FISCAL YEAR END CLOSE AND ACCRUALS Presented by Laura Putz & Doug Nelson April 12 & 13,

YEAR END CLOSE Differences from month end close Additional tasks at year end – Accrual Entries – Completion of Purchase Orders & Invoices – Annual adjustments Catastrophic Leave Endowment true-ups to market value Endowed Spending index distributions Inventory adjustments Annual Leave Accrual 2

DEPARTMENT TIPS Reconcile your indices monthly. Require and monitor your year end P-Card transactions; posted as soon as they are received. Leave Accrual – A Worksheet is available to estimate your leave accrual in advance. 3

ELIMINATE DANGLING ENCUMBRANCES 4

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LEAVE ACCRUAL WORKSHEET A Leave Accrual Worksheet has been developed and posted at ng/Forms%20&%20Documents.shtml ng/Forms%20&%20Documents.shtml This worksheet will assist departments in closely estimating the annual leave accrual for their departments. 7

LEAVE ACCRUAL WORKSHEET 8

Significant Department Dates: Departments have until July 6 th to complete and submit their final Journal Voucher entries After this date, any material adjustments must be initiated by the Financial Services Office 9

DPI’s Complete all DPIs by June 30 th If received in the Financial Services Division by 5pm on 7/2 FSD will review and approve by 7/12, before year end close. 10

PHAREDS Complete all PHAREDS by 7/5/09 Form will be disabled from 7/6/09 through 7/20/09 Financial Services Division will review and approve by 7/12/09, before year end close. 11

PURCHASING REQUISITIONS Fiscal Year 2010 POs and SPQs for requisitions greater than $20,000 must be entered, completed, and approved by the department by Friday, May 12 th Fiscal Year 2010 POs and SPQs for requisitions between $5,000 and $20,000 must be entered, completed, and approved by the department by Friday, June 11 th Fiscal Year 2010 POs and SPQs for requisitions less than $5,000 must be entered, completed, and approved by the department by Friday, June 18th 12

JOURNAL VOUCHERS All need to be completed by Tuesday, July 6, 2010 Use “June 30, 2010” as the posting date. 13

POST DATE YEAR END ENTRIES 14 This must be June 30, 2010 to post as a year end entry!

JOURNAL VOUCHERS Significant, Material amounts found after 7/9/10? – Call Financial Services Office for instructions Tracking Journal Vouchers in Banner 15

JOURNAL VOUCHERS 16

JOURNAL VOUCHERS 17

JOURNAL VOUCHERS 18

JOURNAL VOUCHERS 19

JOURNAL VOUCHERS 20

JOURNAL VOUCHERS 21

DEPARTMENT TIPS Biweekly Salary Accrual – HSC will accrue the biweekly salary for June, and reverse it when the actual expense posts. – This will allow departments to project their salary expenses at year end before the final payroll posts. 22

OTHER YEAR END INFORMATION The Year End Schedule is Posted at – 23

SCHEDULE UPDATES You will receive an when the Year End Schedule is modified 24

PRELIMINARY BANNER TAX Two preliminary Banner tax runs will be completed before year end close. – On or about July 6 th – On or about July 13th 25

Any Questions? 26