Associated Student Body Year-End Close Procedures MAY 2019

Items required to properly close the books for the Associated Student Body (ASB) books : Elementary (items 1 -12) Secondary schools (all items) Note the date for each item completed and retain this list at your site for audit purposes  

Bank Reconciliations Complete the June 2019 Monthly Bank Reconciliations by 8/31/2019 and submit along with the June Balance Sheet to Tiffany Lilley, Financial Accounting, Room 3244 no later than 9/6/2019. Handouts - Bank Reconciliation Checklist for items required for the monthly reconciliation process. Retain all reports at your site for audit purposes.

Outstanding Checks at Year-End For all ASB checks outstanding over six months, follow-up with the payee to confirm if you need to reissue check. If no contact can be made, prepare a journal entry to write-off stale dated checks, reversing the original entry.

Abatements to District Clear the balances for the below accounts by sending a check with the District Daily Remittance Advice to the District Cashier, Fiscal Control Department, Room 3251 by 6/14/19 (Administrative Procedures 2165, 2170, 2205). Retain a small balance in the Damaged/Lost Instructional Materials accounts for any refunds during the next school year. Library Fines for Lost/Damages Books Collections for Damaged or Lost Instructional Materials - Centrally Purchased Collections for Damaged or Lost Instructional Materials - Site Purchased Collections for Damaged or Lost Instructional Materials - ITSS Instructional Materials NOTE LIBRARY LATE FEES, SDUSD NO LONGER COLLECT FINES FOR OVERDUE BOOKS AND LIBRARY MATERIALS – SEE ADMINISTRATIVE REGULATION 3260

Inactive Trust Account Balances Identify any trust account balances for clubs that have been disbanded or inactive for one year, and provide a list to the student council (organized ASBs) and principal/designee for review. If the student council and principal/designee approve closing the account, prepare a journal entry to transfer the balance to Account 4###*, Inactive Accounts/Transfer of Dormant Accounts. The transfer must be approved in the minutes of the student council meeting. Refer to the following link. https://www.sandi.net/staff/secondary-schools-office/inactive-accounts Dr. 2XXX – Club Fund Cr. 4XXX – Inactive Accounts/Transfer of Dormant Accounts * For elementary schools, transfer to Account 3000 General ASB Account Reminder - Close any faculty/staff social accounts by June 30, 2019

Inventory Count Before leaving for the year-end break, complete a physical inventory count for ASB merchandise on hand which was purchased for resale. Prepare a journal entry in QuickBooks to adjust the inventory account balances to actual. For inventory calculations. Please refer to Administrative Procedure 2360, Inventory of Student Body Merchandise, for journal entry instructions. Keep this information on file in the Finance Office for audit purposes. If inventory is less than previous year, entry is: Dr. Reserve for Inventory x x x Cr. Inventory (specific account) x x x If inventory is more than previous year, entry is: Dr. Inventory (specific account) x x x Cr. Reserve for Inventory x x x

Second Quarter Sales Tax/Use Tax Reports Prepare and send the second quarter (April thru June 2019) sales tax and/or use tax reports to Tiffany Lilley, Financial Accounting, Room 3244, no later than 7/12/19.

Change Fund Reconcile any change funds and secure the money in the safe or another secured location. These funds are not required to be deposited, but must be secured.  

Accounting Records Advise your Principal where the ASB accounting records are located. If kept in a locked area, communicate with your principal where the key can be accessed.

Complete the following and retain with your accounting records: Note below any unused Student Body and District Funds Receipts   From Receipt No. ____________ To Receipt No. ____________ Note below any unused Supplementary Receipts Note below any unused Student Body Checks JP Morgan Chase ASB Checks No. ____________ To No. ____________

Income and Expense Summary Closing Applicable for schools with 4000 and 6000 Accounts These accounts will be closed out automatically by QuickBooks to the Income and Expense Summary Account 3900 at the end of the fiscal year When you return for the next school year, prepare a journal entry dated 7/31/19 (complete before 9/06/19) If Account 3900 shows a profit, debit Account 3900 and credit Account 3000. For a loss, debit Account 3000 and credit Account 3900.

Accrued Invoices School Name AP Vendor Invoice Date Amount If any 2018-19 invoices cannot be approved and processed in time for payment, prepare a journal entry dated 6/30/19 to accrue the unpaid invoices (to recognize the expense in 2018/19). Debit the appropriate account(s) and credit Accounts Payable. Prepare a journal entry dated 7/1/19 to reverse the accrual. In 2019-20, pay the accrued invoice(s) following your regular process for paying checks. Prepare an Accounts Payable (AP) schedule with the information noted in the table below, for all invoices due as of 6/30/19. This schedule should agree with the total AP balance reported on the trial balance. Retain this AP schedule for audit purposes, and send a copy to Tiffany Lilley, Financial Accounting, Room 3244. School Name AP Vendor Invoice Date Amount

Accounts Receivable For any money owed to ASB not received by the close of school, set up an account called Accounts Receivable (AR) in QuickBooks. Prepare a journal entry dated 6/30/19, debit AR and credit the appropriate revenue account(s). Prepare a journal entry dated 7/1/19, to reverse the AR entry. In 2019-20, when the funds are received, follow your regular process for depositing funds. Prepare an AR schedule with the information noted in the table below as of 6/30/19. This schedule should agree with the total AR balance reported on the trial balance. Retain this AR schedule for audit purposes, and send a copy to Tiffany Lilley, Financial Accounting, Room 3244. CheckCARE Receivable – Follow up- Write off to applicable account(s) or to ASB General Fund School Name AR Customer Invoice Date Amount

Deferred Revenue (Secondary Schools only) For any schools that conduct registration prior 7/1/19, set up an account called Deferred Revenue under Other Liabilities in QuickBooks. For all deposits received prior to 7/1/19 that apply to the next school year, record to Deferred Revenue. Prepare a journal entry dated 7/1/19, to reverse the Deferred Revenue Entry.

AP, IB, PSAT Fees (Secondary Schools only) Prepare a check for the total fees collected and send to the District Cashier, Fiscal Control Department, Room 3251 with a District Daily Remittance Advice by 5/31/19, to be deposited to your site’s budget Refer to Site Operations Circular 2009, Items D.7. and D.8. See handouts -Deposit Forms

ID Replacement Card Fees (Secondary Schools only) Prepare a check for the total fees collected and send to the District Cashier, Fiscal Control Department, Room 3251 with a District Daily Remittance Advice by 5/31/19 Contact your budget analyst to determine your site’s budget to deposit to. If your ASB is paying for the cost of the ID replacement cards and/or lanyards, then the fees collected should be credited to an ASB revenue account.

Athletics Reimbursement Claim (Secondary Schools only) Clear your Athletic Clearing Account balances by submitting any remaining 2018-2019 Interscholastic Athletics Summary Reimbursement Claims to the Accounts Payable Department by 6/14/19 If you would like the Fiscal Control Department to deposit the reimbursement check(s) to your account over the summer, please attach a note and deposit slip to your claim submitted to the Accounts Payable Department  

ArbiterSports (High Schools with District Sponsored Athletics) Any remaining balance in the school’s ArbiterSports account at the end of the school year will roll over to the following school year This balance will become part of the prefunded amount for the following school year Your athletics clearing (AK clearing) account for officials should match the remaining prefunded balance in the ArbiterSports account When reconciling, confirm that all Accounts Payable reimbursement amounts have been deposited to your athletic clearing account(s)