Presentation Transcript

1. Miscellaneous Accounting Topics

   Kelly Cox, Accounting Chancellor’s Office Year-End Legal Training April 17, 2014
2. Topics CSU 101 – General Accounting Year End Check Points SRB Legal Reporting prepare for GAAP Interagency Transaction (ITT) Report Year-End Deadlines Year-End Legal Training
3. CSU Accounting Basic CSU 101 Year-End Legal Training
4. CSU 101: Accounting Reporting Hierarchy Year-End Legal Training
5. CSU 101: Accounting Transaction Flow Campus Legal GAAP Year-End Legal Training
6. CSU 101: Accounting Reporting Chartfields Year-End Legal Training
7. CSU 101: Accounting Statement of Net Position Assets and Liabilities are based on the GAAP natural classification attributes on the CFS account chartfield the campus BU Net Position balances are based on the CFS fund chartfield from the campus BU Year-End Legal Training
8. CSU 101: Accounting Stmt of Revenue, Expense and Changes of Net Position Revenues are based on the natural classification on the CFS Account Chartfield Expenses are based on the NACUBO program group on the program derivation or Dept ID Year-End Legal Training
9. CSU 101: Accounting Transaction Flow Campus Legal Year-End Legal Training
10. CSU 101: Accounting Accounts Receivable Per ICSUAM 3130.01, campuses must centralize their AR to ensure that monies owed to the University are accurately accounted for. Therefore, all AR due to the university must be recorded in the GL to comply with the collection efforts at least by year end. For example, Debt 103004 Operating AR and Credit Operating Revenue (580090) Legal Manual Chapter 28: Accounts Receivable Year-End Legal Training
11. CSU 101: Accounting AR Allowance GASB 33 & 34, requires that the projected loss of uncollectible AR be reported as contra-revenue rather than as expense The only exception is when the receivable is created through a non-revenue transaction. Legal Manual Chapter 28: Accounts Receivable Year-End Legal Training
12. CSU 101: Accounting AR Allowance Contra Object Codes Year-End Legal Training
13. Accounts Receivable Object Code Relationships Year-End Legal Training
14. CSU 101: Accounting Allocation Order vs. Cash Posting Order Allocation Orders (AO) are used to provide BUDGET to appropriated funds (General Fund and Higher Education Capital Outlay funds) Recorded only in the BUDGET ledger Issued by Systemwide Budget office Cash Posting Orders (CPO) are used to provide CASH to Trust funds. Recorded only in the ACTUALs ledger Issued by Systemwide Accounting Office Year-End Legal Training
15. CSU 101: Accounting Allocation Order vs. Cash Posting Order To request a CPO access the CSYOU.calstate.edu website or https://csyou.calstate.edu/Tools/Financial/cpo Year-End Legal Training
16. CSU 101: Accounting Cash Posting Order To request a CPO access the CSYOU.calstate.edu website or https://csyou.calstate.edu/Tools/Financial/cpo For question contact Terri Porter at tporter@calstate.edu or (562) 951-4596 Process Guide is located on the website Year-End Legal Training
17. CSU 101: Accounting CSYOU Coded Memos Accounting Department Notice of Accounting Transaction (ADNOAT): https://csyou.calstate.edu/Divisions-Orgs/bus-fin/Financial-Services/accounting/Coded-Memos/codedmemosaccounting/Forms/adnoat.aspx Transaction Oriented Documents Accounting Department Coded Memos : https://csyou.calstate.edu/Policies/Coded%20Memos/Forms/accounting-department.aspx Accounting Instruction Documents Year-End Legal Training
18. Scholarships Awards A number of Scholarship CPOs have been issued this year which require other campuses to be involved in the disbursement process. Awardee is determined by the receiving campus, then the cost is also associate with the campus BUT if the… Awardee is determined by the remitting campus, then the cost is associate with the remitting campus and it must be accounted and reported on the following slide. Year-End Legal Training
19. Scholarship Award Scenario #1 – The receiving campus determined the beneficiary; therefore the receiving campus also records the scholarship expense. The campus is to record it to 431: Campus Scholarships and Grants-Restricted as a revenue Dr. 101100- 431& Cr.503XXX- 431 Upon Issuing the Scholarship Dr. 609005-431 & Cr. 101100-431 **Remitting campus GAAP elimination is need at the campus not systemwide** Year-End Legal Training
20. Scholarship Award Scenario #2: Remitting campus determines the beneficiary then the receiving campus is acting as an agent. Receiving campus is to record it to CSU Fund 436: Agency Fund-Miscellaneous Financial Aid and Other Agency Dr. 101100-436 & Cr.206701-436 Upon Issuing the Scholarship Dr. 206701-436 & Cr. 101100-436 **No campus nor Systemwide GAAP elimination is need** Year-End Legal Training
21. Sponsored Programs FIRMS Object Codes Year-End Legal Training
22. Special Initiative Grants in 485 Campuses must record Special Initiative grants consistently across the CSU Special Initiative Grants include: CSU Program for Educational and Research in Biotechnology Council on Ocean Affairs, Science and Technology Agricultural Research Initiative Water Resources and Policy Initiative Funding comes via SWAT Year-End Legal Training
23. Special Initiative Grants in 485 Chapter 14: CSU Fund 485 in the 2014 Legal Manual Year-End Legal Training
24. Special Initiative Grants in 485 Processing Special Initiative grant expenditures: For student grants, utilization of the CFS Student Financials System item types should be set up to use CSU fund 485. For all other Special Initiative grant expenditures, campuses should utilize the appropriate object code for the expense. Year-End Legal Training
25. CSU Accounting Year End Check Points Year-End Legal Training
26. Year End Check Point General Fund “Spend Down” Centralized Payroll Adjustments (CPA) 1/12 of the total GF appropriation General Fund SWAP with SWIFT Dollars CPO= Actuals ledger CSU fund 485 AO = Budgetledger in State fund 0001 Both to 690003: GF Payroll Allocation/Expenditure Full expended by 6/30, if not contact the CO! Year-End Legal Training
27. Year End Check Point Activity Period 20XX07 Adjustment Record the revenue in the proper CSU fund instead of 485 to minimize the need for activity period 20XX07 adjustment at year-end. Legal Manual: Chapter 14: 485 CSU Operating Fund Year-End Legal Training
28. Year End Check Point CSU Consolidated Investments Appropriate balances are in 0948 funds only. Bank Statements can be picked up by the 5th business day. Check the “Vincent” server. Accrue Q4 Investments in GAAP not Legal There is never a Legal entry for Unrealized Gains/losses; not even in Q1 Chapter 34: Banking and Investments Year-End Legal Training
29. Year End Check Point Early Start Program Reimbursement The Early Start Program was developed to better prepare students in math and English Campuses are to waive student tuition fee based on financial need and set up AR in 131481 See chapter 6 for Item Type set up IMPORTANT! Email Demetrice Hall at dhall@calstate.edu with the amounts by CSU Fund by noon on 7/2/2014. Note: For the CO only, record the campus’ payable to dr. 107090: Other prepaid expenses & cr. 231XXX Year-End Legal Training
30. Year End Check Point Early Start Program Reimbursement Prior to reimbursement, campus must reconcile the GL to enrollment reports. Reimbursement is not based on the GL balance in 131481. Reimbursement is based on the enrollment reports submitted to Director for Student Financial Aid Services and Programs Contact Dean Kulju, Director for Student Financial Aid Services and Programs, at (562) 951-4737. Legal Manual Chapter 6: 44X CE Funds Year-End Legal Training
31. Year End Check Point Interagency Year-End Accruals Every attempt should be made to request a CPO to collect reimbursements, allocate funds, etc. by June 18th. However, if needed Interagency Transactions are due to the CO by end of business day on Tuesday, July 1st and will be included in the FIRMS edit in the appropriate due to/from object codes and CSU Funds. Legal Manual Chapter 29 – Misc. Accounting Year-End Legal Training
32. Year End Check Point Interagency Year-End Accruals Transactions received on July 2nd until Legal submission are to be recorded as follows: The campus issuing the AR is to record 103004: AR-Operating Revenue and the remitting campus is to record 201001: AP –Other Issuing campus MUST email the related campus or CO IMPORTANT! It will not be included within the FIRMS edit. Systemwide legal and GAAP adjustments are required for these entries. Therefore, the campus issuing the AR must email FSSR@calstate.edu Systemwide Financial Reporting the back up and accounting entries by July 15th. These transactions will NOT be included in TM1 Footnote 4.1: AR from CO nor Footnote 17: AP to CO Year-End Legal Training
33. Year End Check Point Year-End Reserve Entry The entire fund balance of the CSU Operating Fund (CSU Fund 485) and Continuing Education (CSU Fund 44X) must be reserved at year end. Must reconcile its reserve entries with the CSU Fund equity. Year-End Legal Training
34. Year End Check Point Year-End Reserve Entry (CSU Fund 485) At a minimum campus should use: Fund Balance-Undesignated/Unallocated: 304015 Designated for Outstanding Commitments: 304016 Designated for Encumbrance: 304018 Offset for Reserves/Fund Balance: 304099 Year-End Legal Training
35. Year End Check Point Year-End Reserve Entry (CSU Fund 441) CSU Fund 441: TF – CERF - Operations Designated for Maximum Carryforward Allowance (304022) Designated for CE/EE Campus Partners (304023): Designated for Outstanding Commitments (304016) Designated for Encumbrances (304018): POs Designated for Equipment Acquisition (304011): Designated for Program Development (304012): Designated for Future Debt Service (304013): Designated for Facilities Maintenance and Repairs (304014): minor facilities maintenance and repair costs Year-End Legal Training
36. Year End Check Point Year End Reserve Entry (CSU Fund 442) CSU Fund 442: CE- Construction- Restricted, External Sources Capital Improvement/Construction (304010): Equipment Acquisition (304011): Facilities Maintenance and Repairs (304014): Outstanding Commitments (304016): Encumbrance (304018): Year-End Legal Training
37. Year End Check Point Year End Reserve Entry (CSU Fund 443) CSU Fund 443: CE - Maintenance & Repair/ InternallyDesignated Capital Project Reserve for Capital Improvement/Construction (304010): Equipment Acquisition (304011): Facilities Maintenance and Repairs (304014): majorfacilities maintenance and repair costs. Outstanding Commitments (304016): Encumbrance (304018): Year-End Legal Training
38. Year End Check Point Year-End Reserve Entry (CSU Fund 444) These can be recorded in CSU Fund 444. -only if your campus has implemented CSU Fund 444. Designated for Maximum Carryforward Allowance (304022) Designated for CE/EE Campus Partners (304023): Equipment Acquisition (304011): Program Development (304012): Encumbrance(304018): Outstanding Commitments (304016). Campus Partners (304023): Year-End Legal Training
39. Legal Preparation for GAAP SRB Financials Year-End Legal Training
40. SRB Legal Preparing for GAAP CSU Fund Integrity is critical!! Make sure your data is properly recorded by CSU Fund. Shared costs should be record as an expense, not as transfers. Example, CSU Fund A & B build a lab. Fund A and B should both be on the PO as split funding. CSU Fund B SHOULD NOT transfer cash to Fund A to reimburse them. Why? Fund B (SRB Fund) would be masked by a transfer Year-End Legal Training
41. SRB Legal Preparing for GAAP CSU Fund 537 requires a you review few entries before you close: If the fund is in cash deficit, record a Due to/from (230XXX) loan with another CSU fund to clear the deficit. If there are pending centrally paid direct and indirect costs that haven’t been passed on to the Auxiliary, process AR/BI to establish an AR (103001) before you close. Legal Manual: Chapter 10 Auxiliary Organization Year-End Legal Training
42. Capital Leases Activity Upon receipt of lease payments from the auxiliary organization, record the principal and interest to: 580098- Auxiliary Program Lease Principal Payment 508092- Auxiliary Program Lease Interest Payment Both in CSU Fund 537 only. (FNAT #128893 project code SRB00) Year-End Legal Training
43. Capital Leases and Loan Activity Upon receipt of loan payments from the auxiliary organization, record the principal and interest to: 250002- Uncleared Collections Both in CSU Fund 537 only. Year-End Legal Training
44. 2014 Change in SRB Lease Interest Income Reclassify Auxiliary Lease earnings previously recorded to 508090… To 508092: Auxiliary Program Lease Interest Payment **PLEASE RECLASSIFY** BY 6/30/2014 Legal Manual: Chapter 10 Auxiliary Organization Year-End Legal Training
45. ITT (Interagency Transaction Table) Year-End Legal Training
46. ITT (Interagency Transaction Table) Interagency Transactions involving two or more campuses Each Transactions needs to be recorded accurately to ensure proper elimination for the purposes of State Legal and GAAP reporting The CSU has developed the Interagency transaction report (aka AP/AR Report) to assist in the review of these transactions It is published on or before the 1st workday of each month. Year-End Legal Training
47. ITT (Interagency Transaction Table) The “Report” SCO/CSU Fund, Object Code, Date, Reference, Description, CO Contact and Amount. Distributed via ADNOAT Location: http://www.calstate.edu/sfo/cp2/campus.shtml Year-End Legal Training
48. ITT (Interagency Transaction Table) The “Edit” – A FIRMS edits exists to assist in the validation Balance sheet Object Codes are “warnings” during the 1st, 2nd and 3rd quarters but errors during the 4th quarter Income statement Object Codes are “errors” for all quarters “Errors” must be resolved by the campus before the CO can accept the FIRMS submission Year-End Legal Training
49. ITT (Interagency Transaction Table) Missing record from the FIRMS Table Email Lan Luong lluong@calstate.edu or (562)951-4142 Missing record in the Campus GL Access the “Report” to identify the missing transaction Year-End Legal Training
50. ITT (Interagency Transaction Table) Why do we have problems? Timing: The CO must be recorded by the 4th business day How do we know if it is… Between two Campus but not the CO? the campus CSU fund? Please help… What can we do? Email Lan Luong lluong@calstate.edu or (562) 951-4142 Email “CO Contact” on the transaction report Year-End Legal Training
51. Deadlines Campus Deliverables: Last day for requesting CPOs June 18 – Contact Demetrice Hall Last day to Request Interagency Transactions July 1 – Contact Alice Kim Email akim@calstate.edu Includes Early Start Program AR SCO Pay tape to be posted to the GL July 2 – Contact Alice Kim Required for IDL/NDI Reimbursement CO Deliverables: Last day for the CO to issue CPOs July 3 – Contact Demetrice Hall Interagency Transaction Report July 3 – Contact Lan Luong Bank of CSU Statement July 7 – Contact Colleen Zenger Fund Balance Clearing (FBC) ADNOAT Issued July 7 – Contact Lan Luong Year-End Legal Training
52. Chancellor's Office Accounting Contacts Year-End Legal Training
53. Capital Projects/ SRB Accounting Year-End Legal Training
54. CO General Accounting Year-End Legal Training
55. CSU Risk Mgmt Authority Accounting Year-End Legal Training
56. CO Financial Reporting Year-End Legal Training
57. www.calstate.edu Year-End Legal Training