Office of the State Comptroller Fiscal Year End Meeting April 26, 2004 12/2/2018

Agenda Department and Budget Structures Chart of Account Maintenance Appropriations Accounts Receivable/Deposits Purchase Orders Accounts Payable Payrolls Statewide GAAP Closing & Federal Financial Fiscal Year End Reconciliation Labs 12/2/2018

Department & Budget Structures Adding or inactivating department values or restructuring the department tree Restructuring of HR department values Changes to the current budget structure – control/tracking Must be completed by 4/30/04 12/2/2018

Department & Budget Structures Budgeted Funds – Current HR account code combination exist – no action required Existing non-budgeted funds – current HR account code combination exists – no action required Speed charts must be updated with new budget reference date of 2005 12/2/2018

Spreadsheet Journal Corrections Spreadsheet journal corrections for fiscal year 2004 may be submitted until July 30th After that date no further corrections will be accepted for fiscal year 2004 A job aid is available on the Core-CT website concerning payroll corrections 12/2/2018

Appropriations OPM must be notified of all budgeted appropriations that qualify to continue by June 1st No budgeted appropriation balances will be brought forward to the new fiscal year All unliquidated encumbrances will be recommitted against new year 12/2/2018

Appropriations Expenditures liquidating commitments after July 1st will be charged to the new year appropriation All unexpended balances for continuing fiscal year 2004 appropriations will be brought forward to the new fiscal year The unliquidated encumbrances will be recommitted against the new year appropriation 12/2/2018

Appropriations Expenditures processed after July 1st for continuing Fiscal Year 2004 appropriations will be recorded as new year expenditures 12/2/2018

Accounts Receivable/Deposits Monies received prior to July 1st are Fiscal Year 2004 receipts Monies received on or after July 1st are Fiscal Year 2005 receipts The check date is not the controlling factor, the date the check is actually received by the agency is the factor 12/2/2018

Accounts Receivable/Deposits All bank deposits for Fiscal Year 2004 must be completed by the end of business on July 2nd These same deposits must be recorded in Core-CT AR module by 5 p.m. on July 6th, our next regular business day All open receivables will be brought forward into Fiscal Year 2005 12/2/2018

Accounts Receivable/Deposits It is essential to separate old and new year deposits through the use of separate deposit slips From July 1st through July 6th only Fiscal Year 2004 deposit transactions may be entered The Core-CT AR module will be closed for Fiscal Year 2005 transaction posting until July 7th 12/2/2018

Accounts Receivable/Deposits Inter-agency payments should be given special attention to meet the fiscal year end due dates No AR billings for inter-agency payments should be created after June 18th for fiscal year 2004 payment The debtor agency must process the transaction no later than June 29th 12/2/2018

Purchase Orders All purchasing documents must be entered into Core-CT and budget checked by June 28th All purchase orders with open encumbrance balances will be carried forward into fiscal year 2005 A separate Job Aid has been posted to the Core-CT website at www.core-ct.state.ct.us/user/finjobaids/Default.htm 12/2/2018

Purchase Orders Reporting tools are available to identify match exceptions and unmatched receiving reports New purchase orders entered into Core-CT for fiscal year 2005 must reflect the future date in the PO date field 12/2/2018

Accounts Payable The last expenditure vouchers to be processed for fiscal year 2004 must be approved and budget checked by 3 p.m. on June 29th OSC will run the last pay cycle for the fiscal year following the 3 p.m. budget check 12/2/2018

Accounts Payable Unprocessed vouchers must be reviewed to determine if these vouchers represent valid outstanding payments If the vouchers are valid outstanding payments they must be processed by June 28th If the vouchers are not valid they must be deleted from Core-CT 12/2/2018

Accounts Payable Vendor check cancellation documentation must be received in OSC by 5 p.m. on June 28th to be processed for this fiscal year 12/2/2018

Payrolls The bi-weekly pay period scheduled for Friday, June 25th will be the final payroll charged to appropriations for fiscal year 2004 Semimonthly and other payrolls paid by June 30th will be charged to fiscal year 2004 12/2/2018

Payrolls The bi-weekly pay period scheduled for Friday, July 9th will be the first payroll charged to appropriations for fiscal year 2005 12/2/2018

Statewide GAAP Closing A detailed GAAP closing package will be distributed prior to fiscal year end The purpose of the GAAP closing is to allow OSC to report in conformance with Generally Accepted Accounting Principles. This report assists the State in maintaining a favorable bond rating 12/2/2018

Schedule of Federal Financial Assistance Agencies are also requested to provide a Schedule of Federal Financial Assistance Detailed instructions will be provided prior to fiscal year end This report is critical for the Single Audit Report prepared by the Auditors of Public Accounts 12/2/2018

Fiscal Year End Reconciliation Labs Fiscal Year End Reconciliation Labs are available to assist agencies with closing preparations They are currently running each Wednesday with 2 sessions Openings remain in the last session on May 26th, other sessions may be added depending on agency needs 12/2/2018