Training August 2006

  6. 2 Year Funding Issues • In FY 2007 ITA will have 3 different “buckets” of available funding • (13 6/7 1250) Carryover plus recoveries from obligations made in FY 2006 against 2006/2007 funding • (13 7/8 1250) New authority under 2007/2008 • (13X1250) Recoveries of No-Year funding* *Use of recoveries is requested thru OFM (ITA Accounting Memorandum 2006-06, 07/13/2006) Year End Training August 2006

  7. 2 Year Funding Issues • 13 6/7 1250 Funding • This funding will be used domestically • De-obligations of prior year obligations (recorded in FY 2006) will generate recoveries* • 13 6/7 1250 funding, carryover and recoveries, will expire on September 30 2007. In future years any recoveries generated or unused carryover balance cannot be used for new obligations * Use of recoveries is requested thru OFM (ITA Accounting Memorandum 2006-06, 07/13/2006) Year End Training August 2006

  8. FY 2007 portrayal of ITA503 Report Year End Training August 2006

  9. ITA503 for No-Year O&A Funding Year End Training August 2006

  10. ITA500 – FY 2006 & Upcoming 2007 Year End Training August 2006

  11. 2 Year Funding Issues • 13 7/8 1250 Funding • New authority for use in FY 2007/2008 • Normal spending occurs with this funding as it was with 13 6/7 1250 funding • Starting in PP 2006 20, the majority of Payroll costs will be charged to this funding • Citibank purchase card account codes will be changed to this for the majority of accounting code setup in Citi-Direct the first part of October by OFM Year End Training August 2006

  12. Cable Funding • Yearend cutoff for sending out Post held cables: Must be released to State Department no later than Sept 22, 2006 • Yearend cutoff for sending out Washington held cables: Must be released to State Department no later than Sept 29, 2006 • Contingent upon receiving FY 2007 O&A authority, Program areas need to send out a Global broadcast cable providing funding under the likely scenario of a Continuing Resolution. The cable needs to be routed through OFM no later than October 6, 2006. The cable needs to cite 13 7/8 1250 funding • Deposit Spending Authority (13 X1250) funding is no-year in nature and cable authority is available as soon as apportioned amounts are provided by OFM Budget Year End Training August 2006

  13. Post Held Withdrawal – Sept 30, 2006 (13X1250 Account) • Withdrawals are tied to prior year recoveries, i.e., obligated in prior fiscal year(s) but deobligated or payment less than obligation in current fiscal year • State Department will automatically withdraw any unobligated balance from each post allotment for no-year accounts, 13X1250. • Starting in FY 2007 and continuing in a real-time basis, all recovered amounts during the year will automatically be withdrawn from post held allotment funds for no-year accounts, 13X1250. • Program areas do not have to issue manual cables to withdraw funding, this will be a automated State Department process. Note: The 13X1250 account includes the Deposit Spending funding. Year End Training August 2006

  14. Withdrawl of Funding – 13 6/7 1250 Account • OFM will withdraw any unobligated funding from the post held funding, 13 6/7 1250 account as of 09/30/2006, exception is AID funding 13 6/71250 issued but that has a zero obligation allotment amount at 09/30/2006 will not be withdrawn • Program areas should not issue withdrawal cables to handle unobligated yearend funding balances for 13 6/71250 • Periodically, in FY 2007, OFM will withdraw any recoveries made for the post held funding for 13 6/7 1250 • Cable issuances for FY 2007 O&A funding will cite 13 7/8 1250 funding authority Year End Training August 2006

  15. Upward Spending Treatment for Post Held Allotments • During Fiscal Year 2007, for the limited exceptions where a payment exceeds the obligation amount for a post held authority where no funding remains for the allotment account, 13X1250/13 6/7 1250, contact OFM, Roxanna Allen Year End Training August 2006

  16. Year End Closing • Internal Timeframes • Procedures • Contacts Year End Training August 2006

  17. Year End - Timeframes • OMB Circular A-136, Financial Reporting Requirements, and the Department of Commerce internally mandated dates drive when year end reporting must be completed • Financial Statements due date: • ITA must have completed data by September 29, 2006 Year End Training August 2006

  18. Year End Closing • Commitments • Commitments appear in FFS reports as RQ documents, See ITA143 example for outstanding commitment balance • Any commitments that do not have an award document by September 30, 2006 will be cancelled • Cancelled commitments increase available funding Year End Training August 2006

  19. Commitment Balance on ITA143 Year End Training August 2006

  20. Year End Closing • Obligations • Requisition number is populated in the Description field of the ITA100 and the ITA102 reports Year End Training August 2006

  21. Year End Closing • Travel – TDY • Under 31 U.S.C. Section 1501; “The travel order in itself does not constitute a contractual obligation... the obligation is not incurred until the travel is actually performed.” • Travel orders where travel will begin prior to September 30, must be received at OFM Accounting by September 26th. • Only the amount of expense that will be incurred as of September 30th will be obligated, i.e. tickets and per diem. Year End Training August 2006

  22. Year End Closing • Travel-TDY continued... • Automated process for travel accruals will be based upon obligation amounts recorded in FFS • FFS travel accrual document will be a “YE” • Travel vouchers will not be processed from September 26th through September 30, 2006 due to disbursement deadlines designated by the Department of the Treasury Year End Training August 2006

  23. Year End Closing • Travel-Permanent Change of Station (PCS) • Under 31 U.S.C. Section 1501; “for all [reimbursable] travel and transportation expenses of a transferred employee, the agency should record the obligation against the appropriation current when the employee is issued travel orders.” • PCS travel orders must be received at OFM Accounting by September 26th. • The entire amount of the order will obligated • In FY2007, revised procedures for processing financial management documents for PCS will be implemented ITA Accounting Memorandum 2006 – 14, 07/03/2006) Year End Training August 2006

  24. Year End Closing • Payroll - NFC • Pay period 0618, ending September 16th will be the basis for the year end accrual of 100% • Payroll accruals will be reflected in Accounting Reports dated September 26th • Payroll accrual amounts cannot be adjusted • Cash Awards will be prepared by the Resource Coordinators, and forwarded to OFM, Roxanna Allen by September 27th. Year End Training August 2006

  25. Year End Closing • Contracts/Grants/Purchase/Federal Orders obligated in FFS • Amounts obligated at 7/31/06, the accrual will be based upon input from the ITA143 and ITA673 reports • OFM Accounting will determine the accrual amount based upon review of the purchase order or contract terms for those items obligated or modifications to obligations made after August 1st Year End Training August 2006

  26. Year End Closing • Items notobligated in FFS, but goods and or services will be received by September 30th : • Complete a “Year End Accrual Form” for items $1,000and greater, and send to OFM, Roxanna Allen or Crystal Bush, by September 29th. This includes EEO Settlements, Medical Payments and SF-1164s • OFM Accounting will accrue Domestic Phone Bills • OOMS will provide the accruals for phone services charged to Centralized Services Year End Training August 2006

  27. Year End Closing • Credit Card Purchases • Account code changes for purchases made prior to the September 4th statement, need to be received at NBC no later than September 15th. • Purchases are and will continue to be posted to your Citibank account statement daily, through September 29, 2006. • The ITA100 Itemized Transaction Report will be run on a daily basis for September 2006. Year End Training August 2006

  28. Year End Closing • Credit Card Purchases (continued) • Please review transactions and submit AOC’s weekly to OFM, Roxanna Allen or Crystal Bush, beginning September 11, 2006 for any corrections other than Budget Object Class. • Statements can be reviewed on-line on CitiDirect to verify purchases posted to your account through 09/29/06. It is suggested review be done weekly. Year End Training August 2006

  29. Year End Closing • Credit Card Purchases (continued) • Purchases made prior to 9/29/06, NOT posted to your account by 09/29/06, and are greater than $1,000.00, submit a “Year End Accrual Form”, to OFM, Roxanna Allen or Crystal Bush, by September 29th. • Include Cardholders Name and last 4 digits of Credit Card number on the “Year End Accrual Form” Year End Training August 2006

  30. Year End Closing • Collections • Lockbox collections must be at the lockbox by September 29th • Credit card collections must be processed by September 29th Year End Training August 2006

  31. Year End Closing • Reimbursable Agreements – ITA is the servicing agency. • Review all charges in reimbursable accounts for accuracy, submit an AOC to OFM, Roxanna Allen or Crystal Bush, for any changes • OFM Accounting is monitoring funding balances of agreements. Resource Coordinators will be notified of availability issues by OFM, Vanessa Barksdale Year End Training August 2006

  32. Year End Closing • Accounts Receivable • Billing documentation needs to be received by September 20th: • Gift and Bequest • Other Miscellaneous billings Year End Training August 2006

  33. Year End Closing • Advice of Corrections (AOC) • Review Document Direct Reports each week, and daily beginning September 18th, and request AOC’s immediately upon discovery of a correction • AOC submitter and date submitted are populated in the Description field of the ITA100 and the ITA102 reports • All AOC’s must be received in OFM Accounting by September 29th, Year End Training August 2006

  34. Year End - Contacts • Lead Year End Coordinator – HQ Roxanna Allen (202)482-8363 • Lead Year End Coordinator – NBC Tammy Goracke (303)969-7780 x2514 Year End Training August 2006

  35. Year End Closing • QUESTIONS ? Year End Training August 2006

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