Year End closing Sabra Sand – Clark College, Director of Business Services Lori Carambot – Walla Walla Community College, Director of Special Fiscal Services

What we are going to cover Things you can do year round to better prepare your college for year end Things to do in June Things to do in July - before June close Things to do in 13th month

Things to do all year to be ready for year end Correct any in process out of balance errors Monthly report from SBCTC Work with SBCTC BAR SMEs can also assist Correct any AFRS and FMS error rejections

Things to do all year to be ready for year end Upload Smart data monthly Instructions for each page Address any errors that you can during the year Track all investments in capital assets Buildings, improvements Book equipment as it comes in Make sure your VPA is in balance each month Balance bank statements each month

Things to do all year to be ready for year end Do annual accounts receivable write offs in a month other than June or July Set clear purchasing deadlines to easily meet payment deadlines Set clear accounting entry cutoffs for the campus Enter appropriations so GA3233 is updated Monitor expenditures by fund Build and Test your open/close tables, test, test, test Stay on top of R2T4

Things to do all year to be ready for year end Build new year tuition tables as early as possible Test, test, test Update tuition for those who have registered Monitor use of revenue sources 0499 and expenditure subobj EZ Minimize use when possible

Things to do in june Monitor expenditures by fund on the GA3233 Shift payroll by fund if needed Start looking at accounts receivable allowance for doubtful accounts Ensure all AFRS and FMS errors are corrected Please ask for help Review accounts for any outstanding large PO’s Begin booking due to/ due from as available

Things to do in june Pay as many invoices as possible Review any invoices where service crosses fiscal years Ensure all cash/checks are deposited by end of day June 30 Transfer expenditures in appropriations that are overspent After the 06A payroll runs, turn off BF (unemployment accrual) Turn back on after 06B runs

Things to do in july before june close Begin running BM3200J (if you choose not to do it manually) This is the accrued expenditure process Run job to liquidate all encumbrances after July 1 (BM3209J) Review to ensure no encumbrances remain Upload to and monitor smart Due to/due from Book as you receive info Ensure all batches for the year are closed

Things to do in july before june close Accrue any expenditures as needed R2T4s Enter any final transfers Cutoff day recommended-nothing entered on day of closing Book allotment and expenditures for revolving funds from SBCTC Use T/C 002, not 503 to fund 101 (001); you do not request VPA reimbursement for these SBCTC books an offsetting 002R

Things to do in july before june close Continue to monitor ga3233 After June final payroll runs Ensure no appropriation is overspent Transfer expenditures as needed No expenditures to appropriated funds after June close-recommended Reconcile financial aid funds Return any funds Accrue any receivables

Things to do in 13th month Balance retainage Upload smart daily Monitor due to/due from Invoice all state agencies by July 15th, estimate if necessary Ensure COP amounts are in balance with State Treasurer Reclassify long term debt to short term for amount due in 1 year If there is a receivable, ensure it balances to the state treasurer due to/due from Invoice State Board before their deadline

Things to do in 13th month Accrue expenditures for goods and services received by June 30th, but not invoiced Reconcile June bank statement and make any adjusting entries necessary Book deposits in transit Ensure all travel advances zero out Ensure all new inventory is added to FAE or Directline Buildings Library books (all JD expenditures) CIP Improvements

Things to do in 13th month Year end entries for fixed assets Run CR2128 in Directline or FAE Balance beginning GL balances for each asset type and depreciation Research any differences Book depreciation by asset type in FMS Sample a few depreciation calculations manually to ensure accuracy Book changes to assets in FMS (ensure you can balance the detail of these) Book additions in FMS (ensure you can balance the detail of these) Book disposals in FMS (ensure you can balance the detail of these for gains/losses)

Things to do in 13th month Year end entries for fixed assets Rerun GA1335, GA1332, and GA1331 Check to ensure ending balance matches the CR2128 Ensure depreciation expense matches current year depreciation Note any differences, will need for financial statements Keep track of any salary, benefits or t’s that may have been capitalized, will need for financial statements

Things to do in 13th month Year end entries for sick leave and vacation leave liabilities SBCTC sends spreadsheets for calculations Run PS2160J for balances by fund for CSL, VAC & COMP Compare beginning balance in SNCTC workbook to GL by type 5128 comp time (should not cross biennium) 5225 vacation leave 5227 sick leave Calculate entries by fund Ensure ‘earned’ vs ‘taken’ makes sense The report does not include leave buyouts, need to be added manually to ‘taken’

Things to do in 13th month Year end entries for sick leave and vacation leave liabilities Entries populate automatically on each worksheet, just need to update account Enter into FMS in 13th month batch Rerun GA1335, GA1332, GA1331 Compare ending liability balances to pPS2160 to ensure accuracy 5128 comp time 5225 vacation leave 5227 sick leave

Things to do in 13th month Adjust all consumable inventories based on new inventory counts taken at end of year Bookstore Resale programs Production printing Copy services GL 1410 consumable inventory GL 1420 merchandise inventory GL 1440 raw materials inventory

Things to do in 13th month Ensure all cost of goods sold is recorded accurately Sub-object F should use GL 6516 Guidance on inventories FAM 40.50 SAAM 35.10 Need to disclose whether: FIFO first in – last out LIFO last in – first out Weighted average (cost per unit)

Things to do in 13th month Bill grants and accrue A/R where necessary Book A/R and A/Pp accruals as soon as you can Reach out to other agencies so they are aware you are booking Book estimated tax accruals if subject to Ubit Book deposits in transit Manually enter tuition split (840) balance in smart, reversible Calculate allowance for doubtful accounts and adjust GL balances

Things to do in 13th month Upload to smart daily Review all smart checklists again once all entries are made Recommend pre-close No entries on day of final close Monitor to ensure no batches are open Make sure GA3233 remains in balance and is not overspent

After 13th month Monitor smart for due to/due from from other agencies Will need manual entry to record

resources SAAM Manual https://www.ofm.wa.gov/accounting/saam FAM Manual https://fam.sbctc.edu/ Smart https://smart.sbctc.edu/logon.asp State board resources https://www.sbctc.edu/colleges-staff/programs-services/accounting- business/accounting.aspx BAR subject matter experts https://www.sbctc.edu/colleges-staff/commissions- councils/bar/bar-subject-matter-experts-contacts.aspx

Questions??