1 / 30

Fiscal Year 2019 Closing Guidelines for Financial Agencies

Detailed instructions for closing Fiscal Year 2019 in FMIS R*STARS system, including submissions, chargebacks, check cancellations, transfers, budget amendments, reversions, revenue recordings, investment accruals, and payroll procedures. Contact GAD for assistance.

morenor
Download Presentation

Fiscal Year 2019 Closing Guidelines for Financial Agencies

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. FMIS R*STARS Closing Fiscal Year 2019 Part II

  2. GAD Form X-18 • Submitted by each financial agency (may be at batch agency level) • Provides contact information to GAD http://comptroller.marylandtaxes.com Send to: GADCAFR@comp.state.md.us

  3. GAD Form G-8 Submitted by Financial Agency • Special funds fund balance retained • Legal authority • Non-budgeted funds negative cash balance • Justification 

  4. Receipts • Effective date - June 31 • Valid until July 5th • Collected July 1 or later

  5. Chargebacks • Recorded by STO with an effective date - June 31. • Bad Checks Program 099. • Chargeback Accounts must have zero cash balances at year end. • Cash Balances in Chargeback Clearing Accounts must be allocated to proper accounts as year end adjustments.

  6. Check Cancellation • The FY of transaction depends on effective date entered by STO. • Cancellations by June 30th = cash receipts for the fiscal year being closed. • Check cancellations may be accrued in the fiscal year being closed.

  7. Transfers and Adjusting Entries • Use effective date - June 31 or month 13 • Until July 15 - other Financial Agencies • Or July 24 or until closed- within Financial Agency

  8. R*STARS Rollover • Financial Accounts FY 2019 balances will rollover to FY 2020 after posting on June 28th. • R*Stars will close at its normal time on June 28th. • R*STARS not available June 29th and 30th. • R*STARS available on July 1st. RSTARS available on July 4th, but there will be no batch cycle.

  9. R*STARS Checks • June 28th • Expedite 11:00 • R*Stars Closes at normal time

  10. Budget Amendments • Submit to DBM - June 17 • Agencies must record all Budget Amendments in process beginning June 1 • T/C 027 Increase appropriation • Decreases to appropriations T/C 027R

  11. Budget Amendments in Process • 62 appropriation screen • Balance type 04 • Approved by DBM

  12. Reversions of Appropriations • Automatic at year end once all agencies are closed.

  13. Review DAFR 6000 & 5990For Overspent encumbered balancesCheck Current & Prior Fiscal Year Appropriation Balances

  14. Special Revenue Fund Balances that agencies are not allowed to retain, transferto the General Fund. • Agency posts transaction • T/C 400 / 401 to transfer revenue to general fund

  15. Revenues • Recorded per state policy • Record year end accounts receivables & accrued revenues in RSTARS

  16. Federal, Reimbursable Funds • Recognition of federal / reimbursable fund revenue same year as expenditure • Fund Balance = 0 • Accounts Receivable or Deferred Revenue

  17. Accounts Receivable • Record on a transaction basis • No reversal needed • Or record an accrual • Reversal will occur

  18. Accrued Revenue • T/C 801 will automatically reverse in next fiscal year • Reversal will have the same AY • Cash receipts same AY as accrual and reversal

  19. Accrued Revenue / Accounts Receivable Reductions • Reverse “doubtful” amounts • T/C 113R or 456 • Transfers to CCU • Revenues not collectible within 60 days of YE deferred in R*Stars

  20. Record Long-Term A/R & Defer Uncollected Revenue If A/R already recorded Use TC 824 & 807 If A/R not already recorded Use TC 825 These TC’s reverse in next fiscal year.

  21. Investment Accruals • Specific Investments- Accrual Recorded by GAD • Reversing entry to new FY • Pooled Cash- Interest Allocation Recorded by STO

  22. Accounts Payable • Record invoices with an effective date - June 31 • Record in July in ADPICS or as a journal entry • Record for capital projects fund thru Aug 16

  23. Order of Recording Appropriated Balances Accounts Payable Accrued Expenditures Encumbrances

  24. Accrued Expenditures • State policy • T/C 803 or 809 • Reversal will be same AY • Distinguish long term payables using T/C 827

  25. Payroll Accruals Three options: • CPB accrues payroll • CPB accrues payroll and agency does adjusting entries • Agency does own accrual: Notify GAD by May 31 if intend to do your own accrual

  26. Payroll Accruals CPB Accrual • Regular- Accrue 12/14 days X PPE 6/04 payroll • Regular- PPE 6/18 disbursed in fiscal year being closed • Regular- PPE 7/02 disbursed in next fiscal year

  27. Payroll Accruals (cont’d) • Contractual- Accrue 19/14 days X PPE 5/28 payroll • Contractual- PPE 6/11 disbursed in fiscal year being closed • Contractual- PPE 6/25 & 7/09 disbursed in next fiscal year

  28. Payroll Accruals (cont’d) • All accruals and reversals post to Salaries and Fringe Benefits Payable • All reversals and disbursements in the new fiscal year will be reflected in the next appropriation year

  29. Payroll Accruals (cont’d) • Compensated Absences • Employees who terminated employment by 6/30 • Record Liability and Accrue Expenditures using TC 805 • TC 805 will reverse in next appropriation year

  30. FMIS R*STARS Closing End of Part II

More Related