University of Hawaii

1. University of Hawaii YEAR-END AND OTHER ACCOUNTING ISSUES Presented by Financial Management May 21, 2008

2. GENERAL ACCOUNTING

3. FY2008 Year-End Calendar • Please visit FMIS website: http://www.fmo.hawaii.edu/FMIS/ for various central office year-end deadlines • No exceptions to deadlines will be granted • FMIS on-line input extended to 6:30pm from May 15, 2008 to July 2, 2008 • EXCEPT for deadlines indicated on year-end calendar and per Henry Ito’s email dated May 9, 2008

4. FMIS Website

5. Year-End Accounting Data Required • To present the University’s financial statements on the full accrual basis in accordance with Governmental Accounting and Financial Reporting Standards • Accrual basis: revenues are recorded when earned and expenditures are recorded when incurred-when goods and services are received but not necessarily paid

6. Year-End Accounting Data Required

7. Year-End Accounting Data Required • Recording Year-End Accounting Data Memorandum due July 3, 2008 • Memorandum and sample journal vouchers will be sent via email in June 2008 • Journal vouchers to record Year-End Accounting data required by GALC due by 11:00am, July 15, 2008

8. Recording Year-End Accounting Data Memo

9. Year-end FMIS On-Line JV • Please visit the FMO FMIS website: http://www.fmo.hawaii.edu/FMIS/OnlineJV • The year-end FMIS On-Line journal voucher system must be used to prepare your JVs for the following accrual adjustments in this presentation

10. Year-end FMIS On-Line JV Website

11. RCUH Reclassification JV-Reminders • RCUH expense to proper object code JVs should be done during the regular year instead of during the year-end accrual period • Especially for “Project” accounts (year-end process=P) and Fixed asset subcode reclassifications

12. RCUH Reclassification JV-Reminders • Reclass of RCUH advances (7232) to proper expense code deadlines: • Expenditures incurred thru May 31, 2008 – due to GALC/PFMO by 11:00 a.m., June 6, 2008 • Expenditures incurred in June 2008 – due to GALC/PFMO by 11:00 a.m., June 27, 2008

13. RCUH Reclassification JV-Reminders • If RCUH expense reclassifications are recorded during the accrual period (13th month) for SLs with year-end process=P, two additional JVs should be prepared: • JV to record expense reclassification in the new fiscal year • JV to reverse expense reclassification during the accrual period of the new fiscal year

14. RCUH Reclassification JV-Reminders • Please input RCUH 7-digit project number in Ref. No. 1 of journal vouchers for: • RCUH expense to proper object code (for expended funds) • RCUH expense to Due from RCUH (for unexpended funds)

15. RCUH Expense Reclassification Subcodes • Use subcode 2087**-RCUH Wages to record salaries/wages paid by RCUH • Use subcode 2097**-RCUH Fringe Benefits to record fringe benefits paid by RCUH • **Subcodes2987, RCUH Wages (7232) and 2997, RCUH Fringe Benefits (7232) available to accommodate budget restrictions for subcode 7232 reclass only

16. RCUH Expense Reclassification Subcodes • Refer to the handout for other expense reclassification subcodes

17. Handout on Transactions with RCUH • Types of payments to RCUH • RCUH Budget Categories to UH Subcode crosswalk • Table of Account code ranges requiring 3 JVs if expenses are reclassified during the accrual period (13th month)

18. Other Reminders • Please do not input FY08-09 data until July10, 2008 when the system is available for FY2009 transactions • For example, ARS invoices created in FMIS by 7/03/08 must be for the period up to 6/30/08 only • If the invoice covers a period beyond 6/30/08, either revise your invoice by 07/03/08 or prepare a year-end JV to adjust the receivable for financial statement purposes

19. Questions/Discussion? • Please contact the General Accounting & Loan Collection Office at 956-8278 if you have any questions or need assistance