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FMIS

FMIS. R*STARS Closing Fiscal Year 2014. Part II. GAD Form X-18. Submitted by each financial agency (may be at batch agency level) Provides contact information to GAD http://comp troller.marylandtaxes.com Send to: pcitrano@comp.state.md.us. GAD Form G-8. Submitted by Financial Agency. .

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FMIS

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  1. FMIS R*STARS Closing Fiscal Year 2014 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: pcitrano@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 7th • 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 25 or until closed- within Financial Agency

  8. R*STARS Rollover • Financial Accounts FY 2014 balances will rollover to FY 2015 after posting on June 30th. • R*Stars will close at its normal time on June 30th. • R*STARS not available July 1st. R*STARS available July 2nd - July 4th. Batch Cycles June 30th, July 2nd, and July 3rd. No batch cycle on July 4th.

  9. R*STARS Checks • June 30th • Expedite 11:00 • R*Stars Closes at normal time

  10. Budget Amendments • Submit to DBM - June 13 • 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 Fund Balance that agencies are not allowed to retain. Transferto 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 15

  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 20/14 days X PPE 5/27 payroll • Regular- PPE 6/10 disbursed in fiscal year being closed • Regular- PPE 6/24 dis- bursed in next fiscal year

  27. Payroll Accruals (cont’d) • Contractual- Accrue 13/14 days X PPE 6/3 payroll • Contractual- PPE 6/17 disbursed in fiscal year being closed • Contractual- PPE 7/1 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

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